|By PR Newswire||
|August 5, 2014 07:03 PM EDT||
WASHINGTON, Aug. 5, 2014 /PRNewswire/ -- Noting Dr. Martin Luther King's call for economic justice as integral to securing, King protege Ambassador Andrew Young, has announced a new strategic alliance with Diamond Ventures, an Atlanta and Washington, D.C.-based Small Business Investment Company (SBIC) in formation as a venture capital firm aimed at minority, women, veterans, and other underserved entrepreneurs.
Young announced the new alliance as he prepares to accept a Lifetime Achievement honor from the Gathering of Pan African Leaders in Washington, DC during the 2014 U.S.-Africa Leaders Summit. In the last two months of Dr. Martin Luther King's life, he recognized that civil rights alone could not cure the issue of poverty and wanted to supplement the Civil Rights Bill of 1964 with economic rights. This video clip highlighted Dr. King's final campaign at http://www.upworthy.com/before-he-was-assassinated-mlk-had-a-really-radical-idea.
"All of my life, I have campaigned for and advanced the notion that access to capital is the lifeblood of business growth, employment, and community development both here in America and in Africa and beyond. We need to encourage capital formation for industries such as agriculture, food nutrition, infrastructure, transportation, energy, manufacturing, and small business.... Through my foundation, the Andrew J. Young Foundation, I want this to be my lasting legacy," said Ambassador Young.
"We are pleased to enter into this strategic alliance with the Andrew J. Young foundation that will set forth a blueprint for alliances between the United States for small business growth and expansion and be one way domestic businesses can develop domestically and internationally and help communities grow, help businesses achieve more profitability, and help businesses become more sustainable particularly in underserved areas," said C. Earl Peek, Diamond Ventures Managing Partner. "Patient capital through the SBIC program has aided some of America's greatest companies like FedEx, Intel, and Outback Steakhouse and helped those once small companies become multi-billion dollar international businesses."
Ambassador Young joins an influential group of leaders representing African and African-American political, business and international trade communities at the first annual "Gathering of Pan-African Leaders" at the Mayflower Hotel in Washington, D.C. on Monday, August 4, 2014. Heads of state such as President Jacob Zuma of South Africa, President Idriss Deby of Chad, President Macky Sall of Senegal, President Teodoro Mbasogo of Equatorial Guinea, and President Jakaya Kikwete of Tanzani are invited and expected to attend as well as CEOs of major U.S. Companies and U.S. Political leaders.
Diamond Ventures, an Atlanta, Georgia and Washington, DC based firm is a Small Business Investment Company in formation. Once formed, Diamond will be investing in minority, women, veterans, and underserved firms using private capital and Small Business Administration (SBA) low cost debentures. See Diamond Ventures at www.dvfcap.com
SOURCE Diamond Ventures
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