BUSINESS FINANCE
J
MB" m yo 0 min ity graduat con-
tinu to rive multipl job offers."
Sponsors of "Destin tion MBA"
, so point to d gr phic trends -
predicted short ge of ill d I bor in
th United St t s d other d vel-
oped countrie. d economic glo-
balizatioo - that e likely to in­
cre demand for minorit es with
busine s expertise.
TIO
"D
TI
WILLIAM BROESAMLE.
pre ident of GMAC. added. "Cor­
porations will cootinu to
individuals for lead ip positions
that reflect our n tion's growing
diversity. This is one of the reasons
we created "Destination MBA" to
expo minority candidates to
emerging bus ess opportunities
and. of course. the value of an MBA
degree to them."
r.
.. "MI ORITIESSHOULDview
tudies such as 'Workforce 2000' as a
call to action.'1 said Derryl Reed. pre i­
deot of the National Black MBA As-
WHEN HE BECAME a cab
c ter in 1980. Johnson arted a
company called Bl ck Entertain­
ment Television (BEn with a
personal loan of just $15.000.
In the 11 Y since that initial
outlay J n's BET networX has
gon from just two hours of pr0-
gramming every Friday night to
becoming th only national 24-
hours-a-day cable TV network
geared primarily toward Blacks.
Presently BET is one of th na­
tion's lar t Black-Owned busi­
with 1990 revenues exceed­
ing $50 million. BET is housed ih
a $1 0 million. te-of - the-art pro­
duction facility in Washington.
D.C. that enabl Johnson to de­
velop his own video products in­
• ' dependently in-house.
Now BET. which turned a
profit of 9 million last year is
going public and Bob Johnson is
persooally going to break the bank.
A Black leader who is al 0
going to be very rich. Johnson has
actually "led" many of us along the
way. He has provided hundreds of
job and career opportunities to
production people. camera techni­
cians. clerics. typists. make-up art­
ists. and a host of new stars and
talents of color.
Bruce Thompsen: President of Detroit chapter
nies. You will find them listed in the
Yellow Page . Look under the head­
ings of "Barile," "Mortgages." and
"Savings and Loan Associations."
Third. you must find a mortgage
loan counselor that you can relate.
Mo t African-American home­
buyers are not financially able to pay
cash when we purch our homes.
Fortunately. there e v iety of
mortgage 1 th t we c n borrow
from.
At one time. we were limited to
local banks or to owner financing.
. Today. we have many choices for
custom-tailoring loans to suit our
individual and financial needs.
In the past. we have gone about
our homebuying in a very passive
manner. After our offers were ac­
cepted, we allowed real estate agents
and mortgage loan counselors to take
charge and make all of our financing
decisions for us.
Previously. Mr. Thompson
served as comptroller for Devel­
opment Assistance Corporation.
a Wa hington-based consulting
firm. and was an economist with
th Nation I Bureau of Stand
Mr. Thompson earned a ma -
ter's in business administration
from the Stanford Graduate
School of Business. and a mas­
ter's of public affairs from Prin­
ceton University.
He graduate Phi Beta Kappa
with a bachelor's degree in eco­
nomics from Howard University.
Bruce 1bompson is president
of the Detroit chapter of the Na­
tional Black MBA Association.
organization representing mi­
nority business professionals and
MBA students acros the coun­
try.
He has held veral manage­
ment positions. He is currently
supervisor of meting and strat­
egy analysis at the Ford Motor
Company. where he develops
strategies to maintain the com­
petitiveness and profitability of
Ford's heavy trucks.
WHEN YOU CALL. ask for the
horn mortg g departm nt. Yau
should obtain quotes on the follow­
ing items:
- Interest rates
- Loan application charges
- Closing costs (Closing costs
include such loan charges as lawyer
fees, surveyor services, title searches.
mortgage protection insurance. pre­
miums. apprasials. credit reports.
termite inspection.)
- Discounts. if you are required
to pay them.
(Discounts or discount points are
usually charged by a lender when the
mortgage interest rates are less than
the market rate. One discount point
equals one percentage point [1 %] of
the loan amount.)
By taking some initiative, Afri­
can-American homebuyers can save
large sums of mooey by locating the
best available mortgage lender.
Next week, we shall oontinue on
our topic of cost-saving initiatives by
identifying some lending sources.
Bruce Thompson
interest rates are falling,
but they won't get this low
PERHAPS 'nilS is good for
some of us, but it is not good for all.
This passive attitude can and has costs
us millioos of dollars. and if we con­
tinue in this way. it will cost us bil­
lions more. '
Most of the states in this nation
are quite relaxed when it comes to
their consumer laws. And lenders
a.ld underwriters may add and even
duplicate some of the serVices and
fees which we believed that we agreed
to pay.
Even on real estate loans. we must
be alert to all of the charges and costs
that are expensed to us. Therefore, it
becomes our responsibility to care-
A 1981 LISTF.E in WOO's Who
in Bl8ck Corporate America.
Johnson is 45 years old, a husband
IDi a dtMm1 father.' He tuB grawn
in the media industry in just a few
yean of entrepreDeUrialship. He is
founder and major owner in
Emerge magazine and the YSB
(Young Sisters and Brothers)'
publication. In less than 12 years
Bob Johnson will turn a $15,000
start-up investment into personal
stock assets worth more than $57
million.
