Metropolitan Economic Development
Metropolitan Economic Development, also known as MEDA, is a Minneapolis, Minnesota-based public charity formed in 1971. Its mission is to help BIPOC entrepreneurs succeed, and it provides consulting, connections, and capital to support business growth. MEDA says its services and products are available to low-income entrepreneurs in Minnesota and that it serves small business owners without access to traditional commercial banking services.
Metropolitan Economic Development at a glance
In short: Metropolitan Economic Development gave $25K across 1 grant in 2025 (avg $25K), mostly in Minnesota. Source: 2025 IRS Form 990.
- Annual giving (2025)
- $25,000
- -97.8% vs 2024
- Grants made (2025)
- 1
- -66.7% vs 2024
- Average grant
- $25,000
- -93.3% vs 2024
- Median grant
- $25,000
- Total assets
- $59,466,204
- -6.4% vs 2024
- Primary geography
- Minnesota (100% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990, 2025 View filing
Data from IRS Form 990, 2025; updated October 2026.
How to apply to Metropolitan Economic Development
- Contact
Mailing address: 1256 Penn Avenue North 4800, Minneapolis, MN 55411
Phone: (612) 332-6332
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Metropolitan Economic Development funds
How this funder distributes its grants
Top Recipients
Top recipient in 2025
The largest 2025 recipient was EDI AI LLC (ChatLPO) ($25K).
Grant Size Distribution
87 grants across all recorded years
The most common grant size was under $50K: 85 grants of 87 (98%).
Geographic Focus
Where this funder awards grants
MEDA states that its services are available to low-income entrepreneurs in Minnesota. Its 2025 filing describes lending across disadvantaged geographies of the state. The PROMISE Act program serves designated communities in Minneapolis and St. Paul, including neighborhoods and corridors in North and South Minneapolis and St. Paul.
Grant Distribution by State
Share of the 2025 grant dollars on its one itemized grant.
States
Cities
How Metropolitan Economic Development gives
- Giving fell 92% from 2022 to 2025. Method
From the foundation's IRS Form 990 filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $25K (2025) to $1.1M (2024). In 2025 it made 1 grant totaling $25K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| EDI AI LLC (ChatLPO) Minneapolis, MN | 2025 MN Cup Grant | $25,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Net Investment Income |
|---|---|---|---|---|---|---|
| 2025 | $59,466,204 | $8,616,550 | $9,228,096 | $25,000 | 1 | $910,680 |
| 2024 | $63,533,261 | $15,505,868 | $8,723,218 | $1,114,000 | 3 | $381,192 |
| 2023 | $42,978,022 | $9,291,098 | $8,074,691 | $346,240 | 32 | $5,153 |
| 2022 | $38,713,139 | $6,566,738 | $9,518,584 | $295,427 | 24 | $270 |
| 2021 | $45,113,584 | $12,064,856 | $7,934,680 | $325,000 | 27 | $275 |
| 2020 | $39,495,187 | $7,589,215 | $6,034,922 | — | — | $276,286 |
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
MEDA states its mission as “Help BIPOC Entrepreneurs Succeed.” It describes access to consulting, connections, and capital—the “3C’s”—as the basis of its integrated support for entrepreneurs. Its services include commercial real estate loans, lines of credit and other term debt, financial analysis and loan packaging, contract-readiness support, and business education and mentorship.
MEDA’s Minnesota PROMISE Act program provides loans, not grants, to eligible businesses, developers, and nonprofit organizations in designated disadvantaged communities of Minneapolis and St. Paul for commercial real estate purchases, renovation, or expansion. MEDA also operates the Minnesota MBDA Business Center and Ascend Twin Cities, which provide business development support and connections to contract opportunities.
Grantmaking
MEDA reported making one grant totaling $25,000 in filing year 2025. The grant went to EDI AI LLC (ChatLPO) in Minneapolis for a “2025 MN Cup Grant.” The grant’s smallest, largest, and median amount were all $25,000. Earlier filings report three grants totaling $1,114,000 in 2024 and 32 grants totaling $346,240 in 2023.
Leadership & Key People
Leadership team and compensation from IRS filings
Officers and directors listed on the 2025 filing are Kevin Besikof, Chair; Steven Singer, Vice Chair; Jeffrey Payne, Treasurer; Hoyt Hsiao, Immediate Past Chair; and directors Al Mendoza, Bukata Hayes, Chris Pham, and Conrad Nyugen. Al Perera and Andrea Novak are listed as directors until May 2025; Conrad Nyugen is listed as a director as of May 2025.
