NEIGHBORHOOD DEVELOPMENT CENTER
2010 ANNUAL REPORT
Dear Friends and Partners of NDC:
BOARD OF DIRECTORS
We are excited to share with you this annual report of our work in 2010. Together with our strong community partners, our wonderful staff and board, and our outstanding trainers and consultants, NDC assisted hundreds of neighborhood entrepreneurs in bringing positive change to their communities throughout the year.
Kate Barr - Board Chair Executive Director, Nonprofits Assistance Fund Tim Boberg Senior Vice President, Hays Companies Muffie Gabler Senior Vice President, Wells Fargo Noelia Garcia Owner, La Loma Tamales
Wilder Research recently completed a year-long evaluation of NDC outcomes and impact, interviewing at length over 200 of the entrepreneurs we work with. Their Mihailo Temali data include many powerful findings on the economic and social impact of our NDC President & CEO work, such as:
Steve Gibson - Board Treasurer Senior Vice President, US Bank
· Leadership: 31% of NDC’s active entrepreneurs serve as leaders in 68
Justin Huenemann Executive Director, Native American Community Development Initiative
· Revitalization: 41% occupy a building that was formerly vacant, and 25% are in
organizations in their neighborhood or ethnic community;
Grover Jones Executive Director, Northside Economic Opportunity Network Tony Lemaire President & CEO, Western Bank Repa Mekha Executive Director, Nexus Community Partners Nneka Morgan Financial Advisor, Merrill Lynch Ed Padilla - Board Vice Chair President & CEO, NorthMarq Capital Arvid Povilaitis - Board Secretary Chief Operating Officer, Meritex Enterprises, Inc. Vivienne Williamson, Board Vice Chair Owner, Mighty Stitch, LLC May Xiong Project Manager, Federal Reserve Bank of Minneapolis
COMMUNITY ADVISORS Wafiq Fannoun - Former Board Secretary Executive Director, Islamic University of Minnesota Tony Genia - Former Board Chair Community Liaison, Northwest Area Foundation Leigh-Erin Irons Senior Associate, Fredrikson & Byron P.A. Bill Sands Chair, Western Bank
Kate Barr NDC Board Chair
spaces that were rehabbed for the business; · Jobs: NDC’s 500 (estimated) entrepreneurs provide jobs to over 2000 people, and NDC’s programmatic cost per job is $4,600; · Economic impact: NDC’s entrepreneurs return $68 Million to the Twin Cities economy annually (payroll, rent, supplies, taxes, etc.), of which $36 Million goes directly back into their own inner-city neighborhoods; · Neighborhood impact: in one neighborhood alone, a one-mile ring around the Midtown Global Market, Wilder found 137 NDC alumni open for business with 480 jobs, returning $13.4 Million to that neighborhood annually. Forty of these owners served on community boards, utilizing their small business skills. These findings and many more capture what we have believed for over 18 years – that tapping the talent of neighborhood entrepreneurs to be a driving agent for community revitalization works, if you start with a fundamental respect for what they have to offer. We thank you for your long-standing support of NDC, and we hope to continue working with you to broaden the number and the impact of these neighborhood entrepreneurs. Sincerely, Kate Barr, Board Chair
Mihailo Temali, President and CEO
OUR MISSION THE MISSION OF NDC IS TO EMPOWER ENTREPRENEURS AND COMMUNITY PARTNERS TO TRANSFORM LOW-INCOME NEIGHBORHOOD ECONOMIES FROM WITHIN
OUR VALUES PARTNERSHIP. COMMUNITY PARTNERSHIPS ALLOW US TO EARN THE TRUST OF LOCAL ENTREPRENEURS
POWER OF CULTURE. HIGHLY ACCESSIBLE, MULTI-CULTURAL SERVICES ELIMINATE BARRIERS TO SUCCESS
COMMUNITY OWNERSHIP. WORKING AT SCALE CREATES SOCIAL CAPITAL AND PHYSICAL ASSETS THAT COMMUNITIES OWN
