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MINORITY BUSINESS DEVELOPMENT LOANS AND GUARANTEES TO HELP CREATE 352 JOBS AND PRESERVE 127 OTHERS

 HARRISBURG, Pa., July 23 /PRNewswire/ -- State Commerce Secretary Andrew T. Greenberg today announced the approval of more than $1.4 million in Pennsylvania Minority Business Development Authority (PMBDA) loans for four projects and $808,000 in loan guarantees for two others.
 The six projects are expected to create 352 jobs and preserve 127 others.
 The loans and loan guarantees, which were approved at PMBDA's monthly meeting, will fund three projects in Philadelphia, one each in Lancaster and Montgomery counties, and one involving Allegheny, Cambria and Washington counties.
 "To serve Pennsylvania's minority small businesses better, PMBDA has increased its loan limit for some projects from $200,000 to $750,000," Greenberg said. "In addition, PMBDA is guaranteeing private loans for minority small businesses.
 "The increased loan limit and the loan guarantee program will help fund larger projects that create more jobs, which is important when you consider that there are more than 30,000 minority businesses in Pennsylvania."
 The following projects were approved:
 LOANS
 Allegheny/Cambria/Washington counties -- $500,000 to B.T. Woodlip Inc. in Pittsburgh. The restaurant developer will use the loan to establish Applebee restaurants in West Mifflin, Johnstown and Peters townships. The $3.4 million project is expected to create 330 jobs.
 Lancaster County -- $250,000 for the start-up of Fisher Powell Steel Corp. at 144 City Mill Road Lane, Lancaster. The loan will be used to acquire the assets of S.S. Fisher Steel Corp., a steel fabrication company. The $2.6 million project is expected to preserve 120 existing jobs.
 Philadelphia County -- $350,000 to Blue Horizon Auditorium at 1314 N. Broad St. The loan will be used to acquire a banquet hall near Temple University. The $600,000 project is expected to create 16 jobs.
 Philadelphia County -- $350,000 for the start-up of Sun Apparel Warehouse Inc. at 2905 Southampton Road. The loan will be used to establish a clothing warehouse/distribution/resale center. The $517,000 project is expected to create 15 jobs.
 LOAN GUARANTEES
 Montgomery County -- a $628,000 loan guarantee through Meridian Bank to Anncor Development Ltd. in Pottstown. The general contractor has contracted with the government of St. Kitts Island, West Indies, to build 100 homes on the island. The government will then sell the homes to the island's citizens. The company has indicated it will purchase its materials and equipment in Pennsylvania. The $778,000 project is expected to create one job and preserve two others.
 Philadelphia County -- a $180,000 loan guarantee through Meridian Bank to Jae Hong Inc. at 4500-20 N. Third St. The distributor of disposable dinnerware will use the loan to expand into the frozen food distribution business. The $270,000 project is expected to create three jobs and preserve six others.
 Loans through PMBDA, part of the state Department of Commerce, may be used to purchase land, buildings, machinery and equipment and for working capital. The maximum loan amount is $750,000.
 For more information on PMBDA financing programs, contact the Pennsylvania Minority Development Authority, 461 Forum Building, Harrisburg, Pa., 17120.
 /delval/
 -0- 7/23/93
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce; Pennsylvania Minority
 Development Authority ST: Pennsylvania IN: SU:


MJ -- PH023 -- 5282 07/23/93 16:10 EDT
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Date:Jul 23, 1993
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