Real estate investors ask: Where did all the money go? (Times-Dispatch)
Times-Dispatch reporter Carol Hazard sniffed out a possible Ponzi scheme that is currently under investigation by authorities. Investors allege that Donald Lacey, a former Henrico County police officer who ran multiple limited liability companies that owned the fixer-uppers, took the money for his own personal use, according to court records in Richmond and Henrico. They claim that Lacey acted in collusion with David A. Silver, president of Old Dominion Financial Service Inc., a Henrico-based company that arranged and serviced loans from investors, court records show.
Why a Tobacco Giant Backs a Tough New Antismoking Bill (Time Magazine)
The new bill, which passed in the House in April, includes tough new restrictions on advertising like allowing only black-and-white text ads in magazines with substantial youth readerships, mandates that manufacturers prove or stop using claims like “light” and “low tar,” bans flavored cigarettes (except menthol) and makes provisions for large, graphic warning labels. So why, then, is tobacco giant Philip Morris, unlike its industry brethren, celebrating the unprecedented oversight?
SBA loans a ‘lifeline’ for cash-strapped businesses (Virginian-Pilot)
The program, dubbed ARC for American Recovery Capital loans, will stand behind loans as large as $35,000 to established small businesses with cash-flow problems. Borrowers will have five years to repay, and the SBA will pick up the interest payments. For some cash-strapped companies, “having this little lifeline will help,” said Matthew Rutherford, who teaches management at Virginia Commonwealth University School of Business and studies small-business conditions.
Retailers interested in Roanoke play the waiting game (Roanoke Times)
Last year, several retailers announced with glowing language that they were seeking franchisees to expand in the Roanoke Valley and in parts of Southwest Virginia. Their well-intentioned plans fell through with the nation’s financial meltdown and a tightened credit market that has made it nearly impossible for new entrepreneurs to get a loan. Here’s the story of four companies that haven’t yet found local investors.
6 Essential Tips for Ads That Get Results (Entrepreneur)
One of the toughest jobs for any startup is to produce stellar ads without the help of a big-budget ad agency. The key is to engage your target audience, because for advertising to succeed, it has to be remembered. Even on the tightest budget, you can create successful ads by following these six vital tips.