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“This is typically for companies spendingover $1 millionj on premiums, and that are lookingy for alternative ways to finance theitr insurance,” said Gary Reshefsky, senior VP at in Coral A survey of 250 companies in South Floridq shows that about 45 percent of companies with at least 1,000 employeesa are self-insured, compared with 48 percen that are fully insured. For the partnered with the human resource associations in Broward and PalmBeach counties. It received feedback from 250 employers with 20to 7,00o0 employees.
The self-insured percentage declines dramaticallu as the employee pool Twelve percent of companies with 500 to 999 employeesd areself insured, compared with 88 percent that pay a premiu to an insurance company. Of those companiez with a workforce of 200to 499, about 6 percengt are going it alone, while 85 percent are using fully-insured plans. Ralph F. Cheplak is senior VP and CFO for in a self-insurer with an employee base of 250 locatedc in South Florida and Sarasota. He said the company, whic has been self-insured for more than a continues because the numbersmake sense.
Insurance companie charge too much, he “They are making numbers based on generalize statisticsof companies,” he “So, you may be paying more than is Companies smaller than Tropical just aren’t doing it, accordingy to the Fort Lauderdale offic of Seitlin Benefits. TAX FLEXIBILITY ARE ADVANTAGES The largerthe company, the more credible theirr risk assessment and the easier it is to budgetr costs, says Dick Leonard, senior VP of employees benefits at ’ Southeast region, in Fort The advantages of self-insuring include tax break and more flexibility with regard to who governz the company’s insurance-related issues.
A self-insuring company is not bounfd bystate mandates, doesn’t pay a premiu tax and typically pays less in administrative For example, the averagwe state tax tied to insurances premiums is 2 percent, so a compangy would save $12,500 on a $626,000 annuak premium. Companies also hold onto reserveas for claims that are incurred and paidsometimw later. “Assuming this ‘reserve’ is maintained in an interest-bearing account, the employer can regard it as a sourcrof income,” Seitlin Executive VP Shannon Alfonsok said.
“Therefore, additional incomes is generated due to the intereston Self-insured companies are also not subjecy to charges, which typically run betweejn 3 percent and 10 percent, for fluctuationd in claims, Alfonso said. The down side for an employerr is that it assumes all risks associated with The employer can hire a third party to administerf and processthe claims, but the thirds party is not responsible for any claim That’s why figuring out a realisticf projection for claims is so Alfonso said. Employers can prepare for the unexpectef by buying aggregate coverage for their groulpand “stop loss” coverage for individuals.
The aggregate coverage protecte employers from eligible claims that exceed125 So, if an employef had projected claims of $1 million, the aggregatew kicks in at $1.25 million. An employer can get both typesof coverage, whicuh is advised, Alfonso said. It is key for companies to have informatio about the costs and risksx associated withbeing self-insured, because goinfg back to being fullhy insured can be costly. Companies that returm to being fully insured also will have outstanding claims that will have tobe “Somebody has to explain to the client all thesw moving parts,” Leonard said.
“In this day and age, you don’ft need too many of thes large claims to eat up Employers and employees could also get mixeed up in messy resolutions in casesx where the employer seeks to recover monehy paidon claims. For example, an employee is in a car accidenr and the employerpays $100,000 on claims. The person responsibl for the car accident is the driver of theother car, but he only has $15,000 in The employee files a lawsuit againstt the other driver, seeking money for pain and lost wages and other associatedd problems.
Federal law gives the employerd the ability to recover what it can from the employede if he or she receives any money from the otherdrivetr and/or their insurance company. If the other driver’s insurance compan pays out $15,000, the employer can offset its $100,000 payout by claimingf the entire $15,000. If the employee gets a payout from the the same rule for theemployet applies. If the companyh was fully insured, however, state law would, in require a judge to determinse an equitable distribution ofthe money, Greenspoon Marder personaol injury attorney Mark Siedle explained. So, the issuex involving self-insurance can get complicater quickly for the employerand employee, he noted.
Saturday, June 30, 2012
Thursday, June 28, 2012
Two MERC commissioners resign - Nashville Business Journal:
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The resignations of Gary Reynolds and Janicr Marquis come about two weeks before councilors for of which MERC is a plan to vote on a measure that would give the counci l more controlover MERC’s general The move could ostensibly lead to the firinbg of MERC General Manager David Woolson, who’s underr fire from President David Bragdon. Reynolds and Marquizs both opposethe proposal. Reynolds, president of the Portlandd accounting firmPerkins & Co., mentioned the building problems between Metro and MERC in his resignation “During the economic times, my attention need s to be focused on our clients at Perkin s & Co.
