Africans immigrants in the Minnesota economy A greater percentage in the workforce than top four industries: education, healthcare, manufacturing and retail Median Household Income: $31,640
African buying power in Minnesota Somali Ethiopian Kenyan Liberian Nigerian Eritrean Sudanese Cameroon $216 million 203 million 167 million 142 million 71 million 22 million 8 million 6 million Source: www.ethnictrends.info (assumes 30% federal and state taxes have been deducted from these numbers)
African Community Contributing to business Hot Zones
Midtown Global Market
Somali-Minnesotan Malls Karmel Mall Village Market Hi-Lake Market Cedar-Riverside Market African International Mall
Afro Deli & Coffee
Mission Statement African Development Center works within the African communities of Minnesota to start and sustain successful businesses, build wealth and promote community reinvestment.
Our Philosophy Through training, consultations, workshops, and providing business loans, ADC is successfully illustrating how cultural competency and financial literacy can empower a community to be selfsufficient and active contributors to the State of Minnesota.
Our Approach Culturally-Sensitive: ADC continuously shapes its services and products as a response to concerns voiced by the African community that local economic development organizations lacked the resources and ability to address financial, cultural, and language barriers.
Our Work Business Development: In addition to technical assistance and counseling, ADC provides loans to small businesses - including traditional as well as culturally-sensitive loans.
Our Work Housing Education: ADC provides certified first-time homebuyer education programs adapted to suit the cultural needs of the clients.
Our Work Financial Education: ADC provides financial literacy counseling and education for all clients to take control of their finances, master their money, and reach their goals.
Our Work
Announcing: Stay tuned.. more details to come
Our Impact
Our Impact Loans: Each dollar that ADC lends to small businesses has a multiplied effect, contributing to the economic development of the entire community. Since 2004, over 400 jobs have been created through ADC s loans and programs.
Our Impact
Our Impact Home Ownership: Over 45% of ADC graduates successfully purchase homes three times the national average of first-time homebuyers and contribute substantially to regional economies and property taxes.
Our Impact
Our Impact Financial Literacy: On average, ADC s initial class of clients increased their household income by 47% over two years as a result of their entrepreneurial efforts and the assistance provided by ADC.
Our Impact
Our Impact Economic Impact Analysis: Recent study by the Wilder Foundation found: For every $1 invested in ADC ADC Business Clients realize $6 in return A 1% increase in an ADC Loan increases gross receipts by 12% In 2010, ADC Businesses generated nearly $78,000 in MN tax dollars In 2010, the estimated market value of homes purchased by ADC clients was $24.5 Million o These purchases bring about an estimated property tax value of over $250,000
Program Impact 2012 YTD Business Development Lending: Year End Numbers 190 Active Clients in Portfolio Loan Balance of $1,966,822.11 26 loans cleared in 2012 23 loans paid off Original Loan Balance of $390,981
Program Impact 2012 YTD Housing & Financial Education Homestretch: Year End Numbers 21 classes completed (253 trained) 12 in Mpls (170 families) 9 in Greater MN (83 families) 48% purchased homes (121 families) Down Payment and Closing Cost Asst = $605,000 One-on-One Pre-Purchase Counseling: Year End 125 Families Statewide 20% purchased homes Down payment and closing cost assistance = $125,000
Program Impact 2012 YTD Housing & Financial Education Financial Literacy Education: Year End 5 workshops held statewide (75 attendees) 2 in St. Cloud 2 in Willmar 1 in Rochester Youth Entrepreneurship: College Bound Entrepreneurs Program Begins Two Classes taught each Tuesday Open House held October 25 th Twin Cities Field Trip held December 5 th Two students recently added (total of 21)
Our Reach Statewide: In addition to a prominent presence in the Metro area, ADC serves clients in each of the Greater Minnesota cities in which there is a present and growing African community.
ADC Main Office
ADC Rochester
ADC Willmar