Dear Madison Development Corporation Partners and Friends:
We are pleased to be celebrating our 40th Anniversary in 2017. Madison Development Corporation (MDC) was formed on November 11, 1977, for “charitable, scientific, literary and educational purposes” with the activities of the corporation being directed to “the benefit of the Madison Community.”
We have indeed benefited the Madison community through our business lending, affordable housing and venture financing programs.
In 1979, we launched our Business Lending Program under the leadership of Roger Ganser, our first MDC President. Initial financing was received via a $500,000 Community Development Block Grant from the City of Madison under the leadership of Mayor Paul Soglin. Since its inception, our Business Lending Program has provided more than $23 million in loans to over 400 Madison businesses, which created 3,500 jobs in the city.
Under the leadership of Frank Staniszewski, our second MDC President, we built our housing portfolio to 253 units. We pride ourselves on providing quality, affordable housing for the working people of Madison. Under the strong leadership provided by our volunteer board, we continue to own and manage our properties, which are located throughout the City of Madison and the City of Middleton.
In 2005, our Vice President of Lending, Dave Scholtens, co-founded our Venture Debt Fund with Frank so that MDC could provide high-tech companies with the critical financing needed to grow and expand their companies here in Dane County. Since inception, this fund has provided over $13 million to 46 companies and these organizations created over 1,400 high quality jobs in Dane County. Our fund investors include WHEDA, Madison Gas and Electric (MGE), community banks and local economic development organizations.
We could not fulfill our mission without our key partners: our Board of Directors, the City of Madison, our investors and our committed MDC staff members who empower people by providing quality housing and financing for business ventures on a daily basis. We thank you all for your support of MDC over our first 40 years and look forward to continuing our partnership with you for many more years to come!
MDC Board Chair Ron Trachtenberg
MDC President Lorrie Heinemann