PRI Success: Growing XLFeet.com
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
The Foundation Convenes Minnesota Experts on the Housing Continuum
Housing leaders emphasize the economic and social benefits of addressing the state's growing housing crisis.
See the Highlights
A Decade of Growth and Giving
To celebrate Dr. Eric Jolly’s legacy at the Saint Paul & Minnesota Foundation, we have compiled a list of highlights and accomplishments during his tenure.
See the Highlights
Fostering Wealth in Minnesota’s Indigenous Communities
Learn how Mni Sota Fund supports Native homeownership in the Twin Cities.
See their impact
Emma Norton Services: A Century of Transformative Housing
For more than 100 years this renowned nonprofit has ensured that people in Minnesota have a safe and affordable place to call home.
See the impact
Juana Garcia: Celebrating Cultural Traditions Through Dance
Dance has been a way for Juana (Jaynie) Garcia to connect to her Mexican heritage, introducing Ballet Folklorico to others in the city of Willmar.
See the project
Rondo's Heartbeat: The Enduring Impact of Hallie Q. Brown Community Center
Learn how this community center has served as a safe haven for generations in Saint Paul.
Watch the video
Drumming for Unity: A Vision for Community Change
Created by John Salgado Maldonado, Cimarrón Batucada uses the art of drumming to address social justice issues and promote cross-cultural community engagement.
See the project
Announcing Our New Strategic Plan
The Saint Paul & Minnesota Foundation launches our strategic plan for the next five years. Watch our video to see our aspiration, purpose and key strategies.
Watch the video