S e rv in e th e c o m m u n ity th ro u g h c u ltu ra l diversity."
V olum e XXIV, N u m b er 39
(Ehe
V 1
........ ;
S e p te m b e r 28. 1994
© bserlier
INORITI
NTERPRISE
IW V E L O P M E N T
Section
c
RosSQuarter Construction
Drake/Tumer, Joint Venture^The primary contractor on the Rose Quarter project (formally known as the Oregon Arena Project) in Portland,
Ore. reports all major concrete pours on the structure floors are complete and that work on the 20,340-seat Rose Garden arena and related complex
is in schedule. Additionally, 80 percent of the seating platforms have been installed in the arena bowl.
The 350-space Annex garage is complete and the workers are now erecting the steel frame on the main level of the annex building, which will
house three restaurants and the box office for both the new arena and the existing Memorial Coliseum.
Work continues on the attached 1100-space Arena garage and is expected to open in early November in time ft« the Portland Trad Blazers
BECOMING A VISA
OR MASTERCARD MERCHANT
As a business owner, you want
to do everything you can to increase
sales and simplify purchases for cus
tomers. One way to accomplish this
is by becoming a VIS A or MasterCard
merchant. Your retail sales can be
greatly enhanced if you are autho
rized to accept payment via a credit
card.
The standard qualifications to
be a bankcard merchant require:
* A retailer who sells goods from
a permanent storefront open a m ini
mum of eight hours a day, five days
a week. The storefront must have
permanent signage which clearly
identifies the business.
p
* The customer and credit card
are present at the time of sale and the
credit card can be either electroni
cally read and captured, or a sales
¿Jraft is imprinted and delivered to
(the bank for processing.
1 , *Iftelephoneorm ailorder(non
imprinted drafts) are accepted, less
than 5% of the of the merchant credit
card transactions can be accepted by
those methods.
In addition to the above, a bank
will usually require the merchant to
have an established business rela
tionship with it. Generally, the busi
ness should be in existence for a
period of time, usually about two
years. However, a start-up business
with an existing personal banking
relationship would not be excluded
from approval.
The application procedure is
comparable to a loan request and
includes obtaining a credit report.
The application form covers infor
mation about the type of operation,
any business equipment and banking
account details. The merchant will
need to provide proof of ownership,
a partnership agreement or corporate
resolutions along with the applica
"The Strength of our committment is best seen
in the terms we offer. . ."
tion.
To sum up, the key to a success
ful bankcard application is the bank
ing relationship. It is important to
have established accounts and to use
them to leverage new relationships.
Consequently, the business owner
should always begin with his bank of
account. The bank manager and other
staff are an integral part o f the appli
cation process and provide a recom
mendation on its approval.
Phyliss Gaines is a consumer
loan officer in the Community Ser
vices Department for Key Bank of
Oregon. The CSD was established
specifically to serve the credit needs
of low- and moderate-income neigh
borhoods. In the departm ent, special
loans programs are developed and
marketed to help the first-time home
buyer and to encourage and support
neighborhood and business develop
ment.
DID VA’ HEAR?
DIRECTIONS
THE SALON
IS MOVING...
..AND, BY THE WAY, OUR NAME IS NOW
SALON N2U
WHEN?
OCTOBER 4, 1994
WHERE?
2726 NE MLK JR. BLVD.
(THE CORNER OF MLK & KNOTT)
NEW PHONE# 284-4144
WHO?
WHY?
New Loan Program Targets Women
And Minority-Owned Businesses
CHRIS, CAMMY, BRIAN. ELISE, & TONYA
TO SERVE YOU BETTER!!!
SEE YOU THERE!
Bank of America has
introduced a new
program in Oregon to
enhance access to
credit for minority-
and women-owned
businesses.
T he new M in o rity - and
W omen-owned Business Loan
Program provides loans up to
$50,000 and offers sim plified
application, processing and docu
mentation. Flexible underwriting
allows for alternative m ethods of
credit verification, such as utility
or rent payments, and a limited
operating history.
