ANNUAL REPORT 2006 - MEDA
ANNUAL REPORT 2006 - MEDA
ANNUAL REPORT 2006 - MEDA
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Loan Program<br />
Bayo Mafe, Stanley Jide and Charles Chiefredo<br />
BCS African Wholesale Foods<br />
The <strong>MEDA</strong> Loan Program was established as a way to help even the<br />
odds faced by some of our clients in achieving entrepreneurial<br />
success. For the past 12 years, the Loan Program has provided<br />
creative financing for entrepreneurs who do not meet traditional<br />
lending guidelines. <strong>MEDA</strong> works closely with area banks to<br />
seek alternate paths to obtain financing. Our fund can lend<br />
up to $400,000 to clients with a demonstrated vision and<br />
drive, who simply need a credit boost. Funds can be used<br />
for working capital,<br />
equipment financing,<br />
project financing or<br />
business acquisition.<br />
The Loan Program is funded and underwritten by <strong>MEDA</strong>, the state<br />
of Minnesota’s Urban Initiative Loan Program and the <strong>MEDA</strong> Bank<br />
Consortium made up of the following institutions:<br />
Associated Bank Minnesota<br />
M&I Bank<br />
TCF National Bank Minnesota<br />
U.S. Bank<br />
Wells Fargo Bank Minnesota<br />
To improve the Loan Program’s service quality and capacity, <strong>MEDA</strong><br />
expanded its staff and finance infrastructure. This included promoting<br />
Scott Ochsner from Business Consultant to Program Manager and<br />
obtaining Board approval to allow <strong>MEDA</strong> to lend outside of the Bank<br />
Consortium. This lending arrangement has enabled us to provide<br />
financing assistance to clients whom we otherwise would not be in the<br />
position to serve.<br />
<strong>MEDA</strong> packaged and secured funding for 15 loans in <strong>2006</strong>. Six startups<br />
and nine expanding businesses received $3.3 million, supporting<br />
104 jobs in businesses with aggregate revenues of over $11 million<br />
annually. The Loan Progam participated with $710,000, providing the<br />
leverage and added enhancement necessary for our clients to access<br />
community banking capital.<br />
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LOAN DOLLARS BY INDUSTRY<br />
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RECIPIENTS BY ETHNICITY<br />
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FUNDING BY SOURCES<br />
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