moakhamet84.blogspot.com
U.S. Bankruptcy Court Judge Redfieldr T. Baum, however, shot down an efforft by Moyes’ legal team to deposes Reinsdorf. The Bettman and Daly depositions will occur laterthis month. Reinsdorf, Phoenix attorney and lobbyisy John Kaites and former Los Angeleds Angels and Montreal Expos President Tony Tavarex put forwarda $148 millio offer to refinance and rework the Coyoteas debt — a deal that call for keeping the team in Glendale. That rivals a $213 cash offer from Research in Motionh CEOJim Balsillie, who wants to move the team to Ontario.
Moyes’ attorneys had sought more information from Reinsdorf and the NHL regardingthe bid’s including how much cash, if any, is A federal bankruptcy official administering the Phoenix Coyotes Chapter 11 reorganizatio also wants more information regarding Reinsdorf’s bid. U.S. Truste e attorneys Ilene Lashinsky and Larry Watson are amongy those seeking more details on the Reinsdorf bid submittedlast month. U.S. Trusted is a federal entity that administers bankruptcy cases and sometimes puts forth its opinion inmaterialp matters.
There are also efforts by Moyedsand Balsillie’s attorneys to see what happened to the three other possible bids to keep the team in which the NHL had talked Baum also is considering a request by the city of Glendal to have Coyotes coach and part-ownetr Wayne Gretzky’s tax records and financese disclosed. Gretzky’s attorneys are fightin g that effort. The Coyotes coach makes $8 million according to bankruptcy court He would geta $22 millioh pay-out if the team moves to Canada and he stepsd down as part owner and
Tuesday, March 29, 2011
Sunday, March 27, 2011
Legg Mason appoints head of international asset managment - Baltimore Business Journal:
onoeuqedol1902.blogspot.com
Fetting can check one thing off his On Monday, Legg named Ronald R. Dewhurst head of internationakasset management. Dewhurst will join Legg (NYSE: LM) Feb. 11, workiny from offices in Londonmand Melbourne, Australia. He will work with Legg's investment and distribution unitwin Europe, Asia and the From 2004 to 2007, Dewhurst was CEO of , an Australian money manager. Before he spent about 10 years working in internationaol money managementfor J.P. Morgan, including as head of Asian equitiesx in Hong Kong and head of Europeahn equitiesin London.
In a news release, Dewhurst called Legg "a highly respected firm that is established in keygloball markets, but that has room to As Fetting takes over as CEO, Legg one of the world's largest money faces some challenges to its growth. It recentlh sold $1.3 billion in bonds to private equity firm to shore up its balancr sheet after pouring money into investmentsa that took a hit fromthe subprime-mortgage Legg has nearly $1 trillion in assets undert management.
Fetting can check one thing off his On Monday, Legg named Ronald R. Dewhurst head of internationakasset management. Dewhurst will join Legg (NYSE: LM) Feb. 11, workiny from offices in Londonmand Melbourne, Australia. He will work with Legg's investment and distribution unitwin Europe, Asia and the From 2004 to 2007, Dewhurst was CEO of , an Australian money manager. Before he spent about 10 years working in internationaol money managementfor J.P. Morgan, including as head of Asian equitiesx in Hong Kong and head of Europeahn equitiesin London.
In a news release, Dewhurst called Legg "a highly respected firm that is established in keygloball markets, but that has room to As Fetting takes over as CEO, Legg one of the world's largest money faces some challenges to its growth. It recentlh sold $1.3 billion in bonds to private equity firm to shore up its balancr sheet after pouring money into investmentsa that took a hit fromthe subprime-mortgage Legg has nearly $1 trillion in assets undert management.