FLEXIBILITY. A COMPREHENSIVE, FLEXIBLE, LONG-TERM APPROACH HELPS ENTREPRENEURS SUCCEED IN A CONSTANTLY CHANGING ENVIRONMENT
INNOVATION. IMPROVEMENT AND INNOVATION, FUELED BY REGULAR EVALUATION, LEAD TO OUR SUSTAINED EFFECTIVENESS
NDC STAFF Jeff Alexander Perla Mayo Midtown Global Market Director T.A. Manager & Loan Officer Darrell Beauford Maren Misner Real Estate Accounting Manager Training Program & Communications Coordinator Daniel Birru Accountant Kathy Moriarty Chief Administrative Officer Isabel Broyld U7 Project Manager Steve Olson U7 Graphic Designer Elizabeth (Becky) George Mercado Central Market Manager Samir Saikali Grants & Data Manager Kimberly Hanna Midtown Global Market Coordinator Brian Singer Loan Department Director Richard Hofacre Midtown Global Market Emma Spillman Maintenance & Repair Manager Office Manager Harvey Hoffman Mihailo Temali Building Operations Manager President & Chief Executive Officer Miguel Jongewaard Sai Thao Loan Officer Loan Officer Mike LaFave Michael Thielen Vice President & Chief Operating Officer Loan Fund Administrator Earlsworth Letang Romaine Turner Midtown Global Market Manager Senior Lending Officer Bonita Martin Teshite Wako Training Program Director Chief Financial Officer
IMPACT RESEARCH The recently released Wilder Research NDC Program Evaluation reveals many powerful economic and social impacts of the entrepreneurs we work with in low-income neighborhoods, as well as the cost-effectiveness of our approach. Some highlights of the study:
NDCâ€™s 500 (estimated) entrepreneurs provide jobs to over 2000 neighbors, with a combined annual payroll of $21 million, at a programmatic cost to NDC of $4,600 per job.
LEADERSHIP. 83% of our entrepreneurs say they serve as role models for youth in their communities, and 31% as leaders in groups in their communities.
REVITALIZATION. 41% of our alumni businesses occupy a building that was formerly vacant, and 35% are in spaces that were rehabbed for the business.
NEIGHBORHOOD IMPACT. In one neighborhood alone,
a one-mile ring around the Midtown Global Market, Wilder found 137 NDC alumni open for business with 480 jobs, returning $13.4 million to that neighborhood annually.
ECONOMIC IMPACT. $68 million is returned by our entrepreneurs
each year to the Twin Cities regional economy, and $36 million of that is returned to inner-city neighborhood economies.
INNOVATIVE APPROACH MICRO-ENTREPRENEUR TRAINING
SMALL BUSINESS FINANCING
SMALL BUSINESS CONSULTING
SMALL BUSINESS INCUBATORS
NDC offers a 16-week course covering the fundamentals and techniques of marketing, operations, financial management and writing a solid business plan. Classes are offered twice a year (spring and fall cycles) and are currently offered in five different languages (English, Hmong, Oromo, Somali, and Spanish).
NDC’s Loan and Reba-Free Financing program fills a gap in the Twin Cities finance market by providing access to credit for start-up and existing businesses that are unable to access traditional sources of capital. NDC created the nation’s first Reba-Free financing program to meet the needs of the large Somali immigrant community.
NDC provides on-going support in marketing, merchandising, financial record-keeping, credit repair, retail management, legal assistance, and more. Additionally, there are five business resource centers available to entrepreneurs throughout the Twin Cities.
NDC works with Community Partners to enhance their capacity to create and conduct economic development initiatives within their own communities.
NDC and neighborhood organizations collaborate to reclaim and rehab commercial properties within targeted inner-city neighborhoods. The properties then operate as incubators, providing a network of support and resources for small businesses.
