The goal of Madison Development Corporation (MDC) is to provide quality, self-sustaining jobs through loans to small 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 775 employees and 185 new hires in 2014. 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 has also been successful in targeting 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 completed a new housing development of 11 townhouse apartments 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. We are also working on a major new housing development to provide affordable apartments downtown.
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 Director Mark Taber for his service on the Board. His lending expertise will be especially missed after his Board term expires this June.
Mary Strickland - Chair, Madison Development Corporation Board of Directors