Metropolitan Economic Development is led by Dorothy Bridges, President & CEO on every filing since 2022; 8 of 36 officers listed in 2025 are compensated.
Officers on the 2025 filing
Dorothy Bridges
President & CEO
On filings since 2022
40 hrs/week
$77K (2022) → $313K (2025)
Kevin Besikof
Chair
Director → Chair, 2025
On filings since 2020
5 hrs/week
No compensation reported
Gregory Donovan
Director of Operations
On filings since 2024
40 hrs/week
$105K (2024) → $126K (2025)
Catherine McCarthy
Director of Fund Development
New on the 2025 filing
40 hrs/week
$119K (2025)
Edward Jensen
Director of It
New on the 2025 filing
40 hrs/week
$103K (2025)
Al Mendoza
Director
On filings since 2020
1 hr/week
No compensation reported
Andrea Novak
Director
On filings since 2020
1 hr/week
No compensation reported
Darren Moquist
Director
On filings since 2020
1 hr/week
No compensation reported
David Rudolph
Director
On filings since 2020
1 hr/week
No compensation reported
Jashan Eison
Director
On filings since 2020
1 hr/week
No compensation reported
Joel Lebewitz
Director
Vice Chair → Director, 2021
On filings since 2020
1 hr/week
No compensation reported
Joseph Wallace
Director
On filings since 2021
1 hr/week
No compensation reported
Natalie McGrady
Director
On filings since 2022
1 hr/week
No compensation reported
Jacob Rider
Director
On filings since 2023
1 hr/week
No compensation reported
Shawn Calabrase
Director
On filings since 2023
1 hr/week
No compensation reported
Stefan Michno
Director
On filings since 2023
1 hr/week
No compensation reported
Al Perera
Director
On filings since 2024
1 hr/week
No compensation reported
Bukata Hayes
Director
On filings since 2024
1 hr/week
No compensation reported
Chris Pham
Director
On filings since 2024
1 hr/week
No compensation reported
Kenya McKnight-Ahad
Director
On filings since 2024
1 hr/week
No compensation reported
Mary Muldowney
Director
On filings since 2024
1 hr/week
No compensation reported
Matt Thompson
Director
On filings since 2024
1 hr/week
No compensation reported
Michael Roberts
Director
On filings since 2024
1 hr/week
No compensation reported
Molly Dorgan
Director
On filings since 2024
1 hr/week
No compensation reported
Priya Narula
Director
On filings since 2024
1 hr/week
No compensation reported
Robert Doty
Director
On filings since 2024
1 hr/week
No compensation reported
Shaun Coard
Director
On filings since 2024
1 hr/week
No compensation reported
Conrad Nyugen
Director
New on the 2025 filing
1 hr/week
No compensation reported
Adrian Ruddock VP of Lending
Business Consulting
Business Consulting Services → Business Consulting, 2025
On filings since 2023
40 hrs/week
$151K (2023) → $199K (2025)
Mesude Cingilli
Chief Finance & Operations Officer
CFO & Vice President of Finance → Chief Finance & Operations Officer, 2025
On filings since 2024
40 hrs/week
$136K (2024) → $203K (2025)
Catherine Rossini
Controller
New on the 2025 filing
40 hrs/week
$103K (2025)
Leann KispertDirector of
Communications & Marketing
New on the 2025 filing
40 hrs/week
$119K (2025)
Jeffrey Payne
Treasurer
Director → Treasurer & Vice Chair, 2023
Treasurer & Vice Chair → Treasurer, 2025
On filings since 2020
5 hrs/week
No compensation reported
John Stout
Corporate Secretary
Secretary → Corporate Secretary, 2025
On filings since 2020
5 hrs/week
No compensation reported
Steven Singer
Vice Chair
Director → Vice Chair, 2025
On filings since 2020
5 hrs/week
No compensation reported
Hoyt Hsiao
Immediate Past Chair
Chair → Immediate Past Chair, 2025
On filings since 2024
5 hrs/week
No compensation reported
Former officers (47)
- Former: John JT Taylor (2020–2024) — Director
- Former: Laura Helmueller (2020–2024) — Director
- Former: Matthew Lyons (2020–2024) — Director
- Former: Andrea Burns (2021–2024) — Director
- Former: Suzanne Murphy (2023–2024) — Director
- Former: D'Angelos Svenkeson (2024) — Director
- Former: George Jacobson Program (2024) — Manager - Mbda Business Center
- Former: Pomsok Yu (2024) — Director of Business Consulting
- Former: Amelia Hardy (2020–2023) — Director
