Build Wealth MN expands low‑interest loan and financial counseling program for Black residents
Build Wealth MN announced an expansion of its financial‑advice and low‑interest loan programs for Black residents of Minnesota on October 15, 2026.
The nonprofit, founded by David McGee over two decades ago, has long offered credit‑building classes, private coaching and affordable loans to help families buy cars and homes. State lawmakers have funded its Family Stabilization Program with $500,000 per year for about a decade, and in 2023 earmarked $5 million for the 9000 Equities Fund, which targets a 15 percent increase in Black homeownership over ten years.
Recent private contributions have also surged. The Bush Foundation pledged nearly $6 million, and JPMorgan Chase donated $3 million in 2024, boosting the nonprofit’s annual revenue to around $8 million. Those funds enable Build Wealth MN to extend its outreach, offering more intensive education modules and increasing the pool of low‑interest loans available to qualifying participants.
According to the organization’s annual report, the program reaches a high percentage of households of color and individuals with low credit scores, delivering measurable benefits for participants. The nonprofit acts as a community bank, providing loans that would otherwise be inaccessible, and requires borrowers to complete a rigorous multi‑year education and coaching curriculum before receiving financing.
Critics have highlighted the organization’s compensation structure. In 2024, David McGee and six family members were paid nearly $950,000, more than a quarter of the nonprofit’s spending, with McGee’s salary exceeding $500,000. CharityWatch labeled the payroll a “parade of red flags,” questioning whether the salaries are reasonable given the nonprofit’s mission. McGee defends the payments as deferred compensation tied to loan closures and argues that family members are uniquely qualified to run the program.
Despite the controversy, donors and state officials continue to support the initiative, noting the tangible impact on credit scores and homeownership rates. The organization’s board says it reviews compensation annually, and the nonprofit remains a key partner in Minnesota’s strategy to address the racial wealth gap.
Build Wealth MN plans to roll out the expanded services over the next year, with additional loan capital and new financial‑literacy workshops aimed at reaching more Black households across the Minneapolis‑St. Paul metro area.
