SBA Fund Adds Manufacturing, Lifts $200 Million Limit

impact investment fund

The Small Business Administration has just added advanced manufacturing to a national priority list for SBA backed investment. It has also raised a $200 million annual limit on the amount of funding to support investment in these sectors.

The SBA’s Impact Investment Fund was initially launched in 2011 to support the growth and development of America’s impact investment industry.

In a release announcing the change, SBA Administrator Maria Contreras-Sweet (pictured above) explained:

“As head of the SBA, my main goal is to increase access to capital for our nation’s entrepreneurs, especially to our underserved communities. This expansion of the Impact Investment Fund today puts more capital into the hands of entrepreneurs, while offering impact investors a tremendous platform to reach small business owners with innovative ideas.”

Here’s what you need to know about the program.

What Are Impact Investments?

In case you aren’t familiar with impact investments, here’s a quick definition:

“Impact investments are put into companies, organizations, or funds with the purpose of positively impacting social and environmental goals, as well as creating a financial return.”

The SBA’s goal with its Impact Investment Fund is to help capitalize Impact Small Business Investment Companies (SBICs). These companies invest funds in businesses not only with the goal of maximizing financial returns. They are also generally attempting to generate a measurable social, environmental, or economic impact.

The SBA initially launched the Impact Fund as a five-year, $1 billion pilot effort. With the recent amendments to the program, it’s clear that the SBA plans to carry it beyond 2016. The agency had already committed to providing roughly $200 million of its $4 billion annual budget to the Impact Investment Fund.

What’s New with the Impact Investment Fund

Prior to the announcement, Impact Investment Fund capital had to be aimed at businesses in underserved communities, the education sector or the clean energy sector.

But with the recent addition of advanced manufacturing businesses to the list of eligible impact investments, the SBA is making this sector a priority too. The agency is encouraging fund managers with expertise in the field to consider applying for an Impact SBIC license.

Additionally, the lifting of the $200 million restriction potentially puts Impact SBICs on a par with Standard SBICs for access to funds. Also, existing Standard SBICs may opt-in as Impact SBICs through December 1, 2014.

What This Does

The expansion of the Impact Investment Fund means access to more potential investment for businesses in the advanced manufacturing sector, of course. This could also include companies that have already received Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) grants. But it could also mean fiercer competition for existing SBA funding funneled through the SBICs. Get more information about the Impact Investment Fund here.

Image: Wikipedia

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Toyota Awards $25,000 to Camden Sophisticated Sisters Drill Team

The city of Camden, New Jersey, may have a high school graduation rate of only 49%, but Tawanda Jones can boast that the students of her Camden Sophisticated Sisters Drill Team have a 100% high school graduation rate, since the inception of the program 28 years ago. Jones and CSS received Toyota’s Standing Ovation Award, which was presented during Oprah’s Live The Life You Want Tour in Newark, New Jersey.

Winfrey, along with Paralympic skier Amy Purdy, presented CSS with a $25,000 donation on behalf of Toyota. As an audience of more than 11,000 stood and applauded Jones’s willingness to devote her life to help the children of Camden, an audience member announced that she wanted to assist CSS by matching Toyota’s donation with another $25,000 contribution.

Camden has often been referred to as a war zone; it has the country’s highest crime rate, according to Congressional Quarterly. It is one of the poorest cities in the U.S. with a poverty rate of 42%. It is also one of the most dangerous, with the highest per capita violent crime rate in the nation.

Winfrey says Jones deserves a standing ovation because CSS  is a safe haven for the city’s youth. Jones says that CSS is a life-saving 501(c)(3) nonprofit organization disguised as a drill team and a drumline. “Kids and their families come to us thirsting for the discipline, purpose, and positive accomplishments that step dancing and drum corps provide.”

Jones is the 41-year-old founder and CEO of CSS. A Camden native, she was a teenage mother at 15 who was challenged by her grandfather to make a difference in the community. Almost three decades later she is a mentor to 323 young men and women; some 200 other youth are on a wait list. Every member is required to perform about 200 hours of community service a year, maintain at least a C average, and come to every practice on time.

There is still hope for this city and for our youth, says Jones, who is expecting her fourth child and runs the organization with her husband. Jones says that the funds awarded at the Live The Life You Want Tour will be used to finance a new facility, especially given the number of youth on the waiting list. The group currently practices in an old water tower.

Jones sat down with BlackEnterprise.com during a roundtable discussion after the tour to share some insights about CSS.

“I started this organization when I was 15 years old. We just became a 501(c) (3) approximately two months ago. It took us forever. Once God started moving [roadblocks] out of the way, great things started happening.”

When obstacles come up against you, says Jones, “you have to put on the armor of God and stand tall. You have to have faith. You can’t save all the kids but you have to try.”

