FOR IMMEDIATE RELEASE
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MINNEAPOLIS, Minn. – The Metropolitan Economic Development Association (Meda) was awarded a $750,000 grant for operating support and $1 million in new loan capital by the Wells Fargo Works for Small Business®: Diverse Community Capital program. Meda was awarded $1.75 million out of $75 million Wells Fargo will make available in capital over the course of three years to increase CDFI lending to diverse small businesses.
“The Diverse Community Capital program is one of many ways Wells Fargo demonstrates its commitment to helping small businesses start, stabilize, and grow, and we’re excited that CDFIs are showing such interest in the program,” said Mike Rizer, Wells Fargo’s head of Community Relations. “CDFIs are vital to the success of many small businesses and the additional capital, technical assistance and other support these 15 CDFIs will be able to provide to the diverse-owned small businesses in their communities will help make those businesses, and ultimately, our communities, even stronger.” The DCC program is a collaboration between Wells Fargo and Opportunity Finance Network, a national network of CDFIs.
“We are thrilled to partner with Wells Fargo on this innovative initiative to invest in communities of color, by making more capital accessible to minority-owned businesses,” commented Gary Cunningham, President and CEO of Meda. “To address Minnesota’s widening racial disparities, we need to build wealth in communities of color. Minority entrepreneurship is a critical part of the solution. Meda is growing to respond to this urgent need.”
“We are grateful that Wells Fargo recognizes our collective responsibility in ensuring economic prosperity for all communities, and that they are stepping forward to address this issue. We hope that their leadership spurs further collective action.”
You can view the Wells Fargo Diverse Capital Community Capital program press release here.
Meda is a nonprofit organization that serves businesses owned and managed by entrepreneurs of color. Meda provides consulting expertise, access to capital, financing, leadership development, corporate networking, mentoring and educational opportunities. In 2015, Meda served 514 minority entrepreneurs and helped create and retain 445 jobs. Meda operates an $11 million loan fund dedicated to supporting minority entrepreneurs. In 2015, Meda helped 59 minority-owned businesses secure $20.6 million in financing, with a 96% rate of performing loans. Meda was awarded the 2015 Small Business Leader in Mission Driven Lending by Goldman Sachs 10,000 Small Businesses, the Surdna Foundation, and the Opportunity Finance Network. For more information, visit http://meda.net.