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Multibank loan fund sought for southern Dallas
The Southern Dallas Development Corp. is planning to seek approval from federal regulators to create and operate a for-profit, multibank "community development corporation" that would infuse loans and equity capital into small and minority-owned businesses in the city's depressed southern sector.
Jim Reid, president of the non-profit, city financed SDDC, confirmed that he hopes to get commitments from 12 local banks before submitting the plan to the Federal Reserve Board and the Office of the Comptroller of the Currency later this summer. If all goes according to plan, the new firm would open its doors in the fall, Reid said.