The African Development Center helps immigrants, refugees and others to build successful lives in Minnesota.
The program offers business and personal financial education, space for rent to small companies, and financing to help capitalize the start-up and expansion of businesses in urban neighborhoods and small towns.
From financing for its new office and business incubator space to supplying loan capital for relending to small businesses, MMCDC has been a longtime financing provider to ADC. This capital helps ADC leverage additional public- and private-sector loans, grants and loan guarantees.
One such program is the Small Business Administration Community Advantage Loan Program. As an approved SBA lender, ADC and its clients gain easier access to loan capital.
MMCDC’s most recent loan is being utilized to help ADC clients expand businesses, purchase equipment and inventory, and more. ADC’s first loan with these funds was extended to an immigrant from Ethiopia.
Our market niche is not well-served by traditional bank lenders, so with the help of a $500,000 investment from MMCDC, we hope to raise $5 million over the next three years to increase access to capital for African immigrants throughout the state.
Nasibu Sareva, Executive Director, African Development Center
