NORTHSIDE ECONOMIC OPPORTUNITY NETWORK
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Mission Statement
NEON's mission is to build wealth for low-to-moderate income entrepreneurs in North Minneapolis and surrounding communities.
About This Cause
North Minneapolis is home to a vibrant, multicultural community of predominantly Black small business owners and entrepreneurs committed to building services, developing economic growth, and supporting families. The area embodies the untapped potential of historically Black neighborhoods. For much of the 20th century, Northside residents were subject to discriminatory policies like redlining and racial covenants preventing families of color from accessing the heritable assets upon which intergenerational wealth and financial stability are built. The generational effects of these prejudicial policies and practices still resonate today: Black (48% of Northsiders), Asian (15%), and Latinx (11%) residents face unemployment rates 10 times higher than their white neighbors and median household income is nearly $20,000 less than Minneapolis as a whole (MN Compass 2018). Decades of under-development and -investment have also created a USDA-designated food desert on the Northside, representative of a broad deficit of the services and amenities that make a community livable. Despite these formidable challenges—compounded by the growing threat of displacive gentrification and highlighted by the impacts of the pandemic and civil unrest—North Minneapolis residents are the area’s most valuable resource for catalyzing innovation, building community prosperity, and closing the racial wealth gap. Entrepreneurs have been shown to increase wealth for Black and Latinx families by 400-600%, bringing financial stability and much-needed amenities to their communities. At NEON, we build durable business development pipelines and deliver responsive programming to help over 1,000 aspiring entrepreneurs flourish each year.