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Key Points |
MetaFund: Is a CCDMBVCFI (Collaborative Community Development Merchant Banking Venture Capital Financial Institution). Makes loans and investments that provide jobs, housing, or other direct benefits to underserved people (demographies) and distressed places (geographies). Is a statewide, non-profit, certified Community Development Financial Institution (CDFI), which is capitalized by banks in Oklahoma. Has a mission that is solely devoted to promoting community, economic, and workforce development throughout Oklahoma. Is inclusive, not exclusive, nurturing and building collaborative partnerships for community development. Will entertain the financing of any viable community development project anywhere in the state of Oklahoma. Has raised $10 million since January 3, 2000, and plans to raise enough capital, grants, and contingent funding sources so as to make community development financial capacity a non-issue. Has 22 investors, including 20 banks. Has more than 100 non-profit and government-related partners. Does not compete with its partners or investor banks. Does not duplicate its partners' systems, products, or services. Instead, MetaFund outsources infrastructure, systems, products, and services to its partners, wherever possible and practical. Enhances opportunities for success of its programs through significant development and support services. Has the broad support of the Oklahoma banking industry, including the endorsement of the Oklahoma Bankers Association. Provides CRA (Community Reinvestment Act) credit to participating banks, both for investments and loans in, to, and through MetaFund. Utilizes partnerships and technology to effect lean organizational structure, strong risk-management systems, statewide communications, broad cost-savings, overall product administration, and efficient project review and management. Has an unusually low cost/expense structure, due to pro bono: support services, data processing, legal and accounting services, funds management and reporting services, and extensive participation by loaned executives. Is creating a prototypical virtual corporation, including virtual branches, virtual employees, and virtual meetings. |