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By Alison Knezevich and Michael Dresser, The Baltimore Sun | November 2, 2013
The transformation of a vacant, 12-story eyesore into a gleaming office building has brought workers, shoppers and diners to the northern edge of downtown Towson - thanks in part to a public financing package that waived repayment of millions of dollars in loans to a developer. The county makes so-called conditional loans that do not require repayment if certain conditions, such as job creation, are met. The $3.5 million in conditional loans to Caves Valley Partners for the Towson project would rank as the largest ever forgiven; others have provided $300,000 to demolish vacant Pikesville buildings and $40,000 to renovate a bank branch in Randallstown.
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NEWS
By Alison Knezevich, The Baltimore Sun | December 12, 2013
Officials with Baltimore County Executive Kevin Kamenetz's administration say they won't immediately seek to recoup a $300,000 taxpayer-funded loan granted to a Pikesville family business that was raided this week in a federal cigarette-smuggling case. Health-Way Pharmacy was allegedly used to aid a black-market cigarette trade and the illegal sale of foreign drugs, according to a federal indictment unsealed Wednesday. Its owners received the loan in 2010 from a county fund meant to revitalize downtown Pikesville.
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BUSINESS
By American Banker | December 24, 1992
NEW YORK -- Finance companies' share of the commercial lending market grew at the expense of banks last year, according to American Banker's annual survey of the industry.Finance companies increased business loans by 5.8 percent, to $309.7 billion. By contrast, business loans at commercial banks fell 4.7 percent.Moreover, finance companies' share of business loans increased 33.3 percent, their highest percentage ever. In 1990, their portion was 31 percent.The full-year 1991 figures just became available.
NEWS
By Alison Knezevich and Michael Dresser, The Baltimore Sun | November 2, 2013
The transformation of a vacant, 12-story eyesore into a gleaming office building has brought workers, shoppers and diners to the northern edge of downtown Towson - thanks in part to a public financing package that waived repayment of millions of dollars in loans to a developer. The county makes so-called conditional loans that do not require repayment if certain conditions, such as job creation, are met. The $3.5 million in conditional loans to Caves Valley Partners for the Towson project would rank as the largest ever forgiven; others have provided $300,000 to demolish vacant Pikesville buildings and $40,000 to renovate a bank branch in Randallstown.
NEWS
By Erin Texeira and Gerard Shields and Erin Texeira and Gerard Shields,SUN STAFF | July 17, 1998
ATLANTA -- Pledging to spark more economic growth and prosperity among African-Americans, Vice President Al Gore yesterday announced a goal of $1.4 billion in new loans for black small-business owners nationwide, including developing a Baltimore center.The new loan initiative, to be administered by the Small Business Administration, will be buttressed by seven community development centers to educate black entrepreneurs. The announcement is timely for Baltimore, where City Council President Lawrence A. Bell III has spent months prodding area banks for more business capital in black neighborhoods.
NEWS
By Andrew A. Green and Andrew A. Green,SUN STAFF | December 5, 2003
In a boost to Baltimore County's redevelopment efforts, three banks have joined the county to provide reduced-interest loans to small businesses in commercial revitalization districts, County Executive James T. Smith Jr. announced yesterday. M&T Bank, Provident Bank and Susquehanna Bank agreed to offer 1/4 -point discounts to businesses located in or moving to the county's 13 revitalization districts, which are concentrated in the older communities around the Beltway. The program is called "Revitalization Advantage."
BUSINESS
May 24, 1994
Demand for business loans strongDemand for business loans has remained strong, the Federal Reserve reported yesterday in a seasonal survey that showed business borrowing has boomed despite repeated moves by the Fed to tighten credit.The Fed surveyed loan officers at 58 domestic banks and 18 U.S. branches of foreign banks in May. "Demand for business credit surged," the Fed reported. There was a notable pickup in credit demand over the past three months, since the last similar survey in February.
BUSINESS
July 23, 1997
The Bank of Annapolis in Annapolis and Home Bank in Newark in Worcester County topped a list of Maryland's most small-business-friendly banks in a new survey by the U.S. Small Business Administration.The annual survey, which focuses on small business loans of less than $100,000, identified 478 of the nation's 9,670 commercial banks as "micro-business friendly."Banks in the top 10 percent in small business lending in Maryland also include First United Bank and Trust Co. in Oakland; Industrial Bank in Oxon Hill; Bank of Glen Burnie in Glen Burnie; Peoples Bank of Kent City in Chestertown; Westminster Bank and Trust Co. in Westminster, and Talbot Bank of Easton in Easton.
BUSINESS
May 14, 1995
Local lenders hope to reach thousands of potential low- and moderate-income customers next weekend during the second annual ACORN & Friends Bank Fair.Help will be available for potential homebuyers and others seeking home improvement or small business loans or looking to refinance a mortgage -- even for those who've been turned down before, say sponsors ACORN, the Association of Community Organization for Reform Now, and 15 area banks."If people are paying $250 or more a month in rent, they can buy a house rather than pay a landlord," said Kelley Collings, head organizer for Maryland ACORN.
