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THE BEACON COUNCIL RECEIVES U.S. DEPARTMENT OF COMMERCE GRANT FOR CONSTRUCTION LOANS TO CREATE JOBS IN HURRICANE AFFECTED AREA

 MIAMI, May 13 /PRNewswire/ -- The Beacon Council announced it has been awarded a $2 million grant by the U.S. Department of Commerce's Economic Development Administration to be used in the form of construction loans to create jobs in hurricane affected areas in Dade County.
 This grant is the first to be issued in Florida from funds allocated by Congress in the wake of the destruction of Hurricane Andrew. A total of $72 million was allocated to Florida, Hawaii, Louisiana, Kansas and Guam.
 The grant will be used to create a revolving loan fund, which Th Beacon Council will manage. The loans, which will be for a minimum of $200,000 and a maximum of $750,000, can be used for construction of new commercial or industrial buildings, or the rehabilitation of hurricane damaged commercial or industrial buildings.
 John C. Anderson, president of The Beacon Council, said, "The loans will be granted to hurricane damaged businesses south of S.W. 88 Street in Dade, following a thorough impartial review process. We are also stressing the importance of creating new jobs paying higher than average wages."
 According to Boyd Rose, director of the Miami Field Office of the Economic Development Administration, "Two projects located in the targeted areas that have been identified by The Beacon Council and Dade County representatives as industries that might utilize the programs and create new jobs quickly. These projects could produce job opportunities in less than a year."
 Anderson added, "The creation of the revolving loan fund has long term implications for South Dade. A similar grant of $1.5 million in South Carolina in the wake of Hurricane Hugo has now generated more than $14 million in investment."
 "The shell building program is a direct means of generating economic development in devastated areas," said Alan Rubin, director of government programs for The Beacon Council. "It provides a valuable incentive to the rebuilding of the area," Rubin added.
 Development of the necessary requirements for these loans will be completed no later than June 1.
 -0- 5/13/93
 /CONTACT: Lynn H. Roberts, 305-536-8032, or Alan Rubin, 305-536-8071, both of The Beacon Council/


CO: The Beacon Council; U.S. Department of Commerce ST: Florida IN: SU:

AW-JB -- FL010 -- 8297 05/13/93 16:30 EDT
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Date:May 13, 1993
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