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MCCF <br /> July 2, 2003 MINNESOTA COMMUNITY <br /> • CAPITAL FUND <br /> Ms. Cathy Mehelich <br /> Director of Economic Development <br /> City of Elk River <br /> 13065 Orono Pkwy. PO Box 490 <br /> Elk River, MN 55330 <br /> Dear Cathy: <br /> I am very pleased to report that the Minnesota Community Capital Fund (MCCF) is off to an <br /> excellent start. Since our organizational meeting in February, we have approved 6 loans and are <br /> currently reviewing another 15 loan applications for business expansion projects located in <br /> communities served by our 60 members. <br /> Our competitive loan pricing and customer-friendly application review & approval process has <br /> earned high marks from our members, local bankers, and most importantly, from our <br /> borrowers. <br /> Although the MCCF deal flow is well ahead of our first year projections, we still have the <br /> operational capacity to originate more loans and the national capital markets continue to have a <br /> very strong appetite for the kind of gap-financing loans we are making throughout Minnesota. <br /> In order to support your local marketing efforts, the MCCF Board recently approved the <br /> 1111 production and distribution of the enclosed brochures for use by all MCCF members. This <br /> brochure is designed to inform both local bankers and prospective borrowers about the basic <br /> features and availability of MCCF loans in the area you serve. Please note the special die cut in <br /> the inside of each brochure for your business card. <br /> I strongly encourage you to call upon every bank and commercial lender in your community to <br /> tell them about the benefits of participating with your organization and the MCCF whenever <br /> they are looking for a financing partner that is flexible and responsive to both their needs and <br /> those of the borrower. You might also ask them if they would be willing to distribute MCCF <br /> brochures to their customers. Please call us if you would like more copies of the brochure. <br /> Finally, we have enclosed a reprint of a recent editorial from the Star Tribune that features the <br /> Minnesota Community Capital Fund. Please share this with your colleagues, elected officials, <br /> board members, local bankers, and anyone else who supports economic development in your <br /> community. <br /> I look forward to seeing you at our first annual meeting in St. Cloud on Wednesday, August 20, <br /> 2003. In the meantime, please don't hesitate to call me with any questions or suggestions <br /> about the MCCF. <br /> Sincerely, <br /> Scott M rtin <br /> • CEO <br /> Activating Capital for your Community <br /> Enclosures <br /> 13911 Ridgedale Drive I Suite 260 I Minneapolis,MN 55305 <br /> phone:952 541-9674 I fax:952 541-9684 I website:www.mncommunitycapitalfund.org <br />