FOLSOM POINT NAMED 2007 MINORITY-OWNED BUSINESS OF THE YEAR

February 27, 2007

(Boulder, CO) - Folsom Point LLC, a strategic marketing and management consulting firm, developed a grant proposal for the Denver-based National Business Information Clearinghouse (NBIC) that received $3.3 million in funding from the U.S. Department of Labor (DOL) Employment and Training Administration. The three-year grant, coupled with corporate sponsorship from founding member, Western Union, will be used to assist minority entrepreneurs in overcoming barriers to starting and maintaining a small business.

"Small and medium size businesses employ over half of all private sector workers, and have created nearly two-thirds of all net new jobs over the past decade," commented U.S. Secretary of Labor Elaine L. Chao at the LULAC National Legislative Awards Gala held February 27. "This $3.3 million grant will help foster the development of minority entrepreneurs."

Through the grant, NBIC will support the startup and growth of small businesses in regions across the country, including select cities participating in the Workforce Innovation in Regional Economic Development (WIRED) initiative. NBIC will combine innovative Web-based resources, technical assistance, and training to foster successful entrepreneurship in regional economies. Services will also include in-person support including Entrepreneurial Development Centers co-located at several DOL One-Stop Career Centers and customized in-language Web portals to help entrepreneurs, as well as low-wage and displaced workers, apply business concepts and access local resources.

"Successful small businesses are the backbone of regions competing in the global arena," said Assistant Secretary of Labor for Employment and Training, Emily Stover DeRocco. "With this project, NBIC will serve as a crucial resource for entrepreneurs aiming to create, sustain, and grow small businesses along with their regional economies."

Folsom Point will support the NBIC effort over the next three years by providing marketing consulting, outreach, train-the-trainer programs, Web content development and translation. This support will include a working partnership with Western Union, founding sponsor, and local community- and faith-based organizations to reach minority business people, particularly those for whom English is a second language.

"We were thrilled when we heard the news about the grant," said Nicky Lee, CEO of Folsom Point. "A lot of ideation, hard work and dedication went into the development of the initial concept and prototype. We were part of that first phase so writing the grant proposal came naturally. Winning the grant is a major milestone that will help NBIC achieve its mission of helping New Americans and minority entrepreneurs market and grow their businesses."

About Folsom Point
Folsom Point LLC is a strategic consulting firm that helps businesses increase their revenue by improving marketing and sales effectiveness. Folsom Point's services include marketing communications, proposal development and business training. Folsom Point is a privately held company founded January 2001 and headquartered in Boulder, Colorado.

About NBIC
The National Business Information Clearinghouse (NBIC) is a not-for-profit corporation that supports the startup and growth of minority-owned businesses-the communities within the U.S. experiencing the highest percentage of entrepreneurship and population growth. The NBIC helps individuals overcome the barriers to entrepreneurial success-a lack of knowledge about money, marketing, and management.

About U.S. Department of Labor
The Department of Labor fosters and promotes the welfare of the job seekers, wage earners, and retirees of the United States by improving their working conditions, advancing their opportunities for profitable employment, protecting their retirement and health care benefits, helping employers find workers, strengthening free collective bargaining, and tracking changes in employment, prices, and other national economic measurements. In carrying out this mission, the Department administers a variety of Federal labor laws including those that guarantee workers' rights to safe and healthful working conditions; a minimum hourly wage and overtime pay; freedom from employment discrimination; unemployment insurance; and other income support.