Small Business Administration

Ready Capital Corporation Reports Third Quarter 2023 Results

Retrieved on: 
Tuesday, November 7, 2023
Transfer, RC, Labour-sponsored venture capital corporation, ASC, SBC, NYSE, MBS, Pressure, Microsoft, GAAP, Acquisition, Note, REIT, Small Business Administration, Senior, Growth, Small business, Risk management, Financial instrument, Total, Calendar, Capital, Bank, Real estate, Insurance

NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial (“SBC”) loans, today reported financial results for the quarter ended September 30, 2023.

Key Points: 
  • NEW YORK, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services small-to-medium balance commercial (“SBC”) loans, today reported financial results for the quarter ended September 30, 2023.
  • “Our broad suite of origination channels allows Ready Capital to remain a consistent source of capital for our customers despite a challenging macro environment,” stated Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer.
  • In addition, because not all companies use identical calculations, the Company's presentation of Distributable Earnings may not be comparable to other similarly-titled measures of other companies.
  • Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

New Report Reveals Growing Small Business Check Fraud Problem

Retrieved on: 
Tuesday, November 7, 2023
Security, Data Management, Legal, Technology, Finance, Small Business, Banking, Other Consumer, Professional Services, Online Privacy, Digital Cash Management, Digital Assets, Other Technology, Payments, Consumer, Internet, Benchmark, Diamond, Digital, Small business, CI&T, Fraud, Financial Crimes Enforcement Network, Research, Department of the Treasury, Multimedia, Senior, Growth, Digital banking, Small Business Administration, Partnership, Cornerstone, GM, CI, Cryptocurrency, MTX Audio

View the full release here: https://www.businesswire.com/news/home/20231107781210/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20231107781210/en/
    The Mitek report revealed that nearly a third (31%) of small businesses have been victimized by check fraud in the past year.
  • In addition, among the small businesses affected by check fraud, a total of 65% reported losses exceeding $50,000 – a significant sum of money for a small business to absorb, especially in uncertain times.
  • Small businesses underpin the American economy, with 33.2 million small businesses across the U.S., according to the Small Business Administration.
  • “The findings in Mitek's 2023 Mobile Deposit Benchmark Report show the heightened need for comprehensive fraud protection solutions designed to cater to the needs of small businesses."

Capital Southwest Announces Financial Results for Second Fiscal Quarter Ended September 30, 2023 and Announces Increase in Total Dividends to $0.63 per share for the Quarter Ended December 31, 2023

Retrieved on: 
Monday, October 30, 2023
Line of credit, Treasury, SOFR, Equity, National Institute for Health and Care Excellence, Exercise, PTSD, Small Business Administration, Deutsche Bank, NAV, Primary Dealer Credit Facility, Share repurchase, Acquisition, Engineering, Small business, Credit, Safety, Investment, Patient, Revenue recognition, Debenture, SBIC, Note, Growth, Pharmacy, External commercial borrowing, Depression, State Board of Administration of Florida, SBA, UTI, Chronic pain, I-45, Credit Accumulation and Transfer Scheme, Common, Renewable energy, Bank, Security (finance), Holding company

For the quarter ended September 30, 2023, Capital Southwest reported total investment income of $42.8 million, compared to $40.4 million in the prior quarter.

Key Points: 
  • For the quarter ended September 30, 2023, Capital Southwest reported total investment income of $42.8 million, compared to $40.4 million in the prior quarter.
  • For the quarter ended September 30, 2023, total operating expenses (excluding interest expense) were $5.9 million, compared to $5.7 million in the prior quarter.
  • For the quarter ended September 30, 2023, interest expense was $10.5 million as compared to $9.7 million in the prior quarter.
  • For the quarter ended September 30, 2023, total pre-tax net investment income was $26.4 million, compared to $25.0 million in the prior quarter.

Red River Bancshares, Inc. Reports Third Quarter 2023 Financial Results

Retrieved on: 
Monday, October 30, 2023
Sale, AFS, Bank, Federal Home Loan Banks, HTM, SBIC, Federal Reserve, Federal Open Market Committee, Maintenance, History of Federal Open Market Committee actions, FOMC, FTE, Federal, Environment, EPS, Small business, FHLB, Borrowing base, HFI, Small Business Administration, BP, Total, Movement, CRA, Rare-earth element, Cryptocurrency, Credit, Life insurance, Security (finance)

ALEXANDRIA, La., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the third quarter of 2023.

