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7th Annual FMCRC Summit
May 26-27, 2009

Florida Minority Community Reinvestment Coalition (FMCRC)

Minority Community Organizations of Florida
Developing Community Reinvestment and Accessing Capital

"Promoting the For Profit Model to help build self sustainability in minority communities and organizations"

Mission of Florida Minority Community Reinvestment Coalition:

Mission Statement: Our goal is to empower low-income and minority communities by attracting investments for health, education, home ownership, employment, and minority entrepreneurship using a holistic advocacy approach. FMCRC is being developed in partnership with the Greenlining Institute of California (www.greenlining.org)

Purpose of Florida Minority Community Reinvestment Coalition

To identify market-based growth opportunities in minority communities through research, education, policy development/advocacy and programs that will lead to a paradigm shift in the approach of inner-city community economic development for minority communities of Florida.

Florida Minority Community Reinvestment Coalition

Our coalition strives to influence institutional practices around the following key principles:

1. Financial investments in minority housing, education, health, and businesses

2. Diversity at all levels

3. Supplier Diversity/Minority Business contacting

4. Philanthropy (Goal of 2% of pretax profits) for Minority Communities

5. Fairly priced products and services

6. Corporate responsibility, including executive compensation

7. Language appropriate services

8. Financial investments into real estate and loan funds that are led by minority community development organizations

In an era of merger and acquisitions, lack of substantial commitments have been made to under served minority communities in Florida. By using the Community Investment Act as leverage, FMCRC will strive for substantial commitments by financial institutions into minority Communities of Florida. Congresswoman Corrine Brown (Orlando) will work directly with FMCRC on the development of all CRA agreements for the minority communities of Florida.

But much work needs to be done. The home ownership gap between minorities and white Americans is still prominent is Florida. Business lending and contacting to minority owned firms is still disturbingly low. Insurance and Banking Companies continues to ignore minority neighborhoods and predatory lending still exists. Furthermore restricted land-use policies threaten opportunities for home ownership, employment, education, and health for Florida's future minority majority.

Florida Minority Community Reinvestment Coalition:

Redlining is the illegal practice of denying, limiting, or overcharging financial services and products to low-income and minority communities.

Conversely, greenlining is the practice that recognizes business opportunities in low-income and minority communities and provides quality Financial services and products at a fair price. By encouraging the greenlining of our neighborhoods, we hope to create wealth and improve the quality of life for our minority communities. Investing in low-income and minority communities makes business sense and can be profitable.

FMCRC is an organization dedicated towards improving the quality of life for low-income and minority communities of Florida. Understanding that our communities are often unheard in major policy debates, FMCRC works to ensure that the needs of these communities are addressed proactively and positively in major policy discussions. Together with our diverse coalition, we actively represent these interests with major corporations, educational institutes, special interest associations, and government officials.

The institute's strategy revolves around six central programs and projects:

1. Leadership Development & Education;

2. Community Reinvestment into minority organizations and communities;

3. Sustainable Development;

4. Campaign Finance Reform;

5. Health; and

6. Consumer Protection.

7. Financial/home ownership Literacy Education for minorities

FMCRC's view of advocacy and public-policy is that the above programs are all interrelated and should be dealt with through a comprehensive approach. Among the tools FMCRC will use to achieve this mission are leadership development, community organizing, research, policy analysis, litigation, media relations, traditional civil rights tactics, and education. In essence, FMCRC is an advocacy oriented think tank that organizes, educates and encourages equitable public-policies for low income and minority participation in policy-making that results in equitable policies that will improve the quality of life for all minority communities in Florida.