African Economic Development Solutions
African Economic Development Solutions (AEDS) is a public charity based in St. Paul, Minnesota. Founded in 2008, it works to build wealth in African immigrant communities through economic development, including small-business lending and development, credit-building support, and housing education.
African Economic Development Solutions at a glance
- Total assets
- $13,711,523
- +35.7% vs 2023
- Revenue (2024)
- $5,189,587
- +34.2% vs 2023
- Expenses (2024)
- $2,292,377
- +22.0% vs 2023
- Latest 990 filing
- Form 990, 2024 View filing
Data from IRS Form 990, 2024; updated September 2026.
How to apply to African Economic Development Solutions
- Contact
Mailing address: 678 Snelling Avenue North S-200, St Paul, MN 55104
Phone: (651) 646-9411
Website: https://aeds-mn.org
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who African Economic Development Solutions funds
How this funder distributes its grants
Grant Size Distribution
203 grants across all recorded years
The most common grant size was under $50K: 199 grants of 203 (98%).
Geographic Focus
Where this funder awards grants
AEDS says it serves the Twin Cities metropolitan area and other cities in Minnesota.
Grant Distribution by State
States
Cities
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2022, annual grant giving ranged from $1.2M (2022) to $2.6M (2020). In 2022 it reported $1.2M in grants paid, as a total without an itemized list.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Alkarama Mall Inc Minneapolis, MN | COVID-19 Assistance | $187,500 |
| Madina Management Group Minneapolis, MN | COVID-19 Assistance | $177,500 |
| Riverside Mall Minneapolis, MN | COVID-19 Assistance | $157,500 |
| JigJiga Mall Minneapolis, MN | COVID-19 Assistance | $117,500 |
| 2RHawkins LLC Saint Paul, MN | COVID-19 Assistance | $10,000 |
| 7th Street Beer Company LLC Saint Paul, MN | COVID-19 Assistance | $10,000 |
| A1 Cuts Barbershop LLC Saint Paul, MN | COVID-19 Assistance | $10,000 |
| Abdikarim Ali Shakopee, MN | COVID-19 Assistance | $10,000 |
| Advantage Picture Framing Inc Saint Paul, MN | COVID-19 Assistance | $10,000 |
| Ahlam Beauty & Acessories LLC Burnsville, MN | COVID-19 Assistance | $10,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2024 | $13,711,523 | $5,189,587 | $2,292,377 | — | — | — |
| 2023 | $10,106,080 | $3,868,135 | $1,878,258 | — | — | — |
| 2022 | $6,521,701 | $3,784,754 | $3,113,284 | $1,155,000 | Total only | — |
| 2021 | $5,659,267 | $2,479,243 | $983,290 | — | — | — |
| 2020 | $4,047,906 | $5,145,016 | $3,917,111 | $2,630,000 | 203 | $15 |
"Total only": grants paid as reported on the IRS filing, which lists no individual grants for that year.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
AEDS’s stated mission is to build wealth within African immigrant communities in the Twin Cities through economic development activities, helping lift immigrant communities out of poverty and contribute to and benefit from the region’s economy.
Its programs include business-development training and consulting, lending and credit-building services, and housing programs. In 2024, AEDS reported providing $2.07 million in loans. Its credit-building coaching enrolled 73 clients, of whom 61 completed the process. Business training enrolled 163 clients, with 124 completing; business-plan consulting enrolled 42, with 30 completing. Homeownership programs included pre-purchase education, advising, and financial-wellness coaching.
Grantmaking
The available filing data lists zero grants made in each of 2022, 2023, and 2024. AEDS’s described lending—including loans to entrepreneurs and credit-builder loans—is not grantmaking to outside applicants.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2024 filing lists Rebecca Cooper as chair, Grover Jones as secretary, Gebi Tufaa as treasurer, Anthony J Isubikalu, Nonkulueko Shongwe, and Ebिसso Uka as directors, and Gene Gelgelu as president and CEO. AEDS’s staff page identifies Gelgelu as founder, president, and CEO.
African Economic Development Solutions is led by Gene Gelgelu, President & CEO on every filing since 2020; 1 of 7 officers listed in 2024 is compensated.
Officers on the 2024 filing
Gene Gelgelu
President & CEO
On filings since 2020
40 hrs/week
$86K (2020) → $147K (2024)
Rebecca Cooper
Chair
Secretary → Chair, 2024
On filings since 2020
1 hr/week
No compensation reported
Anthony J. Isubikalu
Director
Board Member → Director, 2021
On filings since 2020
1 hr/week
No compensation reported
Ebisso Uka
Director
On filings since 2022
1 hr/week
No compensation reported
Nonkulueko Shongwe
Director
On filings since 2023
1 hr/week
No compensation reported
Gebi Tufaa
Treasurer
On filings since 2022
1 hr/week
No compensation reported
Grover Jones
Secretary
Director → Secretary, 2024
On filings since 2023
1 hr/week
No compensation reported
Former officers (4)
- Former: Kate Speed (2020–2023) — Chair
- Former: Omer Kissi (2022–2023) — Director
- Former: Abraham Dalu (2020–2022) — Director
- Former: Phillip L. Hampton (2020–2022) — Director
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $147K, to Gene Gelgelu (President & CEO).
Frequently asked questions about African Economic Development Solutions
How large is African Economic Development Solutions?
African Economic Development Solutions reported $13.7M in total assets on its 2024 IRS Form 990. Its revenue that year was $5.2M.
What does African Economic Development Solutions fund?
AEDS’s stated mission is to build wealth within African immigrant communities in the Twin Cities through economic development activities, helping lift immigrant communities out of poverty and contribute to and benefit from the region’s economy. See mission & focus areas ↑
How do I apply for a grant from African Economic Development Solutions?
African Economic Development Solutions has no public application process in the sources Grantable reviewed. Check aeds-mn.org for current guidelines, or contact the foundation directly before submitting a request.
Where does African Economic Development Solutions make grants?
AEDS says it serves the Twin Cities metropolitan area and other cities in Minnesota.
What is African Economic Development Solutions's EIN?
African Economic Development Solutions's EIN (Employer Identification Number) is 80-0345712. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(3)
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2020 (received by the IRS November 15, 2021)
- Updated Form 990 for fiscal year 2022 (received by the IRS October 31, 2023)
- IRS filings on file for fiscal years 2020–2024
Explore Open Grants
Browse active grant opportunities in African Economic Development Solutions's focus areas in our free grants database
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African Economic Development Solutions down — hundreds of funders to go?