BEDC RECEIVES AWARD FROM ABILITIES FUND

BROOKLYN, NY—June 2, 2004— The Abilities Fund has awarded its 2003 Excellence Award to Brooklyn Economic Development Corporation (BEDC) in recognition of BEDC’s LAUNCH program, which provides entrepreneur training to individuals who have a mental health diagnosis, Joan Bartolomeo, BEDC president, announced today.

“This award commends Brooklyn Economic Development Corporation for outstanding effort in outreach and service to the disability community,” Patti Lind, director of Program Services for the Abilities Fund, wrote in a letter to Ms. Bartolomeo. “Your LAUNCH Program typifies what The Abilities Fund recognizes as exemplary effort to serve promising entrepreneurs with disabilities. As the name implies, your efforts to Lead, Act, Undertake, Navigate, Change, and Heal individuals with disabilities in the Brooklyn area is appreciated, admired, and applauded.”

As part of the award, BEDC received a $1,000 check from The Abilities Fund, which is the first and only nationwide community developer targeted exclusively to advancing entrepreneurial opportunities for Americans with disabilities. The award was presented at the Momentum Luncheon, held on May 27, 2004, the last day of the annual Association for Enterprise Opportunity Conference in Philadelphia.

“It is a great honor to accept the 2003 Excellence Award from The Abilities Fund for BEDC’s LAUNCH Program,” Ms. Bartolomeo said. “It was very gratifying to see BEDC’s logo projected on the screen at a national forum with several hundred guests.”

Ms. Bartolomeo continued, “Since BEDC started the LAUNCH Program in April 2003, we have provided training to nearly 70 aspiring entrepreneurs. We are very pleased with the success of the program, which has been due to the hard work and creativity of Joe Geneve, the program’s director, and Marjorie Schulman, the assistant director.”

LAUNCH, which is an acronym for Lead, Act, Undertake, Navigate, Change, and Heal, is a free entrepreneur training program created by BEDC, in cooperation with Brooklyn Psychiatric Centers, to give individuals with a mental health diagnosis an opportunity to successfully plan, market, structure, and operate a business that could range from a modest, home-based business to a more sophisticated enterprise. The LAUNCH Program is funded by a grant from the New York City Department of Health and Mental Hygiene, Thomas R. Frieden, M.D., M.P.H., Commissioner.

The LAUNCH Program features weekly, three-hour classes for 15 weeks. Additional help sessions are available. As an alternative to the formal classroom session, clients may select a more individualized training program. The benefits of the LAUNCH program include receiving occupational counseling and ongoing support after the 15-week training program. Group and individual business counseling support extend beyond this period to assist those in need of additional confidence and skills building. Clients may continue to receive mental health services from their primary provider with support for business-related coaching provided by LAUNCH.

In addition to entrepreneur training, Ms. Bartolomeo said that BEDC is now offering a loan program to entrepreneurs with disabilities to further assist them with their dreams of self-employment.

Initially, the loans, which are offered through BEDC’s Regional Economic Development Assistance Corporation (REDAC), will be offered to BEDC’s clients who are participating in the LAUNCH Program. When BEDC introduces an entrepreneur program for the physically disabled in the near future, clients from that program also will be eligible to borrow from the loan fund.

Brooklyn-based Community Capital Bank is providing funding for the loans through a line of credit to REDAC, and a grant from The Abilities Fund is financing a loan loss reserve fund to mitigate the risk.

“Individuals with disabilities typically don’t have a long work history and may have credit issues because of their disability,” Ms. Bartolomeo said. “Traditional banks often are unable to provide loans. However, the grant from The Abilities Fund for a loan loss reserve fund will make these loans possible.”

The Abilities Fund delivers training, technical assistance services, and advisory supports to individuals with disabilities and the organizations that support them, and helps entrepreneurs obtain the funding they need to launch or grow a small business. More information is available at www.abilitiesfund.org.

BEDC, a private, nonprofit organization, was established in 1979 to stimulate Brooklyn's economy and create job opportunities for the borough and its residents. BEDC has evolved into a multi-service, business-consulting agency, serving more than 1,000 clients annually and offering comprehensive economic development services. More information is available at www.bedc.org.