SBA beefs up local microloan program

It may be "micro" but it could be the difference between staying in business or closing up for good. The Small Business Administration recently awarded REDC Community Capital group a $920,039 grant to help fund their micro-loan program, the largest amount the organization has ever received for that program, and nearly five times the amount received for 2009.

The Pipeline: Commercial Real Estate Round Up for 2.26.10

Thalhimer reports the following deals:

RJW6, LLC purchased the approx. 4,800 sq. ft. industrial property at 2709 Willard Road in Henrico from John Jen, LLC for $340,000 and will operate their business, Mosquito Squad of Richmond, at this location. Boushra F. Mikheal purchased the approx. 12,000 sq. ft. retail building situated on 1.25 acres at 7720 Jefferson Davis Hwy. in Chesterfield from Butterworths Wayside, Inc. for $320,000 as an investment. WJI Properties, LLC purchased the approx. 7,040 sq. ft. office building situated on 1.11 acres at 501 Branchway Road in Chesterfield County, Virginia from McBal Corporation for $643,000 and purchaser plans to occupy a portion of the building. CB Richard Ellis reports the following deals: E.I.DuPont leased 15,204 square feet at 5058 Commerce Rd in Richmond. HealthRisk Partners, LLC. leased 13,405 square feet at 6802 Paragon Place in Henrico. Diebold, Inc. leased 9,755 square feet at ...

Guest Column: Do you really want to own your own business?

This column was written as advice for business consultants primarily involved in helping people start franchises, but it is good reading for anyone thinking about starting a new business. The current financial downturn has created, in unprecedented numbers, an abundance of newly unemployed people here in Richmond. Most of these people have had very successful careers in the past and fortunately, many were smart enough to have put away sizable savings over the years. However, as months pass, many are recognizing that the job search is lengthy and the opportunities seem few. Those who were fortunate enough to have a severance package are seeing that source of income winding down and those who are without are seeing their savings dwindle each month. This set of circumstances is leading increasing numbers of these people to look at alternatives to traditional employment with “Owning my own ...

Newsfeeds 2.25.10

Bear Island Paper Co. files for bankruptcy (Times-Dispatch) Bear Island, which employs about 200 people at its newsprint manufacturing mill in northern Hanover County, filed for Chapter 11 reorganization yesterday Number of local homeowners 'underwater' grows to 22% (Virginian Pilot) The number of homeowners in Hampton Roads who owed more on their mortgages than their homes were worth grew to more than 72,000 at the end of last year, according to a new report. That is nearly one in four homeowners House passes antitrust repeal (Daily Progress) Perriello said the bill would restore competition to the health insurance industry, improve quality, increase consumer choice and drive down costs for customers. GM to Wind Down Hummer After Sale Fails (Business Week) General Motors will close Hummer, the maker of military-inspired sport-utility vehicles, after Sichuan Tengzhong Heavy Industrial Machinery couldn’t win Chinese approval to buy the unit. Westfield Weighs Bid ...

Siblings launch web startup

Charles Bice and Amy de Venoge think they have come up with a way to take the juggling out of scheduling.

Nearly 20,000 more tickets in 2009

After you read this, you might want to go move your car real quick. Actually, maybe you should check it now. That’s because the number of parking tickets written in the City of Richmond during 2009 is more than 19 percent higher than the number in 2008, according to city records. Last year, city parking officers issued 119,866 tickets, collecting more than $3.3 million in revenue for the city. That is $371,000 more than the year before. One reason why: The city has doubled the number of officers writing tickets from 15 to 30 over the course of the last year, records show. The city’s parking enforcement is contracted to a private company, Lanier Parking Service. The company receives 3 percent of the amount of issued fines and 3 percent of meter collections. It also receives reimbursement for expenses. Another reason is the addition of the Carver ...

Business Licenses 2.25.10

Best new names this week are Demented Minds Productions and Enchanted Cakery. Henrico

AGI Productions Richmond Boat Show 600 E Laburnum Ave, 23222 Sales Promotion/Flea

Haywood L. Butler, Jr. Haywood Consulting 1600 Trailing Ridge Rd, 23231 Computer Conslt-Prgm

Bill's Barbecue, Inc. 1420 N Parham Rd, 23229 Ret. Restaurant

Christopher M. Christian Virginia Network Solutions 415 Acreview Dr, 23075 Consultant

Carlos Production Corporation El Duranguense Restaurant Bar 8709 Shrader Rd, 23228 Ret. Restaurant

Andre Cooke A-Affordable Floors 8081 W Broad St, 23294 Repair,Renovat,Serv.

Jonye Cordova Jonyegirlfaces 10931 Tiller Rd, 23060 Personal Services Dominion Technology Solutions 11607 Parksburg Ct, 23059 Consultant Holly S. Dunham 1707 Careybrook Dr, 23238 Commercial Artist Youssef Elbaji Youssef Elbaji's Hauling 1500 Glenside Dr, 23226 Transportation SVCS Eagle Cleaning, Inc. 5005 Arapaho Trl, 23060 Cleaning Services Enchanted Cakery LLC 3624 Bremerton Dr, 23233 Ret. Food FMG Construction LLC 4912 Lurgan Pl, 23228 Contr Hen General James R. Gallagher JG Home Improvements 505 N Daisy Ave, 23075 Contr Hen General Gawley Properties LLC 9005 Battlefield Park Rd, 23231 Repair,Renovat,Serv. Henrico Humane Society 3000 Mechanicsville Tpke, 23223 Sales Promotion/Flea Tiffany L. Hedgepeth Breadwinners 4 Life 5560 Pony Farm Dr, 23227 Amusement Promoter Happi Creek Construction LLC 519 Isaiah Rd, 23150 Contr Hen ...

Government report warns of commercial real estate crisis

A wave of commercial foreclosures could trigger economic damage that affects the lives of every American, according to a report released by the Congressional Oversight Committee. From the panel: "Commercial real estate loans made over the last decade -- including retail properties, office space, industrial facilities, hotels and apartments -- totaling $1.4 trillion will require refinancing in 2011 through 2014. Nearly half are at present 'underwater,' meaning the borrower owes more on the loan than the underlying property is worth. While these problems have no single cause, the loans most likely to fail are those made at the height of the real estate bubble. "The Panel found that 'a significant wave of commercial mortgage defaults would trigger economic damage that could touch the lives of nearly every American.' When commercial properties fail, it creates a downward spiral of economic contraction: job losses; deteriorating store ...

Developers cling to Reynolds site

Developers have signed a contract to purchase the Reynolds Metals properties along the Canal Walk to build apartments, shops and restaurants.

A ’sign’ of the times

The FastSigns store at 8707 W. Broad St. has moved to a new location in the Innsbrook area. The company’s store at Horsepen Road and Broad Street can serve the area that the original FastSigns store in Richmond had served, said company executive Bill Sroka. Sroka and Ed Fagenson are partners in SignRush Inc., a company that owns and operates four FastSigns franchise stores in Richmond and one in Fredericksburg. They started the business here 22 years ago, becoming the first FastSigns franchise east of the Mississippi River, Sroka said. “The FastSigns move was an upgrade in location more than anything else,” Sroka said. “We believe we need to have our far West End location nearer to the growth in this part of the Central Virginia market that we serve.” He said the new location also offers better access and visibility from Broad, than the previous location. It ...

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