The 2013 Jobs numbers are in! MDC's active portfolio of Community Development Block Grant (CDBG) funded loan customers and our Venture Debt borrowers employed a total of 708 people as of the end of 2013. In 2013, these borrowers hired a total of 119 new employees.
Ninety-three of these new hires were full-time jobs. Of these new hires in 2013, 88% were paid above two times the minimum wage, which we define as a high "quality" job. This is the highest percentage ever reporting quality job levels! Of the jobs created in 2013, over 50% were filled by low-and moderate-income people prior to their hire.
Frank Staniszewski, MDC President
2014 MDC Chair of Board of Directors Message
Madison Development Corporation (MDC’s) goal is to provide quality self sustaining jobs through loans to small businesses and innovative businesses. MDC also provides affordable housing for Madison and Dane County residents.
MDC’s lending programs have provided capital to both traditional small businesses and cutting edge technology companies. With access to capital still difficult for small businesses, MDC plays an important and necessary role in providing funding to these individuals and companies. As Dane County’s economy continues to grow, job creation is critical. The impact that MDC borrowers have is substantial with over 708 employees and 119 new hires in 2013. MDC borrowers include individuals pursuing the dream of owning a business as well as companies with the vision and technology that could become the next big breakthrough. MDC also targets women, minority and disadvantaged businesses. Most of these firms have a very difficult time accessing capital. Many MDC funded businesses have had great success and become major Dane County employers.
Apartment rents in Dane County have increased such that housing for many residents is no longer affordable. The property management team and entire staff at MDC have worked hard to provide quality, affordable housing options. The success of the housing program is reflected in the high number of residents served who have income levels of less than 50% of the median income level. Housing is critical for the economic self sufficiency of our residents.
MDC has also expanded its housing in the South Park Street neighborhood. We have recently broken ground on a new housing development which will provide much needed new housing in this neighborhood. With the addition of the most recent units, MDC has the opportunity to further its positive impact in the neighborhood by transitioning poorly managed and maintained housing into much needed quality apartments.
Frank and the entire staff have shown passion and energy to continue the mission of MDC for the betterment of our community. Their vision for MDC has led to new avenues for growth and options to provide valuable services to our customers and residents. Frank and the staff have strategically positioned MDC for the future by taking advantage of long term, low interest rate financing.
I would personally like to thank the Board for their time and commitment to MDC. Special thanks are also extended to former Directors: Ruth Ann Schoer, Joan Phillip and County Supervisor Jeff Pertl for their service on the Board. Ruth Ann was a long term MDC Board member and a tireless advocate for the disadvantaged residents of our community.
Chair, Madison Development Corporation Board of Directors