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Navient faces $120M fine, ban over student loan abuse claims from consumer watchdog
The Consumer Financial Protection Bureau filed a proposed order Thursday to permanently ban Herndon-based Navient, formerly the nation’s largest student loan servicer, from servicing federal student loans and fine the company $120 million. “These bans would largely remove Navient from a market where it, among other illegal actions, steered numerous student loan borrowers into costly [&[...]
Fed’s Fifth District economy grows slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) grew slightly in recent weeks, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions [&hellip[...]
Fed Fifth District economy shrinks slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has contracted slightly since March, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
NY foundation invests $10M in Appalachian Community Capital
Appalachian Community Capital, a Christiansburg-based community development financial institution that provides capital for small businesses across the Appalachian region, will receive an additional $10 million investment in the form of a low-interest loan from the Ford Foundation, the New York-based nonprofit announced Wednesday. The Ford Foundation initially invested $3 million in ACC in 2015. A[...]
Keeping watch
The question of the quarter: Are we entering a recession? One key indicator of a future recession can be inflation, which hit a 40-year high this year. Between June 2021 and June 2022, the consumer price index increased by 9.1%, according to the U.S. Bureau of Labor Statistics. One of the first tangible signs for […]
Fifth District economy growth is moderate, Fed says
The Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) continued to grow moderately despite supply chain issues, labor shortages and rising prices, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. The Beige Book is published eight times per year and is based on anecdotal information [...]
McLean medical office building refinanced with $20M loan
Toronto-based commercial real estate firm Avison Young announced Wednesday that its debt and equity finance team had arranged a $20 million loan to refinance a medical office building in McLean. Built in 1985, the three-story, 47,000-square-foot medical office building is located at 1420 Beverly Road. A partnership between Stewart Investment Partners and Chestnut Funds owns […]
Va. Beach launches small biz loan program
The Virginia Beach Small Business Capital Access Program is offering loans of $15,000 to $25,000 to small businesses, with no payments required for the first six months. The program, which is a collaboration between the Virginia Beach Economic Development Department and the Local Initiatives Support Corp. (LISC) of Hampton Roads, provides $400,000 in zero-interest loans […]
Fed says Fifth District economy growing moderately
[wpdiscuz-feedback id=”z7qx6rb9ba” question=”Why?” opened=”0″]Amid the post-pandemic recovery[/wpdiscuz-feedback], the Federal Reserve’s Fifth District (including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has been seeing moderate economic growth in recent weeks, according to the latest edition of the Federal Reserve’s Beig[...]
Four community banks launch $1M minority business fund
The Bank of Clarke County announced Tuesday the launch of the Banking on Diversity initiative, a minority business funding program backed by Bank of Clarke County, BCT-Bank of Charles Town, The Fauquier Bank and First Bank. The four community banks have collectively committed up to $1 million in interest-free loans to help startup and existing […]
Wells Fargo makes $1.5M donation for small business loans
Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, announced Thursday it has donated $1.5 million to Richmond-based nonprofit Virginia Community Capital (VCC) to help local minority and/or woman-owned small businesses stay open and save jobs amid the pandemic. During the next two years, the VCC will disburse $1 million of the funding in […]
These 16 Va. companies received $10M PPP loans
The U.S. Small Business Administration on Tuesday released additional information about all approved borrowers from its $659 billion Paycheck Protection Program (PPP) small business relief program, this time including exact company names, loan amounts, addresses and other information. Previously, the government in early July had released an incomplete list of recipients, including only ranges of[...]
