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 MINNEAPOLIS, Dec. 10 /PRNewswire/ -- Milestone Growth Fund, a Minnesota-based venture capital firm that provides long-term financing and management assistance to minority-owned businesses, has received $1.3 million from the sale of 1,300,000 shares of preferred stock to the U.S. Small Business Administration (SBA).
 "This capital infusion from the SBA will enable Milestone to leverage the substantial investment portfolio we have already built since the company was formed in 1990," said Esperanza Guerrero-Anderson, president and CEO of Milestone. "With initial funding of $2 million from 22 Minnesota corporations and foundations, we have helped develop and grow 15 minority-owned businesses. We are grateful for the support of these private investors during our start-up phase and on Monday, Dec. 13 they will come together with directors and loan recipients to celebrate this 'milestone' achieved for Milestone Growth Fund."
 In December 1989, Milestone Growth Fund was granted a license from the Small Business Administration to operate as a specialized small business investment company (SSBIC). As an SSBIC, Milestone will receive $4 in federal money for every dollar it raises.
 Guerrero-Anderson said that Milestone provides equity financing "only to established minority businesses nationwide with good potential for success. More minorities need to own larger businesses to provide jobs and role models in their own communities. It is this mission that Milestone Growth Fund seeks to fulfill.
 "While these two milestones are indeed important to our company, we have only begun our work," she said. "Our next goal is to raise additional private capital which we can again leverage with SBA funds to provide funds to an even greater number of minority businesses. Most important, we have demonstrated to the business community that minority businesses can succeed and this, in turn, will open the door to other entrepreneurs seeking economic self-sufficiency.
 Milestone Growth Fund Investment Portfolio Dec. 10, 1993
 Armor Security, Inc., Minneapolis -- Full service alarm and locksmith serving the Twin Cities
 Construction Administrative Services, Inc. (CASI), Minneapolis -- Administrative support services for construction-related businesses
 Citywide Broadcasting Corporation, Citywide Broadcasting of Lafayette, Inc., WXOK, Inc., Baton Rouge, La. -- Radio station owner/operator in Louisiana
 Cultural Exchange Corporation, Minneapolis -- Manufacturer of ethnic-oriented dolls, games and greeting cards
 French Accent of Minnesota Inc., Minneapolis -- Manufacturer of frozen pizzas and pies
 Horton Hotel, Brooklyn Park, Minn. -- Hotel management company which operates the Northwest Inn Best Western conference center/hotel
 Kumar Mechanical, Inc., New Brighton, Minn. -- Mechanical contractor (HVAC) and complete mechanical construction
 Morgen Capital Management, Minneapolis -- Money management firm serving pension funds, endowments and high net worth individuals
 Robodyne Corporation, St. Anthony, Minn. -- Production systems to standardize feeding of electronic components
 Sensor Devices Incorporated (SDI), Waukesha, Wis. -- Electronic probes to measure blood oxygen levels in hospitals and home care
 T&R Rigging, Blaine, Minn. -- Contractor specializing in heavy hauling & construction on bridges
 Two Guys from Italy, Edina and White Bear Lake, Minn. -- Authentic Italian restaurants featuring classic Italian food created from family recipes
 Consolidated Industries, Inc., Huntsville, Ala. -- Contract manufacturing and engineering services
 Independent Packing Services, Inc., Brooklyn Park -- Specialized packaging for domestic and foreign shipping
 Thomas Pontiac, Buick, GMC, Inc., Coon Rapids, Minn. -- Owner/operator of three new and used car dealerships in Twin Cities
 Milestone Growth Fund, Inc.
 Contributor List
 3M Foundation
 Dayton Hudson Foundation
 First Bank System, Inc.
 Fortis Insurance & Benefits Co.
 General Mills Foundation
 Honeywell Foundation
 Investment Advisers Inc.
 National City Bank
 Northern States Power Co.
 Northwest Area Foundation
 Norwest Foundation
 The Bush Foundation
 The Cargill Foundation
 The Fredrikson & Byron Foundation
 The Josten's Foundation
 The McKnight Foundation
 The Minneapolis Foundation
 The St. Paul Companies
 US West Communications
 West Publishing
 -0- 12/10/93
 /CONTACT: Esperanza Guerrero-Anderson of Milestone Growth Fund, 612-378-9363/

CO: Milestone Growth Fund ST: Minnesota IN: FIN SU:

AL-DB -- MN011 -- 2826 12/10/93 17:45 EST
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Publication:PR Newswire
Date:Dec 10, 1993

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