Dearborn Capital Corporation Board of Directors Elects Ford's Steve Jones New Chairman
* Steve Jones, Executive Director, Global Facilities, Materials & Services Purchasing, is elected new Chairman of the Board * New Board appointments include: Rick Semaan, Controller, Product Development Financing and Armando Ojeda, Director, Supplier Diversity Development
DEARBORN, Mich., May 10 -- At its Annual Meeting, the Dearborn Capital Corporation (DCC) Board of Directors elected Steve Jones, Executive Director, Global Facilities, Materials & Services Purchasing, as its new Chairman. In this role, Mr. Jones, a Ford Motor Company executive with 29 years of service in Global Purchasing, will oversee a $12 million fund that offers debt financing to Ford's minority and women-owned suppliers.
"The Board of Directors is pleased to have Steve Jones assume this important leadership position," said William Lang, President of Dearborn Capital Corporation. "His considerable expertise in automotive purchasing and keen insights into the way auto suppliers manage their operations are of significant value to Dearborn Capital's business process," said Lang.
DCC offers mezzanine financing, specialized financial products and financial advice exclusively to minority and women-owned Tier I and Tier II suppliers with the intent of graduating companies into more traditional forms of debt financing. DCC maintains a portfolio of up to 20 loans valued at approximately $8 million and historically, closes between five and seven loans a year with sizes ranging from $500,000 to $1 million.
Dearborn Capital Corporation, a Specialized Small Business Investment Company licensed by the Small Business Administration of the U.S. Department of Commerce, was established in 1978 to support Ford Motor Company's Supplier Diversity Development Program.