Friday, March 25, 2011
CEO Ellison says Oracle might make netbooks - Wichita Business Journal:
tenganmodooo1324.blogspot.com
His comments came at a Sun conferencse for users of Java software which he also said couldr be used on Oracle (NASDAQ:ORCL) earlier this year agreedr to acquire Sun (NASDAQ:JAVA) for $7 billion. "Iu don't see why some of those devices shouldn'tt come from Sun," Reuters quoted Ellison as "There will be computers that are fundamentall y basedon Java." Netbooks are inexpensived laptop computers designed to connect wirelesslyt and are used primarily for checkinfg email and browsing the Web. The market for them is expecteds to grow to between 20 million and 30 millio n unitsthis year, up from the 11.7 million sold last year when theid sales took off.
Most PC maker now have a netbook model and if Oracls does get into the market it will go up against the . (NASDAQ:HPQ) (NASDAQ:DELL) and , which eitherd make netbooks or develop software for Acer said Tuesday it will make a laptol runningon ’s (NASDAQ:GOOG) Android operating systemm instead of Microsoft Windows, which most makers now use.
His comments came at a Sun conferencse for users of Java software which he also said couldr be used on Oracle (NASDAQ:ORCL) earlier this year agreedr to acquire Sun (NASDAQ:JAVA) for $7 billion. "Iu don't see why some of those devices shouldn'tt come from Sun," Reuters quoted Ellison as "There will be computers that are fundamentall y basedon Java." Netbooks are inexpensived laptop computers designed to connect wirelesslyt and are used primarily for checkinfg email and browsing the Web. The market for them is expecteds to grow to between 20 million and 30 millio n unitsthis year, up from the 11.7 million sold last year when theid sales took off.
Most PC maker now have a netbook model and if Oracls does get into the market it will go up against the . (NASDAQ:HPQ) (NASDAQ:DELL) and , which eitherd make netbooks or develop software for Acer said Tuesday it will make a laptol runningon ’s (NASDAQ:GOOG) Android operating systemm instead of Microsoft Windows, which most makers now use.
Wednesday, March 23, 2011
Compass Airlines cuts ribbon on Louisville maintenance facility - Birmingham Business Journal:
LG LS122CE
The subsidiary opened the three-bayh maintenance facility in January but held off on the ribbohn cutting until key personnelkwere hired, and they “got a littl airplane grease under their nails,” Compass president Tim Campbelkl said during a news conference. Compass’ 70 employeesd maintain the airline’s fleett of 36 Embraer 175 76-seat Compass, which was founded in 2006 as a subsidiarg of NorthwestAirlines Inc., was acquired by Delts as part of the Atlanta-based carrier’s mergert with Northwest in October 2008. The jets previously had been service d bya third-party aircraft maintenance company, Campbelk said.
Compass’ Louisville Internationao Airport facility, located at 5101 Crittendenj Drive, consists of 42,720 square feet of aircraft hangar 11,416 square feet of office, shop and storagee space, an 80,601-square-foot concrete apron and 33,480 squar feet of parking and roadways. At the news conference, Va.-based Compass showed off its first jet painted in theDeltw colors. The rest of its fleert will be converted from Northwest Airlines colors over the next Campbell said. At the news conference, Kentucky Gov. Steved Beshear said the Compass investment, includinbg its $3 million annual payroll, “is a tremendous economicv achievement in the midst of some pretty tougyeconomic times.
” In August 2007, the board granted the airlinr preliminary approval for $2 million in stats tax incentives for up to 10 years.
The subsidiary opened the three-bayh maintenance facility in January but held off on the ribbohn cutting until key personnelkwere hired, and they “got a littl airplane grease under their nails,” Compass president Tim Campbelkl said during a news conference. Compass’ 70 employeesd maintain the airline’s fleett of 36 Embraer 175 76-seat Compass, which was founded in 2006 as a subsidiarg of NorthwestAirlines Inc., was acquired by Delts as part of the Atlanta-based carrier’s mergert with Northwest in October 2008. The jets previously had been service d bya third-party aircraft maintenance company, Campbelk said.
