Word: arcata
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Dates: during 1970-1979
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This provision, says Frank Savage, president of the MESBIC owned by the Equitable Life Assurance Society, means that many of these otherwise promising ventures are largely limited to "mom-and-pop" businesses. Some of the first MESBlCs, such as the Arcata Investment Co. of Palo Alto, Calif., seem to have been confused about the difference between an investment loan and a charitable donation. Arcata folded in 1972, after nearly half of the businesses it had funded-including such risky ventures as a posh restaurant in the East Palo Alto ghetto-closed down...