FMCRC Partners With BAC Funding Corporation To Launch:
Capitalism without Capital is just an ISM. There is a great deal of ISM in The lack of adequate capital in -Unemployment rates ranging from 15-60% -Poverty rates double-triple the national average Minorities in Small and medium size businesses in BAC Funding Corporation (“BAC”) along with the Reinvestment Coalition (“FMCRC”) intend to raise funds for a statewide $250,000,000 loan and investment fund to be known as the Florida Neighborhood Revitalization Loan Fund for the purpose of providing loans and investment capital to expand and develop businesses for minority group residents of Florida. The Fund believes commitment to socially responsible investing is the core of the Fund's market differentiation and a key to the Fund's competitive advantage. The leadership of the Fund will integrate social concerns within minority communities into loan fund decision making, from job creation impact, to evaluating social benefits of prospective companies, type of industry to managing the overall impact of the Fund’s portfolio. The leadership will identify minority entrepreneurs committed to good sound corporate citizenship and community stewardship. Socially responsible lending and investing acknowledges that minority businesses have stakeholders other than shareholders and have goals that, in addition to meeting the need for adequate financial returns to meet payment of loan, help meet the needs for job creation, need of employees, vendors, customers and the community at large. For the Florida Neighborhood Revitalization Loan Fund, this means assessing each loan's contribution to the following goals: 1) Creation of jobs in low to moderate-income communities; 2) Providing low to moderate-income communities with access to capital; 3) Creating quality employment and wealth building opportunities; 4) Developing a trained and competitive workforce; 5) Supporting sustainable minority communities; 6) Enriching distressed and under-served minority communities. Loan Fund Description and Underwriting Guidelines The Fund will administer various lending pools designed to provide flexible yet prudent financial services to uniquely respond to the financial needs of the · Short-term financing to fuel business growth, i.e. receivables financing. · Collateral funding to support operating capacity. · Assisting in Cash Management/ Cash Budgeting. · Brokering the service required in the expansion of businesses. · Outreach to firms with the potential to expand operations and create new employment opportunities. Target Market For Loans, Investments and Services: Businesses making up -Construction Development -Manufacturing -Retail Trade -Professional and Technical Services -Finance & Insurance -Tourism, Cultural Events -Real Estate Professionals -Trade -Health Care -Not for Profit Organizations June 7-8 2010
SAVE THE DATE Creating Bridges To Creating Jobs In Let’s Do Business June 7th 2010 Let’s Do Business Florida will provide 300 Florida and Southeast U.S. minority small businesses the opportunity to access contract opportunities with Tier 1 (Prime) suppliers in the financial, utility and automotive industries -2nd Annual Providing contract opportunities in financial industry for 8th Annual FMCRC June 8th 2010 -Access To Capital Forum Bringing access to debt and equity investment funds for inner city minority businesses –Creating Community Economic Development Corporations New generation master community development mechanism for job creation
Florida Neighborhood Revitalization Loan Fund
-Creating Jobs Through Small Businesses-
The Foundation To Creation Of JOBS In Florida Minority/Under-served Communities :
Small Business Development
Community Economic Development
Workforce Development
The Florida Neighborhood Revitalization Loan Fund will target community banks, financial institutions, insurance companies, Wall Street investment firms, pension funds and foundation for investments into the Fund. For Investment information, contact BAC Funding Corporation- Mr. Edwin Miller (305) 693-3550
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FMCRC Assets & Hope:
Creation of new Community Economic Development Corporations in Florida: Engines For Job Creation...details coming soon:
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Let’s Do Business
-Market Based Community Economic Development
Integrating inner city assets into Florida regional economies: Create Jobs-Build Wealth
-Builder of Community and Country Awards Dinner
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The Coalition's (70+ minority organizations) strategy entails six central programs and projects for Florida's minority communities, families and organizations:
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