Key Points: 
  • ALEXANDRIA, La., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the third quarter of 2023.
  • Net interest income was $20.7 million for the third quarter of 2023 compared to $21.5 million for the prior quarter.
  • Net interest margin FTE was 2.78% for the third quarter of 2023 compared to 2.96% for the prior quarter.
  • Provision expense was $185,000 for the third quarter of 2023 compared to $300,000 for the second quarter of 2023.

Cambridge Savings Bank Approves a $250,000 Loan to Woman-Owned Enhanced Mechanical Contracting

Retrieved on: 
Tuesday, October 31, 2023
Professional Services, Consumer, Small Business, Women, Finance, Banking, Female, Small business, COVID-19, AVP, Treasury, Male, Small Business Administration, Partnership, East Cambridge Savings Bank, HVAC, CSB, Savings bank, SBA, Bank

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that its small business lending team provided a $250,000 loan to Enhanced Mechanical Contracting, LLC .

Key Points: 
  • Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and $6 billion in assets, today announced that its small business lending team provided a $250,000 loan to Enhanced Mechanical Contracting, LLC .
  • Based in Boston, Enhanced Mechanical Contracting provides customized HVAC services to facilities across Massachusetts and is the first 100 percent female-owned union mechanical contracting company in the state.
  • With a diverse client set, Enhanced Mechanical Contracting is well-positioned to maximize the opportunities created by market gaps as facility managers continue struggling to secure services from reliable, knowledgeable vendors.
  • “The CSB small business team is thrilled to be working with Kelsey and Enhanced Mechanical Contracting, especially during National Women’s Small Business Month ,” said Brooke Jaillet , AVP, Small Business Relationship Manager at CSB.

Zions Bancorporation’s Board Declares Dividends on Common and Preferred Stock

Retrieved on: 
Friday, October 27, 2023
Professional Services, Small Business, Finance, Asset Management, Banking, Accounting, NASDAQ Financial-100, Zions Bancorporation, Bank, Small business, Small Business Administration, Holding company, Cryptocurrency

(NASDAQ: ZION) announced today that its board of directors (“board”) declared a regular quarterly dividend of $0.41 per common share, payable November 16, 2023, to shareholders of record at the close of business on November 9, 2023.

Key Points: 
  • (NASDAQ: ZION) announced today that its board of directors (“board”) declared a regular quarterly dividend of $0.41 per common share, payable November 16, 2023, to shareholders of record at the close of business on November 9, 2023.
  • Additionally, the board declared regular quarterly cash dividends on the company's various perpetual preferred shares, as detailed below.
  • The cash dividend on the following series are payable December 15, 2023, to shareholders of record on December 1, 2023:
    Zions Bancorporation, N.A.
  • In addition, Zions is included in the S&P 500 and NASDAQ Financial 100 indices.

MIGHTY 25: We Are The Mighty Announces The Top 25 Military Changemakers of 2023

Retrieved on: 
Thursday, November 2, 2023
Under Secretary of Defense for Personnel and Readiness, Survivor, Tight end, White House, United States Department of Veterans Affairs, Raytheon Technologies, White House Gender Policy Council, Illinois Department of Veterans' Affairs, Small Business Administration, Anglo-French Wars, USAF, NSC, Small business, YOU, Generation, African Americans, U.S. Department of Defense Strategy for Operating in Cyberspace, Global Health, Film industry, Management, Veterans' affairs, Korean War, Veteran

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- Today, the revered media brand for the military community, We Are The Mighty, is thrilled to announce its distinguished MIGHTY 25 class of 2023.

