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CAPITAL BANK LAUNCHES $20 MILLION SMALL BUSINESS LOAN PROGRAM

 MIAMI, Oct. 20 /PRNewswire/ -- Capital Bank will lend $20 million over the next five years to small business owners in economically disadvantaged areas as part of a new small business loan program, announced Abel Holtz, chairman and chief executive officer of the bank.
 Beginning Nov. 1, independently owned and operated businesses in low to moderate income neighborhoods can qualify for loans ranging from $5,000 to $50,000. These small businesses, which post revenues of $1 million or less or which employ 25 or fewer permanent full-time employees, can apply for a loan at any of Capital Bank's 28 locations in Dade, Broward and Palm Beach counties.
 "Based on discussions with community leaders and its own research, the bank's Community Reinvestment Act Committee recommended a loan program that offers smaller loans to meet the needs of small businesses who in the past have been unable to get loans for less than $25,000," Holtz said.
 A business owner's credit history and experience will be taken into consideration in cases where the company is relatively new. In addition, although CPA prepared financial statements are preferred, the bank will accept the most recent two years of corporate tax returns.
 In addition, on Thursday, Oct. 21, Capital Bank will host a "Small Business Information Seminar" in conjunction with Hot 105-FM. The seminar will introduce small business owners to the loan facilities and banking services offered by Capital Bank. The seminar will be held at 6 p.m. at Capital Bank's Cutler Ridge office located at 20901 SW 112 Ave. Business owners can call 305-536-1696 for further information.
 Since the institution was founded by Holtz in 1974, Capital has been committed to serving the needs of the community and providing financing to entrepreneurial small businesses. After Hurricane Andrew, Capital offered low-interest rate loans in conjunction with Miami's Beacon Council and the State of Florida Small Business Disaster Relief Loan Program.
 In recognition of Capital's community service, the minority-owned bank recently received the Greater Miami Chamber of Commerce Community Involvement Award at this year's Top Ten Hispanic Business Awards luncheon.
 -0- 10/20/93 R
 /CONTACT: Joann Makris, senior vice president/Marketing, Capital Bank, 305-536-1560/


CO: Capital Bank ST: Florida IN: FIN SU:

RK -- FL008 -- 4531 10/20/93 11:35 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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