Re: [Mpls] MCDA small business loans
I just paid $3,500 for a replacement boiler. That included. 1. New boiler 2. Removal of old boiler 3. New honeywell zone valves in the 11 apartments 4. Installation 5. Permit 6. Circulating Pump 7. All pipes and plumbing needed at boiler or zones. 8. Labor Now I'll specutlate. Did the MDCA suggest, provide, or in anyway help Kelly O'Brien pick her contractor? IF they did, it might explain a little the desrepency between what mine cost VS hers. Craig Miller Formerly Camden's 3rd largest landlord [EMAIL PROTECTED] - Original Message - From: steven meldahl To: Kelly O'Brien ; [EMAIL PROTECTED] Sent: Friday, December 27, 2002 4:33 PM Subject: Re: [Mpls] MCDA small business loans How the heck can you pay $30,000 for a new boiler??? If the building where you replaced the boiler is the one just down from the Art Institute, you got screwed. Unless you replaced all the plumbing runs and radiators. Steve Meldahl Jordan (work) - Original Message - From: Kelly O'Brien To: [EMAIL PROTECTED] Sent: Thursday, December 26, 2002 10:51 PM Subject: [Mpls] MCDA small business loans Thank goodness for the MCDA small business loan program! A few years ago the Hennepin History Museum needed to replace an 80+ year old boiler. With the help of the MCDA we were able to deal with this emergency by taking a loan of $30,000 to pay for the boiler--half at around 9% from Franklin Bank (our neighborhood bank) and half at 2% or so from the MCDA. This program helped us maintain our home in the Whittier neighborhood and the blended rate was something oursmall nonprofitbudgetcould cope with. Thank you MCDA! Kelly O'Brien Kingfield HHM Board President
Re: [Mpls] MCDA small business loans
A good friend of mine just replaced a boiler and all feed runs in a commercial building that includes a bowling alley, restaurant, 2 businesses and 12 apartments above the commercial area for $18,000. This building is probably 5 times larger than the small Hennepin County museum. This just goes to show that anytime an agency or any entity with ties to the government needs something done in any "trade" area such as heating, the cost is 5 to 10 times higher than it should be! Guess who pays for it! Steve Meldahl Jordan (work) - Original Message - From: Craig Miller To: [EMAIL PROTECTED] Sent: Saturday, December 28, 2002 9:50 AM Subject: Re: [Mpls] MCDA small business loans I just paid $3,500 for a replacement boiler. That included. 1. New boiler 2. Removal of old boiler 3. New honeywell zone valves in the 11 apartments 4. Installation 5. Permit 6. Circulating Pump 7. All pipes and plumbing needed at boiler or zones. 8. Labor Now I'll specutlate. Did the MDCA suggest, provide, or in anyway help Kelly O'Brien pick her contractor? IF they did, it might explain a little the desrepency between what mine cost VS hers. Craig Miller Formerly Camden's 3rd largest landlord [EMAIL PROTECTED] - Original Message - From: steven meldahl To: Kelly O'Brien ; [EMAIL PROTECTED] Sent: Friday, December 27, 2002 4:33 PM Subject: Re: [Mpls] MCDA small business loans How the heck can you pay $30,000 for a new boiler??? If the building where you replaced the boiler is the one just down from the Art Institute, you got screwed. Unless you replaced all the plumbing runs and radiators. Steve Meldahl Jordan (work) - Original Message - From: Kelly O'Brien To: [EMAIL PROTECTED] Sent: Thursday, December 26, 2002 10:51 PM Subject: [Mpls] MCDA small business loans Thank goodness for the MCDA small business loan program! A few years ago the Hennepin History Museum needed to replace an 80+ year old boiler. With the help of the MCDA we were able to deal with this emergency by taking a loan of $30,000 to pay for the boiler--half at around 9% from Franklin Bank (our neighborhood bank) and half at 2% or so from the MCDA. This program helped us maintain our home in the Whittier neighborhood and the blended rate was something oursmall nonprofitbudgetcould cope with. Thank you MCDA! Kelly O'Brien Kingfield HHM Board President
[Mpls] MCDA small business loans
Thank goodness for the MCDA small business loan program! A few years ago the Hennepin History Museum needed to replace an 80+ year old boiler. With the help of the MCDA we were able to deal with this emergency by taking a loan of $30,000 to pay for the boiler--half at around 9% from Franklin Bank (our neighborhood bank) and half at 2% or so from the MCDA. This program helped us maintain our home in the Whittier neighborhood and the blended rate was something oursmall nonprofitbudgetcould cope with. Thank you MCDA! Kelly O'Brien Kingfield HHM Board President
Re: [Mpls] MCDA small business loans - How do I get one?
