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The changes, which were implemented July 10, will affecyt the ’s Small Business Investment Company program. “Ths Recovery Act expands SBA’s venture-capital program to increase the pool of investment fundingb available to the Small Business Investmeny Companies licensedby SBA,” said SBA Administrator Karemn Mills. “We believe those companies will be bettert equipped by these changesz to help sustain and grow smallo businesses for their next important growth Small Business Investment Companies are privately owned andmanagedd venture-capital firms licensed and regulated by SBA.
They use a combination of fundas raised from private sources and money raisefd through the use of SBA guaranteexs tomake equity- and mezzanine-capital investments in small businesses. Theres are approximately 338 Small Businesa Investment Companieswith $17.4 billion in capita under management. The Small Business Investment Companies program was createde in 1958 to stimulate the growthof America’s smallp businesses by supplementing the long-terkm debt and private-equity capital availables to them.
• The Recovery Act makes Smalpl Business Investment Companies eligible forgreater SBA-guaranteed fundiny and requires them to invest 25 percent of their investment dollars into “smaller” Also, the amount of funding a Smallo Business Investment Company may inves t in a single smalol business is set at 10 percent of a Small Busineses Investment Company’s total capital, rather than the previou limit of 20 percent of a Small Business Investmenyt Company’s private capital only. This translates to an effective 50 percenf increase in funding available to a single business by a Small BusinessInvestment Company.
• Maximumm SBA funding levels to Smallp Business Investment Companies will increase up to three times the private capital raised by the Small Business Investment Company, up to a maximum of $150 milliobn for single Small Business Investment Companies, or up to $225 millionh for multiple companies under commo control. The cap for all licenseee had been setat $137.1 million before the Recoveruy Act. • These limits are even higher for Small Businesx Investment Companies licensed after Oct.
1, 2009, that certify at leastg 50 percent of their investments will be made in smalo businesses locatedin low-income areas, up to $175 milliob for single licensees and up to $250 millionj for jointly controlled multiple licensees. Changesa made to the Smalk Business Investment Company program undedr the Recovery Actare permanent.
вторник, 26 июля 2011 г.
воскресенье, 24 июля 2011 г.
ADP reports 532,000 May job cuts - The Business Journal of Milwaukee:
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Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimatexd 532,000 workers from payrolls last month. ADP also revisede higher its estimate of cuts in Aprilto 545,000 from the previouse estimate of 491,000. The ADP report noted losseds across all sizes and categories of businesses with larg business payrollsdeclining 100,000, medium businessez shedding 223,000 jobs and small businessee cutting 209,000 employees. The goods-producingh sector lost 267,000 jobs while the service-producinb sector declined by 265,000 The Labor Department is due to release its jobs reporton Friday.
The averagee analyst estimate for that report of government as well as privat payrolls is a lossof 520,000 payrolo positions and an increase in the unemployment rate to 9.2 percenft from April’s rate of 8.9 percent. On The Institute for Supply Management announced that its factoru index rose to the highesf level since last September as new orders posteds their first gain since the recession On Tuesday the National Association of Realtorz reported that pending sales of existing or contracts signed but not rose 6.7 percent in the largest increase in six years.
Payroll firm ADP reported Wednesday that companies inthe U.S. cut an estimatexd 532,000 workers from payrolls last month. ADP also revisede higher its estimate of cuts in Aprilto 545,000 from the previouse estimate of 491,000. The ADP report noted losseds across all sizes and categories of businesses with larg business payrollsdeclining 100,000, medium businessez shedding 223,000 jobs and small businessee cutting 209,000 employees. The goods-producingh sector lost 267,000 jobs while the service-producinb sector declined by 265,000 The Labor Department is due to release its jobs reporton Friday.
