St. Paul-based Center for Economic Inclusion has announced Thursday the finalists of its new accelerator and grant program to support minority-owned businesses.
The Vanguard Accelerator program, which has been receiving applications since December, has chosen three grant recipients, four forgivable loan finalists and one redevelopment finalist. The program was led in partnership with San Diego nonprofit Founders First CDC and Saint Paul real estate consultant NEOO Partners Inc.
Recipients of the Vanguard Accelerator grants:
- Wendy Sullivan, Weinrich PD Construction, Plymouth
- Edna McKenzie, Midwest Select Contracting, Minneapolis
- D. Tomme Beevas, Pimento Jamaican Kitchen, Minneapolis
The finalists of the Vanguard Forgivable Loans program:
- Jasmine Russell, Monicat Data,, Saint Paul
- LaShawna Rhodes, Earth Beauty Supply, Saint Paul
- Junita Flowers, Junita’s Jar, Minneapolis
- Georgia Fort, Blck Press, Minneapolis
The Vanguard Accelerator site redevelopment finalist:
- D. Tomme Beevas, Pimento Jamaican Kitchen, Minneapolis
To be eligible in the program, the company founder has to be Black, Indigenous, or Latino/Latina. Additionally, the business has to be based in the Twin Cities, operational for at least three years with annual revenues between $75,000-$3 million, and employ a minimum of three, full-time employees.
“Each of our accelerator finalists and semi-finalists, forgivable loan, and main street grant finalists are beating the odds and changing the face of what it means to be a job creator in Minnesota,” said Tawanna A. Black, founder and CEO of the Center for Economic Inclusion.
The three grant recipients will be awarded each $5,000 and the forgivable loan recipients are eligible for $25,000-$250,000 in loans based on need. The redevelopment finalist will receive redevelopment support from NEOO Partners to explore options for site selection, acquisition, funding and redevelopment services for a commercial property.
“Historically, many roadblocks have prevented people of color from owning and understanding the benefits of owning commercial property,” said D’Angelos Svenkeson, CEO of NEOO Partners, Inc. Svenkeson said that NEOO was founded with the intent to help solve this issue, which he says is one of the leading factors contributing to the wealth gap.
The Minnesota Department of Employment and Economic Development (DEED) also allocated $1 million to the redevelopment portion of the Vanguard Accelerator Fund for the revitalization of several buildings in Minneapolis-St. Paul.
The accelerator program has been backed by $6 million in grants from JPMorgan Chase & Co., as part of its Annual Challenge initiative.
“JPMorgan Chase is proud to support the Center’s accelerator,” said Joanna Trotter, executive director, JPMorgan Chase. “Just a few short months ago, this accelerator was a concept, and today it is a reality.”
The Center for Economic Inclusion also announced the launch of their next business grant opportunity, the 2023 Vanguard Accelerator, which will begin accepting applications until May 8, 2023. The application can be found at the Center’s website.
