Private Firms Approached to Invest in Venture Capital Pool/reports Daniels

Article excerpt

Negotiations are under way to get private companies to invest in a venture capital pool to spur Oklahoma's economic development, according to Belden Daniels, president of Cambridge, Mass.-based Counsel of Community Development Inc.

Daniels attended the Senate Committee on Economic Development Thursday to explain the proposals in the plan his company developed for the Oklahoma Legislature concerning the state's economic recovery.

Daniels gave an in-depth explanation of the report presented last month during a meeting of the House Economic Development Committee.

In addition, Daniels is assisting House Speaker Jim Barker, D-Muskogee, and President Pro Tempore of the Senate Rodger Randle, D-Tulsa, in the development of the Economic Recovery Act of 1987. Daniels said Barker and Randle plan to introduce the measure to the Legislature on or about Feb. 23.

One of the specific items in which Daniels is assisting the two legislators is in negotiating with Oklahoma companies to get them interested in putting up capital for economic development in the state.

"I plan to be back in the state next week for negotiations," he said.

However, Daniels declined to comment further on the matter, except to say that company officials with whom he has spoken think the plan is a good idea.

Specifically, Daniels' proposal is to set up a funding pool through which private companies would place money to finance new or expanding businesses, businesses for which lending insitutions find it too risky to provide loans. …