Economic Development Company, Minneapolis (MEDC), A non-profit Minnesota Corporation

Purpose

Certified by the U.S. Small Business Administration to originate, close and service SBA 504 loans

Meeting Schedule

Board meets the second Tuesday of every month, quarterly meetings in March, June, and September, and an Annual Meeting in December

Department

Community Planning & Economic Development (CPED)

Phone Number

612-673-5070

Number of Members

Membership – 27, Board of Directors – 10 (elected by the membership)

Appointment Process

The Bylaws and the SBA regulations stipulate that members must come from four different groups – Business Organizations (7-13), Lenders (7-8), Community Organizations (4-12), Government (3-4). Members are elected by the Board of Directors based on their relationship to the small business community and their ability to bring loans to the organization.

Term of Appointment

Members terms are for three years, Board members are elected annually

Compensation

None

Residency Requirement

Must live or do business in Hennepin County

Last updated Oct. 24, 2011