Friday, November 13, 2009

The Bully Pulpit

Recently it was reported that the City will not renew its contract with Seedco, a relationship which has existed since 2006. I would like to think that this decision was made primarily due to our recent audit which exposed gross mismanagement by Seedco. On many occasions I have been asked, “What is Seedco?”

Seedco Financial Services, Inc. (Seedco Financial) is a national Community Development Financial Institution (CDFI) with more than $200 million in assets under management. Filling niche gaps along the continuum of credit from small business lending to New Market Tax Credits, Seedco Financial seeks to stimulate economic development in communities that are underserved by traditional banking institutions by providing affordable capital, hands-on technical assistance and innovative solutions to small businesses, nonprofit organizations, CDFIs and real estate developers. Seedco Financial is a wholly-controlled subsidiary of Structured Employment Economic Development Corporation (Seedco), a national nonprofit intermediary that helps low-income people and communities move toward economic prosperity.

I am pleased that the Mayor has decided not to renew the City’s contract with Seedco.

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