NEW BOHEMIAN ARTS COOPERATIVE
MAJESTIC TOUCH MASSAGE AND DOULA SERVICE, LLC
1ST CHOICE CLEANING COMPANY LLC
NDC’S CFO TESHITE WAKO (RIGHT) WITH DR. ABDI GONJOBO
MIDTOWN GLOBAL MARKET
3845 entrepreneurs trained since 1993
400 loans totaling $8.1 million in financing since 1993
30,000 hours of small business consulting to 2000 entrepreneurs since 1993
41 Community Partners across the Twin Cities
Our small business incubators: •Frogtown Entrepreneur Center •Frogtown Square •Mercado Central •Midtown Global Market •Plaza Verde •Swedish Bank Building
NEIGHBORHOOD ENTREPRENEUR OF THE YEAR Each year, we invite our community partners, program trainers, consultants, staff and entrepreneurs to nominate business owners who are making a real difference in our communities. All nominated businesses are considered for recognition in the following categories:
Community Impact Business Growth Creativity in Business Business Turnaround Best Business Plan Overall Twin Cities Small Business of the Year
THE CLEARANCE RACK Winner of the Senator Paul Wellstone & Sheila Wellstone Twin Cities Small Business of the Year Award
The Clearance Rack opened their first store in 2004, bringing to the community an invaluable asset: affordable fashion for women. They offer trendy clothing, shoes, and accessories, with the selection updated weekly, at $10 per item or less. Six years after opening their doors, The Clearance Rack has become an anchor business in the community. In April 2010 they opened a third location in Brooklyn Park, contributing to a 67% revenue increase in 2010 and creating six new jobs.
NEIGHBORHOOD ENTREPRENEUR OF THE YEAR
SHANTAE HOLMES - ALL WASHED UP Winner of the Thomas McBurney Community Impact Award
All Washed Up is a new laundromat in North Minneapolis powered by entrepreneur Shantae Holmes, filled with brand new, energy efficient equipment. Having faced and overcome many obstacles in her life, Shantae brings to the community a shining example of perseverance, commitment, and motivation. She has taken an abandoned location on Penn Avenue and has revitalized it into a clean and inviting business and gathering place for the North Side community.
ANN & YULIN YIN - LOCAL D’LISH Winner of the Thomas McBurney Community Impact Award
Local D’Lish is a small grocery store in the North Loop neighborhood of Minneapolis, specializing in locally grown products. The Yins wanted to bring the farmer’s market atmosphere they knew and loved from China to their community in North Minneapolis - focusing on building close relationships with customers, offering fresh food in small quantities from local farmers, and creating a vibrant gathering place for the community.
CONNIEMARIE HANSON - EZKEEPER Winner of the Creativity in Business Award
EZKEEPER was born out of necessity; owner Connie Hanson suffered from asthma and was searching for a product that would hold her inhaler. With no products readily available on the market, her entrepreneurial spirit took over and she created her own product line. EZKEEPER applied for and received U.S. Patents. EZKEEPER offers five styles of inhaler holders and two styles of spacer holders. EZKEEPER products can also be custom ordered to client’s specifications.
ELIZABETH MAFE - JOYOUS CARE & FAMILY PRESERVATION SERVICES Winner of the Business Growth Award
Elizabeth Mafe started Joyous Care & Family Preservation Services in 2001. Joyous Care provides unique support services to individuals to maintain a safe and healthy lifestyle. The in-home family support services include respite care, personal care, home health aides, homemaker services, chore and companion services. The goal of Joyous Care is to provide optimal care for all individuals irrespective of their cultural background.
HARRY FULFORD - 1ST CHOICE CLEANING COMPANY, LLC Winner of the Business Turnaround Award
Owner Harry Fulford has been operating 1st Choice Cleaning Company since 2003. 1st Choice Cleaning Company provides top quality, affordable cleaning services to residential and commercial clients in the Twin Cities metro area. Harry uses environmentally friendly cleaning products and recycles all waste materials. 1st Choice offers part-time employment opportunities for local youth through various community programs.
CHRISTINE RANSOM - MAJESTIC TOUCH MASSAGE AND DOULA SERVICES LLC Winner of the Best Business Plan Award
Christine Ransom started Majestic Touch Massage and Doula Services as a home-based business in 2006. Majestic Touch offers massage in a variety of styles including: Traditional Swedish Massage, Deep Tissue, Trigger Point, Myo-Facial, Pregnancy Massage and Doula Services. Christine has developed a corporate employee wellness program offering on-site chair massages to employees.