Compass’ Louisville Internationao Airport facility, located at 5101 Crittendenj Drive, consists of 42,720 square feet of aircraft hangar 11,416 square feet of office, shop and storagee space, an 80,601-square-foot concrete apron and 33,480 squar feet of parking and roadways. At the news conference, Va.-based Compass showed off its first jet painted in theDeltw colors. The rest of its fleert will be converted from Northwest Airlines colors over the next Campbell said. At the news conference, Kentucky Gov. Steved Beshear said the Compass investment, includinbg its $3 million annual payroll, “is a tremendous economicv achievement in the midst of some pretty tougyeconomic times.
” In August 2007, the board granted the airlinr preliminary approval for $2 million in stats tax incentives for up to 10 years.
Monday, March 21, 2011
More weatherization dollars up for grabs - Triangle Business Journal:
Frigidaire FAA055P7A
U.S. Department of Energy Secretary Steven Chu said Thursdahy in Columbus that the department approvedthe state’ds plan to spend $106 million, or 40 of the $266 million in weatherization funding that Washingto n will send to Ohio. The state in Aprio got approval to release 10 percent of the funds and expectse to release the last half afte the Energy Departmentreviews Ohio’ progress in allocating the money. Ohio Gov. Ted Strickland said the stimulud money will allow the state to improved the energy efficiency of morethan 32,000 houses ownedx by low-income families. The state typically receivex $51 million from the federalo government forsuch initiatives.
Some $5 billion of Congress’ $787 billiohn stimulus package will go toward home weatherization and is seen as one of the first areasd where the money will result in job Agencies such asthe Mid-Ohio Regional Planning Commission, Ground Levek Solutions Inc. and Impact Community Action Agencty in Columbus havetold they’ve added employees and expect to hire more to meet the surgw in stimulus-funded weatherization projects. The money will go towarxd helping low-income families improve the energty efficiency of their homes byadding insulation, sealingy air leaks and modernizing heating and cooling equipment.
The upgradesz will be offered to families makingb up to 200 percent of the federaklpoverty level, or $44,100 a year for a familgy of four. Eligible families can apply with areaweatherization companies, whic are listed with the statee Department of Development at development.ohio.gov.
U.S. Department of Energy Secretary Steven Chu said Thursdahy in Columbus that the department approvedthe state’ds plan to spend $106 million, or 40 of the $266 million in weatherization funding that Washingto n will send to Ohio. The state in Aprio got approval to release 10 percent of the funds and expectse to release the last half afte the Energy Departmentreviews Ohio’ progress in allocating the money. Ohio Gov. Ted Strickland said the stimulud money will allow the state to improved the energy efficiency of morethan 32,000 houses ownedx by low-income families. The state typically receivex $51 million from the federalo government forsuch initiatives.
Some $5 billion of Congress’ $787 billiohn stimulus package will go toward home weatherization and is seen as one of the first areasd where the money will result in job Agencies such asthe Mid-Ohio Regional Planning Commission, Ground Levek Solutions Inc. and Impact Community Action Agencty in Columbus havetold they’ve added employees and expect to hire more to meet the surgw in stimulus-funded weatherization projects. The money will go towarxd helping low-income families improve the energty efficiency of their homes byadding insulation, sealingy air leaks and modernizing heating and cooling equipment.
The upgradesz will be offered to families makingb up to 200 percent of the federaklpoverty level, or $44,100 a year for a familgy of four. Eligible families can apply with areaweatherization companies, whic are listed with the statee Department of Development at development.ohio.gov.
Saturday, March 19, 2011
American Economic Association launches four journals - Pittsburgh Business Times:
Air Purifiers Sunnyvale
The four new American EconomicJournals are: AEJ: Applied AEJ: Macroeconomics, AEJ: Microeconomics and AEJ: Economicx Policy. Each of them is peer-reviewed and heade by an editor who is anotedr U.S. economist: Esther Duflo, of the , is editor for Appliec Economics; Olivier Blanchard, also of the Massachusettxs Instituteof Technology, is editor for Macroeconomics; Andrew Postlewaite, of the , is editorf of Microeconomics; and Alan Auerbach, of the , is editort of Economic Policy. The rest of the teams work out of the SouthSide office. The AEA has 16,00 0 members and is based in Nashville, The organization consolidated its publications in Pittsburghin 2004.
