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Federal Gulf Coast Coordinator Donald Powell Highlights Announcement of Baton Rouge Micro and Small Business Loan Fund

Release Date: September 6, 2007

For Immediate Release
Office of the Press Secretary
Contact: Gayla Keller, 202-572-8853

(Baton Rouge, LA) -- Today, Donald E. Powell, Federal Coordinator for Gulf Coast Rebuilding, applauded the leadership of Mayor Melvin “Kip” Holden and the Baton Rouge Bankers Roundtable in establishing a loan fund aimed at empowering small and minority-owned businesses. The Baton Rouge Micro and Small Business Loan Fund will dedicate an initial $2.5 million to lending and technical assistance for small businesses that do not have ready access to traditional capital markets.

“I salute Mayor Holden and local leaders in the banking community for recognizing a need and stepping forward in support of local enterprise. This is an important step in expanding business in Baton Rouge and restoring the state’s economic vitality,” said Powell.

In keeping with the mission of the Office of the Federal Coordinator for Gulf Coast Rebuilding, the office regularly reaches out to private sector, non-profit and government sectors as well as other stakeholders involved in formulating long-term solutions for the redevelopment of the Gulf Coast. According to organizers, the city, Seedco Financial Services, and the seven banks and credit unions have provided seed money for the fund.  Seedco and the Roundtable members have committed to participate and actively work to expand interest among their peers.

“Chairman Powell’s leadership in Washington and Louisiana coupled with his history and institutional knowledge of the banking industry was invaluable to getting this effort off the ground,” stated Mayor Holden.    

Following a competitive application and review process, Seedco Financial Services Inc. was selected by the Bankers Roundtable to manage the fund. This national organization has had a presence in the Gulf Coast Region for 15 years and most recently helped launch and manage an economic development program in New Orleans.

 “This commitment to encourage the development of new small businesses will undoubtedly enhance the lives of the citizens of Baton Rouge,” cited Powell. “This is exactly the kind of local leadership that is critical to revitalizing the Gulf Coast region.”

For the last twenty-two months, the Office of the Federal Coordinator for Gulf Coast Rebuilding has been engaged in facilitating and streamlining various components of the recovery effort, providing key federal support and resources to local leaders, and reinforcing the federal government's commitment to the people of the Gulf Coast.

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This page was last modified on September 6, 2007