FLORIDA'S FOUR LEADING BANKS TO FINANCE $100 MILLION ECONOMIC DEVELOPMENT FUND ADMINISTERED BY HOMES FOR SOUTH FLORIDA INC.
FLORIDA'S FOUR LEADING BANKS TO FINANCE $100 MILLION ECONOMIC DEVELOPMENT FUND ADMINISTERED BY HOMES FOR SOUTH FLORIDA INC. MIAMI, Sept. 14 /PRNEWSWIRE/ -- Florida's four leading banking organizations announced today they will provide $100 million to finance economic development for businesses affected by Hurricane Andrew. The joint effort will be administered by Homes For South Florida, Inc., a consortium of lending institutions established in 1988 to arrange financing for housing projects in low-income areas. Barnett Banks, Inc. (NYSE: BBI), First Union National Bank of Florida, NationsBank of Florida and SunTrust Banks (NYSE: STI) will each provide $25 million for a total commitment of $100 million. The funds will be used to finance business loans for more than $100,000 for terms of three to seven years. Longer term loans will be available for commercial real estate financing. Applications are being accepted by Homes For South Florida from all businesses in Dade County which were affected by Hurricane Andrew. "Seeing these four major institutions join together tells you a great deal about the partnership that exists in this community to rebuild South Dade," said Marie Lee, Homes For South Florida executive director. "This bank effort neatly dovetails with the efforts of the We Will Rebuild,
the Beacon Council, the Small Business Administration, the State of Florida and other business and relief efforts, to get South Dade's businesses back into operation.
Homes for South Florida has traditionally focused in the last five years on turning unbankable situations into bankable ones, lending to the highest risk situations, to produce decent and affordable housing opportunities for Dade's lowest income households. We recently expanded that franchise to bring jobs and services to these low income markets. This new $100 million loan pool has the broader purpose of helping to rebuild South Dade's economy. We hope to serve any business whose collateral and/or cashflow may have been impaired by the hurricane. This is a community development effort that should send a clear that Dade County will again become the thriving economic community it was before Andrew. -0- 9/14/92 /CONTACT: Marie Lee, Homes For South Florida, 305-579-3076/ (FTU BBI NB STI) CO: Homes for South Florida, Inc.; Barnett Banks, Inc.; First Union National Bank of Florida; NationsBank of Florida; Suntrust Banks ST: Florida IN: FIN SU: FNC
CM -- CH010 -- 9275 09/14/92 16:05 EDT
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|Date:||Sep 14, 1992|
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