BALTIMORE — Thanks to a new public and private partnership involving Municipal Employees Credit Union of Baltimore, Inc., area youth will have the opportunity to learn to play golf as well as learn life skills.
The Baltimore Municipal Golf Corporation's Forest Park Golf Course broke ground on Feb. 25 for a new clubhouse, which was in desperate need of expansion to accommodate not only golfers but also the First Tee program for young people who live on the west side of Baltimore.
BMGC received grants from both the State of Maryland and Baltimore City totaling $1.1 million, but project costs totaled $2.5 million. One issue that BMGC ran into when first seeking a loan for the construction was that the golf courses and club houses–collateral that normally would be put up to guarantee a were owned by Baltimore City.
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To complete the transaction, the $830 million MECU's new business services department and BMGC were brought together by Edward Gallagher, director of the Department of Finance for Baltimore City, to underwrite a $1.5 million construction permanent loan.
"Now that MECU offers small business loans, it only made sense," said Frank Ciesla, vice president of business services for MECU. "We are committed to serving the
smaller businesses in our community with very affordable products and services."
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