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Money

SBA wants more lending in underserved communities

SBA wants more lending in underserved communities
BY ROHIT ARORA

We knew that the credit crunch had taken its toll on small businesses between June 2009 and June 2010, but until recently we did not know how severe the drop in lending really was. Last week, the Small Business Administration (SBA) reported that the total value of outstanding loans to small businesses plunged by $43 billion, that's 6.2 percent, during the aforementioned 12-month period. And that was a drop of $59 billion, or 8.3%, from June 2008.

The SBA based its assessment on data from the Federal Deposit Insurance Corp. (FDIC), which tracks lending by banks. Reduced demand — stemming from pessimism among small business owners, declining sales during the recession, fewer plans for expansion and capital investments — certainly played a role in the drop. However, lenders, particularly big banks, closed the spigot on lending, essentially cutting off small businesses from their sources of capital. Since they generally cannot sell stock or entice outside investors the way larger companies do, small businesses felt the sting of credit crunch particularly strongly.

 

Is paying 1 percent to a financial adviser too much?

Is paying 1 percent to a financial adviser too much?
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

A woman I know, in her 70s, has a nest egg of $500,000. Her financial adviser just retired and she's looking for a new one. I gave her some names ...

Gamblers give Atlantic City casinos a cold shoulder in January

Gamblers give Atlantic City casinos a cold shoulder in January

Revenue down by 13.2 percent when compared to January 2010

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

Add the worst winter weather in 16 years to the problems faced by the operators of Atlantic City's 11 ca...

Inflation danger and the Mickey Mouse lesson

Inflation danger and the Mickey Mouse lesson
BY GERALD J. ROBINSON
NEWJERSEYNEWSROOM.COM

Many remember the classic episode from Walt Disney's Fantasia where Mickey Mouse, having learned the Wizard's incantation for making brooms carry well water t...

UBS agrees to repurchase $1.5 billion in auction-rate securities sold to New Jerseyans

UBS agrees to repurchase $1.5 billion in auction-rate securities sold to New Jerseyans

Must pay state $3.7 million in civil penalties

The state Bureau of Securities has signed a final consent order that requires UBS to repurchase $1.5 billion in auction-rate securities from New Jersey cl...

N.J. tax preparation businesses cited for improperly advertising instand refunds

N.J. tax preparation businesses cited for improperly advertising instand refunds

Division of Consumer Affairs warns against Refund Anticipation Loans

The state Division of Consumer Affairs has fined five income tax preparation outfits improperly advertising so-called "instant," "sa...

Municipal bonds: Time to sell or buy munis?

Municipal bonds: Time to sell or buy munis?
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

I don't know about you, but my municipal bonds have of late lost me a painful amount of money. Among the various reasons for the decline: Investor...

Newark Airport is most expensive in nation

Newark Airport is most expensive in nation

While Atlantic City Airport has country's lowest average fares

Travelers flying from New Jersey have a choice of tickets — they can pay a little or they can pay a lot.

Domestic flights from Newark Liber...

alice + olivia by Stacey Bendet sold on New Jersey

alice + olivia by Stacey Bendet sold on New Jersey

Opens offices and warehouse in Secaucus, expects to hire 70

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

The clothing design company alice + olivia by Stacey Bendet has opened a 75,000 square-foot office and ...

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