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Montana Community Finance Corporation elects board and officers

At its recent annual meeting, Montana Community Finance Corporation (MCFC) http://www.mtcommunityfinance.org , Helena, elected its 2013-2014 Board of Directors and Officers.

Barb Stiffarm, Executive Director, Opportunity Link of Havre was elected Chairman of the Board while Tim Alzheimer, Adjunct Assistant Professor of Finance, Montana State University, Bozeman, was elected Vice Chairman. Other officers elected were Sherry O’Donnell, Secretary, Lesley Gallagher-Tolon, Assistant Secretary, and Linda Kindrick, Executive Director.

New director is Connie Thomas, Big Sky Western Bank of Bozeman.

Returning directors are:

* Todd Bassett, Glacier Bank, Polson

* Dave Laber, Helena Job Service

* Tara Mastel, Jefferson Local Development Corporation, Whitehall

* Bob Morrison, Morrison-Maierle, Helena

* Steve Stahlberg, Stahlberg & Sutherland, CPAs, Kalispell

* Greg Yockey, Farmers State Bank, Hamilton

Outgoing director, Travis Brazill, Brazill Enterprises, Helena, was recognized for his long-time commitment to the board and MCFC.

In 2012, MCFC received approval from the Small Business Administration on 19 loans for $10.2 million for projects located across the state, creating 162 new jobs. MCFC works in partnership with third party lenders to provide this financing to eligible small businesses. The lenders contributed $18.1 million in financing towards these projects. Taking into consideration the borrowers’ injection of $7.4 million, total project costs were $35.4 million.

Linda Kindrick, Executive Director of MCFC, pointed out highlights of the past year including:

* Recognition by the US Small Business Administration for its fiscal year end 2012 as the #1 Certified Development Company (CDC) in the State of Montana for 504 loan approvals in both number of loans and total loan amount

* First Montana CDC to obtain approval for a mini-storage facility since SBA determined them eligible

* Only Montana CDC to obtain approval on projects under the SBA Temporary Debt Refinance Authority

* First project approved in Deer Lodge county (the program has now impacted 33 counties or 58% of the counties in)

* Types of businesses served include medical professionals, hotels/motels; print shop; retail; manufacturing; restaurant; gas station/convenience store

MCFC also contributed funds totaling $5,750 to various economic activities and organizations around the state, including the small business development center network.
According to Linda Kindrick, "I am extremely proud of the work our company has done to help Montana’s small businesses over the last year. We recognize the importance small businesses have on the state’s economy. Our mission is to stimulate growth and expansion of small business and employment in Montana and we take that mission seriously."

MCFC is a Certified Development Corporation that originates and services loans for the SBA 504 Loan Program, located in Helena, Montana. The 504 Loan Program provides long-term, fixed-rate, subordinate mortgage financing for acquisition and/or renovation of capital assets including land, buildings and equipment. MCFC has been serving Montana’s small businesses for over 25 years.

To find out more about Montana Community Finance Corporation, check out their website at http://www.mtcommunityfinance.org or call them at 1-866-443-3261, toll free.

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