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".