Mega Group Inc., formerly a holding company for independent insurance agencies based in New York, announced it has acquired the Small Business Investment Corporation of America Inc. (SBICOA). The transition was achieved through a stock-for-stock exchange. Former SBICOA shareholders have acquired a controlling interest in Mega Group.
Mega Group plans on operating either directly or through SBICOA as a specialized financial institution, known as a Community and Individual Investment Corporation, under the initiative of the U.S. Department of Housing and Urban Development. In executing its current business plan, Mega Group will provide diversified financial services to ethnic communities and faith-based entities.
Mega Group intends to continue to provide administrative services to an investment club affiliated with SBICOA. The plans call for seeking additional exchange listings for its common stock and will seek to raise funds through various sources, including additional equity offerings.
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