December 29, 2016
Minneapolis, Minn. – The Otto Bremer Trust is collaborating with the Metropolitan Economic Development Association (Meda) to create the Otto Bremer Small Business Fund, which will provide $1.2 million in additional capital to minority entrepreneurs. This partnership follows Meda’s successful implementation of a $2 million working capital fund from Otto Bremer Trust (OBT) last year. Meda used the $2 million from OBT to invest in 40 minority businesses and support more than 650 jobs.
“The Otto Bremer Trust and Meda have had a long and fruitful relationship supporting the minority business community. Together, we want to invest in growth so that minority businesses succeed, create jobs, and secure economic health in our communities,” remarked Gary L. Cunningham, Meda President and CEO.
Two businesses that benefited from the $2 million Meda and OBT loan fund are Sole Essentials, an approved safety equipment supplier of steel toe boots for tarmac employees and other orthopedic shoes at the Minneapolis – St. Paul International Airport, and Native Concrete & Masonry, a Native-American owned and operated business that provides concrete, masonry, restoration, and general contractor services to the Twin Cities, Greater Minnesota, and North Dakota.
The Otto Bremer Small Business Fund represents a new collaboration between Meda and OBT in which Meda will manage the fund and structure transactions with clients, using its extensive experience in identifying needs and assisting entrepreneurs. OBT will help advise on the investments. The fund will utilize various forms of capital deployment, including the possibility of equity investments in qualifying organizations.
To learn more about Meda, please visit www.Meda.net or contact Michelle Tran Maryns at 612.259.6570.
About the Metropolitan Economic Development Association (Meda)
Meda is a nonprofit organization that aims to help minority entrepreneurs succeed by providing one-on-one business consulting, access to capital, and market opportunities. Since 1971, Meda has empowered more than 20,000 minority entrepreneurs and helped launch over 550 minority businesses. For more information, visit www.Meda.net and follow Meda on Facebook, Twitter, and LinkedIn.
About the Otto Bremer Trust
Based in St. Paul, Minnesota, the Otto Bremer Trust is a private charitable trust established in 1944 by founder Otto Bremer, a successful banker and community business leader. OBT owns 92 percent of Bremer Bank and also manages a diversified investment portfolio. The mission of OBT is to invest in people, places and opportunities in the Upper Midwest. Since its inception, OBT has invested over $550 million in organizations throughout Minnesota, North Dakota and western Wisconsin.