Small businesses that have received loans from the Madison Development Corp. (MDC) created 150 new jobs in 2010, a report released Monday by the organization says. That includes 115 full-time and 35 part-time positions.
About 80 percent of the jobs paid at least $14.50 an hour and four of every five of the new jobs had health insurance coverage.
"These are jobs that can support a family," said MDC board chairman Tom Solhein.
Nordic Consulting Partners, a Madison health care information technology consulting company, reported the biggest staff addition resulting from its $50,000 MDC loan last year, with 21 full-time employees hired.
"At the time, nobody was lending anything, banks or anybody. They gave us enough capital to get (the company) started," said Nordic chief executive Mark Bakken.
Bakken was co-founder of the former Goliath Networks, an information technology company that quickly grew in the late 1990s and collapsed during the dot.com bust in the early 2000s. Nordic, founded in March 2010, now has 30 employees.
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Forte Research System, a Madison company that develops clinical research management software, added 13 employees in 2010 thanks to a previous MDC loan.
Pasqual's restaurant's move to a new location on Monroe Street also was assisted by an MDC loan, organization president Frank Staniszewski said.
MDC issued 14 loans totaling $2.0 million in 2010, down slightly from $2.1 million in 2009. But the impact may have been greater. In 2009, companies with MDC loans hired 110 new employees, and more than half the jobs were part-time.
Not all of the new jobs resulted from loans in the same year; some were at companies that have received funds from the nonprofit development company in previous years.
MDC specializes in helping small businesses that would otherwise have a hard time getting funds from a bank. MDC has $3 million in U.S. Housing and Urban Development Community Development Block Grant funds and provides loans in cooperation with the City of Madison, often jointly with banks.
It also has a $4.5 million Venture Debt Fund, with financing from Madison Gas & Electric, seven local banks and the area development corporations of Fitchburg and Middleton.