Through the LiveCapital Financing Network, First Union Small Business Capital will offer between $250,000 and $3 million in conventional and Small Business Administration-guaranteed financing, with up to 25-year fully amortized loan terms and up to 90% financing. The agreement, announced this week, increases LiveCapital's roster of clients to more than 70 lenders and lessors.

The LiveCapital Financing Network is a core component of LiveCapital's customizable software solution for financial institutions, vendors and B2B marketplaces seeking to offer instant financing from their corporate Web sites. Using the platform, a client company can provide its small business customers with the ability to - in less than five minutes - complete a financing application, have that application instantly evaluated, and immediately secure financing decisions from members of the LiveCapital Financing Network.

LiveCapital is privately held and is headquartered in San Mateo, California. Its primary investors are Kleiner Perkins Caufield Byers, XL Capital, Gotham Partners, Frontline Capital, Red Rock Ventures, and Irwin Ventures. In addition, its strategic partners include Microsoft, Intuit, American Express, Fair, Isaac & Company, Experian and Dun & Bradstreet. To date, LiveCapital has facilitated the approval of over $3.5 billion in loans, lines of credit, leases and credit cards.

Publicly-held First Union had $247 billion in assets and stockholders' equity of $15 billion as of Sept. 30, 2000. First Union Small Business Capital is a specialist in medical professional business financing, custom tailoring loans to meet the needs of physicians, dentists, veterinarians and optometrists. The bank also offers credit products for construction, purchase, renovation or refinance of commercial real estate and business acquisitions with or without commercial real estate.