Business development

African immigrants represent the future economic engine in the state of Minnesota with a collective income of $1.6B. However, African small businesses owners are unable to access capital due to high-interest loans, limited training and access to resources. Loan requirements and restrictions due to bad credit, higher interest rates, and higher taxes have caused small businesses to struggle. Moreover, these businesses are scattered all over the Twin Cities and there is no specific area or neighborhood that they have invested in to increase their market - despite the ties that African immigrants maintain with their friends, families and African nations that increase Minnesota exports.

 

The solution:

 MAU wants to connect African businesses to access capital and resources by building out an incubator in an area that is inclusive within their own market. Community Connections MAU has established relationships and connections with over 27 African nations in Minnesota, including 700 individuals and small business owners in the Twin Cities and greater Minnesota. We continue to expand and expect to reach collective goals with all of the African nations and ethnic business communities represented in Minnesota. Structure/Benefits There will be an increase in access to capital and support for African businesses to strive, expand, and maintain jobs for Minnesotans. 

 

More specifically:

MAU wants to support the provision of African small businesses and nonprofits to access capital by building out an incubator in an area that is inclusive within their own market. This bill will increase access to capital, infrastructure support, and training African immigrants with entrepreneurial spirits on how to start and grow a small business in the Metro area.

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Community Connections

MAU has established relationships and connections with over 27 African nations in Minnesota, including 700 individuals and small business owners in the Twin Cities and greater Minnesota. We continue to expand and expect to reach collective goals with all of the African nations and ethnic business communities represented in Minnesota. 

 

Structure/Benefits

There will be an increase in access to capital and support for African businesses to strive, expand and maintain jobs for Minnesotans.