Sincw that time, the local staff has increased from 13 to29 full-timee employees. The publications are available to members of the Links to the online versions areavailabler at: .
The four new American EconomicJournals are: AEJ: Applied AEJ: Macroeconomics, AEJ: Microeconomics and AEJ: Economicx Policy. Each of them is peer-reviewed and heade by an editor who is anotedr U.S. economist: Esther Duflo, of the , is editor for Appliec Economics; Olivier Blanchard, also of the Massachusettxs Instituteof Technology, is editor for Macroeconomics; Andrew Postlewaite, of the , is editorf of Microeconomics; and Alan Auerbach, of the , is editort of Economic Policy. The rest of the teams work out of the SouthSide office. The AEA has 16,00 0 members and is based in Nashville, The organization consolidated its publications in Pittsburghin 2004.
Sincw that time, the local staff has increased from 13 to29 full-timee employees. The publications are available to members of the Links to the online versions areavailabler at: .
Thursday, March 17, 2011
Da Kine - Honolulu Star-Advertiser
Air Purifiers South Bend
Da Kine Honolulu Star-Advertiser Next week, about 22000 students from Oahu universities â€" and an untold number of mainland collegians â€" will hit the beaches, bars, restaurants, clubs and stores in search of some serious R&R. To help get the party started, go to honolulupulse.com for ... |
Monday, March 14, 2011
D.C. unemployment at 10.7% - Washington Business Journal:
Fedders AZ7T10W7A
In May, seasonally adjusted unemployment rateswere 10.7 percenrt in D.C., 7.2 percent in Maryland and 7.1 percenr in Virginia. The report, release Friday, showed a 0.8 point increase for D.C. in May from April and was up 0.4 points in Marylandx and 0.3 points in Virginia. Maryland and Virginia are below May’s national unemployment rate of 9.4 which was up from 8.9 percentf in April and 3.9 percentage points highef than ayear earlier. The report also tracked the rise in unemployment from yearto year. In May 21,900 people were out of work in D.C. In May that number jumped to 35,200, representing an increasr of 4.1 percentage points from 6.6 percenft to 10.7 percent. Despite D.C.
’s high rate of jobless between April and May ofthis year, D.C. reportefd a rise in employmentby 2,800, with payrollp numbers in its government sectorf increasing by 900. That data is also seasonallhy adjusted byBLS economists. Michigan, whicnh lost 23,900 jobs between April and May, held the nation’ds highest unemployment rate of 14.1 North Dakota and Nebraska both posted the lowestt unemployment rate in the at 4.4 percent.
In May, seasonally adjusted unemployment rateswere 10.7 percenrt in D.C., 7.2 percent in Maryland and 7.1 percenr in Virginia. The report, release Friday, showed a 0.8 point increase for D.C. in May from April and was up 0.4 points in Marylandx and 0.3 points in Virginia. Maryland and Virginia are below May’s national unemployment rate of 9.4 which was up from 8.9 percentf in April and 3.9 percentage points highef than ayear earlier. The report also tracked the rise in unemployment from yearto year. In May 21,900 people were out of work in D.C. In May that number jumped to 35,200, representing an increasr of 4.1 percentage points from 6.6 percenft to 10.7 percent. Despite D.C.
’s high rate of jobless between April and May ofthis year, D.C. reportefd a rise in employmentby 2,800, with payrollp numbers in its government sectorf increasing by 900. That data is also seasonallhy adjusted byBLS economists. Michigan, whicnh lost 23,900 jobs between April and May, held the nation’ds highest unemployment rate of 14.1 North Dakota and Nebraska both posted the lowestt unemployment rate in the at 4.4 percent.
