Skip to main content

Program Related Investments Support Entrepreneurs through the East Metro Job Creation Loan Fund.

Adrian Coulter has large feet. He wears size 16 EEE and has struggled throughout his life to find stylish, comfortable shoes that fit.

Like many entrepreneurs, Adrian saw a gap in the market and started a business to fill it. He opened XLFeet.com, which he started in a room in his house in 2009.

Though the need was clear, Adrian, like many entrepreneurs of color, struggled to stabilize the business due to a lack of adequate funding. Additionally, a failed real estate investment took a toll on his credit and further limited his access to capital.

In 2016, Adrian connected with Metropolitan Economic Development Association (Meda), which provides loans and technical assistance to business owners of color.

Through Meda, Adrian secured a $90,000 loan. This loan helped XLFeet.com stabilize and expand its business. Today, it is one of the most successful large-size shoe carriers, has three employees and generates $1.5 million in annual revenue.

How Program Related Investments Support Entrepreneurs

Adrian's loan was part of the East Metro Job Creation Loan Fund. The Saint Paul & Minnesota Foundation worked in cooperation with partners including F. R. Bigelow Foundation and the Katherine B. Andersen Fund to create the East Metro Job Creation Loan Fund, which works through community partners like Meda to create both capital and social returns.

The Foundation uses Program Related Investments (PRIs) as a complement to its grantmaking and community leadership work. The Foundation's PRI portfolio supports community vitality through investments in business growth, job creation and affordable housing.

More Stories

Redefining What Equity Looks Like

Entrepreneur and Foundation Board Member Alex West Steinman is embracing equity and accessibility with her work.

Watch the video

Honoring Kao Ly Ilean Her's Legacy

Hnub Tshiab - Hmong Women Achieving Together honors one of its founders by establishing an endowment fund.

Learn More

Stories From Across Minnesota: Caring for Community

Jessica Lee Velasco is a mother, advocate, leader, organizer and activist who uses her platform to engage, encourage and empower her community in Worthington, Minnesota.

Watch the video

Changing the Way One Community Looks at Race

Educator and performer T. Mychael Rambo educates and inspires youth and police in Hibbing, Minnesota.

Learn More

Stories From Across Minnesota: A Legacy of Giving in Hutchinson

The I. J. Burich Family Foundation was created by Irvin Joseph and Mary Burich to carry out their philanthropic commitment to the city of Hutchinson and McLeod County.

Watch the video

Disruptions in Child Care Access Continue

Marnie Werner, Vice President, Research & Operations at the Center for Rural Policy & Development, shares insight on the childcare shortage in Minnesota.

Read the post

First U.S. Community Foundation to Join World’s Leading Responsible Investment Proponent

The Saint Paul & Minnesota Foundation becomes the first U.S. based community foundation signatory to the United Nations Principles for Responsible Investment.

Learn More

Foundations Announce More Than $7 Million in Community Grants

The Saint Paul & Minnesota Foundation, F. R. Bigelow Foundation and the Mardag Foundation today announced that they have awarded more than $7 million to Minnesota nonprofits through their latest round of grants.

Read the News

GET MONTHLY STORIES, NEWS AND UPDATES

JOIN
US!

* Indicates a required field