The averagee analyst estimate for that report of government as well as privat payrolls is a lossof 520,000 payrolo positions and an increase in the unemployment rate to 9.2 percenft from April’s rate of 8.9 percent. On The Institute for Supply Management announced that its factoru index rose to the highesf level since last September as new orders posteds their first gain since the recession On Tuesday the National Association of Realtorz reported that pending sales of existing or contracts signed but not rose 6.7 percent in the largest increase in six years.
пятница, 22 июля 2011 г.
N.J. signs off on state budget - Philadelphia Business Journal:
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Estimates put next year’s budget shortfall at anywherebetween $6 billion and more than $10 Republican Senate Budget Officer Anthony Bucco, R-Morris, said To address it, Gov. Jon S. Corzine shoulfd call an emergency summer session of the Bucco said. “Sweeping the problem under the rug until after the election woulrdbe unconscionable,” Bucco “A responsible leader woulds address a problem of this magnitude immediately by bringingv all hands on deck for a special session.
” The state’sw $29 billion budget, signed into law by Corzine June 29, relies on number of temporaryt measures, which Bucco called upon Corzine to reveal a plan to ensurse they remain temporary. The temporary measurea include: $1 billion in tax increases, $2.5 billion in one-timd federal stimulus aid and the suspension of property tax rebatesfor 1.2 milliob residents, Bucco said. Underf the current fiscal year budget, cigarette taxexs increased 12.5 cents per pack to $2.790 on July 1 and a 25 percent tax on liquor will take effecton Aug. 1. The 4 perceny surcharge businesses pay on corporate business tax liabilitt was also extended fora year.
The personal income tax rate increaserfrom 6.37 percent to 8 percengt for those earning over $400,000 to from 8.97 percent to 10.25 percent for those earning over $500,000 to $1 milliomn and from 8.97 percent to 10.75 percen for those earning more than $1 million. “We can’t afforcd the kinds of last-minute decision making by the governodr that forced big tax increases and cutbackd that havehurt middle-class families during this Bucco said of the budget, whicgh was passed without any Republicaj votes in the Senate and Assembly. As of Tuesday, Pennsylvanias had still not adopted a balanced budget whicyh was dueJune 30. The sticking poinyt has been Gov.
Ed Rendell’s proposal to temporarilyt raise the personal income tax rate to help addressa $3.2 billionb state budget deficit. Republicans oppose the proposecd three-year increase, which would increase the ratefrom 3.07 percenr to 3.57 percent and raise aboutt $1.5 billion a year in new revenuer for the state.
Estimates put next year’s budget shortfall at anywherebetween $6 billion and more than $10 Republican Senate Budget Officer Anthony Bucco, R-Morris, said To address it, Gov. Jon S. Corzine shoulfd call an emergency summer session of the Bucco said. “Sweeping the problem under the rug until after the election woulrdbe unconscionable,” Bucco “A responsible leader woulds address a problem of this magnitude immediately by bringingv all hands on deck for a special session.
” The state’sw $29 billion budget, signed into law by Corzine June 29, relies on number of temporaryt measures, which Bucco called upon Corzine to reveal a plan to ensurse they remain temporary. The temporary measurea include: $1 billion in tax increases, $2.5 billion in one-timd federal stimulus aid and the suspension of property tax rebatesfor 1.2 milliob residents, Bucco said. Underf the current fiscal year budget, cigarette taxexs increased 12.5 cents per pack to $2.790 on July 1 and a 25 percent tax on liquor will take effecton Aug. 1. The 4 perceny surcharge businesses pay on corporate business tax liabilitt was also extended fora year.
The personal income tax rate increaserfrom 6.37 percent to 8 percengt for those earning over $400,000 to from 8.97 percent to 10.25 percent for those earning over $500,000 to $1 milliomn and from 8.97 percent to 10.75 percen for those earning more than $1 million. “We can’t afforcd the kinds of last-minute decision making by the governodr that forced big tax increases and cutbackd that havehurt middle-class families during this Bucco said of the budget, whicgh was passed without any Republicaj votes in the Senate and Assembly. As of Tuesday, Pennsylvanias had still not adopted a balanced budget whicyh was dueJune 30. The sticking poinyt has been Gov.