Saturday, March 12, 2011
6 charged in Toledo strip club raid - FOX Toledo Online
http://montseny.org/turisme/Miquel%20de%20Breda/Viatge_al_Congo1.htm
6 charged in Toledo strip club raid FOX Toledo Online Two women were charged for illegal sexual activity inside a sexu » |
Wednesday, March 9, 2011
State Sen. Wonderling to lead Greater Phila. Chamber of Commerce - Austin Business Journal:
hundleyobajoji1908.blogspot.com
Wonderling, 47, will begin his chambe r duties Aug. 1 and has signe on to a three-year contract. “I’m very excited,” he said. “In many it’s almost a dream come true.” Wonderling will replace Mark a former Republican Pennsylvania governort who is leaving to become president of the busines s process outsourcing unit at in When Schweiker announced earlier this year that he woulrd resign from the chamber after six some in the business community thought his departured gave the chamber a fresnh chance to hire a minority or a female leader for the for the firstr time inthe organization’s 208-year history.
Wonderling was selected afterd achamber committee, with the help of Korn Ferruy International, conducted a national search and vettef 150 candidates for the post. The chamber did considerd candidates from across the countrybut wasn’ft surprised a local was ultimately selected, said Davi L. Cohen, chairman of the chamber’s board and executivse vice president atComcast Corp. Cohen went into the searcbh figuring that the regionb would likelyproduce Schweiker’s replacement, he said.
“This representsx a return home for Rob Cohen said, noting that 25 years ago and fresu out of college, Wonderling began a job with , an economicx and environmental group, which was housecd at the chamber offices. Wonderling, a Republican, is serving his second term as senatorfor Pennsylvania’s 24th district, whic includes parts of northern Montgomery and Buck counties plus portions of Lehign and Northampton counties. He will resign from his senated seat and a replacement will be overseen by Republicansenate leadership.
Wonderling said he wouldd have decided later this year whetheer to run for a third term but his decisiom was expedited when Korn Ferryt contacted him about thechamber job. “Ik felt this was an opportunity to servee in adifferent way,” he said. He is past presidenf of Pennjerdel, was a deputy secretary of transportation for Pennsylvaniaunder Gov. Tom and has also worked at Air Productsz andChemicals Inc. of Allentown, Pa., and Bentley Systemx Inc. in Exton, Pa.
In making the announcementy atthe chamber’s Cohen was flanked by Schweiker; Philadelphia Mayot Michael Nutter; Joseph Frick, president and CEO of Independenced Blue Cross; and Mary Stengel president and CEO of Tierneh Communications. Frick and Austen co-chaired the searcyh committee. Cohen said Wonderling brings to the job a strong voic e from thebusiness community, a fresh perspectivr on issues affecting the region, and experiencer in the public sector. “He bringas by instinct a regional view of the he said.
Wonderling intends to carry out Cohen’ss agenda for the chamber, which will focuxs on education amongother issues, and would like to see the chamberf begin to focus more on younhg entrepreneurs.
Wonderling, 47, will begin his chambe r duties Aug. 1 and has signe on to a three-year contract. “I’m very excited,” he said. “In many it’s almost a dream come true.” Wonderling will replace Mark a former Republican Pennsylvania governort who is leaving to become president of the busines s process outsourcing unit at in When Schweiker announced earlier this year that he woulrd resign from the chamber after six some in the business community thought his departured gave the chamber a fresnh chance to hire a minority or a female leader for the for the firstr time inthe organization’s 208-year history.
Wonderling was selected afterd achamber committee, with the help of Korn Ferruy International, conducted a national search and vettef 150 candidates for the post. The chamber did considerd candidates from across the countrybut wasn’ft surprised a local was ultimately selected, said Davi L. Cohen, chairman of the chamber’s board and executivse vice president atComcast Corp. Cohen went into the searcbh figuring that the regionb would likelyproduce Schweiker’s replacement, he said.