She added the element of the drum to make it easier to teach the children tap, ballet, and contemporary dance. “Dance gives you that discipline that you really need in life. That is why we have rules like being on time. I’ve been dancing since I was 3 years old. Dance makes you a well-rounded person,” adds Jones noting that her kids performed on ABC’s Dancing with the Stars. A shinning moment.

The kids are age 3 to college years. So Jones is dealing with a lot of teenagers. She will intervene when needed to work with her students’ teachers, guidance counselors, and school principals to help them stay on the right track. “We need to be present as a community helping kids and being that village that they need. Everyone needs to get involved to help save these kids.

“You have to love what you are doing, because then it is not work. You can keep going. Whatever your vision is, maintain that tunnel vision. Keep negativity outside of that tunnel. Knowing that at the end of every tunnel there is a light. And just keep on your path.”

Toyota Awards $25,000 to Camden Sophisticated Sisters Drill Team

The city of Camden, New Jersey, may have a high school graduation rate of only 49%, but Tawanda Jones can boast that the students of her Camden Sophisticated Sisters Drill Team have a 100% high school graduation rate, since the inception of the program 28 years ago. Jones and CSS received Toyota’s Standing Ovation Award, which was presented during Oprah’s Live The Life You Want Tour in Newark, New Jersey.

Winfrey, along with Paralympic skier Amy Purdy, presented CSS with a $25,000 donation on behalf of Toyota. As an audience of more than 11,000 stood and applauded Jones’s willingness to devote her life to help the children of Camden, an audience member announced that she wanted to assist CSS by matching Toyota’s donation with another $25,000 contribution.

Camden has often been referred to as a war zone; it has the country’s highest crime rate, according to Congressional Quarterly. It is one of the poorest cities in the U.S. with a poverty rate of 42%. It is also one of the most dangerous, with the highest per capita violent crime rate in the nation.

Winfrey says Jones deserves a standing ovation because CSS  is a safe haven for the city’s youth. Jones says that CSS is a life-saving 501(c)(3) nonprofit organization disguised as a drill team and a drumline. “Kids and their families come to us thirsting for the discipline, purpose, and positive accomplishments that step dancing and drum corps provide.”

Jones is the 41-year-old founder and CEO of CSS. A Camden native, she was a teenage mother at 15 who was challenged by her grandfather to make a difference in the community. Almost three decades later she is a mentor to 323 young men and women; some 200 other youth are on a wait list. Every member is required to perform about 200 hours of community service a year, maintain at least a C average, and come to every practice on time.

There is still hope for this city and for our youth, says Jones, who is expecting her fourth child and runs the organization with her husband. Jones says that the funds awarded at the Live The Life You Want Tour will be used to finance a new facility, especially given the number of youth on the waiting list. The group currently practices in an old water tower.

Jones sat down with BlackEnterprise.com during a roundtable discussion after the tour to share some insights about CSS.

“I started this organization when I was 15 years old. We just became a 501(c) (3) approximately two months ago. It took us forever. Once God started moving [roadblocks] out of the way, great things started happening.”

When obstacles come up against you, says Jones, “you have to put on the armor of God and stand tall. You have to have faith. You can’t save all the kids but you have to try.”

She added the element of the drum to make it easier to teach the children tap, ballet, and contemporary dance. “Dance gives you that discipline that you really need in life. That is why we have rules like being on time. I’ve been dancing since I was 3 years old. Dance makes you a well-rounded person,” adds Jones noting that her kids performed on ABC’s Dancing with the Stars. A shinning moment.

The kids are age 3 to college years. So Jones is dealing with a lot of teenagers. She will intervene when needed to work with her students’ teachers, guidance counselors, and school principals to help them stay on the right track. “We need to be present as a community helping kids and being that village that they need. Everyone needs to get involved to help save these kids.

“You have to love what you are doing, because then it is not work. You can keep going. Whatever your vision is, maintain that tunnel vision. Keep negativity outside of that tunnel. Knowing that at the end of every tunnel there is a light. And just keep on your path.”

Tiger Woods Opening a Sports and Dining Restaurant

(Image: File)

By Cristie Leondis

Allied Capital & Development of South Florida released the news that Tiger Woods would be opening a new restaurant in Jupiter, Fla. It will be called “The Woods Jupiter: Sports and Dining Club.”

He has not given the details on the menu or chef just yet. The ribbon cutting will take place in October, 2015. Woods said, ““I look forward to enjoying my restaurant as much as I hope the public will. I envision a place where people can meet friends, watch sports on TV and enjoy a great meal.  I wanted to build it locally where I live and where it could help support the community.”  The décor features an indoor and outdoor seating area and a 5,900 square foot layout, ironically about the same size of a green on a PGA Tour course. Woods also said in the statement that he envisions “a place where people can meet friends, watch sports on TV and enjoy a great meal.”

