Latino Initiatives for the Next Century (LINC) in collaboration with Millennium LMI and Ford Motor Co. will invest more than $1 billion to create 50 Hispanic-owned auto dealerships throughout the United States.

The partnership, announced at the United States Hispanic Chamber of Commerce conference on "Entrepreneurship", will focus to increase the number of Ford's Hispanic-owned dealerships from 88 to 138 over the next five years.

"The fact is independent Hispanic dealers, adequately capitalized and effectively managed, are essential to the marketing and sales of Ford products," stated George Frame, director of dealer development at Ford.

"We're excited that Ford shares our vision to empower Hispanics through entrepreneurship," said Rudy Mulder, chairman of LINC and Millennium LMI, the lending mechanism for the initiative. According to Bob Lunn, CEO of Millennium LMI, the fund targets companies and qualified individuals that ordinarily would not have the access to venture capital investment.

LINC, based in Chicago, provides a program of economic empowerment for Latinos in the U.S. through scholarships, education, job training and business ownership opportunities. LINC continues to draw support from government agencies and corporations like 7-Eleven, Coca-Cola and Arthur Anderson.