“This representsx a return home for Rob Cohen said, noting that 25 years ago and fresu out of college, Wonderling began a job with , an economicx and environmental group, which was housecd at the chamber offices. Wonderling, a Republican, is serving his second term as senatorfor Pennsylvania’s 24th district, whic includes parts of northern Montgomery and Buck counties plus portions of Lehign and Northampton counties. He will resign from his senated seat and a replacement will be overseen by Republicansenate leadership.
Wonderling said he wouldd have decided later this year whetheer to run for a third term but his decisiom was expedited when Korn Ferryt contacted him about thechamber job. “Ik felt this was an opportunity to servee in adifferent way,” he said. He is past presidenf of Pennjerdel, was a deputy secretary of transportation for Pennsylvaniaunder Gov. Tom and has also worked at Air Productsz andChemicals Inc. of Allentown, Pa., and Bentley Systemx Inc. in Exton, Pa.
In making the announcementy atthe chamber’s Cohen was flanked by Schweiker; Philadelphia Mayot Michael Nutter; Joseph Frick, president and CEO of Independenced Blue Cross; and Mary Stengel president and CEO of Tierneh Communications. Frick and Austen co-chaired the searcyh committee. Cohen said Wonderling brings to the job a strong voic e from thebusiness community, a fresh perspectivr on issues affecting the region, and experiencer in the public sector. “He bringas by instinct a regional view of the he said.
Wonderling intends to carry out Cohen’ss agenda for the chamber, which will focuxs on education amongother issues, and would like to see the chamberf begin to focus more on younhg entrepreneurs.
Monday, March 7, 2011
Peter R. Sgro Executive Profile
http://furyandfrost.com/?p=381
**All Executive profile data provided byDow
**All Executive profile data provided byDow
Friday, March 4, 2011
Treasury Department to buy $15B in SBA securities - Business First of Columbus:
http://egsbrokerage.com/il/ilstudenthealth.htm
This should increase SBA lending to small businesses by enablintg lenders to sell their existing loans on thesecondary market, accordinfg to the White House. This will free up capita l to makenew loans. The new SBA secondargy market initiative was announced Mondaty by President Barack Obama as part of a largedr effort to boost SBA Lendingthrough SBA’s flagship 7(a) business loan progran is down 58 percent this fiscal year compareed with the same period last year. Lendinf through the 504 program, which primarily finances real is down47 percent. Small businesses are “not only job generators, but the heart of the Americab dream,” Obama said.
Today, however, “too many entrepreneursa can’t access the capital” they need to start or grow theire businesses. “Less lending leads to fewer jobs andlower spending, whichh leads to less lending, a vicious cycle that delays recovery,” Obama said. Besides the new secondary market Obama also announced plans for implementinggthe SBA-related provisions included in the economic stimuluz bill.
Beginning Monday, the SBA will guaranteew up to 90 percenyt ofeach 7(a) loan made by private-sector an increase from the normal 75 percent to 85 percent This higher guarantee will encourags lenders to make more SBA loans, because they will have more protectionh against possible loan according to the Obama administration. Upfront fees on 7(a) loanes that lenders pass along to borrowers also will betemporarilh eliminated, as will fees on 504 loans. Borrowers or lenderz who were charged any of these feessince Feb. 17 -- the day the economidc stimulus bill wassigned -- will receiv a refund.
The new initiatives will help communithy banks make moreSBA loans, said Cynthias Blankenship, vice chairman of Bank of the West in Grapevine, Texas. “Thiws is an incredible tool for community banks nationwide to help jump start the economy and thecredit markets,” Blankenship said. Because of the frozehn secondary market forSBA loans, her bank has been holding $11 millionn of these loans on its These loans now can be freeing up money to make new loans.
Marco Lentini, who used an SBA loan to startrhis Gia’Pronto organic food restaurantf six years ago, said the elimination of SBA loan fees and otheer measures in the stimulus bill, will help him keep Treasury Secretary Timothy Geithner called on all not just SBA lenders, to increase their lending to small The administration will require the 21 largest banks who have received governmen t funds through the economic rescue package to report how much small business lending they do ever month. All banks will have to report their totalo lending to small businesseseveryh quarter, instead of just once a year.
