Economic Development Company, Minneapolis (MEDC), A non-profit Minnesota Corporation

Purpose	Certified by the U.S. Small Business Administration to originate, close and service SBA 504 loans
Meeting Schedule	Board meets the second Tuesday of every month, quarterly meetings in March, June, and September, and an Annual Meeting in December
Department	Community Planning & Economic Development (CPED)
Phone Number	612-673-5070
Number of Members	Membership – 27, Board of Directors – 10 (elected by the membership)
Appointment Process	The Bylaws and the SBA regulations stipulate that members must come from four different groups – Business Organizations (7-13), Lenders (7-8), Community Organizations (4-12), Government (3-4). Members are elected by the Board of Directors based on their relationship to the small business community and their ability to bring loans to the organization.
Term of Appointment	Members terms are for three years, Board members are elected annually
Compensation	None
Residency Requirement	Must live or do business in Hennepin County