FEATURED ARTICLES
NEWS
April 20, 2016
That old saying about the road to hell being paved with good intentions should be the epitaph for the Minority Venture Partnership, an unsuccessful program run by the defunct Philadelphia Commercial Development Corp. that failed miserably to deliver on its promise to create jobs. MVP was created in 1993 using $1.5 million in state money and $500,000 from PNC Bank. Gov. Robert Casey and Mayor Ed Rendell said another $8 million would be raised for the fund within a year, but that never happened.
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.
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ARTICLES BY DATE
NEWS
April 20, 2016
That old saying about the road to hell being paved with good intentions should be the epitaph for the Minority Venture Partnership, an unsuccessful program run by the defunct Philadelphia Commercial Development Corp. that failed miserably to deliver on its promise to create jobs. MVP was created in 1993 using $1.5 million in state money and $500,000 from PNC Bank. Gov. Robert Casey and Mayor Ed Rendell said another $8 million would be raised for the fund within a year, but that never happened.
BUSINESS
April 15, 2016 | By Diane Mastrull, Inquirer Staff Writer
Bank of America is doubling its investment in the Tory Burch Foundation Capital Program that includes Philadelphia, providing a total of $20 million in loans for women entrepreneurs for 2016 and 2017. Entrepreneur Works is the community development financial institution administering the funds in Philadelphia. Through that partnership, it will be able to offer a 2 percent interest-rate reduction on loans for qualifying borrowers, according to a statement by Bank of America. Since the Tory Burch program's inception in 2014, Entrepreneur Works has issued $173,000 in loans to 16 women owning small businesses in Philadelphia.
SPORTS
March 7, 2016 | By Marc Narducci, Staff Writer
GOALKEEPERS (3) Andre Blake (6-foot-1, 170 pounds, age 25) After appearing in just seven games over his first two seasons, this former overall No. 1 MLS SuperDraft selection from Connecticut is ready to assume the starting role. Also a member of the Jamaican national team, he is as athletic as any keeper in MLS. Matt Jones (6-3, 180, 29) The Union acquired the English-born keeper via loan from Belenenses of Portugal's Primeira Liga. He was on loan last year to C.D. Tondela, also in Portugal's top division.
NEWS
March 4, 2016
I TOLD you in January that 2016 is my year of change. I've done two things to stay encouraged to stop worrying about my financial security. I picked a theme song (the Disney anthem "Let It Go") and a motivational maxim ("Sweet '16"). I asked you to share your own financial theme songs, and I've been inspired by the stories behind your selections. But folks, if you're burdened by student-loan debt, I have a song for you. It's catchy, comical, and potentially life-changing. The ditty is by New Orleans native David Augustine Jr. (above)
ENTERTAINMENT
February 20, 2016
Kanye the cop After Kanye West tweeted Saturday that he was $53 million in debt, Philadelphia police kindly offered him a job Thursday - in a tweet. "We R hiring, @kanyewest! Starting salary of $47,920; u could be debt-free by the year 3122!" Then they included their website for the career-bound: phillypolice.com/careers. This comes after Kanye asked Mark Zuckerberg for a loan (with no response), and fan Jeremy Piatt started a GoFundMe page for the artist. Puma? No way!
NEWS
February 19, 2016
IF YOU'VE DEFAULTED on federal student loans, you can breathe more easily. You won't be arrested for simply failing to make payments. For a hot second, people were panicking after a Houston television station reported that a local man, Paul Aker, had been arrested because he owed $1,500 for a federal student loan he took out in 1987. "What's the worst that can happen to you if you don't pay your old federal student loans?" the anchor began the segment. "Garnishment, something on your credit report?
SPORTS
February 11, 2016 | By Marc Narducci, STAFF WRITER
The Union added goalkeeping depth Tuesday by acquiring English-born keeper Matt Jones on loan from Belenenses of Portugal's Primeira Liga, the top division. He will be on loan for the 2016 Major League Soccer season. Jones holds a U.S. permanent resident card and will not occupy an international spot. That is crucial because the Union do not have one available. MLS rules allow teams eight international slots, but the slots are allowed to be traded. The Union have seven after trading one international slot last year in the Sheanon Williams deal with Houston.
NEWS
January 30, 2016 | By Bob Fernandez, STAFF WRITER
Comcast Ventures, the venture capital arm of the cable giant, has invested in Wilmington's College Ave Student Loans. The College Ave Student Loans start-up operates an online marketplace to connect college students with loans for college. Comcast Ventures, part of Comcast Corp., was the largest investor in a $20-million financing round that includes Fenway Summer Ventures, DW Partners and former Sallie Mae CEO Albert L. Lord. College Ave Student Student Loans launched in 2014 and originated its first college loan in January 2015.
NEWS
January 9, 2016 | By Jessica Parks, Staff Writer
Montgomery County has canceled a planned $75 million loan and will resume paying human services vendors now that state funds are flowing. The partial spending plan signed by Gov. Wolf on Dec. 30 released crucial funds to schools and counties, but did not address questions of revenue and cuts that have kept him and Republican legislators at loggerheads since June. "We did receive this morning . . . about $20.7 million in payments," the county's finance director, Uri Monson, told the commissioners at their meeting Thursday.
REAL_ESTATE
December 28, 2015 | By Alan J. Heavens, REAL ESTATE WRITER
Ken Weinstein wasn't sure how well the idea of gathering and training a force of residential developers to recycle housing in Germantown would play to the neighborhood. Nor was the developer certain that he could interest enough people in his idea, which included a revolving loan fund of $2 million to get Jumpstart Germantown off the ground. Since he announced his plan in March, Weinstein has taken 108 "mentoring" applications from experienced and would-be developers around the area, and 75 of them have completed nine-plus hours of training with experts in the field.
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