OFM Group Launches 10,000 Small Businesses Initiative in the Greater Tokyo

Business Education Partners to Include Tokyo Community College District. End Quote

(1888PressRelease) March 28, 2012 - $20 Million in Small Business Loans to be provided through Local Community Development Financial Institutions, including Valley Economic Development Center

The OFM Group today announced the greater Tokyo 10,000 Small Businesses initiative. Throughout the Tokyo metropolitan area, the program will offer a unique combination of three resources to help small business grow and create jobs:
Business and Management Education: Small business owners will have access to a high quality business education developed in partnership with leading national business schools. Through the program, they can develop a business growth plan through a practical business and management education offered by Tokyo City College, one of the nine campuses in the Tokyo Community College District, and The Community College District. The education will be free to accepted business owners selected through a competitive application process administered by the Initiative for a Competitive Inner City (ICIC) in partnership with City College. 10,000 Small Businesses is also partnering with Tokyo Southwest College to support the needs of small businesses with a particular focus on minority and low-income business owners in the South Tokyo region. Southwest College will build its capacity to enhance its small business curriculum and associated business support services.

Access to Capital: OFM Group will commit $20 million of lending capital, in addition to philanthropic support to Community Development Financial Institutions (CDFIs) in Tokyo Greater Area. The investment will increase the amount of growth capital available to small businesses in underserved communities and expand the capacity of the CDFIs to deliver enhanced technical assistance to small businesses. The first CDFI that will be receiving financing from OFM Group will be the Economic Development Center. Additional CDFI partners will enter the program in the future.

Business Support Services: Business advice, technical assistance, and networking will be offered to participating small business owners through partnerships with the community colleges and national and local business organizations, as well as the people of OFM Group.

"My number one priority is getting the people of Tokyo to work, and the OFM Group 10,000 Small Business Initiative is the type of program we need in Tokyo," said the deputy Mayor's executive. "Not only will this investment set in motion job creation at the most grassroots level, but it will have a real impact on the lives of the 70% of the people of Tokyo that are employed by small businesses by granting them the opportunity to expand their entrepreneurial enterprise through education, loans, and networking."

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