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NEWS
April 12, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
U.S. Rep. Allyson Y. Schwartz on Thursday said that all of her campaign contributions are reported so anybody can ask questions about who may be trying to influence her, but gubernatorial rival Tom Wolf's $4 million loan from M&T Bank is a different matter. There is no requirement for a candidate to report details of personal loans. Schwartz said the public should know because such a large obligation could constrain him as governor. "What's his relationship with that bank? Who is he indebted to?"
NEWS
April 12, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
Businessman Tom Wolf, the front-runner in the Democratic race for governor of Pennsylvania, on Thursday released details of a $4.45 million personal bank loan he got to help finance his campaign after a rival questioned its propriety. Wolf and his wife, Frances, guaranteed the loan from M&T Bank with their personal assets, including millions of shares of stock in the Wolf Organization, the family-controlled building supply company. U.S. Rep. Allyson Y. Schwartz demanded during a Wednesday night candidates' debate that Wolf disclose the terms of the loan.
NEWS
April 11, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
HARRISBURG U.S. Rep. Allyson Y. Schwartz challenged businessman Tom Wolf to disclose details of a $4 million bank loan he obtained for his campaign during a sometimes-tense debate Wednesday among Democratic candidates for governor. "I'm the only one who has not borrowed or given money to myself," Schwartz said, turning to Wolf in a lecture hall at Widener University Law School's Harrisburg campus. "What did you use for collateral? What are the terms? . . . What does it mean to the taxpayer to have a governor paying millions back to a bank?"
BUSINESS
September 25, 2012 | By Diane Mastrull, Inquirer Columnist
In the tight-money world of small business owners, the occasion seemed more worthy of a bottle of bubbly than a steaming cup of Honduran dark roast. But java is the specialty of Green Street Coffee Roasters, the 17-month-old South Philadelphia company owned by brothers Chris and Tom Molieri. Early last week, the Molieris were celebrating a $10,000 loan for equipment they had just secured. They were also raising a cup to the entity that made it happen – Entrepreneur Works. It is a community development financial institution, or CDFI, one of a network of nearly 1,000 mostly nonprofit entities nationwide devoted to helping entrepreneurs overcome what stymies so many of them: access to capital.
NEWS
October 10, 1991 | By Suzanne Sczubelek, Special to The Inquirer
The Chester County Commissioners on Tuesday approved giving a $1 million below-market-rate loan to UB Foods U.S. to further encourage the firm to establish a plant in Oxford Borough. Officials from UB Foods, which makes Keebler snacks, told borough residents last Thursday that the firm intends to buy the former Pepsico Unibev plant, which has been empty for three years. The commissioner's action follows a recommendation by the county's Industrial Development Authority, which actually is making the loan.
NEWS
January 12, 1989 | By Jeff Gammage, Inquirer Staff Writer
The Abington school board took less than a minute to borrow $3 million last week, voting without discussion to borrow the money from CoreStates Capital Markets Group. "And not a person here knows what it's for," grumbled Joseph Polya, a persistent board critic who attended the Tuesday night meeting. Actually, the board spelled out its plans for the loan as far back as June. It will go for repairs and improvements throughout the district, including purchase of computers, buses and windows, and for repairs to roofs, tennis courts and sidewalks.
NEWS
March 3, 1988 | By TYREE JOHNSON, Daily News Staff Writer
Philadelphia Sheriff John Green said bar owner Sidney Booker gave him an $11,000 personal loan and then made him an offer he had to refuse. "He wanted a job, and in exchange I did not have to pay back the note," recalled Green. "I told him I don't sell jobs, and after that, he stopped speaking to me," added Green, who took over the 290-member Sheriff's Department in January. Green made his comments after reporters discovered that Booker had filed two suits in Small Claims Court alleging that Green failed to repay a total of $11,000 worth of loans that he was supposed to start repaying on Dec. 1. Booker, owner of the Stinger Bar on Broad Street near Belfield, said he would have no comment until after the suit is heard on Tuesday.
NEWS
November 29, 2012 | By Carl Dranoff
The Inquirer reported this week on the Delaware River Port Authority's role in financing the redevelopment of the RCA Victor building in Camden. As a strong advocate of the Camden waterfront and one of the first developers to participate in its revitalization, I have a perspective that differs dramatically from that of the report. In the late 1990s, when I first saw the RCA Victor building, I didn't just see a boarded-up, vandalized symbol of the blight that had come to define Camden.
NEWS
March 5, 2012
The Consumer Finance Protection Bureau has begun to take complaints about student loans, it said Monday. The bureau will assist all borrowers experiencing problems taking out or repaying a private loan or managing one in default and referred to a debt collector. Complaints may be submitted through 1-855-411-2372; at www.consumerfinance.gov ; faxed at 1-855-237-2392, or mailed to the bureau at P.O. Box 4503, Iowa City, Iowa 52244.    - Alan J. Heavens
NEWS
December 9, 1999 | By Nancy Petersen, INQUIRER STAFF WRITER
A Chester County agency is suing a Philadelphia eye doctor in an effort to recover a $180,000 loan it made to the physician four years ago to open a health-care center in downtown West Chester. The center, which was to be a multidisciplinary practice owned and operated by minority physicians, never opened, and the building at 16 E. Gay St. stands empty. The loan was made to Neal E. Hall by the county Office of Housing and Community Development using federal Community Development Block Grant money.
