MoFi Gets $70 Million for Business and Job Growth in Wyoming
LARAMIE – The U.S. Treasury has awarded MoFi $70 million in New Markets Tax Credits to lend to businesses and projects that stimulate economic activity and create jobs in Wyoming. MoFi, formerly Montana & Idaho Community Development Corporation, lend money to businesses and nonprofits across the Northern Rockies.
This most recent award builds on a successful track record of investment in Wyoming. In 2018, MoFi financed three NMTC projects totaling over $16.2 million. These included the new Cobblestone Hotel & Suites in Torrington (with First State Bank, a division of Glacier Bank), the expanded Wind River Cares health clinic (First Interstate Bank) and the new Northern Arapaho Childcare Center (First Interstate Bank), both in Riverton. Together, these projects expanded access to much-needed services and created nearly 100 jobs.
“MoFi is a non-bank lender that provides capital for nearly bankable businesses across the Rockies,” said MoFi President Dave Glaser. “We expanded our products and services to Wyoming in 2018, starting with our New Markets Tax Credit program. This year, we expanded our small business lending for nearly bankable businesses to Wyoming as well.”
MoFi sells the tax credits to investors, turning the awards into cash, and then puts the cash into projects as a subsidy. Since 2008, MoFi has received nine NMTC awards totaling $566 million and has financed 40 projects across Wyoming, Idaho, and Montana. Prior awards have helped build or expand manufacturing facilities, community food banks, medical centers, grocery stores, homeless shelters, mixed-use buildings and more.
“For the New Markets Tax Program, as it is in Wyoming, Idaho, and Montana, there are a number of low-income areas, in particular, that coincide with areas in each state that could really use economic incentives to create jobs,” said Glaser.
Glaser said MoFi looks at two primary types of projects for funding.
“Any project larger than $4 million total, and generally speaking, those projects are either in manufacturing or projects that are very strong on job creation. Or, for instance, the medical clinic that we financed in Riverton, provides essential services to low-income people. Generally, those two categories – the creation of jobs, or financing non-profits that provide services to low-income people – are our focus,” Glaser said.
Glaser said he can’t discuss any specific projects in Laramie that have not been financed yet, but MoFi is looking at a couple of projects in the Gem City.
“We’ve been fortunate to work with community leaders, banks, nonprofits, and business owners to understand local needs and identify projects where our financing can have the greatest impact,” said Glaser.
“But there is more work to be done. We’re thrilled to deepen the impact of NMTC with this award, resulting in more jobs and stronger communities across Wyoming. We have had a wonderful interaction with partners on the ground – lenders and economic development professionals. I encourage anyone with a project larger than $4 million to give us a call.”
MoFi is actively reviewing projects for the $70 million allocations, which will be deployed in qualified areas of Wyoming, Idaho, and Montana. Major qualifying areas in Wyoming include Casper, Cheyenne, Cody, Laramie, Riverton, and Torrington.
If you know of a project that is at least $4 million and would like to be considered for NMTC financing, contact Greg Astle, Director of Tax Credit Lending, at 844-728-9234 or firstname.lastname@example.org to see if the project might qualify.