(New York, NY)—Citibank and The KIP Business Report newspaper in partnership with Congressman Gregory W. Meeks (6th CD), New York City Comptroller William C. Thompson, Jr. and more than 20 business and community development organizations, including the Jamaica Business Resource Center and the Brooklyn Economic Development Corporation, have launched the Big Apple Franchise Initiative (BAFI). BAFI is a public-private sector partnership designed to boost the number of job-producing businesses in the metro area owned by minorities. The coalition aims to create at least 20 new businesses and 200 jobs in 20 months. Five new franchises accounting for nearly 55 new jobs are already under development so far this year.

BAFI’s three primary objectives are to:

Increase the number of Asian, Black and Latino-owned businesses with employees.

Chip away at high unemployment rates, particularly in the Black and Latino communities, by creating job-producing firms.

Aid in revitalizing commercial sites in under-retailed and underserved New York City neighborhoods by introducing well-known, established brands.

The partners have come together to address some of the most common stumbling blocks to business ownership and retail development outside of Manhattan. The BAFI will create:

A citywide database of commercial sites suitable for franchise development.

A registry of recommended franchisors cleared for doing business in New York.

A blueprint of financing methods and strategies.

Access to various funding sources.

Technical assistance including workforce training and business plan development.

A centerpiece of BAFI is the annual Minority Franchise Buyers Conference sponsored in part by Citibank, which will be held this year Saturday, March 25th from 8:00 a.m.-4:00 p.m. at Long Island University (1 University Place in downtown Brooklyn, NY).

This all-day event is designed to boost Asian, Black and Latino involvement in the $1.5 trillion franchising industry. Workshops and panels will provide information on franchise trends and opportunities, where to go for debt and equity financing, and understanding the purchasing process. Plus, a panel of successful minority franchise owners will discuss “How I Did It” at an afternoon roundtable.

For more information about the Minority Franchise Buyers Conference, call (646) 546-5671 or visit www.minorityfranchisebuyer.com. Early bird registration (by March 11) is $39; $59 thereafter and $79 at the door.