Market Watch

By Matt Tracy (Reuters) – JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank is "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. “Terms are better, pricing is better, we have the resources needed," Barnum said on a conference call with analysts. "We’re fully there. No overhang and no issue.” Barnum’s comments come after many U.S. banks cut back on lending to lower-quality corporate borrowers last year, as Wall Street’s demand for leveraged loans plunged as the Federal Reserve raised interest rates to tame inflation. After significant losses on debt sales last year, including a $700 million loss on an $8.5 billion debt package funding the buyout of software maker Citrix Systems Inc, major banks have largely chosen since then to absorb debt they had underwritten earlier in the year. Some $35 billion to $50 billion of such loans are stuck on banks’ books as they await a better market environment, bankers told Reuters previously. Last summer, Bank of America jointly led a group of banks to provide $13 billion in loans and bonds to Elon Musk for his acquisition of social […]

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The Elm on College Avenue in Waterville is shown in June 2019, when owner Bill Mitchell announced that the building would become an events center. Mitchell has decided to close the venue and is in talks to repurpose the space so that a business can move there. David Leaming/Morning Sentinel file WATERVILLE — The Elm on College Avenue has closed as an events center but the owner is drafting plans to lease the first floor to a local business that would have 50 employees there. “I’m saddened to see The Elm close but central Maine has so many great options for events and live music,” building owner Bill Mitchell said Thursday. Mitchell said he could not disclose the name of the business, but he expects a lease to be signed within the next couple of weeks, at which time it will likely become public. The City Council chambers and First Congregational United Church of Christ would continue leasing space on the building’s ground floor, which also houses the church’s necessities closet. “There are no changes there,” Mitchell said of the ground floor space. “We are only closing The Elm so that a major employer can locate their business on […]

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Funding Circle TD Bank Lendio Summary: Best Long-term Business Loans Tips to Compare Long-term Business Loans When searching for the right long-term business loan , consider features such as repayment terms, interest rates, fees and more. Here are some tips for comparing long-term business loans: Look for repayment terms that align with your budget and goals. If you need a good amount of time to pay back your loan, look for a lender that offers a longer repayment term. Stretching out your loan can make your monthly payments more affordable, but keep in mind that it can also lead to higher interest charges over time. Compare interest rates to find the lowest one. When you borrow a business loan, you’ll have to pay back the amount you borrow, plus interest. Checking your rates with multiple lenders can help you find a loan with a competitive rate. Watch out for additional fees. Loan fees can also add to your costs of borrowing, so keep an eye out for origination, administrative or other fees that could make your long-term business loan more expensive. Find out a lender’s minimum and maximum loan amounts. Every lender sets its own loan amounts, and some […]

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Veteran-owned businesses play a significant role in the U.S. economy. Veterans owned 5.6 percent of all U.S. businesses in 2020, employed 3.6 million people and generated almost $1 trillion in revenue, according to the U.S. Census Bureau . But despite their great impact, an Small Business Administration (SBA) report found that veterans often have a more difficult time accessing capital than non-veteran business owners. Fortunately, many federal, state and private organizations offer small business grants for veterans, which can be used to grow or start your business. Here’s where to look and how to apply. 1. Second Service Foundation The Second Service Foundation, formerly named the StreetShares Foundation, is a nonprofit organization that helps veterans create or grow their businesses by providing funding through its grant program — the Military Entrepreneur Challenge. Participants have to pitch their business before a group of judges. In 2019, the first-place winner received $15,000; the second-place winner received $6,000 and the third-place winner received $4,000. Application process Applications are currently closed, but you can add your name to Second Service Foundation’s email list to be notified when they reopen. 2. Warriors Rising Small Business Grants Warriors Rising is a nonprofit organization founded by […]

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Read More By Rahul Mahna According to the U.S. Chamber of Commerce , at least 93% of small businesses use at least one technology platform. Of these, 86% say they wouldn’t have survived recent economic challenges without it. Information technology is indispensable for business in the modern era. It’s central to every aspect of your success, including communications, strategy and day-to-day operations. Yet few businesses have the expertise and manpower to harness the full potential of technological advancements. Managed IT services offer abundant solutions for small-to-medium businesses in this regard. Defining Managed IT Services Technology offers numerous answers for modern business operations, but still presents challenges for business owners. Networks and other technology need ongoing maintenance, repairs and stringent security solutions to operate at maximum efficiency. Managing all these aspects is not viable with the limited resources available to small businesses. A managed services IT provider helps fill the gaps for these enterprises. Managed services fulfill a host of important measurement, management and monitoring functions. They take the load off of in-house teams, managers and business owners by taking care of: Asset and device management End-user support Communications networks Network administration and security Cloud computing Cybersecurity Data backup and […]

