Minority Media & Telecom Council asked FCC to consider impact of ...
Minority Media & Telecom Council asked FCC to consider impact of economic recession in ruling on extension requests by small and minority entrepreneurs. In letters to each commissioner, Council Exec. Dir. David Honig said “financiers are loathe to sink…
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funds into any venture whose value could be zero” if, for instance, FCC denied extension of construction permit. He said current recession had been “exacerbated by the dramatic market fluctuations” following Sept. 11 terrorist attacks and financing delays had been caused by dislocation of N.Y.-based lending institutions. “These circumstances disproportionately impact minority entrepreneurs,” Honig said, asking FCC to consider “recession impact showings” on case-by-case basis for extension requests. He asked Commission to make public announcement that it was adopting policy to “calm nervous investors and lenders.”