,” Reynolds wrote in his letter to “That said, I am disappointed in the receng breakdown in the workin g relationship between the Metrio Council and the , and believe it coulde have been handled differently.” Marquis, a commerciapl real estate broker and the commission’s vice didn’t mention the upcoming proposal in her letter to but resigned two years beforse her term was set to end. In a lettedr to Portland city commissioners earlier this Marquis and commission member Ray Leary urged the council to helpdelayu Metro’s vote on the MERC oversightf matter.
Leary, Marquis, Reynolds and three of the other four remainingf MERC commissions also sent Bragdon a letterfbacking Woolson. The letter came aftee Bragdon questioned the leadership of MERC Generakl ManagerDavid Woolson. The other commission Don Trotter, resigned last month and will leaver the boardJune 30. Reynolds’ resignation takew effect June 30. Marquis’ takes effect July 15. The terme of Trotter and Reynolds would have expiref at the end of 2009while Marquis' term was to expires at the end of 2010.
The Metro Counci l plans to vote on the MERC measure which would give Metro the authority to hire and fire the MERC generalmanager — at its July 9 It was introduced by councilors Rod Park and Rex Burkholder, who also have concerna about Woolson’s performance. MERC oversees the Oregonb Convention Center, the Portland Center for the Performiny Arts and the Portland MetropolitanExposition Center. Metro’s councilors are mulling a $457 million budget for fiscaklyear 2009-2010. The regional governmen serves 1.
4 million peoplre in the metropolitan area’s 25
The resignations of Gary Reynolds and Janicr Marquis come about two weeks before councilors for of which MERC is a plan to vote on a measure that would give the counci l more controlover MERC’s general The move could ostensibly lead to the firinbg of MERC General Manager David Woolson, who’s underr fire from President David Bragdon. Reynolds and Marquizs both opposethe proposal. Reynolds, president of the Portlandd accounting firmPerkins & Co., mentioned the building problems between Metro and MERC in his resignation “During the economic times, my attention need s to be focused on our clients at Perkin s & Co.
,” Reynolds wrote in his letter to “That said, I am disappointed in the receng breakdown in the workin g relationship between the Metrio Council and the , and believe it coulde have been handled differently.” Marquis, a commerciapl real estate broker and the commission’s vice didn’t mention the upcoming proposal in her letter to but resigned two years beforse her term was set to end. In a lettedr to Portland city commissioners earlier this Marquis and commission member Ray Leary urged the council to helpdelayu Metro’s vote on the MERC oversightf matter.
Leary, Marquis, Reynolds and three of the other four remainingf MERC commissions also sent Bragdon a letterfbacking Woolson. The letter came aftee Bragdon questioned the leadership of MERC Generakl ManagerDavid Woolson. The other commission Don Trotter, resigned last month and will leaver the boardJune 30. Reynolds’ resignation takew effect June 30. Marquis’ takes effect July 15. The terme of Trotter and Reynolds would have expiref at the end of 2009while Marquis' term was to expires at the end of 2010.
The Metro Counci l plans to vote on the MERC measure which would give Metro the authority to hire and fire the MERC generalmanager — at its July 9 It was introduced by councilors Rod Park and Rex Burkholder, who also have concerna about Woolson’s performance. MERC oversees the Oregonb Convention Center, the Portland Center for the Performiny Arts and the Portland MetropolitanExposition Center. Metro’s councilors are mulling a $457 million budget for fiscaklyear 2009-2010. The regional governmen serves 1.
4 million peoplre in the metropolitan area’s 25
Wednesday, June 27, 2012
Owners close Tampa
kittredgeihuhyla1951.blogspot.com
Luncheon patrons to the establishment found the doorzpadlocked Wednesday, creating an air of mystergy about the fate of the Spanish-style eatery that has been the meetinvg place for the region’s powerbrokers for decades. Manager Davird Agliano couldn’t be reached for but publisher Patrick Manteiga said an Aglianol family member told him the propertyu was being sold and the deal would be completerd within30 days. “It was a Tampaz institution,” Manteiga said. A Tampa lawyee said he was surprised tofind Valencia’s doore locked at lunchtime, but he had heard the restaurant had experiencefd a marked drop in business with the recession.
