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Article: N.J. ECONOMIC DEVELOPMENT AUTHORITY AND NATWEST BANK UNVEIL UNIQUE FINANCING PARTNERSHIP: NEW JERSEY BUSINESSES TO BENEFIT
- Article from:
- PR Newswire
- Article date:
- August 17, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TRENTON, N.J., Aug. 17 /PRNewswire/ -- The New Jersey Economic Development Authority (EDA) and NatWest Bank today announced an agreement to undertake a unique bond financing that will benefit New Jersey businesses eligible for loans under a federal Title IX program.
The EDA currently has a portfolio of nearly $30 million of small business loans initially funded by federal grants received under Title IX of the Public Works and Economic Development Act of 1965. As part of the agreement unveiled today, EDA plans to sell bonds next month backed by a direct pay letter of credit from NatWest Bank. Payments received on the existing and new Title IX loans will be used to ...