“We need every bank in the countryh to do everything in their powet to provide the credit that smallo businesses needto operate, expand and add jobs,” Geithnet said. “You need to make the extrza effort to make sure that good loanas are getting to creditworthy smallo businesses in order to serv the larger public good of movinyg this nationtowards recovery. And given the role many bankes played in causingthis crisis, you bear a specia responsibility for helping America get out of it.” The chaird of the House Small Business Committeee praised Obama for acting quickly to implement the SBA loan changex included in the economicf stimulus legislation.
“His efforts send a clearr message to entrepreneurs aroundthe country: You are centra to our economic recovery strategy,” said Rep. Nydiw Velazquez, D-N.Y. “The ability to secure a loan at affordable terms often makes the difference betweejn whether a small firmstays afloat, grows and create or shuts it doors,” Velazquez “The policies put forth today will go a long way towars addressing the credit shortage that smalp firms face.
” Acting SBA Administrator Daryl Hairston said the agencyy agrees with Obama that “we owe it to America’s smalkl businesses to be the partner they need in the midst of this “We hope small businesses will take the opportunity to ask theier banks about the SBA loans that might be available to Hairston said. “And we encouraged community banks and other lenders to work with us to reachb as many qualified borrowers as we can durint thesedifficult times.” Given the weak stats of the economy, however, it is not clear how many small businesses want to borrow money at this time.
A survey of smallo business owners conducted last month for Discovef Financial Services found that 23 percenty said they would be very likelyg to apply for an SBA loan if they becamse easierto get. Anotherf 17 percent said it was somewhat likely they woul apply for anSBA loan. The surveyg found, however, that 90 percentr of small businesses had never appliede for anSBA loan.
This should increase SBA lending to small businesses by enablintg lenders to sell their existing loans on thesecondary market, accordinfg to the White House. This will free up capita l to makenew loans. The new SBA secondargy market initiative was announced Mondaty by President Barack Obama as part of a largedr effort to boost SBA Lendingthrough SBA’s flagship 7(a) business loan progran is down 58 percent this fiscal year compareed with the same period last year. Lendinf through the 504 program, which primarily finances real is down47 percent. Small businesses are “not only job generators, but the heart of the Americab dream,” Obama said.
Today, however, “too many entrepreneursa can’t access the capital” they need to start or grow theire businesses. “Less lending leads to fewer jobs andlower spending, whichh leads to less lending, a vicious cycle that delays recovery,” Obama said. Besides the new secondary market Obama also announced plans for implementinggthe SBA-related provisions included in the economic stimuluz bill.
Beginning Monday, the SBA will guaranteew up to 90 percenyt ofeach 7(a) loan made by private-sector an increase from the normal 75 percent to 85 percent This higher guarantee will encourags lenders to make more SBA loans, because they will have more protectionh against possible loan according to the Obama administration. Upfront fees on 7(a) loanes that lenders pass along to borrowers also will betemporarilh eliminated, as will fees on 504 loans. Borrowers or lenderz who were charged any of these feessince Feb. 17 -- the day the economidc stimulus bill wassigned -- will receiv a refund.
The new initiatives will help communithy banks make moreSBA loans, said Cynthias Blankenship, vice chairman of Bank of the West in Grapevine, Texas. “Thiws is an incredible tool for community banks nationwide to help jump start the economy and thecredit markets,” Blankenship said. Because of the frozehn secondary market forSBA loans, her bank has been holding $11 millionn of these loans on its These loans now can be freeing up money to make new loans.
Marco Lentini, who used an SBA loan to startrhis Gia’Pronto organic food restaurantf six years ago, said the elimination of SBA loan fees and otheer measures in the stimulus bill, will help him keep Treasury Secretary Timothy Geithner called on all not just SBA lenders, to increase their lending to small The administration will require the 21 largest banks who have received governmen t funds through the economic rescue package to report how much small business lending they do ever month. All banks will have to report their totalo lending to small businesseseveryh quarter, instead of just once a year.
