[Mpls] MCDA small business loans

[Kelly O'Brien]

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 our small nonprofit budget could cope with. Thank you MCDA!   Kelly O'Brien Kingfield HHM Board President