Change takes time. That’s one reason the Virginia Small Business Financing Authority cites when asked why its Loan Guaranty Program, which launched in October, has failed to guarantee a single loan.
News
Eye on the General Assembly: House budget bill tunes out public broadcasting
The House Appropriations Committee has recommended eliminating the state’s contribution to public broadcasting stations, and the PBS organization in Richmond is seeking viewers’ help to save its funding.
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 Chief Executive and President T. Gaylon Layfield to talk about the plans for the bank and the issues facing the banking… Read more »
Guest Opinion: Boomer businesses blindsided by recession ask, ‘What’s next?’
The views expressed in Guest Opinions represent only those of the author and are in no way endorsed by Richmond BizSense or any BizSense staff member. Last summer I met with the owners of a local business to discuss ways to grow. They had just finished their 15th year of modest but steady growth in… Read more »
Is Richmond the worst residential rental market in the country?
The U.S. Census Bureau says the Richmond metro area has the highest residential rental vacancy in the country, but local rental agents aren’t buying it.
Sneak Preview: Movieland
Movieland by Bow-Tie Cinemas, Richmond City’s first movie theater in 35 years, opened its doors to the press to showcase the 17-screen multiplex in advance of its opening Feb. 27.
The Pipeline: Commercial Real Estate Round Up for 2.13.09
Grubb & Ellis Harrison & Bates report Magan & Sons, LLC purchased a 1.48-acre parcel at Short Pump Town Center in Henrico for $1.2 million. The buyer plans to develop a hotel on the site. Porter Realty reports SunTrust bank leased 100,000 square feet of warehouse space at 4201-4221 Carolina Avenue in Henrico County. CB… Read more »
First Market Bank gets $34 million in bailout money
Richmond-based First Market Bank might be in the mood for granting more loans after receiving a $34 million loan from the federal government. On Tuesday, the U.S. Treasury announced it provided 28 banks with $238.6 million as part of the Capital Purchase Program, which is intended to increase lending among healthy banks. First Market Bank,… Read more »
Construction slowing even more
Construction activity is slowing at an increasing rate in Richmond, leading to more layoffs, longer pay terms and downward pressure on the prices subcontractors can charge. For the first time in recent memory, builders say foreign laborers are also starting to return to their countries of origin. In January, builders filed 123 residential building permits… Read more »
S&K tries to find savings with Chapter 11 filing, hopes to be out in 60 days
Richmond-based men’s clothier S&K Famous Brands Inc. is hoping a quick detour into bankruptcy court can help the company fit into a new business model with fewer stores and lower overhead.