Fitch Ratings recently affirmed its top bond rating of “AAA” for the city of Knoxville, the city said in a statement released Tuesday.
The news release also noted that Moody’s Investors Services and Standard & Poor’s Ratings Services had recently affirmed high bond ratings for the city — “Aa1” with a stable outlook from Moody’s and AA+ from Standard & Poor’s.
Fitch cited the city’s “sound and established economic underpinning, high and consistent reserves, and affordable debt burden,” according to the news release.
Bond ratings usually aren’t stories local governments spend a lot of time promoting. But they are important — even if they are dry as cardboard.
Several reports in the last few weeks indicate the credit crunch may be easing. Banks may be making loans again after too many months of sitting on their vaults.
For way too long creditworthy small businesses have had a difficult time getting the financing they need to grow and create jobs.
If reports of an easing credit crunch are true, it’s about time. Now, if we can convice the big business to start spending some of the record profits they’ve been hoarding, we might see a real dent in the jobless rate.
WSJ’s Marketbeat blog: Shocker!: Banks are starting to lend again
Tennessee businesses will get another chance to apply for low-interest loans through the Energy Efficiency Loan Program.
Pathway Lending announced that a second round of applications will be opened on Jan. 4. Applications will be taken on a first come first served basis until all of the loan funds are committed.
The first round of applications closed on Nov. 1 with more than half of the available $50 million in loan funds committed.
Minority- and women-owned businesses looking for capital can learn more about the state’s TNInvestco program at a seminar in Nashville on Monday. The Tennessee Department of Economic and Community Development will host a seminar and networking reception at 6 p.m. at the Entrepreneur Center.
A panel of venture capitalists will discuss the program, which was created in 2009 by the General Assembly. Its purpose is to provide increased capital to early-stage companies.
Seating is limited. RSVP to firstname.lastname@example.org.
East Tennessee businesses having a hard time getting loans for energy efficiency projects should attend one of Pathway Lending’s free “lunch and learn” workshops on Tennessee’s new $50 million Energy Efficiency Loan Program.
A workshop is scheduled Sept. 29 in Knoxville at Buddy’s BBQ Bearden Banquet Hall, 5806 Kingston Pike. On Sept. 30, Pathway Lending will be in theTri Cities area for a workshop at Pratt’s Real Pit Bar-B-Que, 1225 E. Stone Drive, Kingsport, Tenn.
Low-interest loans of $20,000 to $1 million are available.
In response to the ongoing credit crunch facing small business, the Blount County Chamber of Commerce and the Tennessee Small Business Development Center will host a seminar on SBA loan programs on Wednesday in Maryville.
The seminar is open to the public and will focus on two Small Business Administration programs — the Community Express Loan and the Patriot Express Loan. The event is at 4 p.m. at the chamber, 201 S. Washington St.
“These loans typically are for $25,000 or less and are intended to provide an infusion of working capital,” said Bruce Hayes, a senior business analyst with TSBDC.
Even though I’ve never been a huge Wal-Mart fan, have to give the company credit for offering small businesses loans of up to $25,000 through its Sam’sClub division.
It will be interesting to see how many loans the company actually makes and what the details are.
Regardless, it’s a pretty savvy move. Undoubtedly, it will bring Sam’s Club new member and any new source of funding is good news for small businesses.
I would be interested in hearing from businesses that apply for Sam’s Club loans.
Read more about the Sam’s Club loans here and here.
Financing is tight these days, but the Tennessee Rural Opportunity Fund is finding a way to get money into the hands of small businesses.
The fund — a public-private partnership — recently received the 2010 National Community Reinvestment Award from the Federal Financial Institutions Examination Council.
The partnership includes the state of Tennessee, members of the Tennessee Bankers Association and Southeast Community Capital Corp., a Nashville based lender.
Since its start in 2007, 44 small, minority- and women-owned businesses have received more than $9 million through the fund.