Business Loans News

robotic car factory
Feb, 19, 2013
One Senator wants to turn America back into the manufacturing juggernaut of years past. Senator Kirsten Gillibrand (D-NY) is pushing the Made in America Manufacturing Act that will provide commercial loans to businesses that expand domestic manufacturing and promote job growth.
Sign of sequestration debt ceiling
Feb, 6, 2013
In less than a month, large scale budget cuts will begin for the defense department. Over the course of a decade, about $1.2 trillion in scheduled budget cuts will be removed, or sequestered, from the government’s spending budget, which will be taken largely from defense programs and domestic programs. How Sequestration Started The problem became evident in 2011 when Republicans and Democrats could not agree on ways to reduce the national budget deficit.
a storm with lightning
Feb, 4, 2013
The SBA announced that it has approved over $1 billion worth of disaster loans for small businesses in the wake of Hurricane Sandy. It has been nearly 90 days since Sandy devastated the East Coast, crushing tens of thousands of small businesses and affecting the lives of millions. “At this point, businesses are still in the early stages of recovery. Overall, it’s only been three months. This devastation was quite extensive physically and economically,” said Carol Chastang, Media Contact for the SBA’s Office of Disaster Assistance.
a spaghetti dinner
Jan, 25, 2013
An Italian restaurant located in Missouri has received a massive $250,000 business loan. Marcella’s Mia Sorella, was awarded a commercial loan from the Missouri Linked Deposit Program. According to a interview with the Missouri Treasurer’s Office Communications Coordinator Meghan Lewis, the program helps banks provide low interest loans to small businesses. The program offers financing for a diverse range of industries including agriculture and energy, with small business being the most popular. 130 lenders and 350 branches participate in the program across Missouri.
Medicine in Africa
Jan, 23, 2013
An independent federal agency has authorized a $155.4 million direct loan to finance the construction the expansion of a hospital in Ghana. The Export-Import (Ex-Im) Bank of the United States, an agency that creates and maintains American jobs by filling gaps in private export financing, has issued the loan to the Republic of Ghana for a hospital project in Accra, Ghana. Miami-based Americaribe Inc. will export the goods and services required of the project.
Runners in a foot race competition
Jan, 17, 2013
The city of Winston-Salem’s Community and Business Development Department has launched a Business Plan Competition to promote economic growth in the area. In order to incentivize local entrepreneurs and would-be enterprise owners, the city is offering a $5,000 grant for startup costs to the winning business plan author. A matching $5,000 micro-loan may also be made available to the winner. The city is also offering the chance for the winner to apply to their Small Business Loan Program.
American flag Pennsylvania map on money
Jan, 14, 2013
The Pennsylvania Department of Community and Economic Development (DCED) has declared that it will drop interest rates for five commercial loan programs as part of an effort to stimulate job growth.
Hand reaching out liquor bottles
Jan, 3, 2013
A recent study found that drug and alcohol addictions among family-owned businesses impact their ability to survive in the local and global economy. The study, conducted by Regeneration Partners and Caron Treatment Centers, included 99 family firms from a wide array of industries. James Hutcheson, president and founder of Regeneration Partners and author of the study, used his company database from the past 19 years to assist with the study. He discovered that addiction problems are extremely prevalent in family businesses.
dice rolling on gambling table
Jan, 3, 2013
Galaxy Gaming, one of the world’s largest manufacturers of casino table games, has undertaken a very unique method of getting their business loan lender’s attention: calling them out. Robert Saucier, CEO of Galaxy Gaming, has written and posted an open letter on his company’s website to Bank of America’s CEO, Brian Moynihan.
Crack in the door
Dec, 11, 2012
It has been weeks since Hurricane Sandy ravaged the Eastern border — killing residents, destroying homes and ruining local business efforts to remain afloat. But two major organizations have stepped in by assuring that business loans are available when needed: Bank of America and the Small Business Administration. Bank of America committed $20 million in funding for 13 Community Development Financial Institutions (CDFIs) in order to provide small business loans for residents affected by Hurricane Sandy.