FINALISTS THE BEST STEAK HOUSE Mike & Steve Hatzistamoulos BRODINI “FAMILY” COMEDY MAGIC SHOW Graylyn Morris EAGLES WINGS CAREER PREPARATION AND WORKFORCE DEVELOPMENT, LLC Juliet Mitchell FASIKA ETHIOPIAN RESTAURANT Atnafu Yeshidagne & Menderen Gebretsadik FOUNDATIONS HEALTH CAREER ACADEMY Rachelle Simons JOCIE’S FAMILY AFFAIR CATERING, LLC Jocelyn Thomas, Sheena Sims, Donna Steele-Grayson JOHNNY BABY’S Jonathan Price & Cynthia Marek LAW OFFICE OF JOSHUA R. WILLIAMS PLLC Joshua Williams LISA’S WASH-N-FOLD Lisa Johnson NEW BOHEMIAN ARTS COOPERATIVE Kathleen Maloney, Barry Maloney, Diane Jarvi PICKLES ENTERTAINMENT Starr Grigsby RIFT VALLEY TRANSPORTATION Ebisso Uka SAFARI RESTAURANT Abdirahman Ahmed SWIRLYGIG INDUSTRIES Sid Tincher TEQUILA DIGITAL MEDIA Maria Tototzintle TERRA’S CANOPIES Phillip & Corinne Castano
ENTREPRENEUR TRAINING Neighborhood Development Center works closely with community-based partner organizations to offer 16-week entrepreneur training classes in 19 neighborhoods and ethnic communities throughout Minneapolis and St. Paul. The class consists of eight classroom sessions and up to 12 one-onone consultations with a professional business trainer, and focuses on the fundamentals of operating a small business and creating a viable business plan. Classes are offered twice a year (spring and fall cycles) and are available in five different languages (English, Hmong, Oromo, Somali, and Spanish). In 2010, NDC and its neighborhood partners offered 20 training classes Abdirahman Ahmed, Safari Restaurant & Banquet Center SAFARI RESTAURANT & BANQUET CENTER to 182 entrepreneurs.
3010 4th Avenue South · Minneapolis, MN 55408
Owner Abdirahman Ahmed: 2010 Graduate of Entrepreneur Classes are conducted in small group settings and are hosted by NDC’s community-based partners, emphasizing the connection between the Training Class with Hope Community development of individuals and the development of the community. NDC’s Impact: Entrepreneur Training Program is specifically targeted to low-income residents · Redeveloped an empty storefront who do not have access to traditional sources of capital and who want to · Created 30 new jobs, filled primarily by residents of the surrounding Powderhorn neighborhood learn the skills to successfully start and operate a business. NDC provides · Created a gathering place with capacity for 700 scholarships to the majority of program participants. NDC’s ultimate goal is to develop the talent that exists within inner city communities and help emerging entrepreneurs establish vibrant businesses that create employment opportunities, provide needed goods and services, cultivate role models, and establish vibrant community gathering places that contribute to the revitalization of those communities.
Sid Tincher, SwirlyGig Industries
TRAINING PARTNERS African Economic Development Solutions Aurora/St Anthony Neighborhood Development Corporation Chicanos Latinos Unidos en Servicio Dayton’s Bluff Community Council Emerge Community Development Employment Action Center Hmong American Partnership Hmong Chamber of Commerce Hope Community, Inc. Latino Economic Development Center Lutheran Social Services MIGIZI Communications Native American Community Development Institute Northside Economic Opportunity Network Northside Residents Redevelopment Council Oromo Community of Minnesota Powderhorn Phillips Cultural Wellness Center Riverview Economic Development Association Selby Area Community Development Corporation Seward Redesign, Inc. Sparc
TRAINERS Shahir Ahmed Tony Genia Wendy Hines Tarabi Jama Grover Jones Leo Montes Phillip Porter
Mark Robinson Edgardo Rodriquez Joanne Simons Sai Thao Romaine Turner Teshite Wako Dale White
“The class threw a stone into the pond and I’m still feeling the ripples.”
