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LOW INTEREST RATE REVOLVING CONSTRUCTION LOAN FUND MAKES INITIAL LOANS IN SOUTH DADE

 MIAMI, Oct. 12 /PRNewswire/ -- The first two loans to businesses in South Dade are being made under the Shell Building Program managed by The Beacon Council. A $2 million grant from the U.S. Department of Commerce's Economic Development Administration funded the program.
 The loans, limited to the hurricane-affected area south of SW 88 Street, must be utilized for the construction of new buildings or the repair of existing buildings. Interest rates are set at two percent below prime rate, but never less than a fixed rate of four percent. Each loan must generate a minimum of 30 new jobs, and will be made for a period of one to two years.
 One of the initial two loans, totaling $1,050,000, is being provided to minority women-owned business, Shopping Investment Company, Inc., housed in Homestead. The other loan is being given to Noven Pharmaceuticals, Inc. and will be used for renovation and modernization of its manufacturing and administrative facilities.
 Currently three additional loans are pending final approval. All applicants are minorities, and two are women-owned.
 For information about how to obtain a loan, call Alina Delgado at The Beacon Council at 305-536-8086.
 -0- 10/12/93
 /CONTACT: Lynn H. Roberts of The Beacon Council, 305-536-8032/


CO: The Beacon Council; U.S. Department of Commerce, Economic
 Development Administration ST: Florida IN: FIN SU:


RK-PC -- FL010 -- 1195 10/12/93 14:36 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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