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FIRST UNION INVESTS $105,000 IN BLACK BUSINESS INVESTMENT CORPORATIONS

FIRST UNION INVESTS $105,000 IN BLACK BUSINESS INVESTMENT CORPORATIONS
 WEST PALM BEACH, Fla., Aug. 6 /PRNewswire/ -- First Union National Bank of Florida has invested $105,000 in the Palm Beach and Treasure Coast Black Business Investment Corporations for loans to minority-owned businesses.
 "This is part of our overall commitment to provide capital for minority businesses statewide," said Henry Johnson, First Union National Bank of Florida community development lendingdirector. "This is an investment in our communities as well as the businesses that will be funded."
 First Union has invested $75,000 to be used in Palm Beach County. Another $30,000 will be has been invested for minority businesses in the counties of Indian River, Martin and St. Lucie.
 The investment brings First Union's commitment to the four-county area to $210,000.
 The Black Business Investment Corporations (BBIC) program was established by the Florida Legislature in 1985. It set up a $5 million state venture capital fund to provide matching funds to locally formed BBICs which raise at least $500,000 to loan as seed money for emerging and expanding black businesses. First Union has invested more than $1.1 million for the statewide program.
 First Union National Bank of Florida, headquartered in Jacksonville, had assets of $27.2 billion at June 30, 1992 and deposits of $22.1 billion with 551 banking centers.
 -0- 8/6/92
 /CONTACT: (Palm Beach Corporation Contact) John Howard, Palm Beach Black Investment Corp., 407-845-8055, or (First Union Media Contact) George Owen, First Union Corporation, 1-800-669-5855/
 (FTU) CO: First Union Corporation; Palm Beach and Treasure Coast Black
 Business Investment Corporations ST: Florida IN: FIN SU: PDT


CM -- CH010 -- 7483 08/06/92 10:01 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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