- Former: Brad Pomerleau (2020–2023) — Director
- Former: Craig Veurink (2020–2023) — Chair
- Former: Gloria Contreras Edin (2020–2023) — Director
- Former: Gloria Freeman (2020–2023) — Director
- Former: Hoyt Hsaio (2020–2023) — Chair
- Former: Martha Currea (2020–2023) — Director
- Former: Mimi Bekele (2020–2023) — Director
- Former: Sara Idle (2020–2023) — Director
- Former: Vicki Stute (2020–2023) — Director
- Former: John Rasmussen (2021–2023) — Director
- Former: Michael Mathews (2021–2023) — Director
- Former: Hayes Bukata (2022–2023) — Director
- Former: Pamela Cannon (2022–2023) — Chief People Officer
- Former: George JacobsonProgram Mgr (2023) — Mbda Business Center
- Former: Kevin AmbrusVP of Finance (2023) — Operations
- Former: Nelly Chick (2023) — Controller
- Former: Robert HarperSenior Director (2023) — Consulting Services
- Former: Alfredo V Martel (2020–2022) — President & CEO
- Former: Andrew J O'Leary (2020–2022) — Chief Advancement Officer
- Former: Binh Tran (2020–2022) — Director
- Former: Camille Helou (2020–2022) — Director
- Former: Daniel Holmquist (2020–2022) — Controller
- Former: James Garness (2020–2022) — Director
- Former: Megan Selby (2020–2022) — Director
- Former: Jim Collins (2021–2022) — Director
- Former: Kari Swan - Director of (2022) — Philanthropy & Investments
- Former: Keven Ambrus - VP of (2022) — Finance & Operations
- Former: Patrick Pariseau - VP of (2022) — Lending & Client Services
- Former: Robert Harper (2022) — Director of Supplier Development
- Former: Barbara Butts Williams (2020–2021) — Chair of the Board
- Former: Maria Reitan (2020–2021) — Vice Chair
- Former: Patrick Pariseau - Vice (2020–2021) — President - Lending & Consulting
- Former: Rich Tofte (2020–2021) — Director
- Former: Uri Camarena-Micahel (2020–2021) — Director of Business Consulting
- Former: Gene Sieve (2020) — Vice Chair
- Former: Nanc Brooks (2020) — Vice Chair
- Former: Shawn Quant (2020) — Director
- Former: Susan Gall (2020) — Chief of Operations
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $313K, to Dorothy Bridges (President & CEO). 8 officers or directors reported compensation on that filing.
Frequently asked questions about Metropolitan Economic Development
How much does Metropolitan Economic Development give each year?
Metropolitan Economic Development gave $25K across 1 grant in 2025, according to its 2025 IRS Form 990. In 2024 it gave $1.1M across 3 grants.
How large is Metropolitan Economic Development?
Metropolitan Economic Development reported $59.5M in total assets on its 2025 IRS Form 990. Its revenue that year was $8.6M.
What does Metropolitan Economic Development fund?
MEDA states its mission as “Help BIPOC Entrepreneurs Succeed.” It describes access to consulting, connections, and capital—the “3C’s”—as the basis of its integrated support for entrepreneurs. See mission & focus areas ↑
How do I apply for a grant from Metropolitan Economic Development?
Metropolitan Economic Development has no public application process in the sources Grantable reviewed. Contact the foundation directly before submitting a request.
Where does Metropolitan Economic Development make grants?
MEDA states that its services are available to low-income entrepreneurs in Minnesota. Its 2025 filing describes lending across disadvantaged geographies of the state. The PROMISE Act program serves designated communities in Minneapolis and St. Paul, including neighborhoods and corridors in North and South Minneapolis and St. Paul.
What is Metropolitan Economic Development's EIN?
Metropolitan Economic Development's EIN (Employer Identification Number) is 41-0977257. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated October 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990 for fiscal year 2025 (received by the IRS July 21, 2026)
- IRS filings on file for fiscal years 2020–2024
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Figures come from Metropolitan Economic Development's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
Metropolitan Economic Development down — hundreds of funders to go?