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STATE APPROVES $450,000 IN LOANS FOR FOUR PROJECTS

 STATE APPROVES $450,000 IN LOANS FOR FOUR PROJECTS
 HARRISBURG, Pa., Aug. 27 /PRNewswire/ -- Commerce Secretary Andrew


T. Greenberg announced today the approval of $450,000 in Pennsylvania Minority Business Development Authority (PMBDA) loans for four projects.
 The loans will be used for the start-up of two small businesses in Philadelphia and the expansion of businesses in Montgomery and Philadelphia counties. The projects, which were approved at PMBDA's monthly meeting, are expected to create 28 jobs and preserve 44 jobs.
 "Small businesses are the backbone of our economy," Greenberg said. "Through PMBDA, we're helping minority entrepreneurs secure the capital and technical assistance needed to create new jobs and opportunities."
 The following projects were approved:
 Montgomery County -- $100,000 for the expansion of Ophthalmic Associates Inc. at 1811 Bethlehem Pike in Flourtown. The firm, which offers full-service eye care, will use the loan to purchase equipment and for working capital. The $134,000 project is expected to create three jobs and preserve one job.
 Philadelphia County -- $200,000 for the expansion of Systems and Service Pros Inc. at 1430 W. Somerville Ave. The company, which specializes in computer sales and service, will use the loan to hire additional employees. The $469,000 project is expected to create 18 jobs and preserve 43 jobs.
 Philadelphia County -- $100,000 for the start-up of Glasses Made Eazy Inc. at 1726 W. Glenwood Ave. The full-service eye glass company will use the loan to acquire and renovate its building and to purchase equipment and inventory. The $157,000 project is expected to create four jobs.
 Philadelphia County -- $50,000 for the start-up of New Dynasty Development Limited at 1033 Race St. The loan will be used to help start a pre-school and learning center for Chinese-Americans interested in learning English. Located in Philadelphia's Chinatown, the firm will use the loan for renovations and to purchase furniture and equipment. The $469,000 project is expected to create three jobs.
 PMBDA loans may be used to purchase land or buildings, machinery and equipment and for working capital. The maximum loan amount is $200,000.
 /delval/
 -0- 8/27/92
 /CONTACT: Dennis V. Curtin of the Department of Commerce, 717-783-1132/ CO: Pennsylvania Governor's Office ST: Pennsylvania IN: SU:


MJ -- PH033 -- 4138 08/27/92 17:12 EDT
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