This reply is so off the mark. Just check into the reality of who receives these funds before you mock them. I understand that they are not your neighborhood businesses in North Oaks, but many receipients are vibrant, successful,for-profit businesses run by solid business people who are valued by many residents of Minneapolis for the services/goods that they provide. Sheila Delaney Lyndale, Ward 10 From: Victoria Heller [EMAIL PROTECTED] To: Mpls Forum [EMAIL PROTECTED] Subject: [Mpls] MCDA small business loans - How do I get one? Date: Fri, 27 Dec 2002 13:32:17 -0600 I probably don't qualify, because. I have no experience at losing money. I have excellent credit. I have never defaulted on a commitment. I create new, private sector jobs. I actually pay taxes. I have never run a non-profit organization. I don't waste money. My business idea is a winner. I don't need anyone else's property - I already own it. Despite these obstacles, I'll give it a try - because it's always preferable to use someone else's money when pretending to take a risk. So here's the deal - I want to open a new shop called.. Beauty Bar - Martinis and Makeovers I'll call the MCDA on Monday to see what I need to do to get this show on the road. Stay tuned. Vicky Heller Cedar-Riverside and North Oaks ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls _ MSN 8 helps eliminate e-mail viruses. Get 3 months FREE*. http://join.msn.com/?page=features/virusxAPID=42PS=47575PI=7324DI=7474SU= http://www.hotmail.msn.com/cgi-bin/getmsgHL=1216hotmailtaglines_virusprotection_3mf ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
Re: [Mpls] MCDA small business loans
How the heck can you pay $30,000 for a new boiler??? If the building where you replaced the boiler is the one just down from the Art Institute, you got screwed. Unless you replaced all the plumbing runs and radiators. Steve Meldahl Jordan (work) - Original Message - From: Kelly O'Brien To: [EMAIL PROTECTED] Sent: Thursday, December 26, 2002 10:51 PM Subject: [Mpls] MCDA small business loans Thank goodness for the MCDA small business loan program! A few years ago the Hennepin History Museum needed to replace an 80+ year old boiler. With the help of the MCDA we were able to deal with this emergency by taking a loan of $30,000 to pay for the boiler--half at around 9% from Franklin Bank (our neighborhood bank) and half at 2% or so from the MCDA. This program helped us maintain our home in the Whittier neighborhood and the blended rate was something oursmall nonprofitbudgetcould cope with. Thank you MCDA! Kelly O'Brien Kingfield HHM Board President
[Mpls] MCDA small business loans
In a recent posting, Michael Hohmann maintains that MCDA small business loan programs are a form of subprime lending that uses tax dollars to complete with commercial subprime lenders. In fact, the MCDA programs do not constitute subprime lending. Rather, they provide capital access for neighborhood-based small businesses that may lack an established track record or a large enough down payment to obtain the financing they need. The MCDA programs, moreover, do not rely on the direct use of local tax dollars. Administrative costs are covered through the fees paid by private organizations that make use of federally-tax exempt Industrial Revenue Bond financing. Loan dollars for MCDA's real estate and operating loan programs come from local banks and a private secondary market operated by the national non-profit community development organization. MCDA does provide some limited backing for these loans through the use of loan guaranties, but its loss rate on guarantied loans has been minimal-- this year just over $21,000 for an insured portfolio of $3.4 million. . In 2002, MCDA loan guaranties helped funnel $5.4 million in private investments into commercial revitalization projects on East Lake Street, East Franklin , West Broadway, Central Avenue and other inner-city target areas. Not a bad return on a public investment of $21,000. Iric Nathanson MCDA Project Coordinator Longfellow resident ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
[Mpls] MCDA small business loans
-Original Message- From: Iric Nathanson In a recent posting, Michael Hohmann maintains that MCDA small business loan programs are a form of subprime lending that uses tax dollars to complete with commercial subprime lenders. In fact, the MCDA programs do not constitute subprime lending. Rather, they provide capital access for neighborhood-based small businesses that may lack an established track record or a large enough down payment to obtain the financing they need. [TB] Give me a break. That is exactly what sub-prime lending is. It is lending money to those who are not able to obtain money thru sources that require better credit worthiness. Established track records and larger down payments make a borrower more credit worthy in the eyes of most lenders. Me thinks Michael had it exactly right. Terrell Brown Loring Park terrell at terrellbrown dot org __ Do you Yahoo!? Yahoo! Mail Plus - Powerful. Affordable. Sign up now. http://mailplus.yahoo.com ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
Re: [Mpls] MCDA small business loans