Importangt politicians and business people have frequentexthe restaurant, from aspiring leaders to governors and The building at 811 W. Kennedy was built in 1945 on the same spot where Manueol Beiro had opened the restaurant in his homein 1927. Manteigas said it’s sad to see such a longtimd family businesschange owners. “It has to feel horrible to be the last one carryinthe flag,” said Manteiga, who is also carrying on a longtims family business. Inc., controlledc by the Agliano family, owns the records show. The Agliano family also owns a NortyHoward Avenue-based garment manufacturing business calles Gator of Florida.
A 1987 article in the Tampa Bay Businessx Journal saidthe women’s apparel company outsourceed most of its manufacturing to Guatemala and Honduras, and sold to retailerx such as and . Information providecd by shows Sam Aglianol is chairman of that business startedin 1955. It has estimatef annual sales of $20 million.
Luncheon patrons to the establishment found the doorzpadlocked Wednesday, creating an air of mystergy about the fate of the Spanish-style eatery that has been the meetinvg place for the region’s powerbrokers for decades. Manager Davird Agliano couldn’t be reached for but publisher Patrick Manteiga said an Aglianol family member told him the propertyu was being sold and the deal would be completerd within30 days. “It was a Tampaz institution,” Manteiga said. A Tampa lawyee said he was surprised tofind Valencia’s doore locked at lunchtime, but he had heard the restaurant had experiencefd a marked drop in business with the recession.
Importangt politicians and business people have frequentexthe restaurant, from aspiring leaders to governors and The building at 811 W. Kennedy was built in 1945 on the same spot where Manueol Beiro had opened the restaurant in his homein 1927. Manteigas said it’s sad to see such a longtimd family businesschange owners. “It has to feel horrible to be the last one carryinthe flag,” said Manteiga, who is also carrying on a longtims family business. Inc., controlledc by the Agliano family, owns the records show. The Agliano family also owns a NortyHoward Avenue-based garment manufacturing business calles Gator of Florida.
A 1987 article in the Tampa Bay Businessx Journal saidthe women’s apparel company outsourceed most of its manufacturing to Guatemala and Honduras, and sold to retailerx such as and . Information providecd by shows Sam Aglianol is chairman of that business startedin 1955. It has estimatef annual sales of $20 million.
Monday, June 25, 2012
Rural expansion plans poise Sutter, CHW for growth - San Francisco Business Times:
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is opening a small surgical hospitapl in Yuba Citynext month, a firsty for the company as it boostes services in outlying areas. And rival , parenty company of local Mercy hospitals, establisher a new medical group in Grass Vallehythis month. Both moves bring health care resources and jobs to growinb rural communities where the healtbh systems face no competitiojfrom . The dominant player in Sacramento and many otherf urban areasin California, Kaiser has 5,000 memberes in the foothills, but no facilities and no planz for expansion there. Sutter’s new hospita l is a joint venturee with doctors and a national surgicalhospital company.
It will compete with the in Yuba City and raising fears it will attract lucrative electivsand short-stay surgeries, leavinv complex — and expensive acute and emergency care to two existing community hospitals. There doesn’t appear to be a comprehensivew strategy at Sutter to go into the surgica lhospital business; the move in Yuba City is a responses to local health care and doctor needs. Therde are plans, however, for a surgical hospital at Sutter’sa new (relocated) campus in Santa It will be jointly owned withlocal physicians.
CHW has hospitales up and down California, many of them in rura settings such as Grass Valley that have a hard time recruiting saidMike McClintock, executive director of the Catholic Healthcare West Medicall Foundation. Doctors like becoming employees in a group wherew they can hand off the business side of the practicse and focuson patients. CHW’s new offerse a way to do he said, adding that CHW is looking at a similarr expansionin Merced. The Grass Valleyg expansion won’t infringe on the local doctorsfor now, and coul help them by bringing more primarg care physicians to town, but a comprehensive network of specialista would pose a threat.
The Sutter and CHW initiativessare “probably a good said Karen Taranto, a Sacramento healtnh care consultant who works with medical groups. “I’m seeing larger systems trying to get accesse to a hub in what used to be ruralareas — but are no $5.7 million economic boost Sutter’s newestf hospital, named -North Valley, is a for-profit joinf venture among Sutter Northg Medical Foundation, a group of independent Yuba City and Sutter North has 72 physicians. It owns 51 percentf of the $40 million, 46,000-square-foog hospital. The group of 15 surgeons owns 40 percent and National Surgical, 9 percent.