The restaurant will be part of Harbourside Place, with waterfront retail as well. The waterfront development is ten acres and also provides a hotel, private marinas, and a movie theater. Woods believes that Harbourside Place would be the “perfect place” for his restaurant. His plan also includes two five-story parking garages. Along with Woods’ restaurant, the Deep Blue Seafood Grille, Cucina Italia, Coffee Culture and several others will also be featured at the location.

PayPal to Split From eBay – Apple Pay Direct Competition

Investors have reason to applaud the changing rules of the game as PayPal, the electronic payment service, has announced that it will split off from e-commerce juggernaut eBay.

The move has been positively reflected in the market: eBay’s shares have gone up nearly 7% to $56.16 since the morning trading. Activist investor and billionaire Carl Icahn, who has a 2.5% stake in eBay, has been pressuring the e-commerce site to split off PayPal. Meanwhile, eBay’s CEO John Donahoe admitted that PayPal was the wrong move for the company. Today, eBay announced that the payment service will become a separate publicly traded company.

In 2002, eBay acquired PayPal for $1.3 billion and rapidly became the company’s fastest-growing segment. For those who haven’t used the service, PayPal would let customers use their bank accounts to make payments and money transfers without needing a check or credit or debit cards. Since its usurpation, PayPal has acquired its own share of companies like One Touch and Braintree, which are in the mobile payment arena. With Apple throwing its hat into the ring with its own digital wallet, Apple Pay, the idea is that mobile payments/transactions could grow from $1 billion (in 2013) to $58.4 billion by 2017.

“The split will give PayPal greater agility to help it achieve its full potential,” Forrester analyst Denee Carrington said. Donahoe has also announced that he will step down as eBay’s CEO and will not have a management role in either of the two companies. Dan Schulman, an executive at American Express, will become the new president at PayPal effective immediately. Devin Wenig, currently president of eBay Marketplaces, will become CEO of the new eBay Inc. The push to online transactions comes after a string of high-profile data breaches that have entangled major retailers like Home Depot and Target.

SOURCE: Forbes

PayPal to Split From eBay – Apple Pay Direct Competition

Investors have reason to applaud the changing rules of the game as PayPal, the electronic payment service, has announced that it will split off from e-commerce juggernaut eBay.

The move has been positively reflected in the market: eBay’s shares have gone up nearly 7% to $56.16 since the morning trading. Activist investor and billionaire Carl Icahn, who has a 2.5% stake in eBay, has been pressuring the e-commerce site to split off PayPal. Meanwhile, eBay’s CEO John Donahoe admitted that PayPal was the wrong move for the company. Today, eBay announced that the payment service will become a separate publicly traded company.

In 2002, eBay acquired PayPal for $1.3 billion and rapidly became the company’s fastest-growing segment. For those who haven’t used the service, PayPal would let customers use their bank accounts to make payments and money transfers without needing a check or credit or debit cards. Since its usurpation, PayPal has acquired its own share of companies like One Touch and Braintree, which are in the mobile payment arena. With Apple throwing its hat into the ring with its own digital wallet, Apple Pay, the idea is that mobile payments/transactions could grow from $1 billion (in 2013) to $58.4 billion by 2017.

“The split will give PayPal greater agility to help it achieve its full potential,” Forrester analyst Denee Carrington said. Donahoe has also announced that he will step down as eBay’s CEO and will not have a management role in either of the two companies. Dan Schulman, an executive at American Express, will become the new president at PayPal effective immediately. Devin Wenig, currently president of eBay Marketplaces, will become CEO of the new eBay Inc. The push to online transactions comes after a string of high-profile data breaches that have entangled major retailers like Home Depot and Target.

SOURCE: Forbes

The NFL and Domestic Violence: Jovan Belcher’s Brain Showed Signs of CTE

 

Jovan Belcher's brain showed signs of CTE

(Image: Facebook)

According to reports, Jovan Belcher, the Kansas City Chiefs linebacker who killed his wife and took his own life in 2012, showed signs of suffering from chronic traumatic encephalopathy, or CTE. There have been two recent problems that have negatively affected the NFL in recent years: domestic violence and traumatic brain injuries to players.

Because of the recent rash of domestic violence issues involving NFL players, there has been talk of a link between rage-control issues and depression from players being hit too many times in the head during their careers. Football players suffer from CTE at a higher rate than the general public.

“Probably the two most significant problems that the NFL is facing is a) what does the nature of the game itself mean in terms of the health of these young men, in terms of head trauma,” said the Kansas City-based attorney for Belcher’s daughter, Dirk Vandever.

“And second, what do we do about domestic violence? Here you have in Jovan Belcher somebody who had been subjected to ongoing head trauma and then erupted.”

Belcher, who at the time of his death was 25, shot and killed his girlfriend Kasandra Perkins, the mother of his then 3-month-old daughter, Zoey, and then drove to the Chiefs’ practice facility, where he killed himself.

Under a pending concussion settlement between the NFL and former players, Belcher’s daughter and mother would be eligible for up to $4 million if it can be shown that Belcher had CTE.