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Board of Directors Chairman A. Thomas Loy - MetaFund Members representing investors Jane Haskin - First Bethany Bank Royce Kelly - SpiritBank, Bristow Danny Lawson - First Fidelity Bank Charles Lee - MidFirst Bank Chuck Thompson - Republic Bank, Norman Jeff Webster - Stillwater National Bank, Stillwater Members representing investors and target market Larry Briggs - First National Bank, Shawnee (Citizen Potawatomi Nation-owned bank) Members representing target market Mary Beth Guard - The Glia Group - Member-at-Large Shirley Cox - Oklahoma Department of Human Services (DHS) Advisory Board of Directors Michael W. Harlan - MetaFund Jane Carney - Retired, Oklahoma City Community College Shirley Cox - Oklahoma Department of Human Services (DHS) Pat Fennell - Latino Community Development Agency Michael Jones - Oklahoma Association of Community Action Agencies Greg Pringle - Ecological Computing Captivity Pat Rooney - The Education and Employment Ministry (TEEM) Dennis Shockley - Oklahoma Housing Finance Agency George Young - Holy Temple Baptist Church Staff A. Thomas Loy -- Chairman and CEO--------------------------------------------------------- tloy@metafund.org Michael W. Harlan -- President----------------------------------------------------------- mharlan@metafund.org Geri L. E. Kenfield -- Vice President/Controller--------------------------------- gkenfield@metafund.org Jacob Reynolds -- Project Manager------------------------------------------------- gjreynolds@metafund.org Marie Vazquez -- Staff Accountant----------------------------------------------------mvazquez@metafund.org History, Structure, & Activities MetaFund, a certified Community Development Financial Institution (CDFI) and an Oklahoma non-profit 501(c)(3) corporation, was organized in 1999, and opened for business on January 3, 2000. It was formed with a meta/macro (universal/inclusive) vision and methodology for addressing community, economic, and workforce development issues in our communities. Capitalized primarily by the Oklahoma banking industry, incubated by Oklahoma City University, and endorsed by the Oklahoma Bankers Association, MetaFund applies a unique approach to community development. Rather than pursuing a micro strategy of funding a few specific projects (and competing with various financial institutions and non-profit organizations in the process), MetaFund executes its mission and vision by integrating and coordinating projects of any size, in any community, in any way related to community, economic, and/or workforce development. MetaFund has already raised more than $10 million (and growing) from Oklahoma banks, and has established active, formal partnerships with 20 banking institutions and more than 100 non-profit and government agencies. MetaFund's products and services include most, if not all, of the traditional CDC (community development corporation) activities of addressing unmet micro-credit, small business credit, investment, and LMI (low-moderate income groups) housing needs. MetaFund's strategic prototype also includes financing and/or investing in the development and rehabilitation of distressed real estate, and then linking this investment with employment/training/education programs. Recipients of MetaFund's financial products are also required to participate in MetaFund's development services, including life skills courses and vocational training, continuing education, and community service work with MetaFund's partners. These and other development services are offered to both current and prospective recipients of MetaFund's financial products. MetaFund also finances and invests in venture capital projects which include a similar focus on employing, educating, and training underserved groups; stimulating investment in areas that are distressed and/or which have a significant community development-related emphasis. MetaFund's target market includes distressed geographies and underserved demographies: low-moderate income individuals, minorities, the unemployed and underemployed, women, students, the elderly, and any other underserved populations anywhere in Oklahoma. However, it also includes prospectively any initiative which aids the citizens and communities of Oklahoma. MetaFund is inclusive, not exclusive. MetaFund's current and prospective partners include Oklahoma financial institutions, foundations, corporations, schools, vo-techs, colleges, libraries, labor unions, non-profit organizations, social service agencies, leadership groups, charities, community and civic groups, religious and faith organizations, commerce/development entities, community volunteers, and interested citizens. The only excluded individuals and entities are those with the words hit, hate, or hurt in their missions. Benefits to Oklahoma, its communities, its citizens and organizations, and to MetaFund's partners, include the first-ever opportunity to collaborate and coordinate any community, economic, or workforce development and social welfare efforts within and among communities; an efficient and effective way to pool and coordinate scarce financial and human resources for local development; and network with other community partners to reduce duplications and improve synergies. MetaFund will neither duplicate nor compete with its partners' existing products and services. Rather, it will endeavor to outsource every feasible service function to its partners and facilitate partnerships among them. This is a win-win opportunity to fulfill and lever the vision and mission of any and every partner. MetaFund also has been structured so as to provide a unique opportunity to the community development (CD) community and the banking industry. That is, any community development related loan or investment that is consistent with MetaFund's mission can qualify for CRA credit to any participating Oklahoma bank, regardless of location in Oklahoma. This point alone renders MetaFund a revolutionary prototype for both the CD community and the banking industry. MetaFund is governed by a board of directors that is representative of its investors, its non-investing partners, and its target markets. It is managed by a small staff of paid employees. MetaFund's investments and loans are granted and administered by loan/investment committees whose members are drawn from investor/partner banks and representatives of MetaFund's target market. Prospective loans and investments are generated principally from referrals from banking and other partners, which have right of first refusal to participate in approved loans and investments. The types of loans/investments that MetaFund will consider depend upon the needs of partners' constituents, but range from micro loans (small business and down payment assistance) to housing projects to venture capital investments. MetaFund can make loans/investments that its partners and communities alone could not or would not otherwise make because of concentration risk, sector risk, transaction costs, lack of scale/volume, expertise, etc. To reiterate a key point, MetaFund will not compete with its partners. MetaFund is also taking advantage of its extensive banking relationships and commitments to build and maintain the highest standards of financial management and credit administration. MetaFund's annual operating budget is quite modest, given its very broad mission and market. This is a result of MetaFund's outsourcing strategy, and of numerous cash and in-kind contributions and subsidies from Oklahoma City University, First Bethany Bank, MidFirst Bank, and other partners and sources. The members of MetaFund's board of directors and its loan and investment committees serve without pay, and MetaFund is already receiving pro bono legal, accounting, and data processing services, as well as related office services, and loaned bank executives. In pursuit of its mission, MetaFund will: Buy and develop/rehabilitate, and/or finance the acquisition and development/rehabilitation of residential and commercial real estate properties, primarily targeting low/mod-income housing and neighborhoods, and distressed properties. Invest in and/or finance enterprises, primarily targeting low/mod-income neighborhoods and small business ventures employing minorities and underserved populations. Provide and/or coordinate micro credit, small business loans, mortgage loans, and related loans, primarily to minorities and underserved persons. Coordinate the required mentoring and training of vocational skills, life skills, small business skills, and civic skills to the recipients and potential recipients of MetaFund's financial and employment creation products and services. Coordinate the required community service work by and for the constituencies/partners of MetaFund. Recruit and coordinate the participation and cooperation of the above among MetaFund's constituencies/partners, including: unemployed, underemployed, underserved, and minorities banks, credit unions, foundations, corporations commerce and development entities, social service agencies, governments schools, vo-techs, colleges, libraries, labor unions leadership groups, arts organizations, other non-profit organizations charities, community and civic groups religious and faith organizations news media, Internet community volunteers, interested citizens |
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