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MELLON MAKES FIRST LOAN THROUGH CITY'S MINORITY CONTRACTOR LOAN PROGRAM

MELLON MAKES FIRST LOAN THROUGH CITY'S MINORITY CONTRACTOR LOAN PROGRAM
 PITTSBURGH, Dec. 5 /PRNewswire/ -- Ridley & Mark, Inc., a minority-owned business from Homewood-Brushton, has received a $13,000 loan from Mellon Bank as the initial disbursement from the City of Pittsburgh's Minority Contractor Working Capital Loan Program, it was announced today.
 The Urban Redevelopment Authority (URA) and Mellon Bank announced earlier this year the establishment of a $200,000 pool of funds for loans to minority contractors as a means of helping contractors compete for city and private work. If this demonstration program is successful, it could be expanded in terms of total dollars and the number of banks participating to become a permanent part of the URA's Small and Minority Contractors Assistance Program.
 "This program should help minority contractors who often have a difficult time raising capital for their projects," said Frank V. Cahouet, chairman, president and CEO of Mellon Bank. "The city and individual contractors will benefit from these loans, and we're pleased to work with the URA on another project that will benefit Pittsburgh."
 "My administration is committed to helping Pittsburgh's minority contractors get their fair share of construction contracts," Mayor Sophie Masloff said. "This innovative program is one facet of our comprehensive efforts to achieve that goal.
 "We are delighted to be working with Mellon Bank and the URA to assure that minority contractors are deeply involved in the ongoing development of the city."
 Mark Ridley, owner of Ridley & Mark, Inc., is using proceeds from the loan fund to purchase material and labor for an electrical wiring job on a commercial building on Penn Avenue in Bloomfield.
 Each loan in the program is expected to be between $10,000 and $15,000 and should be repaid within 90 days. The URA has purchased a $150,000 certificate of deposit at Mellon to guarantee 75 percent of each loan. To participate in the program, contractors must reside in Pittsburgh, and their project must be within city limits.
 Contractors who are interested in more information on the program or in applying for loans should contact Scott Brown, program manager at Mellon Bank, at 412-236-1071.
 -0- 12/5/91
 /CONTACT: J.T. Tuskan of Mellon Bank Corporation, 412-234-0850/ CO: Mellon Bank Corporation ST: Pennsylvania IN: FIN SU:


CD -- PG004 -- 9682 12/05/91 12:40 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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