Small Business Champion Alfredo Martel, CEO and President, Meda

Article by Becky Fillinger

Alfredo MartelDid you know that we have a 50 year old organization in Minneapolis devoted to helping minority entrepreneurs succeed?  We talked to Alfredo Martel, CEO and President of Meda, about the organization's history, their priorities for 2021 and a few of the many local success stories achieved in half a century of good works. 

Q:  What's the history of Meda? What is the geography that you serve?

A:  From its origin in 1971, Meda (Metropolitan Economic Development Association) has worked to break down the barriers to wealth and self-sufficiency that entrepreneurs of color face in building futures for themselves, their families and their businesses.

Over the past 50 years, Meda has provided assistance to more than 20,000 businesses owned and managed by entrepreneurs of color and helped to start more than 500 new businesses. Growing sustainable companies creates jobs and generates increased economic activity: the ripple effect. The Minneapolis MBDA Business Center extends Meda’s services to entrepreneurs of color throughout Minnesota. A detailed timeline can be found here. Meda serves BIPOC businesses primarily in the Twin Cities and around greater Minnesota, but where possible when we see a positive impact can made, we expand our services to those around the country.

Q:  I noticed a tribute to MLK on your Facebook page where Dr. King recommends that each small business have three types of people on staff - visionary, partner and troops. Does Meda look for this mix in the entrepreneurs you counsel?

A:  Yes absolutely. The “visionary, partner, troops” model is a key one in successful businesses. However, Meda is all about strengthening businesses, so if businesses do not have all of these components initially, we will certainly take them on and work to get them to that point. While mature businesses should have all of these components, earlier businesses need to take the time to find the right people to help them be successful and we love to see our clients work through that process.

Q:  What are your 2021 priorities?

A: Our biggest goal for our clients in 2021 is to help BIPOC owned businesses recover from COVID economic downturn and, when necessary, retool their businesses to operate in this new economy. The economic landscape has changed significantly in the last year, so our biggest focus is helping our clients navigate this new territory and set themselves up for success looking forward, keeping in mind all of the lessons learned from the events of 2020.   

Q:  Meda has a Million Dollar Challenge – it is the largest BIPOC entrepreneurial competition in the country, awarding $1 million in financing to BIPOC businesses from across the nation. Do you assist small businesses with their application and preparation for the speed pitch?

A:  Yes, we do. Our businesses consultants lead a Bootcamp for Successful Pitches where finalists get advice from experts on the skills and things to perfect their pitch and any future pitches to funders in the future. The Bootcamp lasts for seven weeks and virtually led.

By the way, here are the winners of the last Million Dollar Challenge – the six winners represent the most diverse group of finalists, in terms of ethnic groups and gender. We received applications from all across the country for the Challenge.

Q:  Please tell us some Meda success stories.

A:  We have so many success stories over 50 years! Check out these inspiring local stories:

Ceiling Pro International - https://www.youtube.com/watch?v=NAiRmPqMmwE

Twin Cities Road Crew - https://www.youtube.com/watch?v=0bWU9KAR0gI&feature=youtu.be

Contreras Edin and Associates - https://www.youtube.com/watch?v=2giZP65-5jU

El Burrito Mercado - https://www.youtube.com/watch?v=9BZDkmrY_dM

Olu’s Home - https://www.youtube.com/watch?v=wRjW2u1p8LI

Q:  How may we follow your news? 

A:  We welcome your readers to follow us on social @MedaMinnesota and check us out on our website.