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Tag Archives: loans

Small business lending program goes to 1.66 million

The Paycheck Protection Program’s $349 billion was snapped up in less than two weeks, with more than 1.66 million loans. Implemented on April 3, the PPP was part of the $2.1 trillion CARES Act which sought to add a financial stimulus to taxpayers and small businesses alike. But the plan was not without controversy as some large companies received PPP ...

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COMMERCIAL FINANCE 701 — The project equity morass

Ample equity is to project construction what grain is to whiskey. Equity can jumpstart a project and satisfy a critical lender financing requirement.  But just how much equity, from where, and at what price? Our hypothetical project is a 120-unit, to-be-constructed apartment complex on land under contract. Our developer has, wisely, formed a new single purpose entity, which we will ...

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ITS A DEAL — Small business lending in the state is on the rise, including Mississippi’s first SBA microlender

By BECKY GILLETTE While the recovery from the recession has taken longer than hoped, increases in U.S. Small Business Administration loans in the state are a sign the economy of Mississippi is on the upswing. Through the third quarter of the federal fiscal year, the SBA Mississippi District saw loans surpass $100 million, representing an increase in lending to small ...

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Bank cooperative sees record earnings — again

AUSTIN, Texas — Farm Credit Bank of Texas (FCBT), a cooperatively owned wholesale bank that provides funding for rural retail lenders, has released preliminary unaudited financial highlights and results for the year ended Dec. 31, 2013, reporting record earnings for the eighth consecutive year. The Austin-based bank reported $179.8 million in net income in 2013, a 3.0 percent increase over its 2012 ...

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FEMA forgives county's Hurricane Katrina loan

JACKSON COUNTY — The government has forgiven $10.5 million that Jackson County borrowed after Hurricane Katrina from FEMA’s Community Disaster Loan program. The Sun Herald reports the announcement came today during the county board of supervisors’ meeting. Over the years, the debt had grown to $12.6 million with interest. In a previous round of consideration, FEMA forgave $2.8 million. Since ...

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Deadline nearing for SBA drought-related disaster loans

ACROSS MISSISSIPPI — The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that June 14 is the filing deadline for federal economic injury disaster loans available in Mississippi as a result of the drought and excessive heat that occurred from Jan. 1 through Aug. ...

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Renasant Corp. expands into East Tennessee

TUPELO — Renasant Corp. is entering the banking market in east Tennessee. Renasant says the new bank should open in Maryville, Tenn., a suburb of Knoxville, by the end of May. Renasant says in a statement that this is the eighth expansion by the bank in the past year and a half. Renasant is the parent company of Renasant Bank ...

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