Metropolitan Economic Development
The Metropolitan Economic Development Association (MEDA) is a 501(c)(3) nonprofit organization headquartered in Minneapolis, Minnesota. Founded in 1971, MEDA operates as a Community Development Financial Institution (CDFI) and business consulting firm dedicated to supporting underserved entrepreneurs. The organization provides integrated, wrap-around services to small business owners who lack access to traditional commercial banking and business support services, with a particular focus on entrepreneurs from communities of color across Minnesota.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$63.5M
+47.8% YoY
Annual Giving
$1.1M
+221.7% YoY
Grant Count
3
-90.6% YoY
Avg Grant Size
$371K
+3331.9% YoY
Mission & Focus Areas
Mission: Helping BIPOC Entrepreneurs Succeed. MEDA believes that successful BIPOC entrepreneurship creates wealth in communities of color, which is a primary strategy to build a more just and fair economy.
Core Service Areas (The "3 C's"):
- Access to Consulting: Customized business consulting and management education
- Access to Connections: Connections to peers, partners, and contract opportunities through programs like Ascend Twin Cities
- Access to Capital: Term debt loans, lines of credit, and equity in the form of convertible notes
Additional Services:
- Business plan development
- Financial planning and analysis
- Marketing assistance
- Minority business certification
- Bonding applications
- Mentorship and volunteer matching programs
- Legal assistance through volunteer attorney networks
Grantmaking
MEDA operates a $65 million CDFI with active lending operations. In 2024, MEDA deployed $6 million in new loans across disadvantaged geographies throughout Minnesota. Historical lending activity includes:
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Geographic Focus
Where this funder awards grants
MEDA serves entrepreneurs throughout Minnesota, with primary focus on the eleven-county Twin Cities metropolitan area. The organization specifically targets disadvantaged geographies and low-income neighborhoods across the state.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
2024 Financial Summary:
- Total Revenue: $15.5 million
- Total Expenses: $8.7 million
- Total Assets: $63.5 million
- Total Liabilities: $45.2 million
Staffing: 45 employees (as of 2024)
Audit Findings: An independent audit for fiscal year ending December 2024 identified a significant deficiency in internal controls related to the organization's ability to track and report financial data reliably. This deficiency is less severe than a material weakness but warrants management attention.
Organizational Rating: MEDA received an 85% score and Three-Star rating based on Accountability & Finance metrics.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $63,533,261 | $42,978,022 | $38,713,139 |
| Revenue | $15,505,868 | $9,291,098 | $6,566,738 |
| Expenses | $8,723,218 | $8,074,691 | $9,518,584 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $381,192 | $5,153 | $270 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 3 recipients in 2024
Grant Size Distribution
86 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Minnesota Black Chamber of Commerce ($1,000,000), Intent Energy LLC ($89,000), Objective Biotechnology Inc ($25,000).
