Vanguard Accelerator Awards More Than $400,000 to Support Black, Indigenous, and Latina-Owned Businesses in the Twin Cities

Center for Economic Inclusion, Founders First CDC, and NEOO Partners have selected grants, program scholarships, forgivable loans, and redevelopment support finalists.

June 22, 2023 (St. Paul, Minn.) – This morning at the Center for Economic Inclusion’s 2023 Powering Inclusion Summit held at the Hilton Minneapolis, the Center, in partnership with Founders First CDC and NEOO Partners, Inc., announced the finalists of the 2023 Center’s Vanguard Accelerator, an accelerator that supports Black, Indigenous, and Latina-owned businesses based in the Minneapolis-St. Paul region.

This is the Accelerator’s second round in a multi-year collaboration to accelerate regional economic growth, create job opportunities with higher wages, and provide access to capital needed for businesses to grow and scale.  A number of finalists have been selected for each component of the Center’s accelerator.

“Inclusive growth is the only path to real and sustainable growth.  The data is clear on that fact,” stated Tawanna A. Black, Founder, and CEO of the Center for Economic Inclusion.  “This Accelerator supports the Twin Cities’ economic growth by providing tangible and relevant resources to grow business – the connections, capacity, and capital that disparately eludes minority-owned enterprises.  We strive to boost the impact of the Accelerator for many years to come.”

Kim Folsom, Founder of Founders First CDC noted, “This Accelerator is well-positioned to create real change in the MSP region and Founders First CDC is honored to be a partner.  This cycle marks the largest grant fund to be dispersed to date and we are pleased to have a helping hand in that.  As a long-time business owner, I know from experience that every cent matters when you are growing a business and no amount is too small to make an impact.  I am excited to see the difference these finalists make in their communities and the MSP region.”

There are three parts to the Accelerator and applicants are eligible to receive one or more of the support functions:

  • $5,000 unrestricted grants to support their business growth as well as full tuition into a business accelerator based on the company’s annual revenues.

  • Forgivable loans to support growth, sustainability, and job creation.

  • Predevelopment technical assistance including site development and redevelopment to enhance the organization’s brick-and-mortar real estate impact.

“Having the ability and opportunity to create value, jobs, and wealth is more than a gift, it’s a calling. Throughout the years, Founders First CDC has been dedicated to accelerating the growth of diverse-led businesses,” continued Shaylon Scott, Executive Direct of Founders First CDC. “To be able to expand our reach to the Minneapolis-Saint Paul is so exciting and to be partnered with the Center for Economic Inclusion and NEOO Partners in this work is even more amazing.”

The nine finalists for the unrestricted grants are:

“JPMorgan Chase is committed to building up underserved and underinvested communities by supporting initiatives designed to create systemic change,” said Joanna Trotter, Executive Director & Senior Program Officer, Global Philanthropy at JPMorgan Chase. 

“Our Annual Challenge focuses on the long-term prosperity of Black and Latina women and organizations committed to these ideals.  The Center’s Vanguard Accelerator powered by Founders First is an exemplary beneficiary.”

The six finalists for the forgivable loans are:

“Real estate plays a significant role in building and preserving wealth for individuals and businesses.  But it can also carry risks that require careful research. It’s our mission to provide real estate and community planning expertise to communities of color that would not otherwise have access to the technical assistance we provide. We are honored to be a part of the 2023 Vanguard Accelerator,” stated Christina Berry, Senior Economic Development Advisor of NEOO Partners.

The three finalists for the site redevelopment services include:

To qualify to apply for the 2023 Vanguard Accelerator, the founder must be a Black, Indigenous, or Latina business owner with an active business in a targeted growth sector, based in the Twin Cities, have annual revenues between $75,000 and $3 million, employ at least three full-time employees, a minimum of three years in business and operate B2B.

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