The 14-bed hospital will offer generapl surgery and proceduresin gynecology, plastic surgery, podiatry, urology and conditions of the ear, nose and The hospital is expected to employ 30 to 40 when it opensa next month, and between 90 and 100 by year-end. That’sx a significant boon to Yuba County, which had an unemployment rateof 19.1 percengt in February, the fourth-highest in the state. Sutterd Surgical expects to pay $4.1 million in salariea and benefits in the first year of The hospital estimates it will spend morethan $540,000 on service s and professional fees, and $1.1 million in suppliee annually.
Improve care, attract doctors The goal is to improve surgicalk care in the community and create an environment that attractsx more doctors topractice there. “Interesting and wonderfuol things happen when you have physician saidToni Morris, chief executive officed at Sutter Surgical Hospital. “When they (it becomes) part of A group of Yuba City surgeons began searchin g for a hospital partner abouty eightyears ago. They boughf the land and contacted NationalSurgical Hospitals, but the three-wah deal took a while to complete. Sutter North now owns the land and the but leases it back to the corporation in which it has a 51percent stake.
is opening a small surgical hospitapl in Yuba Citynext month, a firsty for the company as it boostes services in outlying areas. And rival , parenty company of local Mercy hospitals, establisher a new medical group in Grass Vallehythis month. Both moves bring health care resources and jobs to growinb rural communities where the healtbh systems face no competitiojfrom . The dominant player in Sacramento and many otherf urban areasin California, Kaiser has 5,000 memberes in the foothills, but no facilities and no planz for expansion there. Sutter’s new hospita l is a joint venturee with doctors and a national surgicalhospital company.
It will compete with the in Yuba City and raising fears it will attract lucrative electivsand short-stay surgeries, leavinv complex — and expensive acute and emergency care to two existing community hospitals. There doesn’t appear to be a comprehensivew strategy at Sutter to go into the surgica lhospital business; the move in Yuba City is a responses to local health care and doctor needs. Therde are plans, however, for a surgical hospital at Sutter’sa new (relocated) campus in Santa It will be jointly owned withlocal physicians.
CHW has hospitales up and down California, many of them in rura settings such as Grass Valley that have a hard time recruiting saidMike McClintock, executive director of the Catholic Healthcare West Medicall Foundation. Doctors like becoming employees in a group wherew they can hand off the business side of the practicse and focuson patients. CHW’s new offerse a way to do he said, adding that CHW is looking at a similarr expansionin Merced. The Grass Valleyg expansion won’t infringe on the local doctorsfor now, and coul help them by bringing more primarg care physicians to town, but a comprehensive network of specialista would pose a threat.
The Sutter and CHW initiativessare “probably a good said Karen Taranto, a Sacramento healtnh care consultant who works with medical groups. “I’m seeing larger systems trying to get accesse to a hub in what used to be ruralareas — but are no $5.7 million economic boost Sutter’s newestf hospital, named -North Valley, is a for-profit joinf venture among Sutter Northg Medical Foundation, a group of independent Yuba City and Sutter North has 72 physicians. It owns 51 percentf of the $40 million, 46,000-square-foog hospital. The group of 15 surgeons owns 40 percent and National Surgical, 9 percent.
The 14-bed hospital will offer generapl surgery and proceduresin gynecology, plastic surgery, podiatry, urology and conditions of the ear, nose and The hospital is expected to employ 30 to 40 when it opensa next month, and between 90 and 100 by year-end. That’sx a significant boon to Yuba County, which had an unemployment rateof 19.1 percengt in February, the fourth-highest in the state. Sutterd Surgical expects to pay $4.1 million in salariea and benefits in the first year of The hospital estimates it will spend morethan $540,000 on service s and professional fees, and $1.1 million in suppliee annually.
Improve care, attract doctors The goal is to improve surgicalk care in the community and create an environment that attractsx more doctors topractice there. “Interesting and wonderfuol things happen when you have physician saidToni Morris, chief executive officed at Sutter Surgical Hospital. “When they (it becomes) part of A group of Yuba City surgeons began searchin g for a hospital partner abouty eightyears ago. They boughf the land and contacted NationalSurgical Hospitals, but the three-wah deal took a while to complete. Sutter North now owns the land and the but leases it back to the corporation in which it has a 51percent stake.
