Old National forms partnership with Meda and North Central Minority Supplier Development Council in Minnesota Market
St. Louis Park, Minn. – Old National is proud to announce its Minnesota Market has formed a multi-faceted partnership with Metropolitan Economic Development Association (Meda) and the North Central Minority Supplier Development Council (NCMSDC).
Old National has donated over $75,000 to Meda to launch the partnership with the goal of providing access to capital and business development resources to support the long-term sustainability of Black, Indigenous, and People of Color (BIPOC) entrepreneurs. This partnership will introduce Meda’s lending programs and products to NCMSDC’s Minority Business Enterprises (MBEs).
Meda is a mission-driven Community Development Financial Institution (CDFI) serving exclusively BIPOC-owned businesses across Minnesota. Meda’s mission is to help minority entrepreneurs succeed. Thanks to its lending programs and technical expertise, over 20,000 minority businesses have been able to grow and thrive and tens of thousands of jobs have been created across the State of Minnesota.
“Studies show that when BIPOC businesses succeed, overall financial well-being across all populations increases. With the current state of the economic and racial climate, it is now more important than ever to lift up these businesses,” said Meda President & CEO Alfredo Martel. “We see so many incredible entrepreneurs of color that have the resilience and innovation to positively impact our economic landscape for many years to come. We are thrilled to be partnering with Old National and the NCMSDC to help support these businesses and break down some of the barriers that stand in the way of success.”
NCMSDC certifies, develops, connects and advocates for MBEs throughout its five-state region. The organization endeavors to become the ultimate link between corporations and minority-owned business and celebrates over 45 years of building successful business relationships in the communities it serves.
“We’re honored to be partnering with Old National and Meda in support of our mutual goal to increase the engagement and success of minority-owned businesses,” said NCMSDC President & CEO Heather Noel Olson. “We create economic impact through business relationship building and the expansion of purchasing opportunities awarded. As businesses grow, access to capital can sometimes be a barrier to new opportunities. This partnership with Old National and Meda directly impacts our ability to decrease this barrier and drive more economic inclusion in our region.”
Old National’s Minnesota Market President, Jim Collins, is proud of the bank’s efforts to be very intentional in providing wealth-building opportunities and resources to BIPOC entrepreneurs. He notes that the bank will stay engaged with both organizations throughout this partnership by offering financial insights, serving on panels, volunteering and other activities that help support the organizations’ missions.
“We aim to make a positive difference by seeking the right partners and listening to the needs of the community. We truly believe that we’ve found the right partners in Meda and NCMSDC to serve as leaders alongside our team in fulfilling our community and economic development goals,” Collins said.
Although this is the start of a more robust partnership, Old National has partnered with Meda in the past through sponsorships and volunteerism. Most recently, Old National donated $10,000 grant to Meda and sponsored its annual gala in 2019.
ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $22.7 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships and keeping our clients at the center of all we do. This is an approach to business that we call The ONB Way. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Wisconsin and Minnesota. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital market services. For more information and financial data, please visit Investor Relations at oldnational.com.
ABOUT METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION (MEDA)
Meda was founded by a group of Minnesota business leaders who saw BIPOC business ownership as a positive, long-term response to rising economic inequity within minority communities. Meda provides business development services, access to capital and corporate and governmental market support for BIPOC businesses with the potential to scale. Over the years, Meda has helped launch more than 500 BIPOC businesses of all sizes and assisted more than 20,000 Minnesota minority entrepreneurs. Today, Meda clients employ 6,000 Minnesotans and have a combined annual revenue of $1 billion. Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for minority businesses to become sustainable. Meda is also the host organization for the Minneapolis Minority Business Development Agency (MBDA) Business Center, which has been recognized by the MBDA as the top performing center four out of the past five years. For more information, visit meda.net.
ABOUT THE NORTH CENTRAL MINORITY SUPPLIER DEVELOPMENT COUNCIL (NCMSDC)
The North Central Minority Supplier Development Council (NCMSDC) is one of 23 regional affiliates of the National Minority Supplier Development Council (NMSDC). The NCMSDC serves Minority Business Enterprises (MBEs) and Corporate Members throughout its region of Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin. NCMSDC's mission is to provide business development services to corporate members and certified MBEs to enhance relationships and maximize business opportunities. With over a 45-year presence in our region, the NCMSDC endeavors to become the ultimate link between corporations and minority-owned businesses with four major objectives:
- To increase the dollar amount of purchasing from certified minority vendors by corporations while assisting Minority Business Enterprises (MBEs) in the creation of markets for their products and services.
- To promote the awareness of minority vendors and their capabilities in the business community while exchanging information on corporate purchasing programs.
- To increase the number of minority businesses capable of supplying corporate buying needs and maintaining a database of MBEs for the use of corporate members.
- To encourage the cooperation of the business community in the purchase of products and services of MBEs by developing and conducting special programs to facilitate business relationships between such suppliers and corporate purchasing representatives.