ADDED and REPLACED Minnesota Nonprofits Launch Minnesota Inclusive Growth Fund

Small businesses can now apply for loans and access resources to help recovery

MINNEAPOLIS, March 03, 2022–(BUSINESS WIRE)–Add before the “About MIGF” paragraph:

“We know that successful micro and small businesses fuel our economy and we are grateful to the Catalyst Coalition for its commitment to supporting entrepreneurs across the state through the development of the Minnesota Inclusive Growth Fund. The Wells Fargo Foundation is pleased to Investing in this fund provides vital access to capital that will allow small businesses to recover and stay open amid unprecedented challenges.”
-Patty Pannkuk, Senior Vice President for Social Impact and Sustainability, Wells Fargo

The updated version reads as follows:

MINNESOTA NONPROFITS LAUNCH MINNESOTA INCLUSIVE GROWTH FUND

Small businesses can now apply for loans and access resources to help recovery

Minnesota small businesses can now apply for low-interest financing of up to $200,000 from the Minnesota Inclusive Growth Fund (MIGF). The Fund is designed to increase access to flexible and affordable capital and small business support services for underbanked Minnesota businesses that have experienced direct economic disruption as a result of COVID-19 or civil unrest. .

Created by a group of five leading Minnesota-based small business support organizations collectively known as the Catalyst Coalition, MIGF focuses on recovery, growth, and long-term businesses in low-to-moderate income communities or underbanked. MIGF is designed to equip community-based small businesses and mission-driven small business lenders with the support needed to meet the unique reconstruction and recovery needs of the communities they serve.

The Fund offers two types of loans to small businesses that employ 20 or fewer employees or had less than $3 million in revenue in 2019. One loan is for businesses looking for working capital and another for growth-stage companies seeking financing for their capital expenditures.

“We encourage small businesses in Minnesota impacted by the COVID-19 pandemic or civil unrest to visit mngrowthfund.com and apply now,” said Anisha Murphy, Esq., Director of Community Advancement for the Community Reinvestment Fund, USA. “By designing and co-creating unique programs like MIGF that combine access to capital with the availability of small business resources, we can help small businesses in Minnesota recover and thrive in difficult economic conditions.”

Five mission-driven business support organizations originate loans purchased by the Fund, including African Economic Development Solutions (AEDS), Community Reinvestment Fund, USA (CRF), Latino Economic Development Center (LEDC), Metropolitan Economic Development Association (MEDA), and Northside Economic Opportunity Network (NEON).

The MIGF, which aims to raise $25 million, was made possible in part with initial support from Allina Health, Bush Foundation, Margaret A. Cargill Philanthropies, McKnight Foundation, Otto Bremer Trust, from the Target Foundation and Wells Fargo.

For more information and to apply, go to: www.mngrowthfund.com.

Quotes from MIGF participants

“The pandemic has hit businesses in north Minneapolis particularly hard, but the trajectory is starting to change for the better. MIGF gives us the opportunity to ensure businesses have access to sustainable and responsible capital and resources as a means of recovery and continued growth.
-Warren McLean, President, Northside Economic Opportunity Network (NEON)

“AEDS began 13 years ago with a mission to support entrepreneurship within the African community. We now have a new sustainable solution in MIGF that will provide flexible and affordable capital and accessible support services to communities in small businesses in Minnesota.”
-Gene Gelgelu, President and CEO, Africa Economic Development Solutions (AEDS)

“CRF has been part of the Minnesota economic development community for more than 30 years and is engaged with the Catalyst Coalition to help achieve our vision of a just economy that works for all. MIGF represents a new opportunity for collaboration at the supporting economic justice and equity through small business growth.
-Keith Rachey, Executive Vice President and Chief Impact Officer, Community Reinvestment Fund, USA (CRF)

“For the Latin American business community, MIGF will play an important role in helping entrepreneurs recover from the pandemic and continue to grow. The Fund will allow us to engage with our small business communities in a new and impactful way, while giving them the resources they need.”
-Henry Jimenez, Executive Director + President, Latino Economic Development Center (LEDC)

