FOR IMMEDIATE RELEASE                                                       

CDC Small Business Finance Names Bank of America its Leading Corporate Lender

SAN DIEGO, (February 23, 2001) – CDC Small Business Finance has named Bank of America as its 2000 top lending partner. The award, presented Friday at the second annual CDC Luncheon benefiting the Arthur H. Goodman Memorial Scholarship Fund, was given to Bank of America based on its participation in the Small Business Administration (SBA) 504 loan program. “Bank of America has shown strong commitment to the small business community and we are proud of the long-standing relationship we have established with them in the 504 program says Kurt Chilcott President and CEO of CDC Small Business Finance.

 Bank of America partnered with CDC in 2000 to approve fifty-nine 504 loans for projects totaling more than $82 million in the four county areas of Orange, Riverside, San Diego, and Imperial counties.

 The 504 loan is a mixture of private capital and CDC debenture funds, which are guaranteed 100 percent by the federal government with terms of 10 or 20 years.  Private financial institutions participate with a first-trust deed for as little as 50 percent of the total project cost, and CDC finances 40 percent or up to one million of the balance as a second trust deed.

 About CDC Small Business Finance

Founded in 1978, CDC Small Business Finance is a not-for-profit organization committed to serving the capital needs of small businesses in San Diego, Orange, Riverside, and Imperial counties. CDC is the largest of over 260 Certified Development Company's nationwide working with the U.S. Small Business Administration to provide financing for small businesses. CDC's economic development mission is to assist small businesses in all communities to expand and create jobs.

Media Contact

Members of the media may contact a Public Relations representative or direct general news questions to 800.611.5170 or send an e-mail to cdcmedia@cdcloans.com

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