The Metropolitan Economic Development Association (Meda) was awarded $1.5 million by the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund). The grant is part of $185.7 million in grants and loans awarded to a total of 196 Community Development Financial Institutions and Native American CDFI programs.
In this morning's press release, CDFI Fund Director Annie Donovan said "With today's awards, the CDFI Fund has crossed the $2 billion threshold in collective investments to CDFIs and Native CDFIs through the CDFI and NACA Programs. This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities."
Of 457 applicants, 158 organizations were approved to receive funding, with Meda being just one of six Minnesotan organizations. Meda plans to use the grant to provide minority entrepreneurs with loans and technological support.
From the press release, "Gary L. Cunningham will be available to answer questions about both awards and Meda's upcoming plans during a press roundtable on Tuesday, October 4, from 8:30 am - 9:00 am in the private dining room of the Federal Café in the U.S. Courthouse (300 S. 4th St, Minneapolis). Light refreshments will be served. Please RSVP to attend the event by emailing email@example.com."