African Development Center of Minnesota

Mission Statement

The mission of ADC is to grow businesses, build wealth, and increase reinvestment in the African communities of Minnesota.

Impact and Programs

Accomplishments We are proud of our portfolio, our community, and our borrowers who overcome many barriers to success. Many ADC clients, particularly microenterprise borrowers, come to us with almost no material assets and sometimes a poor understanding of American financial institutions and credit. By almost any measure they are a high-risk group. In FY 2019, our total loan volume was $1.91MM, an increase of 48% over 2018. And we ended the year with a significant volume still in the pipeline. In our CA program alone, we had an additional $540K in process at year-end 2019. ADC is seeing a steady increase in clients, both for our microenterprise and our small business loan products. In 2017, 29 people attended our small business classes; in 2018 this figure was 80, and in 2019 it was 81. This class is a major source of microenterprise loan referrals. Our walk-in inquiries for loans and general business development services are up 10% over last year for the first quarter of FY 2020 (not counting inquiries related to the pandemic). In 2018, we had 87 people come to our offices to meet, as either a loan or a business development services inquiry or both. In 2019 this figure was 124 unique visitors, an increase of 42.5%.
Current Goals Grow loan volume by 23% over the next 3 years (2019-2022) and by 55% in the next 5 years, increasing the volume of financial products we deliver to our Target Market every year. Raise additional financing capital of $4.3 million by 2022, and $7.1 million by 2024 to support our projected loan growth. Ensure the long term sustainability of ADC by ensuring a diverse stream of revenue and maintaining the key financial ratios (NAR>30%, Net Income +, and LLR>10%) necessary to raise the additional investment we require. Expand Development Services offerings to meet the needs of a larger, more diverse, and more sophisticated array of businesses and projects including commercial real estate.
Community or Constituency Served ADC's products and services are open and available to all Minnesotans, regardless of ethnicity or background. The majority of our clients are African immigrants or refugees and come from low-income households. The locations of clients served are spread throughout Minnesota.
Geographic Area Served ADC serves communities throughout Minnesota, with offices located in Minneapolis, St. Cloud, and Willmar.

Reports & Finances

If you have additional questions regarding a nonprofit's financials, visit their website, or call and ask to review their IRS Form 990, Annual Report, or Audit for a more complete picture of their financial story.
Major Program Expenses
Grants and Similar amounts paid:
$39,959
Salaries:
$540,568
Other expenses:
$571,739
3 Year Average Expenses
Program Services
$814,759
84.9%
Management
$112,934
11.8%
Fundraising
$31,930
3.3%
Unrestricted Net Assets
End of Year:
Beginning of Year:
Difference:
2019
$992,578
$1,342,238
($349,660)
2018
$1,342,238
$938,446
$403,792
2017
$938,446
$966,778
($28,332)

Notes from the Council

Organization Last Reviewed on 12/21/2020

This date is representative of when we completed our initial Accountability Wizard® nonprofit review, and provided the organization with their results. This review is good for three years from the date provided
Return to List of Reviewed Nonprofits

Connect

Address:
1931 South 5th St
Minneapolis, Minnesota 55454
Phone: 612-333-4772

General Information

Alternative Name: African Development Center, ADC
EIN: 20-0553370
Principal Staff: Nasibu Sareva
Number of Full-Time Equivalents (FTE): 8
Volunteer Opportunities: Yes
Number of Clients: 500
Ruling Year: 2004

Board

Board Chair: Jo Ann Vano
Number of Board Members: 10
Board Meetings with Quorum: 4
Average Member Attendance: 7.3

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Let’s Connect

1915 Highway 36 W Ste 133 • Roseville, Minnesota 55113-2709
Phone: (651) 224–7030 • E-mail: info@smartgivers.org

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