With about 10 percent of total banking assets, community banks are the source of almost half the nation’s small-business loans and 43 percent of its farm loans. New regulations and low interest rates have shut down many smaller banks or forced mergers, but the survivors say they’re poised to take advantage of market openings and an improving economy.
Starting your own business is scary stuff. When it comes to the crucial issues of business banking and long-term financing, finding a true partner in your bank can make all the difference. Whether you’re a painter, chef or doctor, you want to focus on your craft and your clients, not the tedious chores of running a business.
Barry Broome has been tapped as the president and CEO of the newly formed Greater Sacramento Area Economic Council and will drive the organization’s mission to attract businesses to the Capital Region. His extensive background in economic development includes six years as the CEO of Southwest Michigan First and 10 years as the president and CEO of the Greater Phoenix Economic Council.
Lawson says Ygrene has approved $60 million in loans for energy upgrades in Sacramento, Yolo and Butte counties and estimates that installed upgrades will result in the reduction of 40,000 metric tons of CO2 over their lifetimes.
Fun facts about where your money, and everyone else’s, is going.
Universities are having a hard time getting recent grads to loosen their purse strings. Here’s what current donation trends look like:
Peer-to-peer lending platforms have hit their stride, and the number of peer loans has grown 84 percent per quarter since Prosper launched in 2006. In that same period, originations for other types of consumer loans have fallen 2 percent a quarter.
Last summer, the ALS #IceBucketChallenge provided some of the coldest warm-fuzzies imaginable. If you’re part of nonprofit that relies on charitable giving watching these videos, you’ve probably started to pensively rub your chin, wondering if and how you could get something like this to work for you.
Today’s small farmer climbs an uphill battle to find land, secure capital and overcome the hefty start-up costs. Today, farmers make up less than 1 percent of the population (compared to 15 percent in 1950), they tend to be older (the average age is 57) and about 25 percent are expected to retire in the next 20 years. “This is a new problem for human society,” writes Sharon Astyk, author of “A Nation of Farmers.”
A 2010 Federal Reserve rule requires banks to ask customers if they want to sign up for overdraft protection programs, which often come with steep penalties for making purchases that exceed the account balance. A Consumer Finance Protection Board report released in June suggests the change may not be enough to protect consumers.