Printer Friendly

FIRST INDEPENDENCE AND MSHDA RENEW COMMITMENT TO MICHIGAN CONTRACTORS

 DETROIT, Aug. 23 /PRNewswire/ -- First Independence National Bank and the Michigan State Housing Development Authority (MSHDA) announced that they will continue and expand the Contractor Assistance Program (CAP), introduced in 1992. CAP is a partnership between First Independence and MSHDA that provides working capital loans, networking opportunities and ongoing skills training to help qualifying Michigan contractors build strong businesses.
 In 1992-93, First Independence and MSHDA dispersed or approved $638,000 in loans through CAP to Michigan contractors, and completed classroom training for one class of 12 contractors. First Independence and MSHDA agreed recently to expand the program in 1993-94, to make available $1,875,000 in loans and to increase the number of training programs to four.
 "The program has been successful far beyond our original expectations," said Don Davis, chairman of First Independence National Bank. "CAP is part of our comprehensive community and economic development program for the Wayne County and Detroit area. We are pleased to join MSHDA in playing a major role in increasing the competitiveness of Michigan's small, minority- and women-owned businesses."
 With better access to working capital, contractors can more easily obtain bonding for construction projects. CAP offers low-interest, working capital loans of up to $50,000 to qualifying small contractors. The loans are made and administered by First Independence National Bank.
 The training component of CAP teaches business skills such as estimating and bidding, budgeting, scheduling, cash management, cost control and financial reporting. The training program is administered by representatives of First Independence Bank, the local construction industry and other professionals from the community.
 Davis said, "As Detroit's community bank, we will continue to provide programs and services that respond to the needs of the people in our community and help them build their neighborhoods and businesses."
 To be eligible for participation in CAP, contractors must have two years' experience and meet specific financial criteria. For more information, call Micah Glenn at First Independence National Bank at 313-256-8200.
 Detroit-based First Independence National Bank is Michigan's oldest and largest minority-owned-and-operated financial institution.
 -0- 8/23/93
 /CONTACT: Dick Kelley of Anthony M. Franco, Inc., 313-567-5003, for First Independence National Bank/


CO: First Independence National Bank;
 Michigan State Housing Development Authority ST: Michigan IN: FIN SU:


ML -- DE013 -- 5023 08/23/93 11:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 23, 1993
Words:379
Previous Article:GM PERFORMANCE PARTS TO SPONSOR CASI CUSTOM CAR SHOW SERIES
Next Article:FORD LEADS THE WORLD IN DUAL AIR BAGS
Topics:

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