Executives Working to Create Black-Owned Holding Company

Firm would make capital available to minority banks

to buy bad mortgage-related assets, but was changed last month to invest money into banks in a move to help revive the economy and spur bank lending.

As of mid-December, the Treasury has invested nearly $168 billion
into primarily mainstream banks.

Cunningham said the effort for MBF was launched in 2007, but the fund has not been able to raise a lot of capital. He said its application to TARP reflects a changed market environment.

โ€œWhat we’re saying is if [the Treasury] not going to invest in the black-owned banks, than do it through us,โ€ Cunningham said.

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  • At this stage in our countries economy and our history we need to have as many capital resources as possible. Currently the SBA has an initiative to incent faith based organizations to transition not-for-profit organizations to for-profit organizations. Given the history of the government with regards to programs like affirmative action and social engineering in general, the more grassroots/ non-government backed programs the better off we will all be. Ultimately I fear the government will cave to pressure and renege on commitments to valued and principled programs that benefit all of America like MWBE 5% set asides for qualified companies. It is time all of America funds America, which is the true spirit of American competition.
    I wish the three African American executives who are trying to raise $50 million to create a black-owned bank holding company with some help from the federal government every success. If they were to issue an IPO I would be interested in buying in.

  • kindly forward us more information,as per how we can become affiliated in any such programs that we can be a part of in helping the goal that you are attempting to reach.

  • Karen Crumlin

    This is a great idea that is long overdue. We have an investment group that would love to hear a presentation from you.

  • @Andrew Desmond,

    Thank you for your kind comments. Please contact us at info@mbflp.com or at 866-867-3795. We would be happy to provide more information.

    MBF, LP

  • anthony Brright

    Please forward me information

  • @anthony Bright,

    Please contact us at 866-867-3795 or visit http://www.mbflp.com.

    Thank you.

  • Pingback: Top Black Headlines - January 10, 2009 | The Black Report Archives()

  • This is quite a hot information. I’ll share it on Delicious.

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