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NATIONSBANK FORMS PARTNERSHIP WITH THE STATE OF MARYLAND

 BETHESDA, Md., July 29 /PRNewswire/ -- NationsBank (NYSE: NB) today announced it has formed a partnership with the State of Maryland to assist small and minority contractors with financing on projects awarded by the State of Maryland Department of General Services.
 The purpose of the pilot program is to provide an alternative source of financing to state certified minority prime contractors and sub- contractors to increase their opportunity for obtaining contract bids with the State of Maryland.
 The program is open to businesses with revenues up to $5 million and is available on all contracts awarded by the Department of General Services. Through the program, NationsBank will provide lines of credit for working capital and term loans for equipment financing. Applicants for financing must have a satisfactory credit history and a good performance track record with government contracting.
 The pilot phase of the program is underway. If the pilot program is successful, a permanent program will be set up.
 "In our discussions with state officials, it became obvious that these contractors are a good fit for the NationsBank Business Banking Unit, which was formed to reach the underserved business market," said G.S. (Sandy) Fitz-Hugh, who manages Business Banking for NationsBank in the Washington/Baltimore region.
 "We at NationsBank firmly believe in public/private partnerships. We are confident that the partnership between NationsBank and the State of Maryland will be a positive step toward increasing opportunities for small and minority businesses in Maryland."
 "We have found that cash flow has been the primary reason that small and minority businesses are not awarded contracts," said Mitchell Smith, executive director of the Office of Minority Affairs. "This program will reduce the cash flow problem and put small and minority contractors in a better position to submit competitive bids."
 NationsBank is the fifth-largest banking company in the United States with more than $121 billion in assets and full-service banks in nine states and the District of Columbia.
 For more information on the program, contact the Office of Minority Affairs, 301 W. Preston St., Suite 1005, Baltimore, MD 21201. Inquiries on bids should be directed to Teresa Gee, Minority Enterprise Liaison Officer, Department of General Services, 301 W. Preston St., Suite 1211, Baltimore, MD 21201.
 -0- 7/29/93
 /CONTACT: Patricia Wagaman of NationsBank, 301-493-2851/
 (NB)


CO: NationsBank Corporation; State of Maryland ST: Maryland IN: FIN SU:

BR-BN -- AT007 -- 7399 07/29/93 10:28 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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