[Federal Register Volume 60, Number 234 (Wednesday, December 6, 1995)]
[Notices]
[Page 62525]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-29652]
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SMALL BUSINESS ADMINISTRATION
[Application No. 99000192]
CoreStates Enterprise Capital, Inc.; Filing of an Application for
a License To Operate as a Small Business Investment Company
Notice is hereby given of the filing of an application with the
Small Business Administration (SBA) pursuant to Sec. 107.102 of the
regulations governing small business investment companies (13 CFR
107.102 (1995)) by CoreStates Enterprise Capital, Inc. at 1345 Chestnut
Street, Philadelphia, Pennsylvania 19107 for a license to operate as a
non-leveraged bank-owned small business investment company (SBIC) under
the Small Business Investment Act of 1958, as amended, (15 U.S.C. et
seq.), and the Rules and Regulations promulgated thereunder. CoreStates
Enterprise Capital, Inc. plans to operate principally within the Mid-
Atlantic region of the United States.
The Applicant's full-time management team will consist of Michael
F. Donoghue (Director and President), Christine C. Jones (Vice
President) and Maureen P. Quinn (Vice President), who collectively will
be the ``Principals'' of the Applicant. The Principals and other
officers and employees of CoreStates Bank, N.A., the Applicant's
management company, will provide management services to the Applicant.
All of the Applicant's private capital will be provided by
CoreStates Bank, N.A. which is wholly owned by CoreStates Financial
Corporation, a bank holding company. CoreStates Financial Corporation
is a Delaware corporation which has assets in excess of $29 billion and
whose stock is publicly traded and is listed on the New York Stock
Exchange. CoreStates Financial Corporation also has an interest in the
following other SBIC's: a 5.9% interest as a limited partner in
Meridian Venture Partners through ownership of National State Bank, and
a 23.9% interest in Greater Philadelphia Venture Capital Corporation.
CoreStates Financial Corporation is a passive investor in each such
other SBICs and the Principals are not involved in their operation or
management.
The Applicant will begin operations with Regulatory Capital of $2.5
million and plans to make investments in later-stage middle-market
small businesses which operate in relatively stable markets and have a
functionally diversified management team, predictable operating cash
flow and revenues of at least $10 million.
Matters involved in SBA's consideration of the application include
the general business reputation and character of the proposed owners
and management, and the probability of successful operations of the new
company under their management, including profitability and financial
soundness in accordance with the Act and Regulations.
Notice is hereby given that any person may, not later than 15 days
from the date of publication of this Notice, submit written comments on
the proposed SBIC to the Associate Administrator for Investment, Small
Business Administration, 409 3rd Street, SW, Washington, DC 20416.
A copy of this Notice will be published in a newspaper of general
circulation in Philadelphia, Pennsylvania.
(Catalog of Federal Domestic Assistance Programs No. 59.011, Small
Business Investment Companies.)
Date: November 30, 1995.
Don A. Christensen,
Associate Administrator for Investment.
[FR Doc. 95-29652 Filed 12-5-95; 8:45 am]
BILLING CODE 8025-01-P
