New Partnership Between Millennium LMI and
LINC to Invest in Hispanic-Owned Auto Dealerships
News/Assignment Editors & Automotive/Government Writers
SAN ANTONIO--June 19, 2001--
NOTE TO EDITORS:
*T
Press Conference
Wednesday, June 20, 2001
2:00 P.M.
Marriott Rivercenter
Third Floor, Conference Room 3
San Antonio, Texas
*T
In a landmark move that is gaining national attention both inside
and outside the automotive industry, the Chicago-based non-profit
advocacy group LINC (Latino Initiatives for the Next Century) and
Millennium LMI will announce Wednesday the launching of a partnership
program with Ford Motor Company to invest in the creation of 50
Hispanic-owned automotive dealerships.
The action will mean more than one billion dollars of business
ownership is being invested into the Latino community -- a fitting
announcement scheduled to be made during a United States Hispanic
Chamber of Commerce conference on "Entrepreneurship."
The goal of the partnership is to provide capitalization for
Hispanics to own and operate 50 new Ford dealerships throughout the
United States over the next five years. The move would increase the
number of Ford Motor Company's Hispanic-owned dealerships by more than
60 percent from 88 to 138.
"Nothing like this has ever been done before, and we're excited
that Ford shares our vision to empower Hispanics through
entrepreneurship," said Rudy Mulder, chairman of LINC and Millennium
LMI. But Mulder says the assistance doesn't stop there. "Although the
capital financing of a dealership is often the largest hurdle, we know
people will need other kinds of support and training programs needed
for success -- and we plan to make sure they get it," he said.
"The fact is independent Hispanic dealers, adequately capitalized
and effectively managed, are essential to the successful marketing and
sales of Ford products," states George Frame, director, Dealer
Development, Ford Motor Company. "This partnership has created a
program that provides Ford dealerships to qualified Hispanics with
resources that help them become economically self-sufficient through
business ownership."
A growing list of business leaders, elected officials, Hispanic
advocacy groups and supporters will outline steps on Wednesday for a
revolutionary plan to enhance the economic empowerment and automotive
business ownership of Latinos throughout the United States through a
comprehensive program that addresses the gaps to success at every
level. Mulder says the partnership came together because the partners
in the joint venture all recognize the strength and growth of the
Hispanic consumer market and the lack of Hispanic-owned dealerships
throughout the United States.
LINC, Latino Initiatives for the Next Century, is the first
national non-profit organization providing economic empowerment and
equity to Latinos throughout the United States. LINC is empowering
Latinos through college scholarships, educational programs, job
training and placement, and business ownership opportunities.
"LINC's business ownership program is designed to ensure wealth
creation within the Latino community and will ensure economic
empowerment in the United States allowing self-sufficiency for future
generations. Through our network of resources, we're also opening
doors for fledgling entrepreneurs that would otherwise be difficult to
open on their own," said David Lizarraga, vice chairman of LINC, chief
executive officer of the East Los Angeles Community Union (TELACU) and
director, Millennium LMI.
LINC's strategy is endorsed by an expanding list of corporate
partners, governmental agencies and national retailers including the
United States Hispanic Chamber of Commerce, Congressional Hispanic
Caucus Institute, Hispanic Construction Industry, TAMACC (Texas
Association of Mexican-American Chambers of Commerce), 7-Eleven,
Coca-Cola and Arthur Andersen, to name a few.
"Millennium LMI will serve as the lending mechanism for this
initiative and has secured over 170 million dollars in equity to loan
to the Latino community. The fund targets companies and qualified
individuals that ordinarily would not have access to venture capital
investment. Opportunities include the growth of existing companies,
those looking to expand on current businesses, franchises, dealerships
and distributors on both national and regional levels," stated Bob
Lunn, chief executive officer of Millennium LMI.
*T
----------------------------------------------------------------------
SPEAKERS & SUPPORTERS IN ATTENDANCE
----------------------------------------------------------------------
Rudy Mulder
Chairman of Millennium LMI & LINC
Chairman & CEO, MTG Management Partners
David Lizarraga
Chairman, TELACU (The East Los Angeles Community Union)
President & CEO, LINC
Director, Millennium LMI
Bob Lunn
CEO, Millennium LMI
George Frame
Director, Dealer Development, Ford Motor Company
LINC Advisory Council (Texas)
Andrew Ramirez, Chairman & CEO, RZ Associates Inc.
Sam Guzman, President & CEO, TAMACC
Frank Fuentes, President, Fuentes Construction, LLC
Ernesto Chavarria, Chairman, ITBR Inc.
The Honorable Bobby Perez
San Antonio City Councilman, District One
Other Friends and Supporters Invited
Henry Cisneros, American City Vista
George Herrera, President/CEO, U.S. Hispanic Chamber of Commerce
The Honorable Gonzalo Barrientos, Texas State Senator
