one of the most prominent MESBICs
, and hired Lewis's firm to handle legal work, "He became well-known in the MESBIC
community as the go-to lawyer because of his knowledge of securities law and investments.
77) Funded by SBA and private sponsors, MESBICs loaned money to minority entrepreneurs.
The commerce secretary publicly promised to gain commitments for one hundred MESBICs by June 30, 1970, and he succeeded.
170) With Garment's support, Stans and his aides drafted their own plan, which included an assistant secretary for minority enterprise within the Commerce Department, added oversight powers and money for OMBE, local OMBE affiliates, and legislation to ease the development of MESBICs.
The Dallas institution has grown from a single entity to a holding company, MESBIC
Ventures Holding Co.
Simeus wouldn't discuss its specific terms, but as part of the deal, MESBIC
can purchase up to 65% of the stock if the company goes public.
Donald Lawhorne is president of Dallas-based MESBIC Ventures Holding Co.
Earlier this year, according to the Washington Post, congressional audits revealed that throughout the 1980s, David Hale, then head of an SBA-backed finance company called Capital Management Services, loaned more than $70,000 in MESBIC money to nonminority individuals and companies that were politically aligned with then Arkansas Governor Bill Clinton.
These venture capital firms (formerly called MESBICs
, or minority enterprise small business investment companies) enjoy federal interest-rate subsidies and lend venture capital to both new and established small minority firms.
Today, there are more than 360 SBICs, including 130 MESBICs, which specifically provide working and expansion capital to minority-owned businesses.
SBICs and MESBICs differ from straight venture capital firms in that they provide long-term loans with equity features.
The NAIC, formerly known as the American Association of MESBICs
(minority enterprise small business investment companies), offers a copy of its membership directory of approximately 150 venture capital firms, at a cost of $5.