Wells Fargo invests $500K in MMCDC
Wells Fargo has made a $500,000 equity-equivalent investment in Midwest Minnesota Community Development Corporation, a Detroit Lakes-based nonprofit that provides capital for home and commercial loans and community development services to rural residents, businesses and communities.
MMCDC specializes in developing outreach programs to serve low-income individuals and businesses operating in underserved or distressed communities.
"With Wells Fargo's support, we will be able to make even more loans to growing businesses and farms that will ultimately create jobs and increase personal wealth," said Dr. Arlen Kangas, president of MMCDC. "This investment will play a critical role in further promoting economic development in rural areas throughout western Minnesota."
Ladd Lyngaas, Community Banking president for Wells Fargo in Detroit Lakes is confident the money will be put to good use, especially with MMCDC's 37 years of experience in the lending.
"We are committed to doing all we can to support economic development," Lyngaas said.