Madison Development Corp., a nonprofit that owns and manages affordable housing units in the Madison area and provides venture debt loans to startups in Dane County, has raised more than $6.2 million for its sixth fund.
Since 2004, the MDC Venture Debt Fund has provided venture debt loans to more than 50 Dane County companies, helping create more than 1,400 jobs in the county, and since 1977, the MDC has provided loans to more than 450 businesses totaling over $35 million, helping to create over 5,000 jobs in Dane County, the group said.
“Our goal is to keep high growth companies here in Dane County so they can create quality jobs that keep talent here in Wisconsin,” said Lorrie Heinemann, MDC president, CEO and Venture Debt Fund co-manager, in a statement. “Our Venture Debt Fund continues to be a resource for many local companies when capital is critical.”
Companies backing the venture debt fund include Madison Gas & Electric, Capitol Bank, Monona Bank, Middleton Area Development Corp., Town Bank and Old National Bank.
The MDC Venture Debt Fund typically provides financing to startups that have reached the revenue-generating stage and received an angel or seed round of funding. Companies that have received funding so far include TomoTherapy in Madison and Monona-based Phoenix Nuclear Labs.
