National Economic Opportunity Fund

January 18th, 2007… Sometimes, all you need is a little help and someone to point you in the right direction. When Jim Mingey, Managing Director of the National Economic Opportunity Fund (NEOF), was released from the Service after the Vietnam War, he sat down and took stock of his life. With an independent spirit, and a passion for business, Jim decided that he would embark on a lifelong career as an entrepreneur. He contacted his local SBA office, and discovered a number of opportunities for a Veteran like himself. Thirty years later, he wants to make sure that Veteran and Service Disabled Veteran entrepreneurs have access to the same opportunities. That’s why he has partnered with The Veterans Corporation (TVC) to develop a comprehensive help desk for Veterans.

NEOF and TVC have been building a program to provide access to capital for Veterans and Service Disabled Veterans. The core of this program is a set of relationships with lenders such as Accion USA that are creating specialized loan programs for veterans. The spirit of the program, however, is borrowed from the military: NEOF has pledged to “leave no man behind.” The theory is simple, when someone asks for help, you help them, whether its reviewing their business plan, talking to a bank for them, or just giving them friendly advice and encouragement. The most important thing, though, is not to give up on anyone.

El Paso, Illinois is not exactly a bustling metropolis. Twenty miles from Normal, and two hours from Chicago, it’s the quintessential American small town. It’s also the place where Service Disabled Iraq war Veteran David Barker wants to settle down when he leaves the military. However, he needs a loan to finance a family owned business, so, looking for help, he called TVC. After a few conversations, Jim Mingey headed out to El Paso. Rather than provide the kind of sterile, impersonal service which has become too common in this world of automated responses, Jim wanted to meet Mr. Barker first hand so could provide the best service possible. While the specifics are still being worked out, Jim is confident that a solution can be found – and he won’t stop working until he finds it.

According to Walter G. Blackwell, President and CEO of TVC, “The key to any successful business endeavor is an understanding of capital and a method to obtain it. TVC understands that without the necessary funding, be it start up or infusion, the best ideas fall by the wayside. Veterans, Service Disabled Veterans, Guard & Reserve have a unique opportunity to address this issue with our Access to Capital program through our partner NEOF. Access to Capital no longer has to be a mystery.”

Over the past few years, the Federal Government has been working hard to create more opportunities for Veteran and Service Disabled Veterans entrepreneurs. In 2003, the United States Congress passed the Veterans Benefits Act. This established a procurement program for Service Disabled Veteran Owned Small Businesses (SDVOBs) which includes sole source or set-aside contracts when certain criteria are met. Congress also established a goal that 3% of all federal government contracts would be filled by SDVOBs. While this is excellent legislation, its goals have not been achieved, and more work needs to be done.

In addition to providing better access to capital, NEOF and TVC are working on developing other opportunities for Veteran and Service Disabled Veteran entrepreneurs, including a training program for mortgage bankers and a mentoring program for personnel placement specialists. These and other public and private programs will give Veterans excellent options to choose from, but their success is ultimately dependant on people knowing they exist. James Mingey, NEOF, and TVC are making sure that Veterans and Service Disabled Veterans will have that knowledge.

The National Economic Opportunity Fund (www.neof.com) is a community development financial intermediary, which has developed a specialized, public-private franchise model focused on accelerating economic development by working through Women, Minority, Veteran, and Service Disabled Veteran owned businesses. To accomplish this goal, NEOF has aligned local community development interests with the forces of national advocates such as the Business Roundtable, the Minority Business Roundtable, and the National Community Reinvestment Coalition.

The National Veterans Business Development Corporation (www.veteranscorp.org), doing business as The Veterans Corporation, is a Federally-chartered 501(c)(3) organization that was created by Public Law 106-50, the Veterans Entrepreneurship and Small Business Development Act of 1999. This Act recognized that America “has done too little to assist Veterans…in playing a greater role in the economy of the United States." The Corporation is charged with creating and enhancing entrepreneurial business opportunities for Veterans, including Service-Disabled Veterans.

For more information about NEOF, please contact:

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