SALT LAKE CITY -- First Security Corp. has formed a subsidiary through which it plans to make direct investments in small businesses.

The subsidiary, First Security Business Investment Corp., is awaiting Small Business Administration designation as a small-business investment company.

The unit was incorporated in First Security's home state of Utah. It will take equity positions in emerging and later-stage small businesses. It will also provide some financing to businesses that do not qualify for traditional bank debt.

Louis O. Alder will be vice president and general manager of the subsidiary.

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