Printer Friendly

COMMERCE DEPARTMENT ANNOUNCES LOAN GUARANTEE PROGRAM

 COMMERCE DEPARTMENT ANNOUNCES LOAN GUARANTEE PROGRAM
 HARRISBURG, Pa., Feb. 27 /PRNewswire/ -- Commerce Secretary Andrew


T. Greenberg said today that the Pennsylvania Minority Business Development Authority (PMBDA) and Meridian Bank have combined to form a new loan guarantee program for minority owned-businesses.
 The two-year pilot program will initially be available for minority businesses in eastern and central Pennsylvania. The program offers an additional loan source outside of the standard PMBDA loan pool.
 "Traditionally, access to capital has been one of the biggest hurdles facing minority businesses," Greenberg said. "The PMBDA/ Meridian loan guarantee program gives minority firms access to additional sources of much-needed private capital.
 "This is a classic example of government and business working together to create jobs and opportunities for Pennsylvania's working men and women."
 Greenberg said Meridian Bank will process and service the loans, which are guaranteed by PMBDA. The interest rate is 1/2 percent over the national commercial rate.
 "Minority businesses are the backbone of neighborhood economic development," said Nora Mead Brownell, Meridian vice president of corporate community relations. "We are pleased to work with PMBDA to launch a program that will provide a new source of loan funds for our customers in the minority business community."
 The PMBDA-guaranteed loans must meet PMBDA loan guidelines and can be used for construction, expansion or conversion of plant facilities, the purchase of equipment and inventory, the financing of accounts receivable and for working capital. The minimum loan amount is $25,000 and the maximum loan amount is $200,000.
 Applications for the guaranteed loan program are made through Meridian Bank or the PMBDA. For approved locations, applicants should contact the PMBDA, 717-783-1127, or Meridian Bank Guaranteed Loan Department, 215-320-2924.
 /delval/
 -0- 2/27/92
 /CONTACT: Ron Jury of the Department of Commerce, 717-783-1132/ CO: Department of Commerce; Meridian Bank ST: Pennsylvania IN: FIN SU: PDT


MK -- PH026 -- 3395 02/27/92 15:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 27, 1992
Words:316
Previous Article:C-17 SHOWS PRODUCTION IMPROVEMENTS
Next Article:PIC 'N' SAVE TO DONATE RECEIPTS
Topics:


Related Articles
PMBDA APPROVES $355,000 IN LOANS FOR TWO PROJECTS
CFI PROSERVICES INTRODUCES SOFTWARE PRODUCT THAT SIMPLIFIES SBA LENDING
BANK OF COMMERCE REPORTS 1995 EARNINGS RESULTS
BANK OF COMMERCE TO OPEN THREE NEW SBA LOAN OFFICES
Bank Of Commerce Leads SBA Bank Lenders In '96
Bank of Commerce First Quarter Net Income Increases 77%; SBA Net Loans Increase 53%
Government Waives Fees on Small Business Loans in Select Areas Including Santa Ana
Financial assistance. (Indiana: Small Business Reference Guide).
Ex-Im Bank: a valuable partner for IFA members seeking to export Ex-Im Bank's financing is more critical and useful than ever before in the current...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters