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BEACON COUNCIL ANNOUNCES NETWORK 10; DADE COUNTY'S BLACK-OWNED BUSINESSES BEING TARGETED TO REACH BLACK ENTERPRISE MAGAZINES BE 100

 MIAMI, Nov. 1 /PRNewswire/ -- The Beacon Council has announced the final seven member firms of the Network 10, Dade County's black-owned businesses with the potential to reach Black Enterprise magazine's BE 100 list within five years. At least five of these firms are expected to reach the targeted goal.
 The seven firms selected are:
 -- Alanis, Inc.
 -- Apricot Office Supplies and Stationery
 -- Caribbean Satellite Network
 -- Comprehensive Health Services
 -- Peoples National Bank of Commerce
 -- TransAntilles International, Inc.
 -- Z Mart Discount Department Store
 The first three firms selected in March are:
 -- Eco Foods, Inc.
 -- Miami NDT, Inc.
 -- Solo Construction Corp.
 One of those firms, Solo Construction Corp. made the BE 100 listing without any assistance from the program. Solo was number 90 on the 1992 listing with $13,950,000 in revenues. Urban Constructors, Inc., reportedly the largest black-owned business in Dade County, also made the BE 100 listing in 1992 (No. 84), with $15 million in revenues.
 Those seven firms selected in the second round were chosen after The Beacon Council received an equity capital grant. These firms faced a series of difficult hurdles, and scored highly in a very competitive process in which 34 applicants were interviewed by a diverse selection panel.
 The Beacon Council received a grant of $1,744,000, which made equity capital available to Network 10 firms. The grant from the State of Florida, Department of Community Affairs, was transmitted through We Will Rebuild. The fund was awarded to fund the Network Venture Capital Fund, a $1.5 million fund to be used to provide up to $200,000 in equity leverage to these firms. All firms must be located in or be willing to locate in the South Dade hurricane-affected area (south of SW 88th Street), and submit with the assistance of Network 10 financial consultant, a financial package for equity funding.
 All Network 10 candidates were required to submit marketing/sales history and prospects for growth to $15 million in gross revenues by 1998, financial history and prospects for growth, management history and prospects for growth, and overall prospects for success.
 The Beacon Council has taken the lead role in implementing the 'Miami Partners For Progress' goal in the area of business expansions and in equity and loan program development. Partners For Progress and The Beacon Council are collaborating to assist the Network 10 firms to expand.
 -0- 11/1/93
 /CONTACT: Lynn H. Roberts of The Beacon Council, 305-536-8032/


CO: The Beacon Council; Black Enterprise Magazine ST: Florida IN: SU:

JB-PC -- FL018 -- 9360 11/01/93 17:28 EST
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Date:Nov 1, 1993
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