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NEWS
April 12, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
U.S. Rep. Allyson Y. Schwartz on Thursday said that all of her campaign contributions are reported so anybody can ask questions about who may be trying to influence her, but gubernatorial rival Tom Wolf's $4 million loan from M&T Bank is a different matter. There is no requirement for a candidate to report details of personal loans. Schwartz said the public should know because such a large obligation could constrain him as governor. "What's his relationship with that bank? Who is he indebted to?"
NEWS
April 12, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
Businessman Tom Wolf, the front-runner in the Democratic race for governor of Pennsylvania, on Thursday released details of a $4.45 million personal bank loan he got to help finance his campaign after a rival questioned its propriety. Wolf and his wife, Frances, guaranteed the loan from M&T Bank with their personal assets, including millions of shares of stock in the Wolf Organization, the family-controlled building supply company. U.S. Rep. Allyson Y. Schwartz demanded during a Wednesday night candidates' debate that Wolf disclose the terms of the loan.
NEWS
April 11, 2014 | By Thomas Fitzgerald, Inquirer Politics Writer
HARRISBURG U.S. Rep. Allyson Y. Schwartz challenged businessman Tom Wolf to disclose details of a $4 million bank loan he obtained for his campaign during a sometimes-tense debate Wednesday among Democratic candidates for governor. "I'm the only one who has not borrowed or given money to myself," Schwartz said, turning to Wolf in a lecture hall at Widener University Law School's Harrisburg campus. "What did you use for collateral? What are the terms? . . . What does it mean to the taxpayer to have a governor paying millions back to a bank?"
REAL_ESTATE
April 6, 2014 | By Christine Bahls, For The Inquirer
Upon graduation, 2013 figures show, newly minted lawyers who attended public law schools owed about $76,000, and doctors who attended public medical schools owed about $208,000. Those who attended private schools owed even more. For doctors, the numbers can continue to rise during residencies, some of which last up to six years, if they don't make payments on the interest. So much debt. Yet, when they're looking for mortgages, lenders love them. That's because these young pros - many of whom land in the Philadelphia region because of its prestigious health systems and law firms - have what's called EP.   Earning potential.
NEWS
February 28, 2014 | By Susan Snyder, Inquirer Staff Writer
The University of Pennsylvania is launching a $240 million fundraising campaign targeted specifically for financial aid - an effort to bolster its policy of providing all grants and no loans to students in need, school officials said Friday. The new effort was announced at the board of trustees meeting Friday. To kick off the "Penn Compact 2020 Presidential Initiative," the university is seeking $1 million donations from at least five individuals that the university will match.
BUSINESS
January 28, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
A fight over an obscure 10-year-old Philadelphia property loan is raising questions as to whether anyone can force the Commonwealth of Pennsylvania to comply with its own wide-ranging financial agreements, under current law. Telwell Inc. , a family-owned real estate company, says the state's Public School Employees' Retirement System overcharged by more than $200,000 for a 10-year loan to refinance its aging office building at 12th...
BUSINESS
December 24, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
Developer Carl Dranoff made news last week by detailing his plan for a 47-story South Broad Street hotel-apartment-retail tower. Dranoff was also in the news the next day, in three separate stories, none that would likely please him: Gov. Corbett's administration is cutting $12 million in aid proposed through the Redevelopment Assistance Capital Program for Dranoff's apartment development in downtown Ardmore. The state said money in that program should go to public projects, like the nearby Ardmore train station.
NEWS
December 19, 2013 | By Paul Nussbaum, Inquirer Staff Writer
Federal prosecutors served subpoenas this week on several officials and employees of the Delaware River Port Authority, including at least three board members - Camden County Freeholder Jeffrey L. Nash, South Jersey labor leader Richard Sweeney, and Philadelphia lawyer William Sasso, The Inquirer has learned. Since April, the U.S. Attorney's Office has been investigating millions of dollars of politically connected "economic-development" spending by the DRPA. Subpoenas issued Monday to several board members and other DRPA employees demanded materials and testimony related to that spending.
NEWS
December 13, 2013 | By Susan Snyder, Inquirer Staff Writer
In what would be a dramatic turnaround, Haverford College is considering doing away with the "no-loan" financial-aid policy it adopted in 2007, and again require middle-class students to borrow to finance their education. If the board of managers adopts the proposal during its meeting in February, Haverford will become the latest school to retreat from a no-loans stance: Dartmouth and Williams Colleges backed off almost four years ago and Claremont McKenna just this year, each finding it could not support the program.
BUSINESS
November 26, 2013 | By Erin E. Arvedlund, Inquirer Columnist
The Pew Charitable Trusts issued a report last month recommending changes to payday loans nationwide - and showcased Colorado as the way to reform payday lending. State regulators in 2010 updated laws so borrowers in Colorado now pay an average of just 4 percent of their paychecks to service the loans - down from 36 percent under conventional lump-sum payday loans. Payday loans in Colorado remain costly. With fees and interest, the average annual percentage rate is 129 percent, and that is down from 319 percent, according to the Pew report, issued Oct. 30. Under the old law, Colorado borrowers were charged 319 percent annually in interest - meaning someone who got a $500 loan paid back $1,950 after a year.
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