Ten Black and Latina-owned businesses will be encouraged to grow and advance their businesses with $2 million in new funding from a St. Paul nonprofit.

The businesses include NEOO Development, located in downtown St. Paul, Total Healthcare Billing, located on Ford Parkway in St. Paul, and Twin Cities news and multimedia production company BLCK Press.

“This is more than an investment — it’s a commitment to creating a bold, diverse and just economy,” said Tawanna A. Black, founder and CEO of Center for Economic Inclusion, in a press release.

The St. Paul based nonprofit awarded the grants through its Vanguard Accelerator and Fund, which has invested $5 million since 2021 via grants and forgivable loans for businesses and $3 million for peer learning and development, one-on-one business coaching, vendor fairs, banking, investment, deal-making support services and more.

Tawanna Black (Courtesy of the Center for Economic Inclusion)

“We really wanted to focus not on starting businesses up, but helping businesses grow and scale to get above a million dollars in revenue, then continue to grow to that $5- and $10-million point,” Black said.

When businesses hit a revenue threshold of over $5 million, Black said, it puts them in a position to take advantage of supplier diversity contracts with corporations and state and local governments, which she said have all made a commitment to increasing their spending with Black- and Brown-owned businesses in Minnesota.

Constance Bembenek, founder and CEO of Total Healthcare Billing, said in the release that the funding “represents a vital partnership that enables us to invest in advanced technology, enhancing our medical billing solutions for our clients.”

Founder and CEO of BLCK Press, Georgia Fort, said in a press release that, “the investment will drive economic growth, create jobs above the living wage, and help close the racial wealth gap.”

“It comes at a critical time for our media company as the entire journalism industry navigates complex funding challenges,” Fort said.

Other businesses receiving Vanguard Fund Forgivable Loans are Blackbird Revolt, Casamia Custom Build & Design Co., Meraz Vocational Consulting, Midwest Select Contracting, Moltron Builders, Technologist Computer and Victory Business Solutions.

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