Metropolitan Economic Development Association
The Metropolitan Economic Development Association (MEDA) provides business consulting, commercial lending, and contract opportunities to support BIPOC entrepreneurs, with a mission to foster their growth and success since 1971.
Company History
Metropolitan Economic Development Association (MEDA) was founded in 1971 with the mission of helping BIPOC entrepreneurs succeed. Over its first fifty years, MEDA has served more than 25,000 BIPOC entrepreneurs, providing integrated services in management education, financing, and market access. In 2018, MEDA moved to a new building on Plymouth and Penn in North Minneapolis.
Services
MEDA offers a range of services to support BIPOC entrepreneurs, including business consulting, commercial lending, contract opportunities, and market planning. They provide access to capital through SBA and conventional lending, equity investment, and grants. MEDA also offers a Volunteer Accelerator Network for business mentors and curriculum on contract readiness through the University of Minnesota.
Products
MEDA provides various loan products designed to foster the success of BIPOC businesses. They administer the MN PROMISE Act Loan Program and offer assistance with loan packaging and bonding. Additional financial products include commercial lending options and equity investment opportunities. MEDA facilitates mergers and acquisitions, supporting funding and consulting services for these transactions.
Events
One of MEDA's notable events is the annual MEDA Gala, which celebrates BIPOC entrepreneurs. The organization also holds various educational and networking events, often in partnership with institutions like the University of Minnesota. Ascend Twin Cities is another key initiative, conducted in partnership with JPMorgan Chase & Co. and the Holmes Center for Entrepreneurship, aimed at facilitating business growth.
Strategic Partnerships
MEDA collaborates with several organizations to amplify its impact. It partners with the MN Alumni Market to cover market fees for U of M alumni entrepreneurs. MEDA also works with global corporations to create contract opportunities for BIPOC businesses. Recognized as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department, MEDA remains a trusted partner in economic development.