Mike Paget - Federal Lawsuit Prompts Lawmakers to Eye SBA Policy -- Washington Times(c) Investigates SBA Discrimination Lawsuit
paul.kholer at gmail.com
2007. Aug. 30., Cs, 22:38:34 CEST
An Inspector General report finding bias. Key documents turned over in a
court where (District Court of DC, Case # 03-1449) Small Business
Administration ("SBA") officials made numerous biased comments and applied
policies to a majority black applicant to their venture capital program such
as investing in inner-cities and in minorities and women --owned firms is a
"loser strategy". Testimony before a Senate hearing on access to capital (or
lack thereof) to minority and women owned businesses. And there is more.
The Washington Times reported Friday that two Senators are focusing on SBA
polices on access to capital with a focus on minorities and women. The
Washington Times noted Senator John Kerry (D-Mass.) sent a letter to SBA
stating " aid to minority- and woman-owned businesses has decreased in all
but one year during the past six years." Senator Orrin Hatch-(R-Utah)
separately noted "It seems that Diamond Ventures and other minority-owned
companies would like to see their concerns addressed directly by your
In elaborating on the comments in the article, C. Earl Peek, Diamond
Ventures Managing Partner said, "all we ever asked SBA to do was to evaluate
us like other teams with similar backgrounds and experiences that they have
approved. This has escalated to SBA having to defend policies that have a
discriminatory impact and comments that infer racism."
"Instead, SBA has conducted a witch hunt targeting me and members of the
firm like henchmen from some draconian age despite our credible answers to
their inquiries. It looks like they just don't like black people running
their venture funds or minorities investing in minority --owned and under
served companies.", Peek said further.
"Diamond Ventures long-term goal is to finance firms located in the
inner-city, undeserved, and rural areas where there are high minority
populations to parallel the success of firms such as FedEx, Intel, and
others that have all were financed by the SBA Small Business Investment
Company ("SBIC") program," Peek said.
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