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OPEN TO BUSINESS IMPACT <br />When MCCD launched the Open to Busi- <br />ness Program in 2o11, we served only four <br />communities. Now we are under contract <br />to serve 48 municipalities and will soon <br />bring that number to 67. Through part- <br />nerships with metro -area municipalities, <br />we help local governments create their <br />own business support programs targeted <br />at residents and entrepreneurs in their <br />communities. <br />Open to Business has helped hundreds of <br />entrepreneurs with technical assistance <br />and helped scores of them with financing. <br />Starting or expanding a business is not <br />easy, which is why the technical assistance <br />MCCD offers is as valuable as financing. <br />In 2014 Open to Business advisors provid- <br />ed nearly 4,000 hours of help to over 74o <br />entrepreneurs. <br />MCCD's Lending Program provides a <br />range of products tailored to the needs of <br />small business, from micro -loans to help a <br />new entrepreneur start a business to large <br />loans of $150,000 or more to help a grow- <br />ing business fill a financing gap on a multi <br />-million dollar real estate project. <br />In 2014 MCCD provided 57 small business <br />loans totaling $1.66 million. While the <br />vast majority of our borrowers were early- <br />stage businesses, 25% of our loans were <br />made to second stage businesses that re- <br />ceived larger loans averaging nearly <br />$78,000. <br />MCCD's direct loans leveraged another <br />$20.7 million in capital from other sources <br />including banks, our community lending <br />partners and owner equity. On average <br />every $1 of MCCD direct loan leveraged <br />$12.50 in other financing, an efficient use <br />of our funds. <br />TO tIAJ�if+i�SS <br />"Open to Business has helped hundreds of entrepreneurs with tech- <br />nical assistance and helped scores of them with f nancing." <br />Primrose School -Minnetonka <br />Cathy and Dan Keefe (pictured at right) were proud to open a new <br />Prirnrose School in Minnetonka, providing care to children six weeks <br />to 12 years of age. MCCD partnered with our member First Chil- <br />dren's Finance to provide a small loan to help fill the gap on this $4.3 <br />million project. <br />L_. <br />7 1 <br />