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FIRST UNION NATIONAL BANK OF FLORIDA INVESTS $50,000.00 IN FIRST COAST BLACK BUSINESS INVESTMENT CORPORATION

 FIRST UNION NATIONAL BANK OF FLORIDA INVESTS $50,000.00
 IN FIRST COAST BLACK BUSINESS INVESTMENT CORPORATION
 JACKSONVILLE, Fla., Aug. 20 /PRNewswire/ -- First Union National Bank of Florida has invested $50,000.00 towards the First Coast Black Business Investment Corporation (FCBBIC) Recapitalization effort. The FCBBIC which was established in 1987, provides loans and technical assistance to local black-owned businesses. This investment brings First Union National Bank's commitment to the FCBBIC to $250,000.00.
 "This is part of our overall commitment to provide loan capital for minority business statewide," said Denny Clark, First Union National Bank of Florida Community Relations Development Officer for Jacksonville. "This is an investment in our community and local black businesses."
 "First Union continues to be committed to the efforts of the FCBBIC in promoting black economic development," said Tony D. Nelson, FCBBIC President.
 The Black Business Investment Corporation's (BBIC) program was established by the Florida Legislature in 1985. It setup a $5 million state capital fund to provide matching funds to locally formed BBIC's which raised a minimum of $500,000.00 to provide loans for emerging and expanding black-owned businesses.
 The FCBBIC now in its 4th year of operation has invested over 1.2 million dollars of loans to local black entrepreneurs. These 84 loans represent a broad range of businesses and has created and maintained over 215 jobs in the Jacksonville community.
 First Union National Bank of Florida, headquartered in Jacksonville, had assets of $27.2 billion at June 30, 1992 and deposits of $22.1 billion with 551 banking centers.
 (FTU)
 -0- 8/20/92
 /CONTACT: Tony Nelson, First Coast Black Business Investment Corporation, 904-634-0543, or Denny Clark, First Union, 904-361-3670/
 (FTU) CO: First Union National Bank of Florida; First Coast Black Business
 Investment Corporation ST: Florida IN: FIN SU:


JZ -- CH003 -- 1748 08/20/92 13:30 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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