ST. PAUL (Oct. 15, 2014) — Two Minneapolis organizations that help low-income and minority entrepreneurs were awarded $260,000 in grants from the Minnesota Department of Employment and Economic Development (DEED).
Build Wealth MN Inc. received a $135,000 grant and the Latino Economic Development Center received a $125,000 grant. The funding came from DEED’s Urban Initiative Loan Program, whose mission is to support the growth of minority-owned and operated businesses and to create jobs in economically distressed areas of the Twin Cities.
“Our mission at DEED is to support Minnesota’s big thinkers, and to help them turn their ideas into reality,” said DEED Commissioner Katie Clark Sieben. “These two programs will seek to assist low-income and minority entrepreneurs and help them reach their goal of becoming small-business owners.”
Build Wealth MN will use the funding to develop the Global Minority Business Development Services Program. The program will work with 15 to 20 businesses per year for two years, focusing on minority business owners who don’t qualify for loans from banks and other lenders.
The program will concentrate on both the personal development of its clients and business development. Teaching personal management and financial skills to business owners greatly affects the success and sustainability of their businesses, according to Build Wealth.
The Latino Economic Development Center will partner with six other groups to offer business-development services that will help minority and low-income entrepreneurs in St. Paul gain access to financial capital. The services will be delivered through the East Side Enterprise Center in St. Paul.
Other partners in the project are the Dayton’s Bluff Community Council, East Side Area Business Association, Asian Economic Development Association, African Development Solutions, Lutheran Social Services and Neighborhood Development Alliance.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at http://mn.gov/deed. Follow us on Twitter at twitter.com/mndeed .