“ M in o rity -o w n e d
and
women-owned businesses play a
vital role in O regon’s economy,
and we want to do everything we
can to help them succeed. ' said
W Charles Armstrong, chairman
and chief executive officer of
Bank o f America Oregon.
To be considered for the spe
cial financing program, a busi
ness must he at least 51 percent
owned and operated by one or
more individuals who arc ethnic
minorities or women, and estab
lished in business for a minimum
of two years.
The program features a line
of credit which can be applied to
a borrow er’s w orking capital
needs, receivables financing or
cash flow management. A term
loan for financing new equipment
and business expansion also is
available. In addition, the hank
can provide 100 percent financ
ing for equipment with no collat
eral requirement.
Minority and women entre
p re n e u rs can b o rro w from
$10,000-$50,000 under the line
of credit, with no collateral re-
quirement. They will be able to easily
access funds from the line of credit
and make payments through a toll-
free telephone link to the bank.
C ustom ers can borrow from
$2,5OO-$5O,OOO under the term loan,
which features repayment terms of
one to five years with no prepayment
penalty.
Information about the new pro
gram is available at any Bank O f
America branch in Oregon. In addi
tion. Bank O f America serves minor-
ity-and women-owned businesses by
o ffe rin g SB A -g u a ra n te e d loans
through its Portland G overnm ent
Guaranteed Loan Center.
Bank O f America Oregon is the
state’s third largest bank, with 86
branches and assets of $3 billion. It is
a subsidiary of Bank America Corpo
ration, the nation’s second largest
company.
New Loan Program for Minority
And W omen
Small Business Owners
Y ou've done the hard part. It's
time you were recognized for it.
Everyone knows it's not easy to
run a business. T hat’s why Bank Ot
America believes businesses like yours
deserve to be rewarded. Our new loan
program gives minority and small
business owners an advantage, rather
than a disadvantage, when it comes to
getting a loan Better still, these loans
are available statewide through your
local Bank O f America Oregon branch.
Terms like these make it easy to
make good on your dreams.
The strength of our commitment
is best seen in the kind of terms we
offer. These include:
• No collateral requirements
• No real estate ow nership require
ments
• Loan decisions within 5 working
days
• Term loans from $2,5(X) to
$50,000
• Lines of credit from $10,000 to
$50.000 with annual renewal and
interest-only monthly payments
• Loan rates based on BofA Refer
ence Rate plus 3.75%
• Low loan origination fees-only 3/
4 of the loan amount
• Term loans or lines of credit-w e’11
set you up with the one you need.
Each kind o f loan has its own
advantages. Term loans are used for
general business improvements. Credit
lines are best for fulfilling seasonal
needs.
Term loans are available for
equipment purchases, business expan
sion, and remodeling. In fact, you can
get up to 100% financing for equip
ment purchases. Other term loan ad
vantages include repayment terms of
up to 5 years, no prepayment penal
ties. and no balloon payments.
C re d it lines are o ffe re d fo r
se a so n a l w orking c a p ita l, in v e n
tory p u rc h a se s, fin a n c in g re c e iv
ab les and buying in q u a n tity for
trad e d isc o u n ts. A d v a n ta g e s in
clu d e a to ll-fre e tele p h o n e n u m
ber for cash a d v an ces, re v o lv in g
c re d it, and the ab ility to pay only
in te re st on the am ount a d v a n c e d .
Special limited time offer.
These loans are available only to
businesses at least 51% owned and
operated by minorities or women that
have been established and in opera
tion for a minimum of two years. The
information supplied in this docu
ment is an outline of the qualifica
tions for financing. O ther conditions
may apply. Fee waiver expired A u
gust 31, 1994. See your branch for
com plete details.
.. .customers can
borrow from $2,500-
$50,000".