| Recipient | Purpose | Amount |
|---|---|---|
| Minnesota Black Chamber of Commerce St Paul, MN | Pass Thorugh Grant from McKnight Foundation | $1,000,000 |
| Intent Energy LLC Minneapolis, MN | JPMC Foundation grant | $89,000 |
| Objective Biotechnology Inc Minneapolis, MN | 2024 MN Cup grant | $25,000 |
Leadership & Key People
Leadership team and compensation from IRS filings
CEO & President: Dorothy Bridges
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Hoyt Hsiao | Chair | 5 | — |
| John Stout | Secretary | 5 | — |
| Jeffrey Payne | Treasurer / Vice Chair | 5 | — |
| Al Mendoza | Director | 1 | — |
| Al Perera | Director | 1 | — |
| Andrea Burns | Director (Jan-Jun) | 1 | — |
| Andrea Novak | Director | 1 | — |
| Bukata Hayes | Director | 1 | — |
| Chris Pham | Director | 1 | — |
| D'Angelos Svenkeson | Director | 1 | — |
| Darren Moquist | Director | 1 | — |
| David Rudolph | Director | 1 | — |
| Jacob Rider | Director | 1 | — |
| Jashan Eison | Director | 1 | — |
| Joel Lebewitz | Director | 1 | — |
| John Taylor | Director (Jan-Jun) | 1 | — |
| Joseph Wallace | Director | 1 | — |
| Kenya McKnight-Ahad | Director | 1 | — |
| Kevin Besikof | Director | 1 | — |
| Laura Helmueller | Director | 1 | — |
| Mary Muldowney | Director | 1 | — |
| Matt Thompson | Director | 1 | — |
| Matthew Lyons | Director (Jan-Jun) | 1 | — |
| Michael Roberts | Director | 1 | — |
| Molly Dorgan | Director | 1 | — |
| Natalie McGrady | Director | 1 | — |
| Priya Narula | Director | 1 | — |
| Robert Doty | Director | 1 | — |
| Shaun Coard | Director | 1 | — |
| Shawn Calabrase | Director | 1 | — |
| Stefan Michno | Director | 1 | — |
| Steven Singer | Director | 1 | — |
| Suzanne Murphy | Director (Jan-Jun) | 1 | — |
| Dorothy Bridges | President & CEO | 40 | $377,980 |
| Mesude Cingilli | CFO/VP of Finance & IT | 40 | $135,602 |
| Adrian Ruddock VP of Lending | & Business Consulting Services | 40 | $224,478 |
| Pomsok Yu | Director of Business Consulting | 40 | $127,112 |
| Gregory Donovan | Director of Operations | 40 | $104,728 |
| George Jacobson Program | Manager - MBDA Business Center | 40 | $103,771 |
Recent Activity & Funding
Recent developments and announcements
MEDA has received recent grant funding including:
Grant from ECMC Foundation (July 2024)
Grant from Community Development Financial Institutions Fund (April 2023): $5.9 million
$3.4 Million in Grants to Advance Economic MobilityGrant from Opportunity Finance Network (February 2018): $1.0 million
$3.4 Million in Grants to Advance Economic MobilityThe organization was recognized as a recipient of Minnesota state grants, including awards from the Minnesota Office of Cannabis Management and recognition in economic mobility advancement initiatives.
Office of Cannabis Management announces recipients of ... - MN.govContact Information
Address: 1256 Penn Avenue North, Suite 4800, Minneapolis, MN 55411
Phone: 612-332-6332
Email: info@meda.net
Website: meda.net
Volunteer Contact: van@meda.net
Frequently Asked Questions
What does Metropolitan Economic Development fund?
**Mission:** Helping BIPOC Entrepreneurs Succeed. MEDA believes that successful BIPOC entrepreneurship creates wealth in communities of color, which is a primary strategy to build a more just and fair economy. **Core Service Areas (The "3 C's"):** • **Access to Consulting:** Customized business consulting and management education • **Access to Connections:** Connections to peers, partners, and contract opportunities through programs like Ascend Twin Cities • **Access to Capital:** Term debt loa…
How do I apply for a grant from Metropolitan Economic Development?
MEDA operates a $65 million CDFI with active lending operations. In 2024, MEDA deployed $6 million in new loans across disadvantaged geographies throughout Minnesota. Historical lending activity includes: • 2022: 80 loans totaling $20.5 million in loan capital to BIPOC-owned businesses • Since inception: Financed over 25,000 businesses and launched over 500 businesses MEDA serves more than 600 clients annually, whose businesses collectively hire over 1,100 additional employees throughout the re…
Where does Metropolitan Economic Development make grants?
MEDA serves entrepreneurs throughout Minnesota, with primary focus on the eleven-county Twin Cities metropolitan area. The organization specifically targets disadvantaged geographies and low-income neighborhoods across the state.
What size grants does Metropolitan Economic Development award?
In 2024, Metropolitan Economic Development awarded 3 grants totaling $1.1M — an average of about $371K per grant, based on its IRS Form 990 filings.
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 2020–2024.
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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