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Federal efforts to aid minority businesses began in the 1960's when the Small Business Administration SBA)began making federally guaranteed loans and govern-ment-sponsored management and technical assistance 5) available to minority business enterprises. While this program enabled many minority entrepreneurs to form new businesses, the results were disappointing,since managerial inexperience, unfavorable locations,and capital shortages led to high failure rates. Even 15 10) years after the program was implemented, minority business receipts were not quite two percent of the national economy's total receipts. * Recently federal policymakers have adopted an approach intended to accelerate development of the 15) minority business sector by moving away from directly aiding small minority enterprises and toward supporting larger, growth-oriented minority firms through interme-diary companies. In this approach, large corporationsparticipate in the development of successful and stable 20) minority businesses by making use of government-sponsored venture capital. The capital is used by a participating company to establish a Minority Enterprise Small Business Investment Company or MESBIC. The MESBIC then provides capital and guidance to minority 25) businesses that have potential to become future suppliers or customers of the sponsoring company. * MESBIC's are the result of the belief that providingestablished firms with easier access to relevant manage-ment techniques and more job-specific experience, as 30) well as substantial amounts of capital, gives those firms a greater opportunity to develop sound business founda-tions than does simply making general management experience and small amounts of capital available.Further, since potential markets for the minority busi- 35) nesses already exist through the sponsoring companies, the minority businesses face considerably less risk in terms of location and market fluctuation. Following early financial and operating problems, sponsoring corporations began to capitalize MESBIC's far above 40) the legal minimum of $500,000 in order to generate sufficient income and to sustain the quality of manage-ment needed. MESBIC'c are now emerging as increas-ingly important financing sources for minority enter-prises.
* 45) Ironically, MESBIC staffs, which usually consist of Hispanic and Black professionals, tend to approach investments in minority firms more pragmatically thando many MESBIC directors, who are usually seniormanagers from sponsoring corporations. The latter 50) often still think mainly in terms of the "social responsi-bility approach" and thus seem to prefer deals that are riskier and less attractive than normal investment criteria would warrant. Such differences in viewpoint have pro- duced uneasiness among many minority staff members, 55) who feel that minority entrepreneurs and businesses should be judged by established business considerations.These staff members believe their point of view is closer to the original philosophy of MESBIC's and they are concerned that, unless a more prudent course is fol-lowed, MESBIC directors may revert to policies likely to re-create the disappointing results of the original SBA approach. 5. Based on information in the passage, which of thefollowing would be indicative of the pragmatism of MESBIC staff members?
Ⅰ.A reluctance to invest in minority businessesthat show marginal expectations of return onthe investments
Ⅱ. A desire to invest in minority businesses thatproduce goods and services likely to be of use to thesponsoring company
Ⅲ. A belief that the minority business sector is bestserved by investing primarily in newly establishedbusinesses (A)Ⅰonly (B) Ⅲ only (C)Ⅰand Ⅱ only (D)Ⅱ and Ⅲ only
对于实用主义的表现,pragmatism,文章的定位只在:The latter 50) often still think mainly in terms of the "social responsi-bility approach" and thus seem to prefer deals that are riskier and less attractive than normal investment criteria would warrant.
我得不出正确选项。。。。能不能解释一下,谢谢!~
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