FCC Commissioner Robert McDowell addressed an FCC sponsored forum on capital formation for small and disadvantaged business. Besides noting that for once, the big boys were having as much trouble scaring up capital as they were, he stated his support for the minority tax certificate and enforcement to combat No Urban and No Hispanic dictates.
He said he was hopeful that both large and small entities will come out of the current credit crunch with improved access to financing. “It may be rather cold comfort to those in attendance today to know that many big companies now empathize with small entrepreneurs concerning cash flow and the state of their balance sheets, but I’m hopeful that new opportunities for small entities may arise from today’s challenging economic environment,” he said.
He noted that providing capital did not fit into the FCC’s job description, but that it could nonetheless help bring small communications entrepreneurs and investors together. “Although the FCC can’t guarantee that all worthwhile business plans obtain the necessary capital, we can help you make some important connections—after all, we do have expertise in facilitating communications.”
He concluded with a nod to the Minority Media and Telecommunications Council, saying, “For my own part, I look forward to continuing dialogue with the Minority Media and Telecommunications Council, and others, about such matters as enforcement of the Commission’s ban on ‘no urban, no Hispanic’ dictates in advertising and renewed advocacy before Congress for a legally sustainable tax certificate program to promote ownership of communications companies by economically disadvantaged businesses.”