ANNUAL REPORT 2006 - MEDA

20
VOLUNTEER OF THE YEAR
Steven Heim,
Dorsey & Whitney LLP
Throughout 2006, Steven Heim was instrumental in his role as advocate and ‘defender’ of the MEDA
Loan Program, its contracts and, particularly, collection procedures.
Formed in 1994, the Loan Program’s intent was to produce a revolving fund based on an original
grant from the McKnight Foundation. MEDA also attracted the attention of several major funders in
the banking industry to help our clients gain access to the kind of financing their businesses need.
Although the fund has an incredibly low default rate in light of the high risk and seldom collateralized
loans, MEDA has faced challenges in preserving the fund’s revolving nature.
Steven has given MEDA great advice and pro bono help to protect the assets of the Loan Program
so they can revolve as intended - enabling MEDA to provide financing for an increasing number of
entrepreneurs of color.