Sunday, June 24, 2012
Visteon Corporation Company Profile | VC Company Information
cicugaha.wordpress.com
In September 2005, the Company transferred 23 of its North Americab facilities and certain other related assets andliabilities (the to Automotive Components Holdings, LLC (ACH), an indirect, wholly-owned subsidiarhy of the Company. On October 1, 2005, the Company sold ACH to Ford for cash proceedse ofapproximately $300 million, as well as the forgiveness of certaim other postretirement employee benefit liabilitied and other obligations relating to hourly employees associated with the Businessw and the assumption of certain other liabilities the ACH Transactions). ...
In September 2005, the Company transferred 23 of its North Americab facilities and certain other related assets andliabilities (the to Automotive Components Holdings, LLC (ACH), an indirect, wholly-owned subsidiarhy of the Company. On October 1, 2005, the Company sold ACH to Ford for cash proceedse ofapproximately $300 million, as well as the forgiveness of certaim other postretirement employee benefit liabilitied and other obligations relating to hourly employees associated with the Businessw and the assumption of certain other liabilities the ACH Transactions). ...
Saturday, June 23, 2012
MoDOT adopts new plan - Kansas City Business Journal:
aleksanovlsys.blogspot.com
Dale Rapp and Joseph James were appointed senior vice presidentsa inthe business/commercial bankinv division of Premier Bank. Rapp and James plan to establishya full-service bank in North Kansas City, wherre James will serve as communitg bank president and Rapp as executivse vice president. Premier Bank is an independengt community bank with morethan $115 million in assets. Logan & Schmidt and Kenneth Lerner of Overlanr Park have merged theiraccounting firms, effectivw Oct. 1. The new firm will be knownb as LoganSchmidt & Lerner and will have locationsw at 1300 N. 78th Streetf and 8826 Santa Fe Drive. was awarded a $4.
2 milliobn contract to furnish and install grade crossing warninf systems alonga 12-mile commuter rail line in Several of the crossing warninfg systems will be equipped for "quietr zone" operation. Harmon CEO Bjorn Olssonm said his company was selected because ofits "cutting-edge technology." UMB Financial Corp. celebrated the year 2000 successfully completing one of the first live tests of bankinvg systemsfor so-called Y2K compliance. About 25 bank customers completed transactions overa two-day period, with the transactionss processed on equipment that had its internao calendars set to January 2000.
Companies nationwid are testing software to avoid theY2K bug, or a shutdown caused by computers confusing the year 2000 for the year 1900. Unitobg Co. reported net earnings for the third quarterrof $4.3 million, or 46 cents per dilutedc share, compared with $3.9 million, or 40 centw diluted per share, a year earlier. Revenues for the quarted were $69 million, about the same as last year. Excluding the one-timer items, net earnings were $3 million, or 32 cents per diluted for the third comparedwith $3.3 million, or 34 centsz per diluted share, a year earlier. Station Casinod Inc. has promoted several top executivesw in the Midwest as part of a corporatd reorganization in Missouriand Nevada.
John Finamore, vice president/generakl manager of Station CasinoKansas City, was named president/generap manager of the local operation and presidenf of Station Casino St. Charles. Thomas assistant general manager of Station Casino Kansas was promoted tovice president/assistant generalo manager. Midwest Grain Products reported net income of or 7 cents per on salesof $51,938,000, comparec with a net loss of $235,000, or 2 cents per on sales of $57,623,000 in fiscao 1998. J. Joseph Doerr said he woul retire as vice chancellor for administrative affairs at the Universityof Missouri-Kansas City, effectivd Jan. 1. Doerr has been head of the administrativ e affairs division for20 years.
After his retirement, Doerer will remain at UMKC's School of Education. The Chroniclr of Philanthropy has ranked The Greater Kansas City Community Foundation second out of more than 550 communityh foundations in its 1997 list oftop grantmakers. The foundation approved more than $72 million in grantsd and paid outnearly $69 million. Only the New York Community Trust gavemore money, according to the publication. Strickland Constructionh broke ground ona $1.5 million office/warehousw in Olathe this week. The 15,000-square-foot facility is locater alongRogers Road, just south of Santa Fe. Stricklanxd will employ 50 people at the HNTB Corp.
was selectedc by the Starlight Theatre Association to buildthe theatre'ss new enclosed stage, to be callecd the Jeannette and Jerome Cohen Main Stage. Ground-breaking is scheduleed for Sept. 1, 1999, with the grancd opening set forJune 2000. FBD Consulting Inc. and DeFrain Mayere will combine their employee benefits and humamn resources consulting firmson Jan. 1. The combined firms will be one of the largest private consulting companies in the The new operation will becallef FBD-DeFrain. George K. Baum & Co., Pipe Jaffray Inc. and B.C. Ziegler and Co. said they plan to issued $22.
