Today, Cummins Inc. (NYSE: CMI) announced agreements with Community Development Financial Institutes (CDFI), non-profit charitable organizations and municipal partners to distribute $3 million to aid Black-owned businesses in Minneapolis, Minnesota; Memphis, Tennessee; Indianapolis and Columbus, Indiana.
The Metropolitan Economic Development Association (Meda) in Minneapolis, River City Capital Investment in Memphis, the Local Initiatives Support Corporation (LISC) in partnership with the Indy Black Chamber of Commerce in Indianapolis and the National Association for the Advancement of Colored People (NAACP) Columbus/Bartholomew Branch with the Columbus Area Chamber of Commerce will disburse capital to Black-owned businesses in their respective communities.
“Teamwork, Caring, Integrity, and Diversity & Inclusion are cornerstone values of Cummins, and connecting with local organizations that share these values was important to ensure these funds are distributed properly,” said Shon Wright, Vice President of Cummins Turbo Technologies and Economic Empowerment CARE Workstream Leader. “Furthermore, the community partners we identified share our understanding that when we aid the Black community, we in fact support the larger community.”
Cummins launched Cummins Advocating for Racial Equity (CARE) last July as another step to help undo the systemic discrimination against the Black community in the U.S. One of the four identified areas the company wants to impact is creating empowerment by building Black wealth and income.
“Meda is thrilled to partner with Cummins to provide grant and lend funds to uplift Black entrepreneurs in the Twin Cities,” says Alfredo Martel, CEO of Meda. “Meda knows firsthand the innovative ideas and spirit of Black business owners in the Minneapolis/St. Paul area, and the pandemic has only magnified their determination. Through our partnership, Cummins and Meda will be able to fund these incredible entrepreneurs that are key in seeing our local Black economic ecosystem thrive.”
CDFIs are private financial institutions that exist to deliver affordable lending to low-income and low-wealth communities. By helping bring these targeted communities into the economic mainstream, CDFIs aid in job growth and economic empowerment for underserved and underrepresented markets across the country.
“We are grateful for partners like Cummins who have demonstrated their commitment to undoing systemic racism by investing in the growth and sustainability of Black-owned businesses in Indianapolis,” said Jessica Guilfoy, Vice President of Field Excellence for LISC. “The CARE initiative recognizes that one of the most devastating aspects of the COVID-19 crisis is the disproportionate impact it is having on communities of color. By providing grants to Black-owned businesses, people and communities can begin recovery and build the strength and resiliency that will carry us all into a more equitable and just future.
About Meda (Metropolitan Economic Development Association)
Meda was founded in 1971 by a group of Minnesota business leaders who saw Black, Indigenous and People of Color (BIPOC) business ownership as a positive, long-term response to rising economic inequity within minority communities. Meda provides business development services, access to capital and corporate and governmental market support for BIPOC businesses with the potential to scale. Over the years, Meda has helped launch more than 500 BIPOC businesses of all sizes and assisted more than 20,000 Minnesota minority entrepreneurs. Today, Meda clients employ more than 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 BIPOC-owned 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 scoring center the past five consecutive years. For more information, visit meda.net.
About LISC
Local Initiatives Support Corporation (LISC) Indianapolis is the local office of a national organization that helps resident-led, community-based development organizations transform distressed communities and neighborhoods into healthy ones — good places to live, do business, work, and raise families. By providing capital, technical expertise, training, and information, LISC supports the development of local leadership and the creation of affordable housing; commercial, industrial, and community facilities; businesses; and jobs. In short, we help neighbors build communities.
About Indy Black Chamber of Commerce
Established in 2015 as a 501(c)3 non-profit, The Indy Black Chamber of Commerce (IBCC) is the leading advocate for black-owned businesses in Central Indiana. We are diligently building our network, members, and community relationships to serve as an information resource. We strive to educate and enhance the economic status of the Black Community while creating a positive community climate of intellectual exchange of goods and services with all businesses. IBCC advocates for small business empowerment and works to bridge the gap of economic disparity within our community with a proactive plan of success in education, business, and the political arena.
About River City Capital Investment Corp.
River City Capital Investment Corp. (RCC) is a nonprofit, certified community development financial institution (CDFI) whose mission is to accelerate shared prosperity and inclusive growth in Memphis and Shelby County, TN. RCC does this with the aim of increasing community revitalization, creating jobs, and increasing income and wealth among people of color. We fill a gap in the Memphis financial delivery system by expanding availability to investment capital, credit, and financial services. RCC, Memphis' only homegrown CDFI that operates a loan fund, targets businesses, community development corporations, and charter schools in economically distressed neighborhoods. Learn more at rivercitycapital.org.