Tuesday, May 21 2013 6:25 PM EDT2013-05-21 22:25:01 GMT
Voters across the state of New York headed to the polls on Tuesday to vote on their school districts budgets and elect school board members. For voters in Peru, NY the reaction to the proposed budget isMore >>
Voters across the state of New York headed to the polls on Tuesday to vote on their school districts budgets and elect school board members. More >>
Tuesday, May 21 2013 6:10 PM EDT2013-05-21 22:10:06 GMT
South Burlington fire fighters say they had to close off some streets Tuesday to repair a gas leak. It happened around 2 on Hayes Avenue, as construction crews were working on a street project. FirefightersMore >>
South Burlington fire fighters say they had to close off some streets Tuesday to repair a gas leak.More >>
Tuesday, May 21 2013 5:44 PM EDT2013-05-21 21:44:30 GMT
For more than two and half years we haven't heard much from police about the death of Pat O'Hagan. That changed Tuesday when we received these federal documents that connects Michael Norrie, 22, KeithMore >>
Even with confessions of three people regarding the death of Pat O'Hagan, state prosecutors say there isn't enough evidence to charge them. Instead, federal prosecutors are hoping to use that information to lock at least one of them behind bars for a longer time.More >>
Tuesday, May 21 2013 3:32 PM EDT2013-05-21 19:32:47 GMT
Here's a timeline of events regarding Pat O'Hagan's death. On September 10, 2010, police say 78-year-old Pat O'Hagan was attacked and killed inside her Sheffield, Vt. home.The next day a friend reportedMore >>
Timeline of events regarding Pat O'Hagan's death.More >>
Tuesday, May 21 2013 2:32 PM EDT2013-05-21 18:32:54 GMT
Vermont Restaurant Week donates $6,600 to Vermont Food Bank. A press release says the money will provide 19,800 meals for families throughout Vermont "The Vermont Food Bank is thrilled to again be theMore >>
Vermont Restaurant Week donates $6,600 to Vermont Foodbank.More >>
Tuesday, May 21 2013 1:43 PM EDT2013-05-21 17:43:40 GMT
A judge denied Allen Prue's request for a new lawyer Tuesday. Earlier Tuesday, a judge also denied Patricia Prue, Allen's wife, a new lawyer. Patricia and Allen Prue are accused of strangling and beatingMore >>
A judge denied Allen Prue's request for a new lawyer Tuesday.More >>
Tuesday, May 21 2013 1:22 PM EDT2013-05-21 17:22:01 GMT
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources: Red Cross You can also text REDCROSS to: 90999. Each text will donate $10 and will be charged to your phoneMore >>
If you're looking to help the victims of the deadly tornado in Oklahoma here are some resources. More >>
Tuesday, May 21 2013 12:32 PM EDT2013-05-21 16:32:21 GMT
ABC World News With Diane Sawyer will be expanded to one hour Tuesday night. According to ABC News, the 1 hour telecast will provide information about the Oklahoma tornado. ABC22 will go on-air at 7:30More >>
Tuesday, May 21 2013 11:55 AM EDT2013-05-21 15:55:33 GMT
New York State Police are investigating a fatal accident in Champlain, N.Y. on Monday night. A press release says when Ronald Trombly, 85, of Mooers, N.Y., was trying to get around 4 runners on the shoulderMore >>
New York State Police are investigating a fatal accident in Champlain, N.Y. Monday night.More >>
Tuesday, May 21 2013 11:15 AM EDT2013-05-21 15:15:46 GMT
There is a meeting for the Burlington Community in regards to the rail yard enterprise project. This project would essentially connect Pine Street and Battery Street at the Kilburn intersection, cuttingMore >>
There is a meeting for the Burlington Community in regards to the rail yard enterprise project. More >>
Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE National Association of Development Companies (NADCO)
WASHINGTON, March 14, 2013 /PRNewswire-USNewswire/ -- SBA Associate Administrator Jeanne A. Hulit announced the agency's support for an extension of the 504 Debt Refinance program at a Senate Roundtable including Sen. Mary Landrieu (D-LA) and Sen. Jim Risch (R-ID), Chairman and Ranking Member of the Senate Small Business Committee Thursday.