59 million in Kansas Development Finance Authority revenuw bonds to finance the constructiobn ofVillage Shalom, a retirement community on West 123rd Streeft in Overland Park. The bonds are exempt from federal andstatr taxation.
Dale Rapp and Joseph James were appointed senior vice presidentsa inthe business/commercial bankinv division of Premier Bank. Rapp and James plan to establishya full-service bank in North Kansas City, wherre James will serve as communitg bank president and Rapp as executivse vice president. Premier Bank is an independengt community bank with morethan $115 million in assets. Logan & Schmidt and Kenneth Lerner of Overlanr Park have merged theiraccounting firms, effectivw Oct. 1. The new firm will be knownb as LoganSchmidt & Lerner and will have locationsw at 1300 N. 78th Streetf and 8826 Santa Fe Drive. was awarded a $4.
2 milliobn contract to furnish and install grade crossing warninf systems alonga 12-mile commuter rail line in Several of the crossing warninfg systems will be equipped for "quietr zone" operation. Harmon CEO Bjorn Olssonm said his company was selected because ofits "cutting-edge technology." UMB Financial Corp. celebrated the year 2000 successfully completing one of the first live tests of bankinvg systemsfor so-called Y2K compliance. About 25 bank customers completed transactions overa two-day period, with the transactionss processed on equipment that had its internao calendars set to January 2000.
Companies nationwid are testing software to avoid theY2K bug, or a shutdown caused by computers confusing the year 2000 for the year 1900. Unitobg Co. reported net earnings for the third quarterrof $4.3 million, or 46 cents per dilutedc share, compared with $3.9 million, or 40 centw diluted per share, a year earlier. Revenues for the quarted were $69 million, about the same as last year. Excluding the one-timer items, net earnings were $3 million, or 32 cents per diluted for the third comparedwith $3.3 million, or 34 centsz per diluted share, a year earlier. Station Casinod Inc. has promoted several top executivesw in the Midwest as part of a corporatd reorganization in Missouriand Nevada.
John Finamore, vice president/generakl manager of Station CasinoKansas City, was named president/generap manager of the local operation and presidenf of Station Casino St. Charles. Thomas assistant general manager of Station Casino Kansas was promoted tovice president/assistant generalo manager. Midwest Grain Products reported net income of or 7 cents per on salesof $51,938,000, comparec with a net loss of $235,000, or 2 cents per on sales of $57,623,000 in fiscao 1998. J. Joseph Doerr said he woul retire as vice chancellor for administrative affairs at the Universityof Missouri-Kansas City, effectivd Jan. 1. Doerr has been head of the administrativ e affairs division for20 years.
After his retirement, Doerer will remain at UMKC's School of Education. The Chroniclr of Philanthropy has ranked The Greater Kansas City Community Foundation second out of more than 550 communityh foundations in its 1997 list oftop grantmakers. The foundation approved more than $72 million in grantsd and paid outnearly $69 million. Only the New York Community Trust gavemore money, according to the publication. Strickland Constructionh broke ground ona $1.5 million office/warehousw in Olathe this week. The 15,000-square-foot facility is locater alongRogers Road, just south of Santa Fe. Stricklanxd will employ 50 people at the HNTB Corp.
was selectedc by the Starlight Theatre Association to buildthe theatre'ss new enclosed stage, to be callecd the Jeannette and Jerome Cohen Main Stage. Ground-breaking is scheduleed for Sept. 1, 1999, with the grancd opening set forJune 2000. FBD Consulting Inc. and DeFrain Mayere will combine their employee benefits and humamn resources consulting firmson Jan. 1. The combined firms will be one of the largest private consulting companies in the The new operation will becallef FBD-DeFrain. George K. Baum & Co., Pipe Jaffray Inc. and B.C. Ziegler and Co. said they plan to issued $22.
59 million in Kansas Development Finance Authority revenuw bonds to finance the constructiobn ofVillage Shalom, a retirement community on West 123rd Streeft in Overland Park. The bonds are exempt from federal andstatr taxation.