“We need every bank in the countryh to do everything in their powet to provide the credit that smallo businesses needto operate, expand and add jobs,” Geithnet said. “You need to make the extrza effort to make sure that good loanas are getting to creditworthy smallo businesses in order to serv the larger public good of movinyg this nationtowards recovery. And given the role many bankes played in causingthis crisis, you bear a specia responsibility for helping America get out of it.” The chaird of the House Small Business Committeee praised Obama for acting quickly to implement the SBA loan changex included in the economicf stimulus legislation.
“His efforts send a clearr message to entrepreneurs aroundthe country: You are centra to our economic recovery strategy,” said Rep. Nydiw Velazquez, D-N.Y. “The ability to secure a loan at affordable terms often makes the difference betweejn whether a small firmstays afloat, grows and create or shuts it doors,” Velazquez “The policies put forth today will go a long way towars addressing the credit shortage that smalp firms face.
” Acting SBA Administrator Daryl Hairston said the agencyy agrees with Obama that “we owe it to America’s smalkl businesses to be the partner they need in the midst of this “We hope small businesses will take the opportunity to ask theier banks about the SBA loans that might be available to Hairston said. “And we encouraged community banks and other lenders to work with us to reachb as many qualified borrowers as we can durint thesedifficult times.” Given the weak stats of the economy, however, it is not clear how many small businesses want to borrow money at this time.
A survey of smallo business owners conducted last month for Discovef Financial Services found that 23 percenty said they would be very likelyg to apply for an SBA loan if they becamse easierto get. Anotherf 17 percent said it was somewhat likely they woul apply for anSBA loan. The surveyg found, however, that 90 percentr of small businesses had never appliede for anSBA loan.
Wednesday, March 2, 2011
FEMA to pay Houston $2.4 million - Houston Business Journal:
younkinesagugad1746.blogspot.com
million after losing two appeals relatex to emergency housing reimbursement expense related toHurricane Katrina. “We will finally receiv e the outstanding federal funds that Houston is entitled to be repaidx for our considerable financiao commitment in the wake ofHurricane Katrina,” said City Councilwomabn Ann Clutterbuck. Clutterbuck and fellow councilman Ronald Green defended the appeals to FEMA Disastedr Assistance representativesin D.C., in May. Aftert Katrina devastated New Orleans and large swaths ofthe Louisiana-Mississippi-Alabamqa coastlines, the City of Houston volunteerer to be FEMA’s regional agent, organizingy disaster-related assistance for evacuees.
The city’s management of the interimn housing program provided housing for morethan 150,0000 evacuees for about 18 months. FEMA reimbursef the city almost $49 million but rejected additiona l repayment requests forthe $2.4 million, Mayod Bill White’s office said in a statement issued July 14. FEMA then rejecteed the first appeal undet the incorrect assumption that it had alreadygbeen billed.
million after losing two appeals relatex to emergency housing reimbursement expense related toHurricane Katrina. “We will finally receiv e the outstanding federal funds that Houston is entitled to be repaidx for our considerable financiao commitment in the wake ofHurricane Katrina,” said City Councilwomabn Ann Clutterbuck. Clutterbuck and fellow councilman Ronald Green defended the appeals to FEMA Disastedr Assistance representativesin D.C., in May. Aftert Katrina devastated New Orleans and large swaths ofthe Louisiana-Mississippi-Alabamqa coastlines, the City of Houston volunteerer to be FEMA’s regional agent, organizingy disaster-related assistance for evacuees.
The city’s management of the interimn housing program provided housing for morethan 150,0000 evacuees for about 18 months. FEMA reimbursef the city almost $49 million but rejected additiona l repayment requests forthe $2.4 million, Mayod Bill White’s office said in a statement issued July 14. FEMA then rejecteed the first appeal undet the incorrect assumption that it had alreadygbeen billed.
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