• Make loan program work for minority businesses

    That old saying about the road to hell being paved with good intentions should be the epitaph for the Minority Venture Partnership, an unsuccessful program run by the defunct Philadelphia Commercial Development Corp. that failed miserably to deliver on its promise to create jobs. 

    MVP was created in 1993 using $1.5 million in state money and $500,000 from PNC Bank. Gov. Robert Casey and Mayor Ed Rendell said another $8 million would be raised for the fund within a year, but that never happened. It took 10 years before the agency eventually made $1.25 million in loans, but it was repaid only $225,000. That dashed hopes of using repaid debts to help make more loans to minority entrepreneurs.

    Until a few years ago, MVP was run by the Philadelphia Commercial Development Corp., another quasi-governmental agency with too little public scrutiny or direct government oversight. Curtis Jones ran PCDC for 15 years until he resigned to run successfully for City Council in 2007. Following an investigation by city Inspector General Amy Kurland, Mayor Michael Nutter shut down the poorly run agency in 2009.
    Read more at http://www.philly.com/philly/opinion/20160419_sMake_loan_program_work_for_minorities.html#MtqR3dAqgCgS4S0f.99

    Source: Make loan program work for minority businesses

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