September 28, 2016
MINNEAPOLIS, Minn. – The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded a $1.5 million grant to the Metropolitan Economic Development Association (Meda) to increase lending and investment activity in low-income and economically distressed communities. In total, the U.S. Department of Treasury awarded 196 CDFIs across the country $185.7 million in grants and loans through both its CDFI Program and the Native American CDFI Assistance Program (NACA Program).
“With today’s awards, the CDFI Fund has crossed the $2 billion threshold in collective investments to CDFIs and Native CDFIs through the CDFI and NACA Programs,” said CDFI Fund Director Annie Donovan. “This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities.”
Meda President & CEO, Gary L. Cunningham remarked, “Meda is very proud to receive this award. It is a highly competitive grant with a rigorous review process. Meda was one of 158 organizations nationally to receive a CDFI Program award from a pool of 457 applicants, and Meda was one of just six Minnesota-based organizations to receive funding.”
Meda plans to use the funds to increase lending and provide technical assistance to more minority entrepreneurs in Minnesota. The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) also honored Meda recently as the top performing MBDA Business Center in the nation for its work creating or retaining 445 jobs in Minnesota last year. The award was given to Meda last week during the annual MBDA National Training Conference in Denver, Colorado.
Gary L. Cunningham will be available to answer questions about both awards and Meda’s upcoming plans during a press roundtable on Tuesday, October 4, from 8:30 am – 9:00 am in the private dining room of the Federal Café in the U.S. Courthouse (300 S. 4th St, Minneapolis). Light refreshments will be served. Please RSVP to attend the event by emailing email@example.com.
Meda is a nonprofit organization that serves Minnesota’s minority entrepreneurs by providing one-on-one business consulting, access to capital, and procurement opportunities. Since 1971, Meda has empowered more than 20,000 minority entrepreneurs and helped launch over 500 minority businesses.
This year, Meda will be celebrating its sapphire anniversary at the annual Meda Gala on November 19. For information about sponsoring or attending the Meda Gala, please visit www.Meda.net/Gala.
To learn more about Meda, please visit www.Meda.net or contact Michelle Tran Maryns at 612.259.6570.