(March 9, 2021) – The Metropolitan Economic Development Association (Meda) will receive $1 million from Cummins Inc. to help Black-owned businesses in Minneapolis. Cummins launched Cummins Advocating for Racial Equity (CARE) to distribute funds to CDFIs in Minneapolis, Memphis, and Columbus to support Black-owned businesses to help undo systematic discrimination against the Black community in the U.S. Meda is the CDFI in Minneapolis distributing funds.
CDFIs are private financial institutions that exist to deliver affordable lending to low-income and low-wealth communities. By helping bring these targeted communities into the economic mainstream, Meda, as a CDFI, aids in job growth and economic empowerment for underserved and underrepresented business owners.
Black-owned businesses in the Minneapolis area interested in receiving these funds can apply at www.meda.net.
Half of the $1 million in funding will be distributed in the form of grants to Black-owned business in the Twin Cities. The remaining funds will be distributed in forgivable loans. The maximum grant available is $15,000 and the maximum forgivable loan is $30,000. The deadline to apply for funding is March 24.
Meda was founded in 1971 by a group of Minnesota business leaders who saw Black, Indigenous and People of Color (BIPOC) business ownership as a positive, long-term response to rising economic inequity within minority communities. Meda provides business development services, access to capital and corporate and governmental market support for BIPOC businesses with the potential to scale. Over the years, Meda has helped launch more than 500 BIPOC businesses of all sizes and assisted more than 20,000 Minnesota minority entrepreneurs.
Cummins Inc. designs, manufactures, distributes and services power solutions: diesel, natural gas, electric and hybrid powertrains, and powertrain-related components. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people, and is “committed to powering a more prosperous world through education, environment and equality of opportunity.”