His holding company, BET
Holdings Inc .• has filed registra­
tion statements with the Securities
and Exchange Canmissioo (SEC) ,
to offer 35 percent of its Class A
stock at $13 a share in a public
offering to be sold over th New
York Stock Exchange. Johnson
will retain 36.9 percent of BETs
Class A stock and all of its Class C
tock,
While going public, Johnson
will still be at the helm of the
cor.nJ>8I1y. Surely when it comes to
leadership positions. Bob Johnson
is a man Blacks need to know.
And for Blacks who are seeking to
"seize the opportunity" in invest­
ment positions. BET stock is a
sound investment that oeserv our
supgort and capital.
We hould know Johnson and
his success story and exercise the
fmancial option to invest monies
in BET Holdings Inc ..
Available in every U.S. city.
BET h proven that it can deliver
Black viewers to the lucrative
general dvertising market. An
invemnent in its programming fare
willlikdy result in increaed BId.:
oriented public affairs sho , and
spor1S and children's prognmming.
If "infonnatioo is power," then
the power is in Johnson's, and our,
hands and can infonnation for and
about us to our communities.
ers apply for DNIC loans. The incen­
tive program provides $60 for each
appeoved loan application.
Detroit homeowners and organi­
zations who want more infonnation
about the 0 NI C program should ask
for a free brochure at DNIC-partici­
pating lender branch office in the city
or write or call Detroit Neighborhood.
Investment Corporation, ISO Michi­
gan. Detroit 48226. 965-7945.
Like leaves. loan interest rates
seem to be falling fast these days and
there is speculation about low they
may go.
Not as !ow as the rates of a home
improvement and repair loan pro-
, gram for income-qualifying Detroit
homeowners offered by the City of
Detroit and Detroit's largest lenders.
according to the Detroit Neighbor­
hood Investment Corporation
(DNIC).
DNIC is a non-p-ofit group com­
prised of nine Detroit financial insti­
tutions and the City. The loans are
available and 'rates remain substan­
tially lower than market rates.
for a one-person household to
$47.100 for a family of eight. Per­
soos with aD'lual incomes below these
amounts would be eligible to apply.
UNDER DNIC guidelines, the
loans can cover such home improve­
ments and repairs as porches. siding.
insulation. re-roofing. electrical and '
plwnbing items. and window and
door replacement.
Detroit homeowners may apply
for a DNIC loan at any Detroit branch
office of a DNIC-participating lender. _
The DNIC lenders are: Comerica
Bank-Detroit Savings Bank. First
Federal of Michigan, First Independ­
ence National Bank. First of 'Amer­
ica-Southeast Michigan. Manufactur­
ers Bank-NA. Michigan National
B�. NBD Bank-NA. and Standard
Federal Bank.
Do you have any questions on
real estate? If so, send them to
Howard G. Ball, Realty Services Inc.,
240 Western Hills Drive, Madison,
AL 35758.
, �
WICI National President: Michele Edwards
tury. we have certain goals to ac­
complish forthe organization: po­
sition WI CI as the premier national
communications organization;
continue support for the first
Amendment. pay equity. civil
rights, Family and Medical Leave
Act and small business concerns;
provide opportunities for corpora­
tions to spon WIcrs profes-
tonal development programs. and
encourage membership interaction
across socioeconomic lines."
ARL1 GTON, VA - Michele Y.
Edwards took office as national
president of Women in Communi­
cations. Inc. (WICI). a 12.000-
member professional communica­
tions organization. at WICrs an­
nual National Professional Confer­
ence in Atlanta in mid-October.
DE'lROITERS who own CI1d oc­
cupy their homes and have annual
household incomes of less than
$47.100. depending on family size.
may qualify for DNIC loans of up to
$�5.000 for a single family home and
up to $40.000 for,four-family dwell­
ings.
DNIC recently increased the pro­
gram's annUal household income
limits which now range fran $25,000
ADDITION. DNIC has
a community sponsorship
pr am through which non-profit
organizations such as churches. hous­
ing and neighborhood group receive
incentive fees for helping homeown-
EDWARDS. a native of De­
troit.' is the board press secretary
for the Detroit Board of Education.
She has more than 15 years' expe­
rience in fundraising. peechwrit­
ing, public/media relations, meet­
ing and conference planning and
pedal even management at
compani uch as AT&T, Burger
King Corporation, The Detroit
Medical Group and Hannonie Parle
Playhouse.
EdwM'ds strongly believes
le ding chenge. WICr mi· ion. i
reflected through its members and
the national Board of Directors.
"Women in Commooicatioos will
•
WOME Communica-
tions. Inc .• is one eX the olde t and
largest communicatioos organiza­
tion, with more than 12.000 mem­
bers ctive in pint d broadcast
journalism. public relations. m -
keting, advertising. magazines.
business and association commu­
nications. boo publishing, com­
mWlicatioos edueation .xl law.
photojournalism. film. graphics
and design.
Standard Federal Bank offers .
Commun,ity Home Buyer's Seminar
Hall). This seminar is e pecially
helpful. to renters who would like
to become buyers.
Standard Federal Bank will hold
a free Community Home Buyer's
Programs Seminar on - Saturday.
November 16: 1991, from 10:00
a.m. until 12:00 noon t the Tri­
City Renaissance. 3890 West Jef­
ferson. Ecorse, north of Southfield
Road at Knox (across from City
Michele Edwards
•
never be atisfied with the atus quo.
It IS imperative to handle change
or change will handle us." stated
Edwards in first speech preSi-'
dent. .
"As, we ap�ach the 2£ t cen-
•
REFRESH E TS will be
served. To regist • or for infor­
m ion about the p-ogram. call 3 3/
643-9600, extension 6977.
•
·
. I