Pointing to over 400 small business borrowers seeking to unlock over $500 million by refinancing old, expensive debt on the last day of the temporary program as it expired last year, Hulit said the benefits of the program are clear and the SBA fully supports reinstating it. "The demand is still there," Hulit said.
Sen. Landrieu called on witness Ralph Hardt, a small manufacturer whose Wisconsin company unlocked $5 million through 504 debt refinancing provided by CDC Wisconsin Business Development, enabling the manufacturer to create jobs. "We will hire 101 people this year," Hardt said. "The debt refi turned us around." Hardt said the business was starved for cash during the Great Recession as it struggled not to impose layoffs during the downturn. When demand increased for auto parts, the company couldn't access the capital it needed to respond to the market. "We had too much high-interest, short term debt – the banks wouldn't give us more," he said.
When the 504 Debt Refinance came through, banks increased the manufacturer's credit lines and other financing.
Sen. Landrieu said not extending debt-refi through legislation she has introduced as the CREED Act, would be irresponsible. "It's their money," she said, referring to the small businesses who have used Debt Refinancing to access cash for job creation and other needs.
Joe Wolfe, Chairman of the National Association of Development Companies (NADCO), leads Wisconsin Business Development. "We helped 146 businesses refinance their debt through this program," he said. "It was a lifeline for many, and it could help a lot more."
NADCO estimates that the five-year extension of the program envisioned in the CREED Act could enable 250,000 small businesses to access vital capital. According to a recent U.S. Census-George Mason University study, small businesses in the 504 program create 25 percent more jobs than non-504 borrowers.
In addition to Landrieu, Sen. Jeanne Shaheen (D-NH), Sen. Clair McCaskill (D-MO), and Sen. Johnny Isakson (R-GA) – widely considered the Senate's expert on commercial real estate – are co-sponsors of the CREED Act.
"At this time in our economy, with unemployment still stuck at 7.7 percent, it is imperative that Congress enact measures like the CREED Act to help small businesses access the capital they need to create jobs," said NADCO President & CEO Beth Solomon. "This is a no-brainer for both sides of the aisle."
ABOUT THE CREED ACT
The Commercial Real Estate and Economic Development (CREED) Act, originally enacted as part of the Small Business Jobs Act of 2010, did not become fully operational until February 2012, significantly shortening the period of time that businesses could use 504 loans to refinance qualifying existing debt. It expired on September 27, 2012.
During that time, over 2700 businesses refinanced nearly $7 billion in old, expensive debt to unleash capital that was reinvested into their businesses to create and sustain jobs. The measure literally saved thousands of businesses in communities across the country during the recession, helping them accelerate the economic recovery.
Senator Mary L. Landrieu (D-LA), Chair of the Senate Committee on Small Business and Entrepreneurship, and Senator Jeanne Shaheen (D-NH), a senior member of the Committee introduced a five-year extension could offer capital access to over 250,000 additional businesses across the country, saving them up to $20,000 per month.
ABOUT THE SBA's 504 LOAN INITIATIVE
The 504 loan initiative is a long-term financing tool for economic development that provides small businesses with long-term, fixed-rate loans to help them acquire major fixed assets for expansion or modernization. Certified Development Companies (CDC) work with the SBA and private sector lenders to provide financing to small businesses under the 504 loan program. A CDC is typically a private, nonprofit corporation set up to contribute to the economic development of its community.
The National Association of Development Companies (NADCO) is the trade association of Certified Development Companies (CDCs) - nonprofit companies that have been certified by the Small Business Administration (SBA) to provide financing for small businesses under the SBA 504 Program. NADCO represents nearly 270 CDCs, serving all 50 states. In 2012, the industry provided $6 billion to nearly 10,000 U.S. small businesses.