Government honors Missoula development lender- MCDC continues to excel

The Montana Community Development Corp. in Missoula http://www.mtcdc.org/ has received a U.S. Treasury Department national designation for meeting stringent certification requirements for community lending.

By MICK HOLIEN of the Missoulian

This marks the second time that the private nonprofit loan fund, which works to create income opportunities for western Montana residents, has received the Community Development Financial Institution designation since its inception in 1996.

"We were one of the first CDFIs in the country to receive the Treasury’s nod of approval," said Rosalie Sheehy Cates, executive director. "This certification tells our borrowers and our investors that we are serious about managing business loans, but at the same time we’re making a difference in the community."

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MCDC Office

110 East Broadway, 2nd Floor

Missoula, MT 59802

Phone (406) 728-9234

Fax (406) 542-6671

Email: [email protected]

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CDFI certification makes the Missoula Community Development Corp. part of a national network of community development lenders. To qualify for certification, an organization must have a primary mission of promoting community development; predominantly serve and maintain accountability to eligible target markets; provide developmental services; and be neither a government entity or controlled by a government entity.

With the help of more than 20 banks, agencies, foundations and individuals who have invested in the nonprofit agency’s loan fund, the Missoula Community Development Corp. has loaned $6.8 million to 250 businesses in the last 12 years.

Some of the businesses who have benefited from the loan fund include Bayern Brewing, Bitterroot Restoration, Le Petit Outre and Clark Fork Valley Hospital in Plains.

"The people who borrow from us are entrepreneurs who create jobs and investment," said Cates.