COMMUNITY/ECONOMIC DEVELOPMENT CORPORATIONS Community development corporations (CDCs) are nonprofit, community‑based organizations that focus on economic development, redevelopment, and housing within a defined geographic area, often low‑ to moderate‑income neighborhoods or rural communities. In Minnesota, CDCs are typically organized as tax‑exempt 501(c)(3) corporations and must designate a specific service area and maintain boards that are representative of that community. CDCs help residents and local leaders address development needs in their area. Depending on local priorities, they may operate small business and economic development programs, make or package loans to help start or expand businesses, develop or rehabilitate commercial and housing projects, and sponsor training or workforce initiatives. Many CDCs assist new or expanding businesses with business plans, management and financial planning, and preparation of loan proposals to banks and other lenders. Information on Minnesota community and economic development corporations, including certified CDCs and related programs, is available in the Resource Directory section of this Guide.
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