Denise A. Barge , Executive Director
Minority Investment and Develpment Corporation/Rhode Island oalition for Minority Investment
Denise Barge began her banking career 23 years ago at Security Pacific Bank in Berkeley, California shortly after graduating cum laude from UCLA with a Bachelor of Arts degree. In 1979 Barge moved to Rhode Island and accepted a position as a retail management trainee with Fleet Bank. She worked in customer service, retail bank management, consumer underwriting, and commercial lending.
In August 1990 Denise joined BankBoston where she entered the loan officer development program. She was a commercial loan officer from 1991 to 1995 and advanced to Assistant Vice President.
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Denise’s tenure at BankBoston allowed her to work with the First Community Bank. She cultivated ties with community leaders, elected officials and neighborhood organizations. Her outreach efforts and concern for the community played an important role in the revitalization of disadvantaged neighborhoods.
Barge designed and implemented a number of relevant workshops and seminars for community residents and businesses.
In March 1999 Denise accepted the position of Executive Director of the Minority Investment Development Corporation (MIDC) and the Rhode Island Coalition for Minority Investment (RICMI).
MIDC opened its doors for business in January 1994 following two studies in the early 1990’s, which defined the unmet needs of minority business financing in Rhode Island. MIDC is a privately owned statewide community development financial institution (CFDI), originally funded with $2 million in equity from six banks and a major corporation.
The corporation’s mission is to increase access to capital for minority and disadvantaged small businesses throughout Rhode Island and for entrepreneurs in designated urban low and moderate income areas. It is one of only two lenders in the state that provides businesses with subordinated debt and equity and the only entity specifically focused on capital access for minority and disadvantaged entrepreneurs.
Since it began operations MIDC has loaned over $4 million. With the recent 1999 Federal CDFI award of $750,000 and the matching $750,000 from other investors, MIDC now has additional funds of $1.5 million dollars to lend in the communities it serves.
Barge attributes MIDC’s success to the strategic collaboration it has with existing public agencies and private entities dedicated to community economic development. She likens running MIDC to operating a small business. The organization must generate revenues by assuring that quality loans are made so that there will be a return on investment. In addition she oversees the staff of four persons and the day-to-day operation of the institution. There is also the marketing and outreach activities that are so important since MIDC does not have an advertising budget. Barge considers networking opportunities to be key factors in developing new business.
Denise manages the Rhode Island Coalition for Minority Investment (RICMI). The organization also was founded in 1994 to provide business development assistance to the state’s economically disadvantaged small businesses, with particular emphasis on minority and women-owned businesses. RICMI is the only SBA Microloan lender in Rhode Island. The Microloan program provides loans of up to $25,000 for working capital, inventory, supplies, furniture, fixtures and equipment and may be repaid over a six year term.
Barge is a graduate of Leadership Rhode Island. She has served as president and treasurer of the Urban Bankers Association of Rhode Island, receiving the National Association’s Associate Award in 1995. She is currently the local chapter’s national representative.
Denise serves on the board of directors of the Providence YMCA Intown. She was one of the first members of the SBA’s Women’s Roundtable, assisting in the creation of the popular PowerUp! Program, a 13-week entrepreneurial development program for women. She served on the executive board of the Rhode Island Chapter of the American Red Cross from 1993 to 1998. She is the treasurer of the Ocean State Business Forum.
The U.S. Small Business Administration is proud to honor Denise A. Barge as the recipient of the 2000 Rhode Island District Director’s Award for her exemplary service to the small business community.
