Economic Impact of Entrepreneurs of Color

In 2009, MEDA focused more time on assisting clients to survive and thrive than on starting or growing businesses. Despite the dynamic marketplace and the tightening of credit, MEDA did assist seven resilient entrepreneurs in launching new businesses. Through creative financing and skilled intervention, we also prevented the loss of a number of businesses; thus saving hundreds of jobs. We continue to provide much needed one-on-one business consulting to inspired and inspiring entrepreneurs of color.

It is when we build businesses of scale that systemic change happens.

2009 Outcomes

• Served 514 clients; 194 new clients (37%)
• 12,699 hours of client service provided
• 11 small group training sessions, 64 workshops
• 7 MEDA-assisted start-ups created 32 new jobs and
  projected $2.4 million in first year revenues
• 14 active high potential Pacesetter clients
• 12 active partnerships working on private/ public projects
  through the Construction Partnering Program
• An online MEDA Plan Room for access to project plans
• 23 active mentoring relationships
• $1,290,600 in financing approved
• 585 government contracts totaling $129 million in awards to entrepreneurs of color
• 4,216 volunteer hours augmented our capacity to serve our clients
• A new updated website for MEDA
• A new three-year strategic plan involving all stakeholders
  

The Economic Impact of Entrepreneurs of Color

For the past 15 years, MEDA has surveyed the business community of color. For the most part, many of these entrepreneurs were helped by MEDA at some stage of development. The 2009 survey data reflects the vital statistics of 188 responding companies and a comparison of 136 companies that also responded in the prior year. The entire group produced over $1.1 billion in revenues, employed 5,764 people and 54% of those employees were people of color. In addition, 87% of all employees were paid $12 or more per hour, 57% received health care benefits and 81% of companies reported volunteering in their community.

2008 / 2009 COMPARISON

(136 firms responding) Total Sales: $1.032 billion (10% decline) Total Employment: 5,089 (8% decrease) Total Minority Employment: 2,767 (9% decrease) While the business community of color also suffered due to economic downturns, the resilience of its leadership helped to maintain jobs, and provided a powerful impact in the overall community.