A gusher of an opportunity: new partnership between Mobil and OmniBank could help minority franchises.

Mobil Oil Co. is putting its foot to the pedal to increase its number of minority-owned dealership franchises across the country. In partnership with Detroit's OmniBank, one of the largest African American-owned banks in the nation, Mobil has created the Special Purpose Credit Program to provide $45 million in financing to minorities.

Mobil is trying to change the impression that only whites, Koreans or men work in service stations, says Ethnic Marketing Manager Gerald Johnson. The program "lets the public and our consumers know that we care about having a good mix of people," which, he adds, is ultimately good for business.

To qualify for the program, a minority or female applicant must first identify an existing Mobil dealership that's up for sale. Because Mobil rarely builds new franchises, turnover is generally due to dealer sales or retirements. Other requirements include a solid business background and credit history, a strong business plan and a minimum of $50,000 or 10% of the loan requested, whichever is greater. The applicant must also pass the dealer selection process, which includes extensive interviews with the local sales consultant and area manager.

Once Omni has approved the loan, the applicant is trained and then installed in the station where he or she is expected to be heavily involved in the day-to-day management. Mobil and Omni hope to see an increase of 50 minority and female franchise owners each year.

Large corporations typically talk about diversity, but then walk straight to a Citibank when the time comes to do any real business, says Johnson. But that's exactly what Mobil determined it would not do, he asserts.

Although the number of available franchises is limited, OmniBank Chairman of the Board Bill Johnson is optimistic that the program could lead to other opportunities, such as helping minorities get joint ventures in the exploration, refining and distribution of other fuel products. For more information about Mobil's credit program, call 703-849-5348.