Sid Tincher, SwirlyGig Industries
SMALL BUSINESS LENDING & FINANCING The Small Business Lending Program fills a void in the Twin Cities by making loans to small and minority-owned businesses in underserved neighborhoods. This concentration of investment in distressed neighborhoods becomes a catalyst for neighborhood revitalization, spurring further growth and investment in nearby businesses. By providing a source of flexible financing for small businesses, NDC has been successfully assisting Twin Cities communities in attaining their economic development goals and objectives. The advantages for entrepreneurs seeking non-traditional financing are very attractive. The Lending Program offers:
Loan Portfolio in 2010 · 197 active loans · 42 loans closed totaling $921,060 · Average loan size of $21,930
Geography of loans: Minneapolis: North Minneapolis Lake Street Other Neighborhoods Saint Paul: East Saint Paul University Ave Other Neighborhoods
8 14 6 5
3 8 6
· Flexible structuring · Patient repayment terms · Ongoing Business Coaching · Islamically-acceptable financing
“It gives me peace of mind to know that NDC is there for me if I run into any stumbling blocks.” - Joshua Williams
LAW OFFICE OF JOSHUA R. WILLIAMS PLLC
1624 Harmond Place #300Q · Minneapolis, MN 55411 Owner Joshua Williams, NDC Loan Client
Josh Williams, Law Office of Joshua R. Williams PLLC
Impact: · Increased revenue by 1138% · Went from representing five clients in 2009 to 65 clients in 2010 · Expanded scope of practice to include Consumer Protection and Mediation Services · Represents most clients on a contingent fee basis; he does not charge unless he recovers money for his client
LENDING PARTNERS African Development Center City of Minneapolis Latino Economic Development Center Metropolitan Consortium of Community Developers Metropolitan Economic Development Association Northside Economic Opportunity Network Riverview Economic Development Association Sparc State of Minnesota Women Venture
SMALL BUSINESS CONSULTING BUSINESS RESOURCE CENTERS (BRCs)
SMALL BUSINESS CONSULTING
NDC launched its Business Resource Center initiative as a means of addressing the “digital divide” amongst business owners, a term which describes the gap in knowledge and experience with computers and technology.
NDC’s Business Consulting Program guides and empowers small business owners by providing business advice and consultation from business experts from a variety of fields. In 2010, NDC provided over 4,715 hours of one-on-one assistance to 287 businesses. The areas of counseling include Business Management, Accounting, Marketing, Merchandising, Credit Counseling, Legal, and more.
Centers are operated by the BRC Supervisor and staffed by qualified college interns. BRCs provide entrepreneurs with the opportunity to receive one-on-one training to build their computer skills.
According to the 2010 Wilder Study, Business Management, Marketing, Accounting and Legal assistance are the areas that the entrepreneurs find the most helpful and beneficial. 73% of the assisted businesses say that they use and apply the advice to their businesses. ALL WASHED UP
3008 Penn Avenue North · Minneapolis, MN 55411 Owner Shantae Holmes: NDC T.A., Loan, and Training Client
The goal of the BRC program is empowerment. NDC believes digital inclusion for low-income entrepreneurs will allow them to develop their business in the most efficient and cost-effective way.
Impact: · Created 3 new jobs · Revitalized an abandoned storefront on a major North Minneapolis corridor · Brought to the community a needed service · Shantae is an exemplary role model for the community, having faced and overcome many obstacles; she shares her story daily as a business owner in her community
In 2010, NDC provided more than 400 hours of assistance at its five business resource centers, helping entrepreneurs with business plans, marketing, and internet and computer access, navigation, and research. BUSINESS RESOURCE CENTER LOCATIONS MERCADO CENTRAL 1515 East Lake Street Minneapolis, MN 55407 EAST SIDE FINANCIAL CENTER SWEDISH BANK BUILDING 965 Payne Avenue Saint Paul, MN 55130 MIDTOWN GLOBAL MARKET 920 East Lake Street Minneapolis, MN 55407
NORTHSIDE ECONOMIC OPPORTUNITY NETWORK (N.E.O.N.) 1011 West Broadway Suite 100 Minneapolis, MN 55411 RONDO COMMUNITY OUTREACH LIBRARY 461 North Dale Street St. Paul, MN 55103
Shantae Holmes, All Washed Up
“NDC has a mission statement that describes me, and the fact that they have a program targeted in my community was very important to me.” -Shantae Holmes, All Washed Up
SMALL BUSINESS INCUBATORS NDC’s small business incubator program creates dynamic places for small businesses to grow and develop, while creating vibrant active places that contribute to economic development and revitalization of urban neighborhoods.