Actually, I know of several neighborhood restaurants that will be opening soon. Some of them accessed MCDA small business loans another obtained a small amount of financing from a Community Development Corporation ( Seward Redesign.) I know for a fact that these restaurant owners have outstanding credit, great business plans and substantial equity into their businesses. The additional financing obtained from the MCDA and the CDC was just the extra gap financing that they needed to open. I imagine that most people on this list are in favor of local businesses populating neighborhood commercial nodes. The MCDA and other CDC lenders play an important role in making a truly local economy possible. This type of gap financing is community development, not sub-prime lending. Sheila Delaney Lyndale, Ward 10 From: Terrell Brown [EMAIL PROTECTED] Reply-To: [EMAIL PROTECTED] To: Minneapolis Issues List [EMAIL PROTECTED] Subject: [Mpls] MCDA small business loans Date: Thu, 26 Dec 2002 11:17:30 -0800 (PST) -Original Message- From: Iric Nathanson In a recent posting, Michael Hohmann maintains that MCDA small business loan programs are a form of subprime lending that uses tax dollars to complete with commercial subprime lenders. In fact, the MCDA programs do not constitute subprime lending. Rather, they provide capital access for neighborhood-based small businesses that may lack an established track record or a large enough down payment to obtain the financing they need. [TB] Give me a break. That is exactly what sub-prime lending is. It is lending money to those who are not able to obtain money thru sources that require better credit worthiness. Established track records and larger down payments make a borrower more credit worthy in the eyes of most lenders. Me thinks Michael had it exactly right. Terrell Brown Loring Park terrell at terrellbrown dot org __ Do you Yahoo!? Yahoo! Mail Plus - Powerful. Affordable. Sign up now. http://mailplus.yahoo.com ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls _ STOP MORE SPAM with the new MSN 8 and get 3 months FREE*. http://join.msn.com/?page=features/junkmailxAPID=42PS=47575PI=7324DI=7474SU= http://www.hotmail.msn.com/cgi-bin/getmsgHL=1216hotmailtaglines_stopmorespam_3mf ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
RE: [Mpls] MCDA small business loans
Great reply Sheila , having just recently completing a Master's Degree in Community Economic Development, it is painful sometimes to read some of the posts on this list and recognize that some people don't have a clue as to what a Community Development Corporation is. There are many factors that go into the decision to finance small businesses. Track record, personal finances, education,type of business, and equity, all play an important role. But these are not all, Race and ethnicity also play a large role, and some small business owners , particularily persons of color have a very difficult time obtaining financing to provide goods and services to their communities. This is a fact that some of us are not comfortable discussing, but it does exist. In fact many minority business owners go out of business simply because their venture was/is undercapitalized. Subprime lending , on the other hand is almost 95% related to low-income communities, where people cannot obtain financing for housing, cars or other necessity items , like furniture. Then a for-profit lender offers to make a loan that no other lender is willing to take , and they charge extra high interest rates because these people are in a catch - 22. The rates are so high that you usually end up paying 3-4 times the value of whatever was purchased.Usually sub-prime lenders won't even touch a commercial loan , because it is not apart of their business model, they target indivauls looking to purchase homes, etc. -Original Message- From: Sheila Delaney [mailto:[EMAIL PROTECTED]] Sent: Thursday, December 26, 2002 2:15 PM To: [EMAIL PROTECTED] Subject: Re: [Mpls] MCDA small business loans Actually, I know of several neighborhood restaurants that will be opening soon. Some of them accessed MCDA small business loans another obtained a small amount of financing from a Community Development Corporation ( Seward Redesign.) I know for a fact that these restaurant owners have outstanding credit, great business plans and substantial equity into their businesses. The additional financing obtained from the MCDA and the CDC was just the extra gap financing that they needed to open. I imagine that most people on this list are in favor of local businesses populating neighborhood commercial nodes. The MCDA and other CDC lenders play an important role in making a truly local economy possible. This type of gap financing is community development, not sub-prime lending. Sheila Delaney Lyndale, Ward 10 From: Terrell Brown [EMAIL PROTECTED] Reply-To: [EMAIL PROTECTED] To: Minneapolis Issues List [EMAIL PROTECTED] Subject: [Mpls] MCDA small business loans Date: Thu, 26 Dec 2002 11:17:30 -0800 (PST) -Original Message- From: Iric Nathanson In a recent posting, Michael Hohmann maintains that MCDA small business loan programs are a form of subprime lending that uses tax dollars to complete with commercial subprime lenders. In fact, the MCDA programs do not constitute subprime lending. Rather, they provide capital access for neighborhood-based small businesses that may lack an established track record or a large enough down payment to obtain the financing they need. [TB] Give me a break. That is exactly what sub-prime lending is. It is lending money to those who are not able to obtain money thru sources that require better credit worthiness. Established track records and larger down payments make a borrower more credit worthy in the eyes of most lenders. Me thinks Michael had it exactly right. Terrell Brown Loring Park terrell at terrellbrown dot org __ Do you Yahoo!? Yahoo! Mail Plus - Powerful. Affordable. Sign up now. http://mailplus.yahoo.com ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls _ STOP MORE SPAM with the new MSN 8 and get 3 months FREE*. http://join.msn.com/?page=features/junkmailxAPID=42PS=47575PI=7324DI=7474SU= http://www.hotmail.msn.com/cgi-bin/getmsgHL=1216hotmailtaglines_stopmorespam_3mf ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls ___ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
