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$1.6 MILLION IN MINORITY BUSINESS DEVELOPMENT LOANS APPROVED

 HARRISBURG, Pa., June 24 /PRNewswire/ -- State Secretary of Commerce Andrew T. Greenberg today announced nearly $1.6 million in Pennsylvania Minority Business Development Authority (PMBDA) loans for seven projects that are expected to create 253 jobs and preserve 241 others.
 At its monthly meeting, the board of the authority approved loans for one project each in Allegheny, Delaware and Montgomery counties and loans for three projects in Philadelphia.
 "Each month, Pennsylvania Minority Business Development Authority (PMBDA) loans help minority entrepreneurs secure the capital they need to create new jobs in their communities," Greenberg said. "The ultimate return on these investments is the opportunities that are created as the result of these loans."
 The following loans were approved:
 -- Allegheny County -- $190,000 to Diverse Coatings Inc., 551 Larimer Rd. in Pittsburgh. The company, which manufactures water-based lacquer and decorating inks and cosmetic cleaning products, will use the loan for purchase of equipment and for working capital. The $250,000 project is expected to create seven jobs and preserve three others.
 -- Berks County -- $750,000 to Fidelity Technologies Corp., 2501 Kutztown Road in Reading. The company, which specializes in the manufacture and repair of electronics, will use the loan to renovate and upgrade its facility. The $1 million project is expected to create 71 jobs and preserve 147 others.
 -- Delaware County -- $90,000 to Paul Davis Systems Inc. at 14 East Woodland Ave., Springfield. The construction contractor will use the loan for purchase of equipment and for working capital. The $130,600 project is expected to create 10 jobs.
 -- Philadelphia County -- $250,000 to Strother Food Service Company at 4601 Market St. The food service company, which recently was awarded a joint contract with ARA to service the new Pennsylvania Convention Center in Philadelphia, will use the loan to expand the size of its operation as it services this new contract. The $350,000 project is expected to create 159 jobs and preserve 77 others.
 -- Philadelphia County -- $50,000 to Ducky's MISO at 1548 Wadsworth Ave. The sneaker retailer will use the loan for purchase of inventory and for working capital. The $75,000 project is expected to create three jobs and preserve one other.
 -- Philadelphia County -- $250,000 to Get Ready Inc. at 6715 Wissahickon Ave. The company specializes in the production of motivational musical products for educational institutions. The $333,000 project is expected to create three jobs and preserve 13 others.
 /delval/
 -0- 6/24/93
 /CONTACT: Dennis V. Curtin of the Pennsylvania Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce ST: Pennsylvania IN: SU:

JM -- PH025 -- 5476 06/24/93 17:02 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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