National Economic Opportunity Fund

A New Initiative in Chattanooga: NEOF Supports Entrepreneurism on the M. L. King Corridor

Chattanooga, Tennessee (11/14/2006) ... Today, the National Economic Opportunity Fund (NEOF) formally announced the creation of the Chattanooga Economic Opportunity Fund (CEOF), a new entity designed to accelerate economic development in Chattanooga, Tennessee. NEOF is a Service Disabled Veteran driven model that uses an entrepreneurial business strategy to provide jobs and opportunities for women, minorities, and Service Disabled Veterans. CEOF will begin by concentrating on the M. L. King boulevard corridor in downtown Chattanooga.

The 28th Legislative District Community Development Corporation (28th CDC) has taken a leadership role in CEOF, and their Executive Director, Forestine Watson-Haynes, has agreed to be on it’s Board of Directors. The 28th CDC is developing a 20,000 square foot mixed use real estate project on the 300 block of M.L. King Boulevard. This project is the first major commercial development in recent years in what was once a vibrant African American business district. CEOF will support the 28th CDC in filling the commercial portion with businesses, and it will use this project to build momentum towards further development on M. L. King.

According to Ms.Watson-Haynes, “Most organizations do not have the resources or the capabilities to address community development problems such as inadequate housing or downtown revitalization. However many complex problems can be addressed and viable solutions employed when organizations work together. This is what the CEOF model offers.”

The primary local facilitator will be James Mingey, a Service Disabled Veteran with over 30 years of experience in community development, finance, and small business management. “I am excited that the Chattanooga community has come together to support the M. L. King corridor,” says Mr. Mingey, “and I believe that our proven business model will create real positive change for the downtown area.” In the interests of building a long term presence in the community, Mr. Mingey will also hire and train a local Community Investment Banker, who will then assume a leadership role in CEOF.

To accomplish its goals, CEOF will provide technical assistance to small businesses and entrepreneurs throughout the critical early steps of their business ventures. CEOF will marry its “Entrepreneur’s Help Desk” to financing strategies that will provide dollars for small businesses.

In 2007, NEOF will expand from Chattanooga to Memphis with the Memphis Economic Opportunity Fund (MEOF), and use these two cities as focal points to develop regional economies across Tennessee. In Memphis, NEOF is working with the Lemoyne Owen College Community Development Corporation (LOCCDC), a local non-profit organization which is committed to revitalizing the Soulsville community. NEOF will work with LOCCDC to move businesses into the New Town Center, including replications of the call center and telemedicine businesses. Nationally, NEOF will continue to expand its role in economic development and open new markets in re-emerging communities.

The National Economic Opportunity Fund is a community development financial intermediary which has developed a specialized, public-private model focused on accelerating economic development in low-income communities across the country. To accomplish this goal, NEOF has aligned local community development interests with the forces of national advocates such as the Business Roundtable, the National Community Reinvestment Coalition, and The Veterans Corporation.

The 28th Legislative District Community Development Corporation is a private, locally initiated non-profit community development corporation created to improve the quality of life for all residents of the community and to act as a catalyst for economic and community development for the communities within the 28th Legislative District. The 28th CDC was chartered in 1993 in the State of Tennessee, and received its 501 (C) (3) tax-exempt status in 1995. An 18 member Board of Directors governs it presently with the state legislative representative for the district serving as an additional non-voting honorary member.

For more information, please contact:

Chris Baily
Community Investment Banker
Marketing and Brand Development
901-301-3085
cbaily@neof.com