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PMBDA APPROVES $355,000 IN LOANS FOR TWO PROJECTS

 PMBDA APPROVES $355,000 IN LOANS FOR TWO PROJECTS
 HARRISBURG, Pa., Oct. 22 /PRNewswire/ -- State Commerce Secretary


Andrew T. Greenberg announced today the approval of $355,000 in Pennsylvania Minority Business Development Authority (PMBDA) loans for small businesses in Philadelphia and Montgomery counties.
 The two projects, approved at the board's monthly meeting, are expected to create 13 jobs and preserve 35 others.
 "In times of economic uncertainty, PMBDA is using its resources to spur the creation and expansion of minority businesses," Greenberg said. "Our investments are helping minority entrepreneurs create jobs and opportunities."
 Greenberg noted that Sheppard-Patterson and Associates, a Montgomery County computer services firm, was approved for a $200,000 PMBDA loan, becoming the first company to secure its private financing through a direct loan guarantee program established by PMBDA and Meridian Bank.
 Meridian Bank, in a cooperative effort with PMBDA, approves, settles and services the loans through its guaranteed loan department.
 Sheppard-Patterson, located in Conshohocken, specializes in the development and management of mainframe systems for corporations and financial institutions.
 It will use the loan to purchase additional equipment and for working capital. The project is expected to create 11 jobs and preserve 25 others.
 The board also approved a $155,000 loan to EMSCO Scientific Enterprise Inc. at 51st Street and Parkside Avenue in Philadelphia.
 The chemical distributor will use the loan to purchase additional equipment and inventory and for working capital. The $255,000 project is expected to preserve 10 jobs and create two others.
 PMBDA loans may be used to purchase land or buildings, machinery and equipment and for working capital. The maximum loan amount is $200,000. For more information on PMBDA financing programs, contact the Pennsylvania Minority Business Development Authority, 461 Forum Building, Harrisburg, Pa., 17120.
 /delval/
 -0- 10/22/92
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/ CO: Pennsylvania Department of Commerce; Pennsylvania Minority Business
 Development Authority ST: Pennsylvania IN: SU:


MK -- PH046 -- 3783 10/22/92 15:34 EDT
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Date:Oct 22, 1992
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