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DALLAS, N.C. — If you’ve bought eggs recently, you likely had sticker shock. A carton of eggs cost $1.92 in January 2022. Now, it costs about $5, and local business owners told Channel 9′s Hannah Goetz they’ve had to make changes. Inflation, the worst bird flu outbreak in years, and a recent high demand for holiday baking have all combined to caused a major rise in egg prices. It’s affecting people like Brittany Pressler, who owns the Cake Me Away bakery in Dallas. “It has probably, almost, more than tripled,” Pressler told Goetz. “The price has gone up and with that, the products — especially our cakes.” The Gaston County bakery goes through about 600 eggs a week to make their desserts. “I think the last time we got them, I think they were almost $24 for that case of eggs,” Pressler said. “It used to be close to maybe $8 or $9.” They are spending close to $600 a month on eggs alone. Pressler said they’ve had to raise their prices on specialty cakes, which can be scary for a local shop to do. “So it’s definitely harder when you know they are looking for that consistency not […]

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A well-known local business is showing its support for law enforcement by feeding police officers. WAVERLY, Pa. — Employees from Kost Tire & Auto carried boxes and trays of food into the Waverly Township Police Department on Friday. The tire company’s owners, Irwin Kost Sr., and Irwin Kost Jr. are making their rounds, visiting about 40 to 50 police departments in areas where they have tire stores and providing lunch to those officers. "They put their life on the line every single day, and nobody says thank you. That’s why we’re here," Irwin Kost Jr. said. "We just love the fact they keep us safe, and we’re proud, proud to be here. And we just wanted to show our appreciation," said Irwin Kost Sr. Waverly Township officers were treated to pizza, sandwiches, snacks, and drinks on this day. K-9 officer Angelo Rudolfi says it was a pleasant surprise when they heard about this "Kost for Cops" initiative. "This means the whole world to us. I mean, just to come out today and be able to provide us with food for the afternoon was just very much appreciated by the whole Waverly Police Department," Rudolfi said. Other township employees were […]

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The City of Chula Vista partnered with the San Diego Foundation and Small Business Development Center (SBDC) to give $3.6 million in grants to small businesses and nonprofits. But when it came to doling it out, some businesses — who were notified they’d receive the award — never got it. Jamie Paris is a mother of two infants and runs a small public relations firm with two employees. Like many small business owners, Paris struggled to keep it going during the pandemic. “When COVID hit, a lot of businesses obviously decided to pause services,” Paris said. At times she paid her employees but not herself, Paris said. She was counting on the $10,000 grant from the Small Business and Nonprofit Relief Fund. Local “I was really excited about that. I was really looking forward to receiving those funds, especially being a small business. It’s a lot of money," Paris said. On Dec. 16, she received a letter from the SBDC. It indicated that Paris was selected because she met the established priorities by the City of Chula Vista to fund the hardest-hit businesses. The $10,000 check was to be delivered by mail in January. It didn’t arrive. Instead she […]

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Blake (l.) and Lucci (r.) Selling a business can represent the pinnacle of a life’s work, provide the ability to diversify assets and the opportunity to create generational wealth. Preparation and planning will streamline the process and increase the likelihood of success. As any successful seller will attest, selling a business can be an all-consuming process, equivalent to a second full-time job for the owner and key executives. While daunting, we set forth seven proven strategies to prepare your business for sale that will reduce transaction expenses, maximize proceeds and increase the odds of closing. Before we present our list, sellers should be aware of an evolving trend in corporate transactions. In recent years, more buyers and sellers purchase representation and warranty insurance (RWI) to cover-post closing indemnification obligations. While RWI benefits sellers because it decreases the size of escrows and other holdbacks and limits sellers’ post-closure exposure, RWI carriers require buyers to conduct very thorough due diligence, increasing the diligence burden on buyer. The seven proven strategies are: 1. Advisers. Selling a business is a highly technical legal, tax and accounting exercise that requires experienced professionals who understand market terms and transactions. Some of the most expensive deals […]

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Florida Gov. Ron DeSantis waves after being sworn in for his second term during an inauguration ceremony at the Old Capitol, Tuesday, January 3, 2023, in Tallahassee, Florida. DeSantis will be laying out his second-term ‘Freedom Blueprint’ in the weeks ahead. It’s widely viewed as a blueprint for the He has already made some of his intentions clear, on areas from Disney to anti-China policy. Top editors give you the stories you want — delivered right to your inbox each weekday. Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy . Florida Gov. Ron DeSantis rocketed to Republican stardom thanks to his high-profile battles with the Biden administration, the millions he raised from donors, and his policies in Florida. Today, he’s the only Republican that polls close to former President Donald Trump in a hypothetical 2024 nomination race for the White House. After handily winning reelection in November, his work in Florida isn’t finished. The next few months of […]

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