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
Inspiring Generosity in the Arts
At a recent Giving+Together event, art leaders addressed the economic and cultural benefits of the arts in our lives.
See the Highlights
Warroad RiverPlace: Where Art Meets Community Engagement
Learn how one arts nonprofit is making art more accessible in Warroad.
Read the story
Chanda Smith Baker Named President & CEO of the Saint Paul & Minnesota Foundation
Meet the Foundation's New President & CEO in this letter to community from Board Chair Dr. Joseph Lee.
Read the news
Celebrating the Strength of Saint Paul’s Neighborhoods
Listen to stories from Saint Paul community leaders representing Rondo, Frogtown, the East Side, the West Side and the Mississippi River.
See the impact
1 Day At A Time: Connecting Unhoused Minnesotans to Housing Resources
Learn how Richard McLemore II is bridging the gap between housing resources and those who need them most.
See the impact
Finding Joy in Remembrance: Honoring George Floyd Five Years Later
Leslie E. Redmond organizes commemorative event for George Floyd and reflects on her work as an activist.
Read the announcement
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 retiring CEO 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