A NationsBank Corp. subsidiary that makes loans and equity investments of up to $1 million in small and minority-owned businesses has opened a Baltimore office.
The subsidiary, called the NationsBanc Small Business Investment Co., invests in small businesses with annual net income of less than $2 million and net worth that is less than $6 million. The businesses are typically in "underserved neighborhoods" within a city, the company said.
Thomas O. Holland, vice president of NationsBanc SBIC in Baltimore, said the average investment will likely range from $350,000 to $500,000.
"By providing capital for the creation and expansion of small and minority-owned businesses, we will more than demonstrate our commitment to revitalizing urban corridors in cities like Baltimore and Washington, D.C.," Holland said.
Holland said the investment company is looking at working with a wide range of businesses -- from a pharmacy in Prince George's County to a printed circuit board manufacturer on Baltimore's outskirts.
"We are seeing a lot of different things," he said.
Pub Date: 10/15/98