Economic Impact of Entrepreneurs of Color

Each year, MEDA collects economic impact data from our community of entrepreneurs of color. The 2007 impact data (data for 2008 will be available in June 2009) reflected the vital statistics of 176 responding companies and a comparison of 130 who also responded last year.

These numbers demonstrate the impact minority business ownership has on our community.

• Total Sales: $1.02 billion (19% increase over 2006)
  
• Total Employment: 4,735 (1% decrease)
  
• Total Minority Employment: 2,671 (2% increase)
  
• 72% said they provide health care benefits to their full-time employees
  
• 82% of their workforce are paid $11.00 or more per hour plus benefits
  
  

MEDA Accomplishments - Year End 2008

MEDA’s 2008 outcomes are as follows:

• 570 clients served; 155 new to MEDA (27%); 129 received in depth services
• 12,000 hours of direct client service
• 12 small group training sessions, 49 large group sessions
• 19 MEDA-assisted start-ups, projecting $13.2 million in first year revenues and
  creating 220 new jobs
• 15 active high potential Pacesetter clients
• 16 private/public projects utilizing MEDA Construction Partnering Program
  participants, e.g. Twins Ballpark.
• 21 active mentoring relationships
• $940,000 of new loans through the MEDA Loan Program and another $10.4 million secured from areas banks, creating 20 new jobs and sustaining over 160 additional positions
• MEDA’s Loan Portfolio clients employ 420 with average weighted wages of $20 per hour
• 96 government contracts awarded to entrepreneurs of color for $141 million
• 4,373 volunteer hours augmented our capacity to serve our clients
• A completed perception survey to help us better connect with the community