Economic Development Company, Minneapolis (MEDC), A non-profit Minnesota Corporation
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Purpose |
Certified by the U.S. Small Business Administration to originate, close and service SBA 504 loans |
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Meeting Schedule |
Board meets the second Tuesday of every month, quarterly meetings in March, June, and September, and an Annual Meeting in December |
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Department |
Community Planning & Economic Development (CPED) |
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Phone Number |
612-673-5070 |
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Number of Members |
Membership – 27, Board of Directors – 10 (elected by the membership) |
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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. |
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Term of Appointment |
Members terms are for three years, Board members are elected annually |
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Compensation |
None |
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Residency Requirement |
Must live or do business in Hennepin County |
Last updated Oct. 24, 2011