Timeline

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1971

Our past paves
the way to the future

Seven business leaders and three areas of operations, St. Paul’s Community Development Corporation, Project BEAM of the Minneapolis Urban League, and the Minority Business Development Task Force of the Minneapolis Urban Coalition, join together to create MEDA. They have a unique solution to addressing rapidly rising poverty, crime, and unemployment in the Twin Cities: development of BIPOC-owned businesses. The original commitment of $227,000 from the Twin Cities business community, private foundations, the office of Minority Business Enterprise of the U.S. Department of Commerce, and individual contributions kickstarts the journey.

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1976

The MMPC is formed

To promote corporate purchasing from BIPOC firms, the Minnesota Minority Purchasing Council is formed. Under the direction of its chairman, James Remington of Honeywell, the program provides a purchasing approach to procurement managers and corporate buyers by encouraging sourcing from BIPOC entrepreneurs. The name is later changed to Minnesota Supplier Development Council in 1993 and becomes independent of MEDA in 2004. In 2014, the organization becomes the North Central Minority Supplier Development Council.

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1985

Capitalization of
MEDA VC Fund, Inc.

MEDA receives a $100,000 contribution from the McKnight Foundation, starting a revolving loan fund to provide expansion capital for established and profitable Meda clients. This fund is later incorporated as the Minority Venture Capital Fund (MVCF) of MEDA in 1986. After five years of planning and fundraising, the renamed Milestone Growth Fund reaches its immediate funding goal of $1 million and opens its doors January 1, 1990.

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1995

The MEDA Loan
Program begins

In 1995, MEDA launches the $5.3 million MEDA Loan Program, fulfilling a major need for BIPOC Entrepreneurs who have viable businesses but fall short of traditional lending standards. Without the lending program, lack of short-term financing would remain a major hurdle for these businesses.

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2011

MEDA became CDFI

MEDA becomes certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department. Since its certification, the CDFI program has provided $1.1 million to the MEDA Loan Program.

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2015

MEDA Establishes
MBDA Business Center

Under cooperative agreements with the Minority Business Development Agency (MBDA) of the U.S. Department of Commerce, MEDA establishes two Centers: the Minnesota MBDA Business Center, which serves entrepreneurs of color throughout Minnesota, and the MBDA Federal Procurement Center, the first center of its kind to connect entrepreneurs of color nationwide with federal government procurement opportunities.

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2018

Moves to North
Minneapolis

MEDA moves into the new building on Plymouth and Penn in North Minneapolis, returning home to establish themselves in the heart of the community in which the organization was founded.

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2020-21

Covid-19 pandemic
and civil unrest

MEDA moves to support BIPOC-owned businesses through COVID-19-related economic downturn and the civil unrest stemming from the murder of George Floyd

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