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Banking & Finance

SBA offering new ARC loans

WASHINGTON — The U.S. Small Business Administration (SBA) is now accepting loans for a temporary new program called America’s Recovery Capital (ARC). ARC loans of up to $35,000 are designed to provide a bridge for viable small businesses with immediate financial hardship. ARC loans are deferred-payment loans of up to $35,000, available to established, viable, for-profit small businesses that need ...

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SBA ranks Regions high

BIRMINGHAM, Ala. — For the sixth consecutive year, the U.S. Small Business Administration (SBA) ranked Regions Financial Corporation (NYSE: RF) third among large U.S. banks in an annual study measuring banks’ emphasis on lending to small businesses. And, the bank rates second in the Magnolia State. According to the SBA’s Office of Advocacy report, “Small Business and Micro Business Lending ...

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Banks eligible for CPP repayment

WASHINGTON — The U.S. Department of the Treasury reports that 10 of the largest U.S. financial institutions participating in the Capital Purchase Program (CPP) have met the requirements for repayment established by the primary federal banking supervisors. Following consultation with the primary banking supervisor of each institution, Treasury has notified the institutions that they are now eligible to complete the ...

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Capital One gets more NMTC funds

NEW YORK — Capital One Bank has received an award of $90 million in New Markets Tax Credits (NMTC) to support the bank’s lending and encourage investments in underserved communities in a number of states, including Mississippi. The allocation was awarded through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) fund to Capital One Community Renewal Fund, LLC, a ...

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Workshops to focus on credit issues

CLEVELAND — Delta State University’s College of Business, in partnership with the Center for Community and Economic Development’s AmeriCorps VISTA program, will present a two-day workshop titled “Credit Matters” that will address various aspects and issues such as the advantages and disadvantages of using credit. The workshops will be held June 16 and June 18, from 6 p.m.–7:30 p.m. at ...

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Peoples reduces dividend

BILOXI — The board of directors of Peoples Financial Corporation, parent of The Peoples Bank, declared a reduced regular semiannual cash dividend of $0.20 per common share, payable July 15, 2009, to stockholders of record July 8, 2009. “This dividend level is consistent with our long-term goal of returning about 35 percent of our earnings to our shareholders,” said Chevis ...

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FNC endorses Fannie Mae move

OXFORD — In response to inquiries from its mortgage lender and appraiser clients, officials of mortgage technology company FNC Inc. said they fully support Fannie Mae’s Announcement 09-14. The announcement requires lenders to submit electronic appraisal data when selling loans to Fannie Mae. FNC said it believes initiatives like this will contribute to better risk assessment and improved transparency in ...

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Hancock Holding adds Kendricks

GULFPORT — Veteran banker Sam B. Kendricks has been named the chief credit policy officer at Hancock Holding Company. With this appointment, Kendricks begins his new executive responsibilities as former chief credit officer Alfred Rath transitions to become Hancock’s Chief Risk Officer. Kendricks, a Mississippi native who joined Hancock Bank in 2001, previously served as a senior vice president and ...

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CMI shows recession's end?

COLUMBIA, Md. — Lately, there has been a great deal of discussion about whether or not there is reason for some optimism regarding the U.S. economy’s recovery. The National Association of Credit Management believes its May Credit Managers’ Index (CMI) shows the worst may be over. The latest CMI combined index rose from 44.3 to 45.4, which equals levels not ...

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Dealer Floor Plan program introduced

WASHINGTON — The U.S. Small Business Administration (SBA) will offer government-guaranteed loans to finance inventory for eligible auto, recreational vehicle, boat and other dealerships under a new pilot program. Dealer Floor Plan (DFP) financing will be available beginning July 1. It is a line of credit that allows dealers to borrow against their inventory, and then repay that debt as ...

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