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<br /> i.-:-...-r---------------- :,,,,s,„,,,econornir deve/opnleilr(,)01 available in rural Alitztiesota
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<br /> The\orthlat d Mstitute and the Northspan Communitms Gin still opt ni under ogle of
<br /> - •Mt14•itsitSerlik COM:3 ' .1,,_,L., -, .
<br /> '- ' '' Minnesota Group traveled me state for:Minn a year.. e soliciting three m.embershmx;loarsstmismColioisps.tAom$270b,oeoros.i.
<br /> CAPrrL.F.X.INA, ,: berships The goal was to raise$2.3 million to contribute$100.0t : Class 1• :.
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<br /> CapitalFundcnaleptintaiize the fund.They were able to recruit 59, B memberships start at S50,000 and Class C begin
<br /> members and raise$3 million in commitments, at$25,000.Members iltioalsapinpalyt.'afoot suipitittoirdwintaiiinedes
<br /> ' 1Mal5 has approved 13 loans since MCCF was
<br /> launched in February 2003.Northspan senior - •-•, . the amount of funds they
<br /> Mr:Ai,A7, ,,4-1 _ -D...„..-kt.' .1t447,:,..:--,?---' .!:!:::1'::,:, ,i -` ,'
<br /> business developer Bob Palmquist.'Aim serves as -4,,x..;•4,„,-,t•Assi.t.::,itz,itrt,,,,,-' '4' ''q*qtq.,,.' ,,... ,.,,,Z. ,.4.,..iV'''..'.:. 1 I iave 00 oeposit.
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<br /> 111p1',--g+Eir-).1-ti, .-,,,j..1-.:-/tt-'11' .;:ft.11 nai.:.:J:14-.-„,-.5•&,),";t-,, Northspan as invited
<br /> \1((F senior loan officer.sass the inaugural loan -„Avetiticy- i,„e.:-:tre,,,AE44...qA,„4„,,,,,:,-i-A.,,„1,„1,„:4,,tvtigjeta4id ,,,4, ,
<br /> for Sa000 helped a Dodge County resident
<br /> I IN'tg.''''''''''I'''r'''''" .''':'''...4 ''I''''''‘Ii1'*'''''''''''''''''''''4'.t'''''.144:44;'-'Y-'4.' 'a' to manage the'mild because 1'.: .• --',':
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<br /> oi.fqf tie,iskii!isipentst it:aff
<br /> purchase and renovate a car wash in Kassala,
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<br /> ' if'..:' ' Ntinn.Twelve other projects worth$4.4 million 111,, .ix,„..„3.4.,Jj,,...2...---,-Lf....::.,:411,0,,,!,..--.7.„-,... ..- , •••:.. .„t.:•,. .,, „„r ..,„.„.fact ,.„...
<br /> • A .'..•:,,:.,;;-,:,,,,t71-:4„,,Z,=,! i,,,i;»,....."4„.47,,praeoage. , ,. ., -,t '=---.,-L'!' has to otter. We like the
<br /> dollars
<br /> ,,-,,,„ • beenNailed to utile -----:.A.,,,,..TY'-,-- i: „ 0,,f•-:.X;;',',.....! .•.c.::,,:..40nR.,,P45:..-.:
<br /> in MCA"'loans have Ap. ,.,,m,..t.-t.„.-.-.„0::::.,,,.-,-.,..-, ,...1.,,. _., ..
<br /> ' .:::::.:,.;•:'! 7.1 ...,1111-1,1 :',..' ''.'''..I..''- :1- '''''. -:7ts171;r:':''l:::':,''';',.:•:"',:-'4-1 :t.' ::1;,- ''''', ''. managing aga'• iprofessionalngtdftlii d staff and is
<br /> - -•-'•-.' (see table on page 2).
