In Brief: Banks to Help N.J. Lure Technology Companies

Six banks have joined with New Jersey to attract high-tech companies to the state.

Two new programs have been introduced by the New Jersey Economic Development Authority. The first is an expansion-based program, called the New Jersey Technology Funding Program, offering loans between $100,000 and $3 million.

Loans are being backed by Fleet Financial Group Inc., First Union Corp., Summit Bank Corp., Chase Manhattan Bank Corp., Commerce Bank, and PNC Bank.

A smaller program, the New Jersey Seed Capital Program, will provide seed-capital loans of between $25,000 and $200,000 for technology start- ups.

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