Meda, the Minneapolis nonprofit lending institution that supports entrepreneurs of color, has announced the 12 finalists for its fourth annual Million Dollar Challenge.
The competition awards capital to founders of color, with nearly $4 million being awarded to winners over the past three years.
This year's finalists distinguished themselves from a pool of over 200 applicants across the nation, Meda announced in a Wednesday press release. The finalists have been in a virtual pitching boot camp that started in July and will go until late September, when the entrepreneurs make a final pitch to be selected for an award.
"The innovation, dedication and enthusiasm among this year's applicants has left those of us at Meda beyond impressed," Alfredo Martel, president and CEO of Meda, said in the release.
The 12 finalists are:
- Takachar Limited — Plano, Texas
- Fil2R — Los Angeles
- Equipt — Philadelphia
- Throw-A-Weigh — Austin, Texas
- Bon AppeSweet — Chantilly, Va.
- Top 5 Colleges — Woodbury, Minn.
- Slick Chicks — New York
- Seraph 7 Studios — Eagan, Minn.
- Rise Products Inc. — New York
- 40 Acre Co-op — Rutledge, Minn.
- HercLeon America LLC — St. Paul, Minn.
- Fitnescity — New York
This is actually Meda's second Million Dollar Challenge in 2021. The pandemic forced the lender to delay the challenge scheduled for last year due to the pandemic, the Business Journal previously reported.
"As we continue to recover from the past year, the resiliency of these companies is inspiring," Martel said. "We are excited to see the results of the finalists' hard work and growth from bootcamp at the final stage of the competition."
Meda is a nonprofit community development financial institution — an organization that provides financial services to disadvantaged business owners. Meda also provides business development assistance and says it's supported over 23,000 entrepreneurs of color in Minnesota.
