Banking »
SBA to offer debt relief in June
For Richmond businesses struggling to make monthly debt payments, a new Small Business Administration program could provide a lifeline. The emergency loan program will start accepting applications in mid-June, the agency announced Monday.
Read More »Small biz owners seek SBA loan help
Bernie Katz, Robert White and Michael Bucci have something in common. They all own small businesses and have had difficult experiences with bank financing. That prompted them to show up for a Wednesday morning
Read More »Help on the way for SBA loans
The Small Business Association might not be searching for a new slogan, but it would do well to consider “get ’em while they’re hot.” The SBA loan, an often-used source of financing for startups
Read More »Monday Q&A: Who would start a bank in this economy?
There’s a new kid on the banking block. Xenith Bank, currently in organization, recently moved into their new office headquarters downtown. The bank will focus on small- and medium-size business. BizSense sat down with
Read More »Virginia bank acquires 4 branches in Md.
Another failed bank is just another opportunity for Tappahannock-based Bank of Essex. On Saturday, the Bank of Essex assumed operations of Suburban Federal Savings Bank in Crofton Md. after it was seized by federal
Read More »Bank branches out to Georgia
The Bank of Essex has assumed $600 million in deposits previously held by The Community Bank in Loganville, Ga. A Richmond-based bank has gobbled up deposits of a failed Georgia bank. Tappahannock-based Bank of
Read More »What’s happening to lending: a Q&A with the CEO of First Market Bank
Banks, like humans, fear the unknown. If they can’t assess the value of an asset, say a 10-acre piece of dirt in Henrico County, they don’t want to touch it with a 10-foot pole.
Read More »Business loans harder to get
Bankers are taking longer to issue business loans and asking for more collateral when they do issue them, according to bankers around Richmond. Even companies with solid credit and long-established relationships are having more
Read More »Auction-rate insecurity: local investors and businesses still waiting to get money
Some local businesses and individuals are still trying to get their money out of auction-rate securities – bond funds that were thought to be as accessible as savings accounts but became frozen. BizSense reported
Read More »Richmond Banks Still Lending
Some Richmond-area banks are growing pickier about which businesses get financing. With a possible recession on the horizon, banks are extra careful to protect their investments. And there’s less money to lend, bankers say,
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