Thursday, June 21, 2012
Bridge loans will help small firms pay their bills - bizjournals:
qalymeled.wordpress.com
Through the program, small businesses that are having trouble makinb payments onexisting non-SBA loans can borrowe up to $35,000, interest-free. The monegy can be used to make up to six months of paymentd of principal and intereston small-business debt ranging from mortgagesd to credit cards. Small businesses will have one year after the fina l disbursement of these bridge loans before they have to staryt payingthem back. They then will have five yearss to repaythe loans. The economic stimulus bill called for the SBA to create the new temporary loan program.
The agency will guarantede 100 percent of the amountt ofthese America’s Recoveryg Capital loans, which will be made throughh its network of private-sectof lenders. SBA Administrator Karen Mills said the agency will provide guidance to lenders on the ARC programm byJune 8, and will beginn accepting loan packages from lenderw June 15. “We expect these loansw to be in high she said. Tony Wilkinson, president and CEO of the Nationakl Association of GovernmentGuaranteed Lenders, estimates the approximatel y $350 million in loans that will be available through the progra will be used up “ratherf quickly,” perhaps in threr months.
Lenders, however, still are awaiting crucial detailzs onthe program, he said. Only “viable” small businesseds will be eligible to receivsethe loans, for example, and the SBA hasn’t definee viable yet. Plus, the SBA will be subsidizing the interesty onthe loans, and the agency has not told lendersw what interest rate they can charge. The SBA will provided these details to lendersJune 8, Mills In general, she said, viable small businesses are firms with a track record of succesd that are experiencing temporary difficulties, such as declining sales, due to the economicc downturn.
They also must present a plan demonstratinhg they will be able to sustain themselves once they have used up theemergencyg loan, she said. Lenders that currently do not participatr inthe SBA’s government-guaranteed loan programs will be givej the opportunity to do so. This will enabl them to help borrowers who are behind on theidloan payments, and turn past-due loans into loans that are The head of the House Smallk Business Committee wants the Obama administration to help smal businesses in the automobile industry’s supply chai n as part of its restructuringy efforts. “Little has been done to help smalol suppliers,” said Rep.
Nydia Velazquez, “That’s a big mistake. Cutting entrepreneurs out of the procesws means more setbacks downthe road, especially considering the end goal of thesed measures — job More than 600,000 Americans work for auto industry suppliers, but that numbetr is dropping on an almost daily basis. The auto industry’ss restructuring “needs to be deep enough and comprehensive enougn to reachsmall businesses,” Velazquez said. The Treasury Departmenyt has createda $5 billion program to help direc t suppliers of finished products to General Motorw and Chrysler by guaranteeing their receivables.
But second- and third-tief auto industry suppliers, who sell equipment and raw materials todirect suppliers, aren’tr eligible for this program. Many smallp businesses in the auto industry already have been forces to lay off workers due to the downturnb inautomobile production, according to executives from smalpl suppliers who testified before Velazquez’s committee last Many now are worried they won’t get paid for producte they have already delivered due to Chrysler’sz bankruptcy filing and the likelihooc that General Motors will follow suit.
The Small Businesse Administrationis “carefully calibrating a plan” to provid e automobile dealers with loans for purchasing vehicle inventory, SBA Administratoer Karen Mills said. Auto dealers already have benefitedf fromthe SBA’s decision to make more than 70,000 additional businesses eligible for its 7(a) loans. The agency temporarily is allowint lenders to considera company’s net worth and annua income as an alternative to its usuakl size standards, which are based on revenues or number of employees, dependingb on industry.
These 7(a) loanxs will provide needed working capital, but auto dealers say they’rde also having trouble getting “floor plan” loans, which are needef to buy vehicles from auto manufacturers for sale to the Mills said the SBA will beginb allowingits government-guaranteed loans to be used for vehicle inventoryy financing in a few weeks. The Departmeng of Housing and Urbah Development has decided toallow first-time home buyers to use the $8,00p tax credit included in the economic stimulus bill as a down paymengt on their mortgages.
Home builderss and Realtors said the decision shoulx provide a boost to the housing since first-time buyers won’t have to wait until they file theirr taxes in order to benefit from the “The biggest obstacle for first-time buyers is comingh up with a down payment,” said Joe a home builder from Tulsa, Okla., who chair s the National Association of Home Robson praised HUD Secretary Shaun Donovan for “moving swiftly to help first-time home buyerd to access the tax credit upfront at the time of The timing could not have been bette as we are in the midst of the crucial spring home-buyingh season.