REAL ESTATE PARTNERS
Working closely with community-based partners, NDC redevelops key commercial locations within targeted neighborhoods, providing venues within which entrepreneurs can become profitable. These highly-visible renovated buildings also serve as gathering places and inspire hope and confidence within the surrounding community. NDC promotes the success of entrepreneurs within these incubators by providing tenants with a stable, affordable environment to do business and by making its lending and business consulting services available to all tenants.
COOPERATIVA MERCADO CENTRAL Mercado Central
Since 1993, NDC has redeveloped five commercial properties and currently manages six properties (listed below). Cumulatively these properties represent over 120,000 sq. ft. of commercial space and are home to over 110 small businesses. In 2010 NDC, in partnership with three community-based non-profits, completed the development of Frogtown Square, 11,000 square feet of new commercial space at the northeast corner of University Avenue and Dale Street in St. Paul.
“NDC is the heartbeat that keeps the whole body moving.”
MIDTOWN GLOBAL MARKET MERCADO CENTRAL 920 East Lake Street 1515 East Lake Street Minneapolis, MN 55407 Minneapolis, MN 55407
-Manny Gonzalez, Manny’s Tortas Midtown Global Market & Mercado Central
PLAZA VERDE 1516 East Lake Street Minneapolis, MN 55407
OLD SWEDISH BANK BUILDING 965 Payne Avenue Saint Paul, MN 55130
AURORA/SAINT ANTHONY NEIGHBORHOOD DEVELOPMENT CORPORATION Frogtown Square
EAST SIDE NEIGHBORHOOD DEVELOPMENT COMPANY Old Swedish Bank EPISCOPAL HOMES Frogtown Square GREATER FROGTOWN COMMUNITY DEVELOPMENT CORPORATION Frogtown Square IN THE HEART OF THE BEAST THEATRE Plaza Verde LATINO ECONOMIC DEVELOPMENT CENTER Plaza Verde and Midtown Global Market MODEL CITIES Frogtown Square POWDERHORN PHILLIPS CULTURAL WELLNESS CENTER Midtown Global Market PROJECT FOR PRIDE IN LIVING Mercado Central
FROGTOWN ENTREPRENEUR FROGTOWN SQUARE CENTER 500-615 University Avenue 625 University & 501 North Dale Saint Paul, MN 55104 Saint Paul, MN 55104
FROGTOWN SQUARE The northeast corner of the University Avenue/Dale Street intersection, for many years, stood as a reminder of days when drugs, vice and crime defined this prominent neighborhood gateway. Empty buildings, unrepaired awnings, boarded windows, and broken glass sent a powerful message about the neighborhood to all those who passed. In 2010, Neighborhood Development Center, working with its community partners, Model Cities of St. Paul Inc., Greater Frogtown Community Development Corporation, Aurora St. Anthony Neighborhood Development Corporation, and Episcopal Homes spearheaded change at this intersection as construction on the Frogtown Square project began.
Northeast corner of Dale and University pre-construction
Frogtown Square in 2010
A model of mixed use, transit oriented development, Frogtown Square will help define a new future for the neighborhood. The project will feature 50 units of affordable senior rental housing and seven first floor commercial retail spaces, targeted at entrepreneurs from the community. Tenants of the commercial space will include Grooming House barber shop, Sundayâ€™s Best Boutique, Subway restaurant, Global Food market, and Hello Wireless, among others.
COMMUNITY COLLABORATIVES As part of its commitment to building local economic development capacity, NDC convenes, facilitates and provides administrative support for collaborative community initiatives. Current collaboratives include:
UNIVERSITY AVENUE BUSINESS PREPARATION COLLABORATIVE (U7)
NORTHSIDE ECONOMIC OPPORTUNITY NETWORK (N.E.O.N.)
In January 2008, a group of seven community based nonprofits formed the University Avenue Business Preparation Collaborative—which has since come to be known as “U7”—to help existing small businesses on University Avenue in St. Paul prepare to survive the construction of the Central Corridor Light Rail Line and thrive after its completion. NDC is the host organization for this collaborative effort that is focused on strengthening the management and marketing capacity of small businesses.
In 2005, Neighborhood Development Center joined other community organizations in creating the Northside Economic Opportunity Network (N.E.O.N.) as a collaborative network to expand and strengthen the entrepreneur development system in North Minneapolis.
