St. PAUL, Minn., Oct. 14, 2019 /PRNewswire/ -- Ten ethnic-minority
entrepreneurs from across the country competed in the final event
for Meda's Million Dollar Challenge Powered by Chase at the Twin
Cities Public Television (TPT) Studios in St. Paul as part of Twin Cities Startup Week.
$1 million in financing was awarded
to the following companies:
Phenomix Sciences – Co-Founder, Dr. Andres Acosta, Rochester & St. Paul wins $500,000
Care + Wear -- Co-Founder & CEO, Chatenya
Razdan, NYC wins $500,000
Civic Eagle – Co-Founder, Damola
Qgundipe, Mpls wins $200,000.
The challenge was held by the Metropolitan Economic Development
Association (Meda), the top-performing minority business
development agency in the nation. Chase is the presenting event
sponsor.
"We are so proud of all of those who competed in the Meda
Million Dollar Challenge this year," said Barbara Butts Williams, Chair of the Meda Board.
"Our finalists have grown so much over this process and we are
excited to see how our winners will utilize their financing to take
their businesses to the next level.
In all, more than 500 businesses across the country applied to
participate and 22 finalists from six states competed.
"Small businesses are the cornerstones of local communities,
creating jobs and spurring innovation," said Dave Rudolph, region manager, commercial banking
at JPMorgan Chase. "We congratulate these innovative, passionate
winners and salute Meda for leading efforts to help more
Twin Cities minority businesses
flourish."
Access to capital is one of the main difficulties minority
entrepreneurs face. Research has shown that lack of capital, as
well as racial discrimination, are largely responsible for
disparities between non-minority and minority businesses. As part
of their mission to break down barriers to wealth and
self-sufficiency that entrepreneurs of color face, Meda provides
business consulting, access to capital, market opportunities, and
events like the Million Dollar Challenge to bring awareness to
these issues and provide solutions.
About the Metropolitan Economic Development Association
(Meda): Meda provides business consulting, access to
capital, and market opportunities for minority entrepreneurs. Meda
also operates a business development center under cooperative
agreement with the Minority Business Development Agency (MBDA) of
the U.S. Department of Commerce. The Minneapolis MBDA Business
Center connects Minnesota Minority Business Enterprises (MBEs) with
business opportunities and has been recognized as the top
performing center in the country the last three years in a row.
http://meda.net/
About JPMorgan Chase & Co.
JPMorgan Chase &
Co. (NYSE: JPM) is a leading global financial services firm with
assets of $2.6 trillion and
operations worldwide. The firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of customers in the
United States and many of the world's most prominent
corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about JPMorgan Chase & Co.
is available at www.jpmorganchase.com.
CONTACT:
Carol Schuler
carol@cschuler.com
612-281-7030
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SOURCE Meda (Metropolitan Economic Development Association)