<br /> MCCE was an outgrowth of a 1997 study ,:rileil ,,,,,,,,,,„. :- '41 ,,,, -441# ' -'--- - --- -
<br /> that determined there were millions of dollars - . , ,,
<br /> in idle'.' • :' ' capital in revolving loan funds throughout ..i:BchPahnn-uts t discusses the early. ssets„coetsti . . _tconductingiouiithe due diligence."said Barb Hayden.
<br /> or MCCF with Board mom or.n., . , s. County planning director and MCCF
<br /> • rural Minnesota.The Corporation for Entegnise
<br /> •:. , .
<br /> ,-County Planr4n." .1;Director,Barb:ffalfile'n'' - board member.'And as part of the financial review.
<br /> Development and the Fond Foundation concluded ..,.... ,... , •
<br /> new"conduit'was needed to pool
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<br /> tbr emeinicthdees‘eiellaort;melvent "The beauty of MCCF is that the Yal ue of.theentire fund isbrkavaabilabbrfeeprbignht
<br /> purposes.
<br /> unused- NorthlandedTphdenia'servesInstitute,in partnership after each deal is made," said Scott Martin. "Also, papaw
<br /> • with The Northspan Group,Minnesota Power filings required under the Minnesota business subsidy law are handled by
<br /> and the Northland Foundation,developed the
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<br /> our fund manage. (Northspan), allowing members to focus on the next
<br /> ti;..•. ,- .' MccF concept to activate and leverag these .. development project that comes along.
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<br /> underutilized resources and access national
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<br /> ISIMIXEMIONISSIMIN :.„,,c,._, ,
<br /> capital markets to increase the mitailability of
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<br /> -ts,"::.•: gap-financing capital for Greater Minnesota. Additionally,the Blanch Foundation provided a • Northspan can learn from other parts oisfnatgihdteusbtaetea•
<br /> $200,000 working capital grant to pay for startup costs
<br /> The Northland Institute is a Minneapolis-
<br /> ,!1-,-,4•-•- • - on how in anpmperoal5cohrothieeosetspwrOoirelits;2 million -•-i„.,:',,,,,,.,,,,,,i.,,1-1...,,
<br /> One example of an MCCF-financed project
<br /> ''''''••:,'-',•'ii based non-profit corporation,which was
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<br /> '' •'•-:;''' ' L established in 1996 by the Northland
<br /> -...-. is Cloquet Community Memorial Hospital the dollars in. MCCF loansedintheip.uipnedthisieg,0"
<br /> -..• „., •
<br /> .- Foundation of Duluth. hospital is planning a multi-million dollar Palmquist.As
<br /> • Northland institute President and expansion over the next several years.tile first popular optionefloPrencrieffiber organizations a a time
<br /> •-•' ' •:-. MCCF CEO Scott Martin says loans are originated : phase of the project ctim.,e in at 313.3 million.When when other financial resources are shrinking.." ',,,-'•.,,,,,--,,,,,,,--,,,,,...-. •
<br /> on behalf' of MCCF members,The loans are sold to the financing pactage was put together Cloquet For more information on MCCE.Pahquist can
<br /> be reached by calling 218.329.7562 or by emiail at
<br /> ..,•,
<br /> the secondary market through the Community officials determined they were short:,2..)million.
<br /> Reinvestment Fund fCRFI,a Minneapolis-based, "MC...LF catnetdong at ape. a time tor us. said bpalinquisOmnamununitycapitalfundorg.
<br /> •
<br /> private ii
<br /> ' on-profit corporation that purchases and Cloquet y administrator Brian FriNinger, We were
<br /> -a 7r-6,or
<br /> • packages development loans and other services able to put MCCF to good use right away by Bob RI/aqui:sr at 218.1.4..... J.--
<br /> • nadon'ally.This allows MCC.?to fully recapitalize teaming up with Carlton County, EnergyGret.,iltrRiver. birilm.quist4--knorthspan..ctrg,
<br /> 1 after each loan is made. and Minnesota Power to close that s,...)million gap..,
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