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REAL_ESTATE
December 29, 2014 | By Erin Arvedlund, Inquirer Staff Writer
Chris and Jillian Soriano bought and then renovated their Haddon Heights house using a Fannie Mae HomeStyle Renovation loan to finance the improvements. The couple moved into the four-bedroom, two-bathroom house last summer "knowing we were going to rip out the kitchen," said Jillian Soriano, who wanted an open-concept cooking and dining area. "I wanted to take down the wall separating the kitchen and dining room and replace it with a butcher-block island with two sets of seating," she said.
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.
NEWS
November 18, 1986 | By Inga Saffron, Inquirer Staff Writer
Freeholder Joseph J. Milano agreed yesterday to call off his six-week-old feud with the Camden County sewerage authority and cast the deciding vote for the expansion of the regional sewer system. Milano, a maverick Democrat who joined with the three Republican freeholders in stalling a $39 million loan for the Camden County Municipal Utilities Authority (CCMUA), decided to switch his position after a late afternoon meeting with authority officials Herman B. Engelbert and Moses Jackson.
NEWS
November 5, 1989 | By Michele McCreary, Special to The Inquirer
The Yardley Borough Council will hold a public hearing before deciding whether to guarantee a $1.8 million loan to pay for the recent expansion of a waste-water treatment plant. In a unanimous 7-0 vote, the council declined the Morrisville Sewer Authority's "push to make a hasty decision" Wednesday night and scheduled a public hearing instead. The council did vote to advertise an ordinance to guarantee the loan. "Just because we have voted to advertise the proposed ordinance does not guarantee that we will pass it. But it does provide us with some time to make sense of all of this," council President Susan Taylor said.
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NEWS
April 17, 2015 | By Paul Nussbaum, Inquirer Staff Writer
The Delaware River Port Authority board on Wednesday approved an $800,000 loan guarantee to help keep the Battleship New Jersey operating as a tourist attraction on the Camden waterfront. The DRPA board originally guaranteed a $1 million loan in 2003 to the Home Port Alliance, which operates the battleship, and has renewed the guarantee every three years since. The amount was whittled down to $900,000 in 2012 and to $800,000 this year. The loan guarantee, approved Wednesday for a 10-year period, is in addition to grants of $11 million made by the DRPA to the Home Port Alliance between 2000 and 2005.
NEWS
April 13, 2015 | By Erin E. Arvedlund, Inquirer Columnist
Did you borrow for college and end up the victim of a sky-high-interest student loan? A new group, Debt Collective, says it's time to go on a "debt strike. " That is, stop paying. An outgrowth of Occupy Wall Street, Debt Collective is a year-old activist organization rallying financially strapped students of the now-defunct Corinthian Colleges. The strikers are mostly young adults, including some single parents, who borrowed from Corinthian's lending arm at up to 14 percent annually.
REAL_ESTATE
April 6, 2015 | By Erin Arvedlund, Inquirer Staff Writer
John and Melissa Lattanzio realized last year that they were priced out of the red-hot real estate market in Fishtown, so they began looking for a house in nearby Olde Kensington. "The options seemed to be a house that would need a lot of updating, or a quickly and generically rehabbed house," said Melissa Lattanzio. "We had lived in Fishtown for eight years and knew the neighborhood. But the construction and investors were driving up prices. Sellers wanted all cash in many cases.
BUSINESS
April 2, 2015 | By Harold Brubaker, Inquirer Staff Writer
The Christie administration extended the term of a $40 million loan to Atlantic City that was due Tuesday, a move that was expected because the city's highly-publicized financial woes have locked it out of the capital markets. Atlantic City now has until the end of June to repay the money borrowed in December to help the city pay its bills following a steep decline in property-tax revenues caused by casinos' successful appeals for lower assessments. Kevin Lavin, Atlantic City's emergency manager appointed by Gov. Chistie in January, said last week that by June he expected to have detailed proposals on how to close Atlantic City's projected $101 million budget gap for this year.
BUSINESS
March 28, 2015 | By Jeff Gelles, Inquirer Staff Writer
Stepping gingerly into one of the finance industry's longest-running controversies, the Consumer Financial Protection Bureau said Thursday that it has begun shaping rules to govern payday loans and other small, short-term credit offered at triple-digit interest rates - products that consumer advocates have for years labeled debt traps. The agency's announcement - quickly embraced by President Obama, blasted by lenders' lobbyists, and hesitantly welcomed by advocacy groups - was long foreseen.
SPORTS
March 20, 2015 | By Marc Narducci, Inquirer Staff Writer
Midfielder Danny Cruz, who played in 70 games the previous three seasons for the Union, has been loaned to a team in Norway. Cruz, 25, will play for FK Bodo/Glimnt of Tippeligaen, the top division in Norway. The loan is for the 2015 season. "He needs to be getting 90 minutes, and we thought at this moment in his career it was more likely to happen in Norway," coach Jim Curtin said Wednesday. "This will be a great experience for him. He will see a new league, get different challenges that come with that, and hopefully when he comes back he will be better than ever.
BUSINESS
March 17, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
BUSINESS
March 14, 2015 | By Andrew Maykuth, Inquirer Staff Writer
SolarCity Corp., the nation's largest rooftop photovoltaic developer, is hoping a new day is dawning for solar in Southeastern Pennsylvania. The San Mateo, Calif., company announced Thursday a bundle of new financing options aimed at customers in the Peco Energy Co. service territory. SolarCity and its competitors typically install their systems on customers' roofs for no money down. The campaign is aimed at reversing the shrinkage in the Pennsylvania solar market, which went into hibernation after 2011, when federal and state incentives dwindled.
NEWS
March 12, 2015
J OHN LI, 29, and Jeff Zhou, 26, both of Center City, co-founded Fig Loans, a startup that aims to provide small, short-term loans to borrowers who otherwise would be payday- or pawn-loan customers. Fig is a semifinalist in the Business Plan Competition at Wharton, where Li and Zhou are MBA students. I spoke with Li. Q: How'd you come up with the idea for Fig Loans? A: I looked at the balance sheet of a public payday lender, and they have a 10-percent profit margin, 30 percent is advertising, 30 percent is loan losses and 30 percent is overhead.
SPORTS
February 22, 2015 | BY JONATHAN TANNENWALD, Philly.com jtannenwald@phillynews.com
EVERYONE WATCHING the Union has waited a long time for the team to fulfill its promise to sign a striker who can truly lead the team's attack. Yesterday, the team finally got its man: Fernando Aristeguieta, of French club Nantes and Venezuela's national team. He'll come to PPL Park on loan for the duration of the 2015 MLS season. The Union will have the option to purchase his rights afterward. "He adds a different quality up front and has experience at both the international and club levels," Union technical director Chris Albright said in a statement issued by the team.
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