Metropolitan Economic Development Association

MEDA's mission is to Help BIPOC Entrepreneurs Succeed. Our theory of communities of color is a primary strategy to build a more just and fair economy. To fulfil our mission, MEDA provides integrated, wrap-around services in the areas all entrepreneurs need to be successful to grow and scale their businesses through providing the access to the "3C's" -- Access to Consulting, Access to Connections, and Access to Capital. (Continue to Schedule O)Meda's services and products are available to all low-income entrepreneurs in Minnesota. MEDA serves small business owners who do not have access to traditional commercial banking markets and services.In 2024, MEDA made a significant impact across Minnesota, deploying $6M in new loans across disadvantaged geographies of the state. MEDA served 538 unique businesses in 2024, in industries such as healthcare and social assistance (14%), manufacturing (11%), management of companies and enterprises (10%), retail (6%) and scientific and technical services (6%) as well as accommodation and food services (23%). The breadth and variety of these businesses drives economic growth, bringing revenue to our neighborhoods, cities, counties, and state. Moreover, the majority of MEDA-supported client businesses are employer businesses, that together create jobs for more than 1,300+ people. Our CDFI provided commercial real estate loans, lines of credit and other term debt products to fund hiring, inventory, and equipment. In real estate, MEDA supports small businesses to acquire, renovate and occupy commercial spaces in disadvantaged corridors of the Twin Cities. MEDA's Minnesota MBDA Business Center and Ascend Twin Cities connected BIPOC contractors to secure contracts that lead to sustainable growth. Access to Capital: The consulting services we offer are augmented by the $36 million MEDA Loan Fund, which is a CDFI-certified and SBA-licensed fund that we leverage to support our clients' business growth, real estate, and acquisition needs. We help with financial analysis, projections, and loan packaging. We also expand access to capital for our clients through our excellent relationships with community, regional and national banking institutions. Access to Contracts: Our business consultants provide education, training, and guidance on operations to ensure entrepreneurs are contract ready. We connect businesses with opportunities to access public and private contracts that support business growth. In the current award period, the Minnesota MBDA has added the Ascend Twin Cities Program to its service delivery. This is a partnership initiative between JPMorgan Chase Small Business Forward Initiative, MEDA, and the Holmes Center for Entrepreneurship (Carlson School of Business at the University of Minnesota. Developed by the University of Washington Foster School of Business, we will offer mentorship, education & training, and connections with our Anchor Corporations to identify and secure new business opportunities. Access to Connections: MEDA's staff works ongoing to connect small business entrepreneurs with the networks and connections they need to find the right services. When MEDA is unable to meet the need of an entrepreneur, our staff make referrals to a variety of nonprofit partners, county offices, chambers of commerce, and other supports in the small business ecosystem.

MEDA hosts the regional MBDA center. The center runs on a federal fiscal year of July 1st June 30th. In 2024, MEDA completed its work for the year ending on June 30th, 2024. The Minnesota MBDA Center reported $157,833,643.95 in Gross Revenues Generated. The annual performance goal was $50,000,000, so MEDA exceeded its goal by 315.67%.(Continued on Schedule O)Q3 and Q4 of 2024 coincided with the first two quarters of the MBDA contract. In that time, MEDA's Minnesota MBDA Center exceeded the majority of its performance goals by providing one-on-one strategic consulting alongside access to capital and procurement opportunities needed for disadvantaged business owners to grow and prosper in both the private- and public-sector marketplace. MEDA provided 69 entrepreneurs with $13.4M in financing, with 674 jobs created or retained through the work.