First, of course, the business must be "small." That means, under the statute, that there are 50 or fewer employees of the business at the time of application. Second, the business must be engaged in manufacturing agribusiness or service and technology. Lastly, at least one new full-time job must be created by the business within one year of the loan closing date. … [Read more...] about Does My Business Qualify for a Kentucky Economic Development Finance Authority (KEDFA) Small Business Loan?
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Comptroller of the Currency Joseph Otting, one of the heads of the regulators responsible for overseeing the guidelines, said last week that banks have the flexibility to underwrite loans outside those parameters if they do it in a “safe and sound manner.” … [Read more...] about Uber seeks to cut pricing on $1.13 billion term loan
Though housing accounts for a small share of gross domestic product, it has a bigger economic footprint. That is raising concerns that protracted housing market weakness could eventually spill over to the broader economy. Residential investment contracted in the first half of the year and is expected to have declined further in the third quarter. … [Read more...] about U.S. new home sales near two-year low as mortgages rates rise
Thursday marked the third straight day in which the federal funds policy rate traded at its effective ceiling of 2.20 percent. Before this week, the policy rate had approached but never landed on the rate the Fed pays banks on excess reserves (IOER), activated in 2015 to keep the policy rate contained. … [Read more...] about Soothing words from Fed as rate hits ceiling for first time
The note of patience about rate hikes that the Fed is signaling marks a reversal from a theme Powell had sounded at a news conference after the Fed’s previous policy meeting in December. In that appearance, he left open the possibility that the Fed would continue to tighten credit this year. The chairman’s message upset investors, who had expected a more reassuring theme, and sent stock prices tumbling. … [Read more...] about Fed keeps key rate unchanged and pledges to be ‘patient’