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SBA Names Minnesota Minority Small Business Champion
MINNEAPOLIS – Patrick Pariseau, Business Loan Consultant at the Metropolitan Economic Development Association (Meda), based in Minneapolis, has been named the Minnesota Minority Small Business Champion of the Year by the U.S. Small Business Administration.
The Minority Small Business Champion award is presented annually in each state to individuals who assist small businesses through outstanding advocacy efforts on behalf of minority-owned small businesses. Gary Cunningham, President and CEO of Meda, and Jan Jordet, Senior Director for Consulting and Financing, nominated Pariseau for this award.
Meda’s mission is helping entrepreneurs of color succeed Since 1971, personalized business consulting from Meda has helped to launch more than 500 Minority Business Enterprises (MBEs) and assisted more than 20,000 entrepreneurs of color achieve business ownership and long term success.
Prior to arriving at Meda, Pariseau had a strong background in private banking that included five years as the President and CEO of Brickwell Community Bank in Woodbury, MN before setting out on his own in 2007. He spent the next four years as a Commercial Lender and Independent Consultant, working with several banks and credit unions to re-develop lending and credits standards and to help develop risk management policies. Pariseau worked with SBA’s Certified Development Companies to help with problem loans through sale, ownership change, or restructuring.
In November of 2011, Pariseau joined Meda as a Business Loan Consultant. At that time, Meda’s loan fund was a small $2.5 million in secured financing for minority business owners. Pariseau worked tirelessly to increase those numbers and 2012 bore the fruits of his labors: Meda doubled the amount of secured financing for partners in his first full year. As more clients were introduced to more banks, financing hit the $25 million mark in 2013, followed by a record breaking $37 million in 2014.
Pariseau never says never and is always looking for positive and creative ways to get the financing Meda’s clients need while simultaneously making sure that the clients long-term sustainability is maximized. He recognizes the value and economic impact of successful minority owned businesses toward narrowing economic disparities, recognizing the job creation aspect of his work as well as the availability of capital to grow.
In the three years at Meda, Pariseau has revitalized their lending program and closed many challenging deals. He has renewed their relationship with the Community Reinvestment Fund as a source of capital and helped Meda consultants—as well as other bankers—understand SBA lending and its recent changes better. His tirelessness has also extended itself outside of business hours, accepting calls from excited or frustrated clients at all hours of the night, reassuring them and helping keep them on track.
Pariseau will be honored at the Minnesota Small Business Week Awards program on May 7, 2015, at the Minneapolis Marriott Northwest.
For more information:
Business Loan Consultant
250 Second Avenue South, Suite 106
Minneapolis, MN 55404