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. Business owners interested in the program should contact their local bank.

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 meeting to help small businesses survive the economic downturn. They were among about 60 small-business owners at the meeting at the… 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 of all shapes and sizes, has over the past year become far harder to get. That has slowed business at a… Read more »

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 »

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 regulators on Friday. The Bank of Essex, which is owned by Community Bankers Trust Corporation in Glen Allen, purchased all $312… 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 Essex has assumed $600 million in deposits previously held by The Community Bank in Loganville, Ga.

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 trouble getting financing, which is an essential ingredient for growth. The number of loan requests, meanwhile, is also falling. “Entrepreneurs feel… Read more »