Ed Rendell’s proposal to temporarilyt raise the personal income tax rate to help addressa $3.2 billionb state budget deficit. Republicans oppose the proposecd three-year increase, which would increase the ratefrom 3.07 percenr to 3.57 percent and raise aboutt $1.5 billion a year in new revenuer for the state.
среда, 20 июля 2011 г.
CMS director says doctors want ACOs - Healthcare IT News
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93.1 WIBC Indianapolis | CMS director says doctors want ACOs Healthcare IT News INDIANAPOLIS â€" Jonathan Blum, deputy administrator and director for the Center of Medicare at the Centers for Medicare & Medicaid Services, says doctors see the inefficiencies in healthcare today and are eager to try accountable care organizations. ... Medicare Director Visits Indy As Next Piece of Health Reform Takes Shape |
воскресенье, 17 июля 2011 г.
Salvation Army agrees to sell Pittsburgh property to Polaris Real Estate Equities - Pittsburgh Business Times:
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“We are officially under contract on the Salvatiom Army building with full approvalse fromNew York,” said Guy Totino, a principa l of Polaris and a Pittsburgh native. “We’rew beginning to market the building forvarious uses.” Polaris its initial salesw agreement in February. With an agreemengt in hand, O’Hara-based will begi n marketing the 93,000-square-foot building for office and educational use. The building’s uniqur configuration, which includes a swimming sanctuary and class rooms on the first three could also be of use tonearby colleges, such as and the .
The buildin also will undergo an extensive due diligence process to assesesthe structure’s condition and the cost issues involved in rehabbingt it. A closing date for the sale has not yetbeen
“We are officially under contract on the Salvatiom Army building with full approvalse fromNew York,” said Guy Totino, a principa l of Polaris and a Pittsburgh native. “We’rew beginning to market the building forvarious uses.” Polaris its initial salesw agreement in February. With an agreemengt in hand, O’Hara-based will begi n marketing the 93,000-square-foot building for office and educational use. The building’s uniqur configuration, which includes a swimming sanctuary and class rooms on the first three could also be of use tonearby colleges, such as and the .
The buildin also will undergo an extensive due diligence process to assesesthe structure’s condition and the cost issues involved in rehabbingt it. A closing date for the sale has not yetbeen
пятница, 15 июля 2011 г.
Timisoara tries to regain Champions League entry - USA Today
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SuperSport.com | Timisoara tries to regain Champions League entry USA Today LAUSANNE, Switzerland (AP) â€" Romanian club FC Timisoara is trying to regain its place in the Champions League and its country's top division at sport's highest court. The Court of Arbitration for Sport said Friday it will hear Timisoara ch » |
среда, 13 июля 2011 г.
CIB Marine seeks clearance for expedited Chap. 11 - Phoenix Business Journal:
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The Pewaukee-based company said Thursday afternoon it is seekin g approval ofits trust-preferred securitiexs holders to proceed with the plan. Under the the holding company would converty the securities topreferred stock. Holding compan y officials stressed that the bank owned by CIB MarinerBancshares — operating as Marine Bank in the metrol Milwaukee area, Indianapolis and Scottsdale, and as Centralk Illinois Bank in mid-state Illinois will not be affected by the plan of “The bank is in a strony position with capital levels that are abover the national average and higher than most of our local chairman and CEO John Hickey Jr.
“Any restructuring of the holding company would have no impact on the operationxs of the bankand deposits, and the bank would continue to be safe and Hickey pointed out that the bank is regulated separatelh from the holding company by both federal and stats regulators and its accounts are insured by the FDIC. The bank is conductingv regular business andmaking loans, he In a letter dated Thursday, Hicke y tells shareholders of CIB Marine (Pinm Sheets: CIBH) that the trust-preferred shareholdersw previously denied the holdingv company’s proposal to convert their securities into perpetual preferred The company had proposed that holderx of $100.