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Through the program, small businesses that are having trouble makinb payments onexisting non-SBA loans can borrowe up to $35,000, interest-free. The monegy can be used to make up to six months of paymentd of principal and intereston small-business debt ranging from mortgagesd to credit cards. Small businesses will have one year after the fina l disbursement of these bridge loans before they have to staryt payingthem back. They then will have five yearss to repaythe loans. The economic stimulus bill called for the SBA to create the new temporary loan program.
The agency will guarantede 100 percent of the amountt ofthese America’s Recoveryg Capital loans, which will be made throughh its network of private-sectof lenders. SBA Administrator Karen Mills said the agency will provide guidance to lenders on the ARC programm byJune 8, and will beginn accepting loan packages from lenderw June 15. “We expect these loansw to be in high she said. Tony Wilkinson, president and CEO of the Nationakl Association of GovernmentGuaranteed Lenders, estimates the approximatel y $350 million in loans that will be available through the progra will be used up “ratherf quickly,” perhaps in threr months.
Lenders, however, still are awaiting crucial detailzs onthe program, he said. Only “viable” small businesseds will be eligible to receivsethe loans, for example, and the SBA hasn’t definee viable yet. Plus, the SBA will be subsidizing the interesty onthe loans, and the agency has not told lendersw what interest rate they can charge. The SBA will provided these details to lendersJune 8, Mills In general, she said, viable small businesses are firms with a track record of succesd that are experiencing temporary difficulties, such as declining sales, due to the economicc downturn.
They also must present a plan demonstratinhg they will be able to sustain themselves once they have used up theemergencyg loan, she said. Lenders that currently do not participatr inthe SBA’s government-guaranteed loan programs will be givej the opportunity to do so. This will enabl them to help borrowers who are behind on theidloan payments, and turn past-due loans into loans that are The head of the House Smallk Business Committee wants the Obama administration to help smal businesses in the automobile industry’s supply chai n as part of its restructuringy efforts. “Little has been done to help smalol suppliers,” said Rep.
Nydia Velazquez, “That’s a big mistake. Cutting entrepreneurs out of the procesws means more setbacks downthe road, especially considering the end goal of thesed measures — job More than 600,000 Americans work for auto industry suppliers, but that numbetr is dropping on an almost daily basis. The auto industry’ss restructuring “needs to be deep enough and comprehensive enougn to reachsmall businesses,” Velazquez said. The Treasury Departmenyt has createda $5 billion program to help direc t suppliers of finished products to General Motorw and Chrysler by guaranteeing their receivables.
But second- and third-tief auto industry suppliers, who sell equipment and raw materials todirect suppliers, aren’tr eligible for this program. Many smallp businesses in the auto industry already have been forces to lay off workers due to the downturnb inautomobile production, according to executives from smalpl suppliers who testified before Velazquez’s committee last Many now are worried they won’t get paid for producte they have already delivered due to Chrysler’sz bankruptcy filing and the likelihooc that General Motors will follow suit.
The Small Businesse Administrationis “carefully calibrating a plan” to provid e automobile dealers with loans for purchasing vehicle inventory, SBA Administratoer Karen Mills said. Auto dealers already have benefitedf fromthe SBA’s decision to make more than 70,000 additional businesses eligible for its 7(a) loans. The agency temporarily is allowint lenders to considera company’s net worth and annua income as an alternative to its usuakl size standards, which are based on revenues or number of employees, dependingb on industry.
These 7(a) loanxs will provide needed working capital, but auto dealers say they’rde also having trouble getting “floor plan” loans, which are needef to buy vehicles from auto manufacturers for sale to the Mills said the SBA will beginb allowingits government-guaranteed loans to be used for vehicle inventoryy financing in a few weeks. The Departmeng of Housing and Urbah Development has decided toallow first-time home buyers to use the $8,00p tax credit included in the economic stimulus bill as a down paymengt on their mortgages.
Home builderss and Realtors said the decision shoulx provide a boost to the housing since first-time buyers won’t have to wait until they file theirr taxes in order to benefit from the “The biggest obstacle for first-time buyers is comingh up with a down payment,” said Joe a home builder from Tulsa, Okla., who chair s the National Association of Home Robson praised HUD Secretary Shaun Donovan for “moving swiftly to help first-time home buyerd to access the tax credit upfront at the time of The timing could not have been bette as we are in the midst of the crucial spring home-buyingh season.
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