Skip to main content

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

Foundations Announce $10.3 Million in 2024 Second-Round Community Grants

Grants will provide crucial funding resources to community organizations making a tangible difference in the lives of individuals and families across the East Metro and Greater Minnesota.

Read the announcement

Sara Ochs: Bridging Theater and Music in a New Artistic Journey

Sara Ochs is a multidisciplinary theater artist and songwriter. With support from Art in This Present Moment, Sara will be exploring her talents as a songwriter, writing new music and potentially a one woman play.

See the project

Staging Community: Building a Supportive Ecosystem for Local Theater

Learn how you can go from audience to advocate by supporting organizations like Exposed Brick Theatre.

Read More

Mother and Son Duet Bridges the Gap Between Old and New

Mothers often have close relationships with their sons, but in the case of Maria Biagetti Cortez and Vladimir Garrido-Biagetti, that bond is deeply immersed in their culture and music.

See the project

2024 Bush Prize: Minnesota Winners

Congratulations to these Minnesota nonprofit organizations recognized for their strong histories of innovation and community problem solving.

See the Winners

Engaging Communities for Change Through Grantmaking

Learn how the Saint Paul & Minnesota Foundation is partnering with nonprofits, donors and anti-racism advocates to make a better Minnesota in this video with President and CEO Eric J. Jolly, Ph.D.

Hear from Dr. Jolly

Songs of Connection: Conductor Strives to Desegregate the Choral Community

Music is a universal language, and no one knows that more than Ahmed Fernando Anzaldúa El Samkary.

See the project

Foundation Makes First Grant in Partnership with the Taylor Family Farms Foundation

Winona Health plans to expand its community health services to support seniors with a new grant.

Learn More

GET MONTHLY STORIES, NEWS AND UPDATES

JOIN
US!

* Indicates a required field