NEWS
By Andrea F. Siegel and Andrea F. Siegel,Staff Writer | August 3, 1993
Anne Arundel County's economic development officers are about to ask businesses to refinance their tax-exempt bonds -- which not coincidentally would bring thousands of dollars into a fund that makes local small business loans.About 150 businesses in the county -- ranging from tennis centers to apartment complexes -- have outstanding industrial revenue bonds, known as IRBs, which are backed by company assets and are tax-free, said Michael S. Lofton, executive vice president of the nonprofit Anne Arundel Economic Development Corp.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 28, 2013
Anne Arundel Economic Development Corp. on Wednesday will kick-off a small business loan fund that will lend $3.36 million in Maryland. As part of the launch, the development group will hold a press conference at the offices of the first loan recipient, Brick House LLC, at 1 p.m. in the Conte Office Park in Annapolis. Maryland's Department of Business and Economic Development last month announced that a total of $7.86 million had been allotted to three groups for a revolving loan fund targeting small-, minority- and women-owned businesses.
NEWS
April 28, 2012
The op-ed by State Employees Credit Union CEO Rod Staatz ("Let credit unions do their job," April 25) compels me to respond on behalf of the Maryland banking industry. In his commentary, Mr. Staatz, who runs Maryland's largest credit union, argues that the congressionally-mandated cap on credit union small business lending should be more than doubled (from 12.25 percent of assets to 27.5 percent of assets) as called for in a bill (S. 2231) pending in Congress. We strongly disagree.
NEWS
By Rod Staatz | April 24, 2012
Virtually every current or aspiring officeholder on either side of the aisle extols the virtues of American small businesses as the backbone of the U.S. economy. With that in mind, Sen. Mark Udall, a Colorado Democrat, and Rep. Ed Royce, a California Republican, have introduced bipartisan legislation (S. 2231/H.R. 1418) to raise the cap imposed on credit unions' small business lending from 12.25 percent of assets to 27.5 percent. That one, simple move would free up an estimated $13 billion in additional capital while potentially creating more than 140,000 new jobs nationwide.
EXPLORE
December 15, 2011
The Havre de Grace city government once again finds itself wrongly in the position of acting as loan officer, bank board of directors and financier in a business matter. The Havre de Grace city government once again finds itself wrongly in the position of acting as loan officer, bank board of directors and financier in a business matter. Last week, the city council, with two members abstaining, voted, 3-1, to loan $100,000 to Mary Martin Ltd., which is a shop on Washington Street that deals in antique postcards and related paraphernalia.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | August 17, 2009
Ten thousand interest-free loans are expected to be made to small businesses under a new federal program launched in June, but so far many banks aren't participating. Loans are trickling out with only a half-dozen made in Maryland. The goal of America's Recovery Capital loan program, part of the government's economic stimulus package, is to assist viable, but temporarily struggling, small businesses by offering them interest-free loans of up to $35,000 with lenient repayment terms. Banks started accepting applications for the government-backed loans June 15. The program runs through Sept.
NEWS
By Larry Williams | March 21, 2009
Four and a half years ago, Martin Haft took a deep breath, borrowed $150,000 from a bank in Carroll County with a Small Business Administration guarantee and opened Walk About Shoes, a specialty shoe store in Westminster. The store was the only one in the county with a wide range of shoes designed to meet medical or special size needs, and business grew briskly. Today, Mr. Haft finds himself beleaguered, in need of cash to buy inventory in the midst of a major economic decline. If he can't find the money he needs, there is a good chance that his shoe store will disappear, leaving an empty storefront and three people, including Mr. Haft, jobless.
BUSINESS
By American Banker | July 28, 1992
NEW YORK -- For the first time in 27 years, banks have more government securities on their books than business loans.Data released by the Federal Reserve Board show that commercial and industrial loans outstanding slipped to $598.5 billion at the end of June, while holdings of U.S. government securities climbed to $607.3 billion.The two figures have been convergingfor months, but their changing places provides dramatic evidence of how the recession and the aftermath of massive lending problems have changed the business of banking.
BUSINESS
By Stephen L. Rosenstein | August 10, 2008
For many small businesses, bank loans, venture capital and money from angel investors are financing long shots at best. It is far more common for a small business to secure funds from family members or even friends. Availability is the big draw. The downside is that business loans from family and friends also can be a disaster if they are not handled properly. Unstructured or loosely structured financing and pay back terms can haunt both sides in the future. Research shows that 14 percent of business loans from family and friends go into default, compared with about 1 percent for bank loans.
NEWS
By Maura Reynolds and Maura Reynolds,Tribune Washington Bureau | March 17, 2009
WASHINGTON -Working to jump-start the economy's engine of job creation, President Obama announced yesterday that up to $15 billion will be spent to boost lending to credit-hungry small businesses. The new effort was also meant to allay criticism that the White House has focused too much on the needs of fallen financial titans on Wall Street and not enough on the economic damage to small businesses. The financial crisis has dried up most commercial lending, including the lines of credit that are the lifeblood of small business, which historically has created about 70 percent of the economy's new jobs.
NEWS
By Peter Morici | December 24, 2008
The Federal Reserve is running out of conventional monetary policy and bond market options. Thus, the time for unconventional policies may be at hand. The Fed has cut the federal funds rate and its short-term lending rate to banks to near zero, but those moves have done little to unlock credit markets. Traditional mortgage money and business loans remain too scarce because regional banks - the arteries and capillaries of our credit system - remain short of loanable funds. Near-zero short-term lending rates for banks do little to help, because the regional banks do not lack for short-term access to funds; the Fed is providing all the near-term liquidity they want.
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