Tuesday, May 8, 2018

Montana & Idaho Community Development shortens name

Dave Glaser
Montana & Idaho Community Development Corp. has changed its name to MoFi, a name intended to better represent its expanding geographic footprint and product line, said Dave Glaser, the company’s president.

MoFi provides financing and consulting services to business and communities that are just outside the financial mainstream, with solutions including business lending and tax credit financing for businesses, non-profits and real estate developments.

In 2017, MoFi provided over $11 million in small-business financing to businesses that were unable to access traditional bank capital, with roughly half that amount going to Idaho borrowers. It expects that amount to increase in 2018. It has also been responsible for catalyzing multiple projects using New Markets Tax Credits (NMTC), a program of the U.S. Treasury that is designed to incentivize investment and development in economically underserved areas. Since 2012, MoFi has used NMTC to support over $150 million in projects in Idaho, including Fresca Mexican Foods (Caldwell), Golden Valley Natural (Shelley), Hemming Cedars (Rexburg), Kootenai Health (Coeur d’Alene), Targhee Professional Services (Rexburg), Western States Caterpillar (Pocatello), and Idaho Burger Grill (St. Anthony).

Glaser said the new name came after recent expansions into Wyoming, Eastern Washington and Eastern Oregon.

“For over 30 years, we have aggressively grown our organization to meet the needs of low- and middle-income people in our region,” he said. “But for many, the inequality of opportunity continues to grow. We’ve realized that the people we serve need more, so we’re responding to the need for flexible, responsible capital by expanding our reach. In addition to Montana and Idaho, we are now serving Wyoming, eastern Washington and eastern Oregon. We look forward to continuing our work with the hardworking people and communities of Idaho in pursuit of our mission, which remains unchanged: to transform the lives of individuals and strengthen community prosperity.”

Last fall, MoFi relocated and expanded its Boise office, led by Ben Wright, Director of Consulting Services. Wright oversees the organization’s asset management division, which provides technical support to loan clients, including free bookkeeping and accounting services, connecting them with marketing and advertising grants, providing management advice and helping them establish a lasting relationship with a local bank.