U7 Numbers in FY2010 (April 1 2010 - March 31 2011): One-on-One Technical Assistance: Provided 2750 hours of one-on-one technical assistance to 88 businesses on University Avenue and Lowertown, St. Paul
Results Driven Marketing: Created 48 logos, 33 business cards, 17 websites and 64 other design or interactive marketing pieces for University Avenue small business owners.
Financial Health Consultations: 32 University Avenue businesses have or are currently participating in intense financial health consultations performed by U7 Small Business Consultants and interns. The services provided have been mainly assisting owners with cash-flow analysis, inventory, tracking of sales, forecasting, and putting savings plans in place.
Matching Marketing Grants: 10 marketing micro-grants provided for a total of $1,300. The grants were used to offset the cost of printing, signage costs, and marketing activities.
Today, N.E.O.N. exists as a stand alone 501c3 non-profit whose mission is to expand economic opportunities and build wealth for North Minneapolis residents through the creation, growth and development of small businesses in North Minneapolis. N.E.O.N. works collaboratively with partner organizations to pursue this mission, and is a core partner of Neighborhood Development Center in its delivery of entrepreneur training, small business lending, and technical assistance to North Minneapolis entrepreneurs. N.E.O.N. Results: · Trained more than 200 entrepreneurs and contractors · Facilitated financing for 38 businesses totaling over $1,725,000 · Trained more than 35 youth in entrepreneurship, supporting 5 businesses and launching 2 youth-run business · Provided technical assistance to over 360 individuals and businesses totaling more than 3,380 hours · Assisted in creating and retaining more than 215 jobs
Matching Facade Grants: 2 facade grants provided with a total of $37,326.
Mihailo Temali, NDC President & CEO, is chair of the N.E.O.N. Board of Directors.
FINANCIAL STATEMENT CONSOLIDATED STATEMENT OF FINANCIAL POSITION (DECEMBER 31, 2010) Assets
Cash and Cash Equivalents Contributions and Other receivables Loan receivables, net of allowance for loan losses Rental Properties and Equipment, net Other assets
$1,579,263 $634,995 $4,262,639 $14,468,639 $624,434
Liabilities and Net Assets
Liabilites: Payables and other accruals Notes Payable Total Liabilites
Net Assets Unrestricted net assets Temporarily restricted net assets Total Net Assets
$ 2,777,590 $ 426,000 $ 3,203,590
Total Liabilites and Net Assets
CONSOLIDATED STATEMENT OF ACTIVITIES (DECEMBER 31, 2010)
ent em nag ral Ma Gene and
Technical Assistance Incubators Rent
tre en o r c ng Mi aini Tr
Grants and Contributions
Revenues & Support Grants and Contributions Government Revenue Earned Income Incubators Rent
$ 918,530 $ 17,447,850 $18,366,380
Expenses $1,117,102 $911,851 $878,251 $757,003
Incubators Operations Incubators Program Technical Assistance Management and General
$1,411,156 $1,171,153 $561,755 $344,534
Lending Microentrepreneur Training Fundraising
$322,500 $278,536 $41,542
Notes: (1) The financial statements recognize revenue for pledged contributions as per statement of FAS #116. There were multi-year grants that were recognized in prior years. (2) The financial statements are the consolidation of subsidiaries including Frogtown Entrepreneur Center, LLC; Mercado Vista, LLC (Plaza Verde); NDC REDI, LLC; NDC REDI II, LLC and NCS, LLC (Midtown Global Market). (3) Incubator operation subsidy and NDC overhead contributed.
