History

The MIDC was created in 1994 to improve the quality of life within our state’s urban centers by contributing to the growth of Rhode Island based minority owned small businesses located in targeted disadvantaged communities. The MIDC is authorized to make loans for a variety of purposes and be more flexible in the credit decision process than traditional lenders. We are state licensed and a certified SBA lender. MIDC is also a Community Development Financial Institution (CDFI) through the US Department of Treasury (see www.treas.gov/cdfi). The CDFI Fund promotes access to capital and local economic growth by directly investing in and supporting CDFIs and expanding financial service organizations, lending, investment, and services within underserved markets.

The MIDC is a for-profit corporation capitalized by stockholder participation. It is supervised by a Board of Directors from both the minority and majority communities in Rhode Island. All major loans and investment decisions are monitored by the Board and voted on by a Loan Approval Committee.

MIDC is the alternative lender of choice in the Rhode Island community.

Denise A. Barge
Executive Director