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New Wrinkle in Bank Financing Unfolds
Dallas --- A new blend of business elements unfolded new this week promotes financing for web site development projects. Companies can now team up with Latent Technology Group, Inc. for financing through Bank of America. Alice Anne Brown, Regional Business Banking Manager with Bank of America, said, "Providing for the needs for Internet related services for businesses of all kinds has created a new wrinkle in banking service. With the end of the century comes the beginning of a new business climate." She points out that besides parts and materials, businesses need services. "Ours is a credit secured loan product with the product aimed to fit the category," she said. "It is tailored to be hassle free." Angela Phillips, President of Latent Technology Group, Inc, a Dallas based web designer and hosting company adds, "Clients are looking to finance web development as part of their working capital needs. "We focus on making financially successful web sites for companies looking to increase revenues and/or reduce operating costs. Bank of America and Latent's new cooperation helps level the playing field between businesses and their competition." Bank of America allows businesses to submit a one-page application with no financial reports except for tax returns to verify sales. For an under $10,000 unsecured loan, the borrower's credit is judged by the length of time in business. This is the first time that financing for web site development has been talked about in the banking agenda according to Ms. Brown. Ms. Brown and Ms. Phillips were liaisoned by the Greater Dallas Chamber of Commerce and John Lewis, Regional Manager of Bank of America's Diversity Program. While financing is available to every business in the community, Bank of America and Latent Technology have created a special program for members of the Greater Dallas Chamber of Commerce. Bank of America is waiving its loan setup fees. Latent is providing a 10% discount and, through June 1998, is offering $50 towards any client's new membership to the Greater Dallas Chamber of Commerce. Ms. Brown has headed Business Banking Services for Bank of America since 1994. She is enthusiastic about the planned merger between Bank of America and NationsBank and said, "This merger will combine the best of both worlds." Ms. Brown and Ms Phillips believe the partnership between Bank of America and Latent Technology meets the needs of businesses for loans from $2,500 to $100,000 and will fill a niche in the vast, growing world of the Internet. |
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