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Diamond Ventures LLC
191 Peachtree Street Suite 3300
Diamond Ventures is a venture capital firm organized to invest in and lend to highly qualified entrepreneurs many of which may be minority or women-owned businesses. We are interested in finance and relationship opportunities with firms that are involved ...
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:: Welcome to Diamond Ventures, LLC ::
C. Earl Peek, Managing Partner, has over 20 years of experience as a CPA, Senior Lender in economic development, Vice-president with a major CDC, and as Manager of Corporate finance and commercial lender with a major minority owned and managed financial institution.In these capacities, he has financed more than 200 firms in a variety of industries, completed numerous real estate transactions, led bank, nonbank, and financial entities and led capital formation in a variety of instances.Mr. Peek chaired the Access to Capital Committee for the Local Small and Disadvantaged Business Enterprises who would be eligible to bid and compete for up for 50% of the $10 Billion in Washington, DC based commercial development and mixed use development.
PRESS RELEASE: Is The SBA SBIC Program A Racist Institution? Critical Documents From Discrimination Lawsuit Reveal Bias -SBA’s $25 Billion Program Lacks Minority Managers and Records of Investments By Black and Minority Managed Firms-
"SBA has nearly 500 teams managing SBIC's and we expect to prove that less than 5% of the total are Black, Hispanic, Asian, Indian, or Women managed", Peek said further.SBA annual reports show that these groups as a whole regularly receive less than 8% in SBIC funding in total and Blacks get less than 2% each year.
Crucial documents turned over by SBA as part of the lawsuit, show handwritten notes and e-mails by SBA Program Managers identifying the application as "weak" more than three months before any detailed review or scoring was performed.One program analysts told C. Earl Peek, Diamond's Managing Partner, early on that his plans were "loosey goosey".
Despite demonstrating over 70 years of experience in lending and investing to these types of firm's, SBA challenged the ability of the team to execute its strategy and wrote that lending and investing in LMI markets is "a flawed strategy".
SBA Analyst went as far as saying "community impact is not a concern of the SBIC
program" despite the express intentions of Congress in the SBIC
and New Markets legislation in recent years.Peek
was "appalled" to see SBA comments to answers on Diamond's application.SBA at one point even said parts of its application was "gibberish".One Analyst re-computed Diamond's returns on the firm's venture capital deals at 37% which far exceeded the typical 9% return of like SBIC firms, but still chose to call the investments "total losers".
"We were floored to see such vicious mean spirited comments on our application when all we wanted to do was make sure capital reaches America's most underserved and qualified groups, said Peek
...C. Earl Peek 404.378-6232 (Office) / 404.285.6661 (Cell)/Fax firstname.lastname@example.org
...Earl PeekDIAMOND VENTURES, LLC
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PRESS RELEASE (eMediaWire) SBA Discrimination Suit Proceeds Against SBIC Program - Black Firm Presses For Unprecedented Change
Earl Peek, Managing Partner of Diamond, addressing the merits of the case said "SBA has licensed few firms with minority management . In total less than 5% of the existing 450 SBIC's are Black, Hispanic, Women, Native Indian, or Asians in total."
said, "This is not the American Dream-it's a minority nightmare".
Bates should know something, he
has studied SBA
since 1970, and recently co-authored a report Minorities in Venture Capital-A New Wave in American Business, funded by the Kauffman Foundation
studied 24 venture funds nationally and demonstrated that minority focused venture funds are successful with a median rate of return of 19.5%.
noted, "Those statements are a pretext for discrimination."Public reports show:
"No matter what the outcome is regarding Diamond Ventures
will need to address the serious disparity and availability of risk capital financing to minorities and women and in inner-city, underserved, and rural areas" Peek added.Photo Caption: C. Earl Peek and Lonnie A. Saboor (Diamond Ventures) with Former Senior Vice-President Roger Bower of RBC Tucker Federal after its first commitment to the venture fund.
...Earl Peek (404) 371-4200
...Earl PeekDIAMOND VENTURES, LLC
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Maryland Business Law & Corporate Litigation Blog
Originally posted by the Washington Post By V. Dion Haynes Washington Post Staff Writer Monday, July 12, 2010 In 2001, C. Earl Peek established a venture capital fund called Diamond Ventures to provide equity lending to an underserved market: minority...
C. Earl Peek, founder & ...
C. Earl Peek, founder & managing partner of Diamond Ventures LLC