FINANCIAL SUPPORTERS AND VOLUNTEERS FINANCIAL SUPPORTERS IN 2010 Government City of Minneapolis City of Saint Paul Community Development Financial Institution Fund Hennepin County Library Minneapolis Empowerment Zone U.S. Small Business Administration U.S. Department of Health and Human Services - Office of Community Services Saint Paul Port Authority Corporate and Foundation Allianz Life Insurance Company of North America Allina Health System Athwin Foundation Campbell Foundation Deluxe Corporation Foundation F. R. Bigelow Foundation General Mills Foundation Hardenbergh Foundation John S. and James L. Knight Foundation Local Initiatives Support Corporation Marbrook Foundation Marquette Financial Companies McNeely Foundation Otto Bremer Foundation Piper Jaffray Ryan Companies US, Inc. Securian Foundation Smikis Foundation Sundance Family Foundation The Blue Cross and Blue Shield of Minnesota Foundation The F.B. Heron Foundation The Fredrikson & Byron Foundation The Jay & Rose Phillips Family Foundation The Jaye F. and Betty F. Dyer Foundation The Kresge Foundation The McKnight Foundation The Minneapolis Foundation The RBC Foundation - USA The Saint Paul Foundation Travelers Foundation Trillium Family Foundation U.S. Bancorp Foundation Valspar Foundation Wells Fargo Foundation Minnesota Western Bank
We are extremely grateful for our financial supporters and volunteers. Your support helps us carry out our work in low-income, inner-city and ethnic communities: creating local jobs, generating local income and wealth, strengthening the local economy, supporting local entrepreneurs and creating community leaders, building visible and inspiring signs of redevelopment, and supporting businesses that will serve as community gathering places. Thank you for your support of NDC and the entrepreneurs we work with. Individual Anonymous Jeffrey Alexander Felix K Ankel Wendy Annis Mary Kay Bailey Kate Barr John Bennett Aundrea Billings Daniel Birru William Blazar Tim Boberg Marvin & Betty Bormann Andria Brandt Isabel Broyld Cynthia Carlson Deborah Carver Patrick J Ciernia Richard Collins Terry Crowley Greg and Janice Dames Cristina Edelstein Al Emory Paul Engh Steve Erdall Joseph Errigo Rolando Aguilar Estrada Wafiq Fannoun David Fey Daniel Flicek Robbin Frazier Muffie Gabler Noelia Garcia Gwen Gephart Steve Gibson John Gill
Ben Goldfarb Kimberly Hanna Lynne Hanna Melissa Hanna Tony Helmer Dao Her Molly Herrmann Justin Huenemann Leigh-Erin Irons Grover Jones David Kindig Kevin and Jayne Komadina James Kuhn James Labreche James LaFave John LaFave Mike LaFave Laurie Lafontaine Andrea Leap Tony Lemaire Earlsworth Letang Connie Lewis Nita Kay Logemann Paul Lundgren Nancy Maeker Emily Maltz Bridget Manahan Bonita Martin Charles Misner Cynthia Misner Maren Misner Kathy Moriarty Amy Oâ€™Neil Shawn Okwig Claudia Osterman
*Every effort has been made to ensure the accuracy of this donor list; please contact us with any corrections or questions.
Katina Petersen Gary Peterson Gloria Peterson Arvid Povilaitis Dennis Prchal Andrew Rich Carolyn Roby Susan Roe Samir Saikali Julie Sands Causey Robert Sands William Sands Shelley Saunders Jean Sazevich Joe Selvaggio Kristin Simonson Brian Singer Alberta Smith Gordon Sprenger Joyce Starks Michael Stroik Mihailo Temali Missy Thompson Jim Tubbesing Teshite Wako Kevin Walsh Karen Weiberg Luke Weisberg Stephen Wellington Michele Willard George Williams May Xiong Karen Young
VOLUNTEERS AND INTERNS IN 2010 Phillip Brien Kayla Casavant Erin Faber Sarah Gehring David Hietzman John Hunchar Miguel Jongewaard Sara Lopez Keng Lor
Bobby McGraw Daniel Murphy Nick Peterson Sam Reeves Tsion Rumicho Jordan Sipe Dumisaini Thomsen Kim Urban Kirsten Zache
UA TSAUG! MAHADSANID! SHUKRAN! GALATOOMA!
for your support of NDC and the entrepreneurs we work with.
Building Neighborhood Economies Creating Neighborhood Jobs Developing Neighborhood Leaders Inspiring Neighborhood Potential Filling Neighborhood Storefronts
Neighborhood Development Center 663 University Avenue Suite 200 Saint Paul, MN 55104 651.291.2480
www.ndc-mn.org www.twitter.com/NbrhdDevCenter www.facebook.com/NeighborhoodDevelopmentCenter
Production by: Maren Misner email@example.com