Granite Financial, Inc.

Ticker:	GFNL	6424 West 91st Avenue
Exchange:	NASDAQ-National Market	Westminster, Colorado 80030
Industry:	Financial	(303) 650-4059

Type of Shares:	Common Shares	Filing Date:	7/18/96
U.S. Shares:	1,500,000	Offer Date:	10/25/96
Non-U.S. Shares:	0	Filing Range:	$6.00 - $8.00
Primary Shares:	1,500,000	Offer Price:	$7.50
Secondary Shares:	0	Gross Spread:	$0.68
Offering Amount:	$10,500,000	Selling:	$0.35
Expenses:	$725,000	Reallowance:	$0.10
Shares Out After:	3,500,000

Manager	Tier	Phone
Cruttenden Roth Incorporated	Lead Manager	(800) 678-9147

Auditor: Ehrhardt Keefe Steiner & Hottman
	Audited Income	Latest Unaudited Income	Prior Unaudited Income		Balance Sheet
	6/30/96				6/30/96
Revenue:	$20.64			Assets:	$32.35
Net Income:	$0.76			Liabilities:	$29.59
EPS:	$0.24			Equity:	$2.76
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year

Business Description

The company is engaged in the business of funding, selling and servicing equipment leases for a broad range of businesses located throughout the United States. The company specializes in funding leases of equipment with a purchase price of less than $100,000 for customers in the information technology, manufacturing, franchise, personal care and service, communications and media, construction, leisure and recreation, and professional service industries.

Use of Proceeds

The proceeds from the offering will be used to fund expanded lease finance operations, including increasing equity to support third party borrowings, to support and pay for expenses of a securitization the company expects to complete in the quarter ending December 31, 1996, to repay a bank term loan, to undertake additional marketing activities and for general corporate purposes.

Last updated: 12/22/96