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SBA, AT&T SMALL BUSINESS LENDING CORP. FORM LENDING PARTNERSHIP

 SBA, AT&T SMALL BUSINESS LENDING CORP. FORM LENDING PARTNERSHIP
 NEW YORK, Jan. 8 /PRNewswire/ -- The U.S. Small Business Administration (SBA) and AT&T Capital Corporation announced today that AT&T Small Business Lending Corporation (SBLC) has been approved as a licensed participant in the federal agency's business lending program.
 The license was transferred to AT&T SBLC from Gulf American SBL, Inc., a subsidiary of F.F.O. Financial Group, Inc., a Florida-based savings and loan holding company. The details of the transfer were not disclosed.
 AT&T SBLC, headquartered in Morristown, N.J., and a subsidiary of AT&T Capital Corporation, will provide loans to various small businesses, but initially will focus its efforts in the franchise market.
 SBA-guaranteed loans may be used to purchase a franchise, real estate, equipment, inventory or an existing business. Additionally, these loans may be used to meet working capital needs and to refinance existing debts.
 The SBA financing program was created by Congress in 1953 to provide capital to small businesses that cannot obtain financing without the federal agency's support. An SBLC licensed lender provides financial assistance to a small business borrower, partially through loan guarantees supplied by the SBA.
 Small business customers can inquire about AT&T SBLC's offerings by calling 800-221-SBLC.
 "With an SBA approved lender, AT&T Capital Corporation can expand its financing services to one of our most important customer groups -- the small business sector," said Thomas C. Wajnert, president and chief executive officer of AT&T Capital Corporation. "In the present economy, SBA financing provides a unique opportunity for both the entrepreneur and the small business customer with another outlet to meet their critical financing requirements."
 SBA Administrator Patricia Saiki said: "There has been a sharp increase within the past year in SBA-backed business loans. The addition of AT&T Capital Corporation to our roster of licensed lenders -- and along with that the corporation's financial reserves -- is further proof of the SBA's commitment to meet the borrowing needs of the small business community in these tough economic times."
 AT&T Capital Corporation, also headquartered in Morristown, N.J., provides leasing and financing services for an array of products. The company was established in 1985 to provide financing for AT&T products and services.
 Today, with more than $6 billion in assets, 500,000 customer accounts and 2,000 employees, AT&T Capital Corporation is one of the largest equipment-leasing and finance companies in the United States. It provides financing for both AT&T and non-AT&T products, including transportation, office, computer and manufacturing equipment.
 -0- 1/8/91
 /CONTACT: D.J. Caulfield of the U.S. Small Business Administration, 202-205-6744, or Patty Mullane of AT&T Capital Corporation, 201-397-8724 or, after hours, 908-273-0357/ CO: U.S. Small Business Administration; AT&T Capital Corporation ST: New York IN: SU:


SB -- DC022 -- 7929 01/08/92 16:09 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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