
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, October 6, 1994                   TAG: 9410060029
SECTION: BUSINESS                    PAGE: B-8 BUSINESS   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

SIGNET CREATES CENTER FOR GOVERNMENT LOANS

Signet Banking Corp. said Wednesday it has created a one-stop "government loan center" to help small companies identify, understand and apply for the government-lending program that best meets their needs.

Randolph Shelton, manager of the center, said many government agencies have begun to boost their lending programs to funnel more capital to small businesses, particularly those owned by minorities and women.

As an example, he said, the Small Business Administration increased its guaranteed lending by nearly 22 percent, from $3.7 billion in 1991 to $4.5 billion in 1992. In the first 10 months of fiscal 1994, the SBA provided $6.1 billion in guaranteed loans.

In the past year, Shelton said, Signet has increased its small lending through government loan programs by about 30 percent.

Shelton said Signet gains access to lending guarantees and matched dollars offered by a variety of agencies and programs such as the SBA, the Virginia Small Business Financing Authority and the Western Virginia Loan Fund.

Based in Richmond, the center is available to small businesses statewide by calling 1-800-864-LOAN. Shelton said a decision is usually made within five days of the time a completed application is received.

- Staff report

by CNB