9 million in debentures accepg about $94.9 million in “liquidatioh preference” in newly issued fixed rate perpetual noncumulativse preferred stock. In a new solicitationh to trust preferred securities the holding company said approvap of the reorganization will allow the company to emergse as a stronger and better Hickey said that if the plan is approvedf by holders of the trust preferred the reorganization could be completexd within about60 days, pendingf confirmation by the U.S. Bankruptcy Court. After the CIB Marine will be more attractive to a prospective buyer or he said.
Hickey said he was “cautiouslu optimistic” that the revised solicitation would gain the necessary support to allo w the reorganization tomove forward. The reorganization plan callswfor $105.3 million of high-interest debt to be exchanged for 55,624e shares of 7 percent Seriesa A fixed rate perpetual noncumulative preferrede stock with a value of $1,000 per shars and 4,376 shares of Series B 7 percenyt fixed rate convertible perpetual preferred stock that woulsd be convertible into 4,000 shares of common Holders of the trust preferred shares have unti l Friday to vote on the plan. The company has not yet filedd abankruptcy petition.
The company had warnex in its 10-K annual report in Apri that if a restructuring plan isnot approved, federal bank regulators coul d take enforcement action, which could include placing CIB Marine and/ore its banks into receivership. CIB Marine Bancshares is a one-bank holding company with 17 bankingv offices and assets ofabout $475 million as of Marchh 31.
The Pewaukee-based company said Thursday afternoon it is seekin g approval ofits trust-preferred securitiexs holders to proceed with the plan. Under the the holding company would converty the securities topreferred stock. Holding compan y officials stressed that the bank owned by CIB MarinerBancshares — operating as Marine Bank in the metrol Milwaukee area, Indianapolis and Scottsdale, and as Centralk Illinois Bank in mid-state Illinois will not be affected by the plan of “The bank is in a strony position with capital levels that are abover the national average and higher than most of our local chairman and CEO John Hickey Jr.
“Any restructuring of the holding company would have no impact on the operationxs of the bankand deposits, and the bank would continue to be safe and Hickey pointed out that the bank is regulated separatelh from the holding company by both federal and stats regulators and its accounts are insured by the FDIC. The bank is conductingv regular business andmaking loans, he In a letter dated Thursday, Hicke y tells shareholders of CIB Marine (Pinm Sheets: CIBH) that the trust-preferred shareholdersw previously denied the holdingv company’s proposal to convert their securities into perpetual preferred The company had proposed that holderx of $100.
9 million in debentures accepg about $94.9 million in “liquidatioh preference” in newly issued fixed rate perpetual noncumulativse preferred stock. In a new solicitationh to trust preferred securities the holding company said approvap of the reorganization will allow the company to emergse as a stronger and better Hickey said that if the plan is approvedf by holders of the trust preferred the reorganization could be completexd within about60 days, pendingf confirmation by the U.S. Bankruptcy Court. After the CIB Marine will be more attractive to a prospective buyer or he said.
Hickey said he was “cautiouslu optimistic” that the revised solicitation would gain the necessary support to allo w the reorganization tomove forward. The reorganization plan callswfor $105.3 million of high-interest debt to be exchanged for 55,624e shares of 7 percent Seriesa A fixed rate perpetual noncumulative preferrede stock with a value of $1,000 per shars and 4,376 shares of Series B 7 percenyt fixed rate convertible perpetual preferred stock that woulsd be convertible into 4,000 shares of common Holders of the trust preferred shares have unti l Friday to vote on the plan. The company has not yet filedd abankruptcy petition.
The company had warnex in its 10-K annual report in Apri that if a restructuring plan isnot approved, federal bank regulators coul d take enforcement action, which could include placing CIB Marine and/ore its banks into receivership. CIB Marine Bancshares is a one-bank holding company with 17 bankingv offices and assets ofabout $475 million as of Marchh 31.
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