Printer Friendly

NATIONSBANK MAKES $500,000 COMMITMENT TO THE ATLANTA PROJECT

 NATIONSBANK MAKES $500,000 COMMITMENT TO THE ATLANTA PROJECT
 ATLANTA, Sept. 23 /PRNewswire/ -- NationsBank (NYSE: NB) announced today it has agreed to lend up to $500,000 to small businesses in one cluster of The Atlanta Project as part of a pilot program to spur economic development in that part of the city.
 The $500,000 commitment will be available to businesses in the Crim Cluster of The Atlanta Project. The loans will be used to help small businesses there finance purchase orders from customers. The program's purpose is to aid businesses that need additional capital -- but cannot obtain these funds through typical bank loans -- to obtain financing for these transactions. Individual businesses within the cluster may borrow up to $50,000 each.
 The Economic Development Task Force of the Crim Cluster has worked with NationsBank lending officers to establish criteria for Crim Cluster businesses that want to participate in the pilot program. After a review of loan applications by the task force, NationsBank will evaluate specific requests for loans.
 "For Atlanta's neighborhoods to grow economically, banks must inject capital into the city's existing small businesses," said Ken Lewis, president of the General Bank of NationsBank in Atlanta. "We think this pilot program is an excellent first step. By working closely with the cluster's Economic Development Task Force, we can make the type of loans that help an existing business expand and add jobs."
 Crim's Economic Development Task Force, headed by Ken Lloyd, has started taking loan applications from Crim Cluster businesses.
 After three months, the task force and NationsBank will study the program's results. At that time, the task force and NationsBank will determine if a permanent program can be established.
 NationsBank has contributed $500,000 to The Atlanta Project and is also a partner with the Southside Cluster. The Atlanta Project has apportioned the city into 20 clusters, each made up of sections of the city surrounding a high school. Crim High School is the focal point of the Crim Cluster and Southside High School is the high school in the Southside Cluster.
 NationsBank also has pledged to develop an economic growth model that can be used in all clusters of The Atlanta Project. The pilot project in the Crim Cluster is just one piece of a larger economic program under development by NationsBank that will include loans for affordable housing, small businesses, commercial and real estate development, and consumer products.
 NationsBank is the fourth-largest U.S. banking company with assets of $111 billion and more than 1,800 banking offices in nine states and the District of Columbia.
 -0- 9/23/92
 /CONTACT: Scott Scredon of NationsBank, 404-607-5225/
 (NB) CO: NationsBank Corporation; The Atlanta Project ST: Georgia IN: FIN SU:


BR-BN -- AT002 -- 2476 09/23/92 08:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1992
Words:462
Previous Article:KAUFMAN AND BROAD REPORTS THIRD QUARTER EARNINGS OF $5.9 MILLION
Next Article:FEDERAL-MOGUL DECLARES FOURTH-QUARTER DIVIDEND
Topics:


Related Articles
NATIONSBANK JOINS EFFORTS TO ASSIST IN HURRICANE RELIEF
ATLANTA PROJECT, NATIONSBANK VOLUNTEERS TO SERVE THANKSGIVING MEALS
NATIONSBANK, NAACP OPEN COMMUNITY DEVELOPMENT RESOURCE CENTER
NATIONSBANK ANNOUNCES NEW LENDING UNIT TO TARGET SMALL BUSINESSES
NATIONSBANK TO PURCHASE, RENOVATE 11 FORECLOSED APARTMENT COMPLEXES
NATIONSBANK MAKES $82.2 MILLION IN COMMUNITY INVESTMENT LOANS
PUBLIC/PRIVATE PARTNERSHIP CREATES 36 NEW AFFORDABLE HOMES IN RALEIGH
NATIONSBANK HOMETOWN HOPEFULS TO SUPPORT ASPIRING ATHLETES
NATIONSBANK REPORTS LENDING RECORD FOR 1994
NationsBank to Present First Two Checks From Arson Fund

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters