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Across Montana, citizens with deep pockets have quietly stepped forward to invest their money closer to home and support the state's entrepreneurs.

In recent months, Montana philanthropists have given nearly

$2 million to the Montana Community Development Corp. to provide financing for homegrown entrepreneurs who fall just short of bank standards to secure a loan.

The generosity, particularly in these uncertain times, is heartening for the Missoula nonprofit organization, and it also helped spark additional funding from federal and private institutions, said Rosalie Cates, MCDC executive director.

As of last week, the private donations to MCDC's capital campaign helped leverage more than $3 million in institutional donations for its loan fund.

Together, the funding sources amount to $5 million, which pushed the loan fund total to $10 million and tantalizingly close to MCDC's ultimate fundraising goal of $15 million by January 2010.

Given the ongoing national and global economic turmoil, it's a stunning, wonderful thing to be the recipient of such good tithings, Cates said. To acknowledge the achievement, Cates sent a thank-you letter to all the Montana loan fund donors last week, outlining the achievements.

MCDC was awarded a $1 million grant from the U.S. Treasury Community Development Financial Institutions Fund, which wouldn't have been attainable, Cates explained, if MCDC hadn't proved it already had unwavering support from local donors.

“Federal budgets are declining for all kinds of different reasons,” she said Tuesday. “And it is really neat that the CDFI fund at the federal level believed in us enough to fund us. By doing so, it put Montana in the elite level of financing.”

Along with the $1 million federal grant, the organization will also receive a $750,000 loan from USDA Rural Development - with $250,000 in matching funds from the Montana Board of Investments. It also closed on a $125,000 loan from First Interstate Bank and $150,000 from the Calvert Foundation.

“Ninety percent of what we do goes to people and places who need the help,” Cates said.

In western Montana, many Main Street storefronts are in operation because of MCDC's loan support and training programs. Its ever-growing list of success stories includes such businesses as Betty's Divine, Big Sky Shavings, Gluten Free Mama and Huls Dairy.

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