FOR IMMEDIATE RELEASE

MINNEAPOLIS, MN—FEBRUARY 19, 2025—Minnesota stands on the edge of possibility. A future where thriving Black-owned businesses, first-time homeowners, and bustling commercial districts are not rare exceptions but the standard. A future where economic opportunity flows freely, unlocking potential in every community.

That’s the vision The African American Leadership Forum (The Forum) and the GroundBreak Coalition brought to the Minnesota Senate Jobs and Economic Development Committee on February 17, 2025.

Before the committee, Adair Mosley, CEO of The Forum, and R.T. Rybak, President & CEO of the Minneapolis Foundation, delivered a message filled with urgency and optimism: We have the plan. We have the partners. Now, it’s time for Minnesota to invest in this future.

Chaired by Senator Bobby Joe Champion, the Senate Jobs and Economic Development Committee heard testimony on an extraordinary $5.3 billion initiative. With an initial focus on Black wealth building, the GroundBreak Coalition is working to expand access to capital for homeownership, entrepreneurship, and inclusive commercial development.

The GroundBreak Coalition, a historic alliance of banks, philanthropists, corporations, and civic leaders, has already secured nearly $1 billion in private investment. Now, with leadership from chief sponsors Sen. Zaynab Mohamed and Rep. Cedrick Frazier, they’re calling on Minnesota to join them with a $50 million investment in the next state budget.

“We have everything we need to transform our economy—vision, commitment, and unprecedented partnership. This is about more than financial transactions; it’s about changing lives, strengthening communities, and creating lasting prosperity. The state has an opportunity to stand with us and be part of a future where everyone can succeed.”

— Adair Mosley, CEO, African American Leadership Forum

Aligned with The Forum’s Black Agenda for Change

This investment directly advances The Forum’s 2025 policy priorities, particularly in Economic Prosperity. Our vision of economic sovereignty demands an ecosystem that empowers Black Minnesotans to access self-determination through unlimited economic possibilities.

By securing investments in Black-owned businesses, real estate development, and homeownership, we are not just closing gaps—we are opening doors to generational wealth and long-term economic security.

This initiative builds on two key pillars of The Forum’s Black Agenda for Change:

• Community-Led Investments: Strengthening place-based investment strategies through policies like Community Benefit Ordinances that prioritize community ownership and safeguard against displacement.
• Access to Capital: Supporting the GroundBreak Coalition Capital Access and Innovation Fund to expand financial opportunities for Black entrepreneurs, real estate developers, and homeowners.

Read more about The Forum’s Black Agenda for Change here.

A Generational Opportunity for Minnesota

This investment is more than funding—it’s a catalyst. A way to ensure that every Minnesotan, regardless of background, has the resources to build something lasting.

The plan includes:

• $50,000 forgivable startup business loans for new entrepreneurs
• $25,000 forgivable down payment assistance loans for homebuyers
• Flexible financing for commercial real estate projects
• Partial loan guarantees to unlock business growth capital and low-cost, long-term loans provided by private investors.

“This is a defining moment for Minnesota. We have the chance to create an economy that reflects our values—one that works for everyone, not just a few. We can’t let this opportunity pass us by.” — R.T. Rybak, President & CEO, Minneapolis Foundation

With leadership, partnership, and investment, Minnesota can be the national model for building a stronger, more inclusive economy. The future is within reach, and the time to act is now.

Support this bold investment. Let’s build the future we deserve, together.

For a detailed breakdown of Adair Mosley and R.T. Rybak’s testimony, read the full summary here.

Learn more and take action at www.groundbreakcoalition.org

For further information or media inquiries, please contact:

Dara Beevas
dara@aalftc.org