ANNUAL REPORT 2006 - MEDA

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4 Marilyn Dahl Board Chair Leadership Letter For the past 36 years, MEDA has helped even the odds for entrepreneurs of color through comprehensive business development services. Our track record of consistent, results-based work has earned MEDA high credibility within the community. We have continually demonstrated that the return on an investment in MEDA remains steady as measured by the economic impact of the businesses we assist. Those entrepreneurs continue to create and grow businesses that provide new, quality jobs – many held by people of color – and new economic activity for our state. Highlights in 2006 included launching the Next Step series, a training initiative for Pacesetters and Pacesetter Alumni; strengthening MEDA’s management team with the promotion of Sherri Komrosky to Director of the Procurement Technical Assistance Center (PTAC) and Scott Ochsner to MEDA Loan Program Manager; and reorganizing the Loan Program for efficiencies and new lending opportunities. MEDA’s commitment to the Construction Partnering Program (CPP) continues to provide excellent capacity-building opportunities for construction clients, as well as competitive advantages to the large contractors willing to partner. As 2006 marked MEDA’s 35th anniversary, we invested in the production of a 10-minute video highlighting its history. The production helped MEDA become one of a handful of partners chosen by Twin Cities Public Television (tpt) for a new program entitled Ordinary Heroes, featuring Richard Copeland (Thor Construction, Inc.) The first in a series of 10, this inspirational program celebrates Yvonne Cheung Ho President & CEO the professional and personal paths taken by ordinary heroes and the public organizations that have supported them along the way. It will also serve as an opportunity to heighten MEDA’s visibility in the metro area and, potentially, in other markets served by tpt in Minnesota and nationwide. 2006 also marked the conclusion of our threeyear strategic plan. We examined and reflected on past successes, lessons learned, the current economic environment and future opportunities for the growth and success of MEDA and its clients. Doing so challenged us to draft a new plan to better position MEDA in providing long-term solutions for its clients. Led by Board Vice Chair Ward Armstrong, MEDA staff, Client Advisory Council and Board members adopted a new strategic plan with a renewed vision and focus on economic parity. While our mission to help entrepreneurs of color succeed in the free enterprise system remains relevant and our services in demand, our 2007-2009 strategic plan challenges MEDA and its partners to strive toward “economic parity for communities of color, driven by the entrepreneurial spirit.” During the past year, our Board received new energy as well as saying goodbye to several of our excellent Board members. We thank all for their guidance and leadership as MEDA works toward its vision of economic parity. Also, we have the privilege of working with some of the most determined, persistent and talented people: MEDA clients. We thank them for allowing MEDA to play a role in evening the odds.
2006 Accomplishments • Served 563 entrepreneurs of color statewide; 179 received in-depth services • Launched 19 new businesses, creating 165 new jobs and $11 million in revenues in year one • Trained 258 participants in sessions focused on marketing and sales • Assisted 29 loan clients that employ over 350 people in the MEDA Loan Program portfolio • Closed 15 new loans (six start-ups and nine expansions) • Utilized $710,000 from MEDA’s Loan Capital to leverage community financing totaling $3.3 million to businesses, that produced $11 million in revenues • Coached 15 active Pacesetters; graduated two • Helped 104 PTAC clients receive 422 contract awards totaling $278.8 million with $92.9 million (33%) awarded to 27 entrepreneurs of color • Attracted over 4,000 volunteer hours from the business community Economic Impact Each year, MEDA gathers information about the business strength and economic impact of minority businesses. Total Sales: $1.167 billion (15% increase over 2005) Total Employment: 5,437 Total Minority Employment: 2,947 (54% of total employment) 55% provided health care benefits 87% paid their workforce $11.00 or more per hour 5
Page 1: Evening the Odds Envisioning Econom
Page 4 and 5: 2 “...the gold standard in busine
Page 8 and 9: 6 Business Consulting services MEDA
Page 10 and 11: 8 Business Consulting services Pace
Page 12 and 13: 10 Business Consulting services Con
Page 14 and 15: 12 Training & Leadership Developmen
Page 16 and 17: 14 In the Community Partnerships ME
Page 18 and 19: 16 Annual Recognition Luncheon C h
Page 20 and 21: 18 CHARLES W. POE AWARD ENTREPRENEU
Page 22 and 23: 20 VOLUNTEER OF THE YEAR Steven Hei
Page 24 and 25: 22 ENTREPRENEURIAL HALL OF FAME Pri
Page 26 and 27: 24 Financial Statements Independent
Page 28 and 29: 26 MEDA Officers & Advisory Board M
Page 30 and 31: 28 Contributors General Operating S
Page 32 and 33: 30 Volunteers 3M Fred Harris John F
Page 34: Arlette Abrahmson PTAC Northern Are

ANNUAL REPORT 2006 - MEDA

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