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Moving Forward in '08
2007 was a great year for MEDA! From new partnerships to increased program visibility and outreach, we are continuing to achieve our mission of helping entrepreneurs not only succeed, but thrive.
For the new year, we are striving to meet our strategic goals of raising our profile among potential entrepreneurs of color, attract new and innovative funding support and, most importantly, continuing to serve businesses that will positively impact the community through job creation, economic impact and community involvement.
We hope that you will continue to move forward with us as we work to meet these goals!
Be sure to let us know something that you'd like MEDA to share. Send your suggestions via e-mail to info@meda.net. We look forward to being your monthly connection to everything MEDA. | |
| Collaborative to increase resources for Latinos in greater Minnesota
 Through a collaborative effort and support from the Otto Bremer Foundation, MEDA is working with the Latino Economic Development Center (LEDC) to bring more entrepreneurial resources to greater Minnesota.
This will be achieved through network building in the areas of education, business development and access to capital.
"We are very excited for this partnership with LEDC," said Yvonne Cheung Ho, MEDA President and CEO. "With this Collaborative, we hope to bring strength to the development of Latino business leaders and to unify economic development efforts, removing redundancy and promoting cooperation."
For years, the LEDC has established itself as a proven leader in identifying and encouraging Minnesota Latinos to pursue business ownership. The Collaborative's vision is to create a vibrant socially responsible Latino business community that represents all industries and makes a dramatic impact on the Minnesota economy.
"Working on economic development in greater Minnesota is challenging," said Ramon Leon, LEDC executive director. "But in partnership, we can achieve greater results and have a greater impact when addressing such challenges."
For more information on the collaborative, contact Jan Jordet at 612.259.6566 or jjordet@meda.net. |
Board Spotlight
 Sophie Bell Kelley
MEDA Board Chair
In its 36-year history, MEDA has had the fortune to work with and receive assistance from some of the best experts in the Twin Cities, from legal to communications to finance. MEDA Board Chair, Sophie Bell Kelley, is no exception.
The 20-year veteran in the financial services industry has served on MEDA's board since 1995, and assumed the role as Board Chair last June. Bell Kelley is the CEO of Anchor Bank, managing banks in Blaine, Eden Prairie, Plymouth and Wayzata.
Her reason for joining MEDA's board is simple: access.
"It is important that all parts of our society be able to access the resources that they need for growing a business," said Bell Kelley. "I think it is somewhat harder for people of color to get the same access. Starting a business is hard anyway and anything that I can do to help to add to that ability to access financing, consulting and the resources that MEDA brings to the building of a business is critical. If one of us does well, we all do well."
Bell Kelley said the entrepreneurs' stories have kept her inspired during her involvement with MEDA.
"The inspiration for me is the story of MEDA's clients. To see how hard they are working to grow their businesses and create jobs. The story of the many different ways people are starting. The courage they show. The risks they take. How much value they bring to people that they employ."
Looking forward in 2008, Bell Kelley said, "I would love to see us capitalize on the strategic plan we put together last year. It includes building some new partnerships and thinking of creative ways to use technology." In addition, she hopes to see MEDA expand its funding base and add more companies to its circle of support.
What has impacted Belly Kelley the most? "Seeing the diversity of business pursuits has expanded my own horizons." |
New Staff!  Mariana Scott, MBA
Business Consultant
Mariana comes to MEDA from a varied 19-year career. She has been a journalist, a supervisor for Dayton Hudson Corp., manager of Chez Collette restaurant Bloomington, MN; director of purchasing for Terrybear Inc, Minneapolis; and owner/operator of two companies involved with TV sales. Most recently, she served as manager for St. Croix Marina Condominiums, Inc.
Mariana graduated with a BA from the University of St. Thomas (St. Paul, MN). She received her MBA from Vanderbilt University (Nashville, TN). She is also a certified ground and flight instructor with an instrument rating from the Sierra Academy of Aeronautics, Oakland, CA.
A native of Colombia, Mariana is bilingual, as well. |
| save the date!
Microenterprise Development Conference
April 7 - 8, 2008
St. Cloud Holiday Inn Hotel & Suites
Join local and national microenterpise practitioners, technical assistance providers, funders and policymakers as we explore ways to create strong, self-sufficient microenterpise programs and robust, diverse local economies.
Highlights:
* Recent developments and best practicies in the
microenterprise developmet field
* Regional flavor initiatives - a new way of thinking about rural
microentrerprise development
* Creating and implementing successful state legilsateive
initiatives in support of microenterprises.
Lead sponsors include MEDA, the Federal Reserve Bank of Minneapolis, The Minnesota Department of Employment and Economic Development.
For more information, click here. | | |
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2007 Highlights
* Served 599
entrepreneurs of color
(including 192 NEW
clients)
* Launched 14 new
businesses, creating 83
new jobs
* Trained 253
participants in business
services
* Funded 11 new loans
* Coached 15 active
Pacesetters
* Provided $3.2 million
in financing through the
MEDA Loan Program
* Loan clients employed
221 individuals at an
average of $17/hour
(paying $724,000 in
sales taxes)
* Assisted 887 PTAC
clients;117 received
623 contract awards
totalling $355 million
with $102 million
(29%) awarded to 25
entrepreneurs of color
* Logged 11,000+
client service hours
* Developed 6 new
alliances and
partnerships
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Upcoming Events
Feb. 11,
9 a.m - 4 p.m.
MN Open For Business
Annual conference designed to educate businesses on how to access local and state government contracting opportunities.
Feb. 12,
8:30 a.m. - 12 p.m.
Speaker: Jeff Baumer, Managing Director - Best Year Yet (for Pacesetters ONLY)
April 7-8
Microenterprise Development Conference
Conference exploring ways to create self-sufficient microenterprise programs. Lead sponsors include Federal Reserve Bank of Minneapolis and MEDA.
June 10
11:30 a.m. - 1 p.m.
MEDA Annual Recognition Luncheon
A unique opportunity for networking and to revisit success stories of MEDA clients and partnerships in 2007. Awards are also presented to outstanding clients, community supporters and volunteers.
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2008 Recent
General Operating Contributors
Our thanks go to:
· Hubbard Broadcasting
Foundation
· Ms. Lindsay E. McGabe
· Lawrence
Auctioneering, LLC | |
