Meda Announces Third Annual «Million Dollar Challenge for Minority Entrepreneurs»

MINNEAPOLIS, Oct. 1, 2020 /PRNewswire/ — Meda (Metropolitan Economic Development Association) has opened up applications for its third year of the…

MINNEAPOLIS, Oct. 1, 2020 /PRNewswire/ — Meda (Metropolitan Economic Development Association) has opened up applications for its third year of the Million Dollar Challenge for Minority Entrepreneurs. The Meda Million Dollar Challenge is the largest BIPOC entrepreneurial competition in the country, awarding $1 million in financing to BIPOC businesses from across the nation.

This year’s competition will continue to include the Boot Camp for Successful Pitches as well as the final pitch and award ceremony, hosted entirely online. Find the application form here:

Applications open October 1, 2020 and the 15 finalists will be announced November 30, 2020. Finalists will virtually attend Boot Camp for Successful Pitches from December 7, 2020 until January 22, 2021. The final pitch event will take place January 27, 2021.

Meda is a nonprofit organization dedicated to helping BIPOC businesses succeed. The past two years of the Million Dollar Challenge resulted in 12 minority businesses from five states receiving financial awards, totaling nearly $3 million.

«Meda’s Million Dollar Challenge provides so many opportunities for entrepreneurs of color to highlight their creativity and innovation, and accelerate their business growth,» said Alfredo Martel, President and CEO of Meda. «Investing in BIPOC businesses is more important than ever as the economy is ravaged by the effects of COVID-19 and civil unrest. BIPOC entrepreneurs are resilient and adaptable, and investing in them has proven to create jobs and boost economic development. We are excited to bring the Million Dollar Challenge back for a third year to continue that impact and support on a national level in these unprecedented times.»

Meda services include business consulting, financing solutions and corporate and government opportunities, such as contracts and funding opportunities. Since its inception in 1971, Meda has assisted more than 20,500 BIPOC entrepreneurs and helped start more than 500 minority-owned, small businesses.

About the Metropolitan Economic Development Agency (Meda): Meda was founded by a group of Minnesota business leaders who saw minority business ownership as a positive, long-term response to rising economic inequity within minority communities in our state. Meda provides business development services, access to capital and corporate and governmental market support for minority entrepreneurs. Over the years, Meda has helped launch more than 500 minority businesses and assisted more than 20,000 Minnesota minority entrepreneurs. Today, Meda clients employ 6,000 Minnesotans and have a combined annual revenue of $1 billion. Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for minority businesses to become sustainable. Meda is also the host organization for the Minneapolis Minority Business Development Agency (MBDA) Business Center, which has been recognized by the MBDA as the top performing center four consecutive years from 2016- 2019. For more information, visit


Carol Schuler


Cision View original content to download multimedia:

SOURCE Metropolitan Economic Development Association