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INTEGRA BANK/PITTSBURGH AND CITY OF PITTSBURGH ANNOUNCE CAPITAL LOAN PROGRAM

 PITTSBURGH, Aug. 24 /PRNewswire/ -- Integra Bank/Pittsburgh President and Chief Executive Officer Gayland Cook and Mayor Sophie Masloff today announced the introduction of CAPITALoan, a program that provides immediate financing to small businesses that have provided goods or services to the City of Pittsburgh.
 Through CAPITALoan, small business owners can receive an Integra Bank loan on the same day that they submit an invoice to the city. The program was designed to meet the short-term working capital needs of small businesses. By providing greater flexibility and cash flow, the program enables small businesses to seek additional work in the public or private sector immediately upon completing work for the city.
 "Small business enterprise is the backbone of our community. When these businesses realize growth, our neighborhoods realize strength and vitality for the future," Cook said. "We're very pleased to join the City of Pittsburgh in an ongoing commitment to the small business community."
 Masloff commented, "The CAPITALoan program exemplifies the type of teamwork that makes Pittsburgh a great place to live, work and conduct business. We expect this program to have a far-reaching impact for the small businesses who provide talents and expertise for the City of Pittsburgh."
 The CAPITALoan program is targeted toward businesses that have been awarded a service or professional services contract by the City of Pittsburgh and are owned by individuals with a personal net worth that does not exceed $250,000.
 Participants approved for the program can borrow 80 percent of the invoice amount not to exceed the available balance of the loan. When the city is ready to disburse funds on a submitted invoice, the city will send the full invoice amount to Integra. Integra will apply the proceeds immediately to the outstanding balance of the loan. The remaining proceeds will be either directly deposited into the participant's business checking account at Integra Bank/Pittsburgh or forwarded to the participant. Participants will be billed monthly for interest on the principal balance of the loan as long as the payment from the city is outstanding.
 Norman Edmunds, owner of Pittsburgh Restoration Services and the program's first participant, commented that, "Working capital is the heart and soul of every venture a small business undertakes. Today, Pittsburgh Restoration Services can realize more opportunity than ever before because of this program."
 For more information about the CAPITALoan program, call the City of Pittsburgh Office of Minority and Women's Business Enterprise at 412-255-8804, or Integra's Community Development Lending Department at 412-355-2226.
 Integra Bank/Pittsburgh has 126 branches and serves Allegheny, Beaver, Butler and Westmoreland counties. Integra Bank/Pittsburgh is an affiliate of Integra Financial Corporation (NYSE: ITG), the third largest bank holding company in western Pennsylvania.
 -0- 8/24/93
 /CONTACT: Lew Borman of the mayor's office, 412-255-2533, or Betsy Fitzpatrick of Integra, 412-644-8085/
 (ITG)


CO: Integra Bank/Pittsburgh; City of Pittsburgh; Pittsburgh Restoration
 Services ST: Pennsylvania IN: FIN SU:


CD-KC -- PG006 -- 5405 08/24/93 10:59 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
Words:490
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