Pilot is First Project Supported by $10 Million First Data/Western Union
Empowerment Fund
DENVER, April 14 /PRNewswire-FirstCall/ -- First Data Corp. (NYSE: FDC)
and its subsidiary Western Union today announced that they will work in
partnership with the Denver Hispanic Chamber of Commerce and the U.S. Small
Business Administration to develop a new information resource designed to
increase the number of Latino owned businesses in the United States.
The resource, called the Business Information Clearinghouse (BIC), is a
pilot program that will provide extensive business development information to
Latino entrepreneurs seeking assistance in three fundamental areas: access to
capital, access to markets and management training. The program will debut in
Denver with the potential of expanding in other parts of the United States.
The BIC will draw upon a broad range of resources to give entrepreneurs
access to timely and relevant information critical to making smart business
decisions. Services will be available online and at a walk-in location where
local business owners will have hands-on access to applied training programs
designed to guide them on a well-planned path for success and growth.
Business and entrepreneurial development counselors will be on-hand at the
walk-in location to provide support and help Latino entrepreneurs become
self-sufficient in their business endeavors.
"While this particular initiative focuses on the Latino community, it's
important to note that it's not about ethnicity or skin color. This
initiative is about green -- money -- and empowering people to improve their
lives and our economy by acquiring the business information and skills they
need in order to succeed," said Charlie Fote, First Data chairman and CEO.
The BIC is the first project to be funded by the newly created
First Data/Western Union Empowerment Fund. The $10 million fund, in addition
to fostering minority business development, focuses on empowering communities
in the U.S. and abroad. As part of that commitment, First Data announced in
early March that it would play an active role and help foster debate for
timely immigration reform in the U.S.
"The goal of the Clearinghouse is to grow the number of new Hispanic firms
being formed each year; significantly improve Hispanic retention rates; and
gather detailed information on the status of these firms to ensure that the
appropriate training and information is being provided. We'll be able to
measure success by seeing new businesses open their doors and thrive," said
Sal Gomez, co-founder of the U.S. Hispanic Chamber of Commerce and architect
of the SBA partnership.
First Data also announced the appointment of the first three advisory
board members to the First Data/Western Union Empowerment Fund: Raul
Yzaguirre, president, National Council of La Raza; Salvador Gomez, chairman,
Denver Hispanic Chamber of Commerce; and Robert de Posada, president, Latino
Coalition. Fred Niehaus, senior vice president, Public Affairs, First Data,
will direct the advisory board.
In the coming months, First Data will expand the board and will rely on
the recommendations of community leaders and Western Union agents, who all
have insights into local cultures and issues. "The participation of these and
other community leaders is critical to the Fund's success in implementing
action-oriented activities that make a difference in the communities we
serve," Fote said.
The BIC pilot program is also being supported by the Denver Mayor's Office
of Economic Development and International Trade, the Colorado Office of
Economic Development and International Trade and the Denver Metro Chamber of
Commerce.
About First Data and Western Union
First Data Corp., with global headquarters in Denver, helps power the
global economy. Serving approximately 3.5 million merchant locations,
1,400 card issuers and millions of consumers, First Data makes it easy, fast
and secure for people and businesses to buy goods and services, using
virtually any form of payment: credit, debit, smart card, stored-value card or
check at the point-of-sale, over the Internet or by money transfer. For more
information, please visit the company's Web site at http://www.firstdata.com.
Western Union Financial Services, Inc. a subsidiary of First Data Corp.
(NYSE: FDC), is an international leader in consumer money transfer services.
Consumers can quickly and reliably pay bills and transfer money around the
globe using the company's proprietary money transfer network. Western Union
and its subsidiary, Orlandi Valuta, together make up one of the world's
largest money transfer networks with a total of approximately 182,000 Agent
locations in more than 195 countries and territories. Famous for its
pioneering telegraph service, the original Western Union dates back to 1851
and introduced electronic money transfer service in 1871. For more
information, please visit the company's Web site at http://www.westernunion.com.
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
CONTACT:
Danielle Jimenez of First Data/Western Union,
+1-303-967-6062, danielle.jimenez@firstdatacorp.com
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