Madison Development Corporation (MDC’s) goal is to provide quality self-sustaining jobs through loans and venture capital to small businesses and innovative businesses as well as providing quality affordable housing for Madison and Dane County residents.
MDC’s lending programs provide loan and venture capital to both traditional small businesses and cutting edge technology companies. With access to capital still difficult for small businesses and technology start-ups, 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 588 employees and 171 new hires in 2015. 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. We are proud to say that MDC funded businesses have had great success and become major Dane County employers.
With even tightening apartment vacancies, 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.
In addition to our existing housing portfolio and last year’s development of new housing on South Park Street, MDC is now developing our largest new development project to date in downtown Madison which will provide 46 units. At least 75% of the units should be affordable to low income residents. This is especially important as downtown rents continue their rapid rise.
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 our numerous committee members and the Board for their time and commitment to MDC. On behalf of the Board, I would like to thank our departing President, Frank Staniszewski. Through his leadership, MDC has grown its lending and housing programs to become a major player in Madison’s growth and economic development. We are grateful for his service.
Chair, Madison Development Corporation Board of Directors