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AMERICAN PACIFIC AWARDS FIRST VETFRAN LOAN

 AMERICAN PACIFIC AWARDS FIRST VETFRAN LOAN
 SHERMAN OAKS, Calif., Nov. 20 /PRNewswire/ -- American Pacific


State Bank, the first key lender in the newly developed Veterans Transition Franchise Initiative (VETFRAN) program today announced that it has awarded its first Small Business Administration (SBA) guaranteed loan to U.S. Air Force veteran Elridge Daigle, of Moreno Valley, Calif., for the purchase of Cash Plus franchise under the program.
 American Pacific State Bank, one of the oldest and largest producers of SBA guaranteed loans in the United States teamed up with Cash Plus Inc., a Southern California franchisor, to structure and award the first VETFRAN/SBA loan in the United States.
 The VETFRAN program makes it easier for veterans to purchase franchise businesses from more than 100 participating franchises by either providing reductions in up-front franchise fees or financing up to 50 percent of the fee at prevailing market rates.
 The program was created by Texas entrepreneur Don Dwyer and is sponsored and supported by the International Franchise Association and the SBA.
 James E. Whitney, senior vice president of the bank's SBA Loan Division, said, "Mr. Daigle is typical of the veteran we think will take advantage of the new program. Owning his own business has been his dream."
 Daigle has been employed in the aerospace industry since his retirement as a non-commissioned officer in the U.S. Air Force in 1974.
 "The VETFRAN program has made it possible for this veteran's dream to become a reality, and we, at American Pacific, have a great feeling because we helped make it happen for him," said Whitney.
 Under the terms of the program, all veterans are eligible to apply for VETFRAN funding by Aug. 15, 1993. Members of the armed forces who return to civilian life by that date will have two years from their date of discharge to take advantage of the program. All applicants must meet the qualifications set down by the chosen franchise company and the participating key lender.
 Veterans interested in obtaining more information on the program should call Whitney at 800-SBA-KWIK or the VETFRAN office at 817-756-2122.
 -0- 11/20/91
 /CONTACT: James Whitney of American Pacific State Bank, 818-783-9943/ CO: American Pacific State Bank ST: California IN: FIN SU:


AW-MR -- LA024 -- 5539 11/20/91 15:43 EST
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Publication:PR Newswire
Date:Nov 20, 1991
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