“At MEDA, our mission is to help BIPOC entrepreneurs succeed. We are proud to be a founding member of MIGF as it creates an important new resource for us to help create and sustain positive and lasting economic impact in our communities.”
-Alfredo Martel, President and CEO, MEDA

“We worked closely with members of the Catalyst Coalition, to ensure that the design of the fund would meet our collective impact mission while leveraging our funders’ capital for maximum impact.”
-Patrick Pariseau, SVP Financing, MEDA

Quotes from MIGF supporters

“Allina Health is proud to support MIGF as we collectively work to provide greater access to opportunities that support our communities’ ability to reach their full potential by removing barriers to success. As a healthcare organization, we recognize that promoting diversity, equity and inclusion within the communities we serve is our responsibility. We also see it as an opportunity – to promote respect and understanding, to provide care centered on the development of a sense of belonging for all stakeholders, to remove the barriers that prevent people from living fully lives, and improve the health of our communities by working together to heal the wounds caused by systemic inequality. »
-Lisa Shannon, President and CEO, Allina Health

“The five community lenders who envisioned the Minnesota Inclusive Growth Fund have shown incredible leadership in supporting our BIPOC small business communities. We are proud to be part of this important initiative.
-Jen Ford Reedy, President, Bush Foundation.

“Cogent Consulting PBC has a long history of serving Minnesota business communities with a history of underbanking and we are proud to continue those efforts by supporting MIGF. Small businesses in Minnesota face myriad challenges, and this fund will help by providing affordable capital and support services.”
-Susan Hammel, President, Cogent Consulting PBC

“MACP appreciates the opportunity to be part of this collaborative effort to remove barriers that limit access to capital and expand opportunities for small businesses across Minnesota.”
-Paul Busch, President and CEO, Margaret A. Cargill Philanthropies

“The McKnight Foundation is inspired by the energy and resilience of Minnesota’s small businesses. We are honored to partner with the Catalyst Coalition and CRF, as equitable access to capital fuels our state’s economy and helps us benefit everyone.”
-Elizabeth McGeveran, Chief Investment Officer, McKnight Foundation

“Small businesses and entrepreneurs are essential to the health of the community. But many members of our society are excluded from accessing the capital needed to sustain and grow their businesses. The Minnesota Inclusive Growth Fund will be a new source of funding As a long recognized and funded organization in this space, OBT is proud to be among the investors in what we believe to be a catalytic venture.”
-Daniel Reardon, Co-CEO + Trustee, Otto Bremer Trust

“At Target Foundation, we believe the power of partnerships and collaborative solutions can build a more inclusive economy. We are proud to support the creation of MIGF to increase access to capital and help local small businesses recover and thrive now and in the future. to come up.”
-Jennifer Higgins, Director, Target Foundation

“We know that successful micro and small businesses fuel our economy and we are grateful to the Catalyst Coalition for its commitment to supporting entrepreneurs across the state through the development of the Minnesota Inclusive Growth Fund. The Wells Fargo Foundation is pleased to Investing in this fund provides vital access to capital that will allow small businesses to recover and stay open amid unprecedented challenges.”
-Patty Pannkuk, Senior Vice President for Social Impact and Sustainability, Wells Fargo

About MIGF

The Minnesota Inclusive Growth Fund (MIGF) increases access to flexible and affordable capital and support services for small businesses across the state of Minnesota, with a focus on long-term recovery, growth and low-to-moderate income businesses or underbanked communities.

MIGF was created by the Catalyst Coalition, a group of five Minority Business Support Organizations (MSBOs) based in Minnesota, including the Metropolitan Economic Development Association (MEDA), Northside Economic Opportunity Network (NEON), Latino Economic Development Center (LEDC), African Economic Development Solutions (AEDS) and Community Reinvestment Fund, USA (CRF).

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220303005407/en/

contacts

David Hlavac
612-590-6819
[email protected]

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