Key Points: 
  • Ashley Gutermuth – Award-Winning Comedian, National Public Speaker, and Military Spouse
    Libby Jamison – Attorney Advisor with the Department of Veterans Affairs, co-founder of MissionLICENSE; Instrumental in passing Executive Order on Advancing Economic Security for Military and Veteran Spouses, Military Caregivers, and Survivors
    Cailin Crockett – Director, Military Personnel & Readiness, NSC/Senior Advisor, Gender Policy Council, The White House; Instrumental in passing Executive Order on Advancing Economic Security for Military and Veteran Spouses, Military Caregivers, and Survivors
    Charles Moore – Associate Director for Enterprise Program Development, Raytheon
    Isabella Casillas Guzman – Administrator at U.S. Small Business Administration
    George Kittle – Tight End, San Francisco 49ers
    Richard Fierro – Army Veteran, Disarmed Club Q Gunman
    James Harvey III - First African American USAF jet fighter pilot to fly combat operations in the Korean War, Tuskegee Airman
    Victor LaGroon – Chief Diversity Officer at U.S. Department of Veterans Affairs, Head of Global Health Equity Strategy
    Matthew Weiss – USMC Intelligence Officer, Author, "We Don't Want YOU, Uncle Sam: Examining the Military Recruiting Crisis with Generation Z"
    Kimberly Mitchell – Senior Advisor, Veteran Services Organizations Liaison, Office of the Secretary, U.S. Department of Veterans Affairs
    Lauren Hope – Executive Director, Second Service Foundation, Military Spouse, Entrepreneur
    Kathy Roth-Douquet – Co-founder and CEO of Blue Star Families, Author

SomerCor Expands Its Small Business Lending to Northwest Indiana

Retrieved on: 
Wednesday, November 1, 2023
Newton, Small business, LEA, Environment, CDC, Growth, Small Business Administration, Economic development, SBA 504 Loan, SBA, Bank

The SBA 504 is the SBA's premier economic development loan program – helping small business owners buy, build, or refinance commercial real estate and fixed equipment with up to 90 percent financing.

Key Points: 
  • The SBA 504 is the SBA's premier economic development loan program – helping small business owners buy, build, or refinance commercial real estate and fixed equipment with up to 90 percent financing.
  • "It is a testament to our team that just one year after receiving authority to lend in Southeast Wisconsin, the SBA has approved our expansion to also serve small businesses in Northwest Indiana," said Manuel Flores, President and CEO of SomerCor.
  • We look forward to developing new partnerships in Indiana to promote economic development and small business growth in collaboration with local stakeholders."
  • Contact SomerCor to speak to a loan officer and see if an SBA 504 loan is right for your project or small business client.

Children's Education Franchise CompuChild Forges Relationships with Top Franchise Funding Partners

Retrieved on: 
Wednesday, November 1, 2023
STEM, Guidant, ROBS, Small business, Rollover, Education, Certification, STEAM, Private, HELOC, Guidant Financial, Directory, Dream, Small Business Administration, Business, Retirement, SBA, Marketing, Bank, Cognia

DUBLIN, CALIF., Oct. 31, 2023 /PRNewswire-PRWeb/ -- CompuChild has been a leading education franchise offering STEM, STEAM and Entrepreneurship-focused after-school enrichment classes for children in the United States and Canada. Not only has the franchise developed differentiated and unique curricula, its team has come up with a proven capital-light business model which allows CompuChild franchisees to achieve business profitability within a very short time-frame while reducing their capital risk. The franchise is dedicated to its mission of spreading leading-edge technology and entrepreneurial education throughout the United States and Canada, while making it as affordable as possible for children from every walk of life. Despite being categorized as a low-cost franchise, CompuChild acknowledges the funding needs of its prospective franchisees and to facilitate the process, has developed close relationships with three leading funding partners, Benetrends Financial, FranFund, and Guidant Financial, who specialize in franchise funding.

Key Points: 
  • Despite being categorized as a low-cost franchise, CompuChild acknowledges the funding needs of its prospective franchisees and to facilitate the process, has developed close relationships with three leading funding partners, Benetrends Financial, FranFund, and Guidant Financial, who specialize in franchise funding.
  • Talking about their relationship with CompuChild franchise, VP of Marketing at Benetrends emphasized that, "Benetrends Financial, a pioneer in the franchise funding industry, has been helping entrepreneurs successfully launch their dreams for over 40 years.
  • Talking about these valuable partnerships, the President of CompuChild stated, "CompuChild has been part of the SBA Franchise Directory since 2021.
  • CompuChild wanted to help its prospective franchisees by establishing firm relationships with top franchise lending partners to make sure that a prospective franchisee's path to funding and loan procurement is smooth and quick.

GSD Services Awarded $31M Department of the Navy Base Operations Support Contract at Marine Corps Mountain Warfare Training Center Bridgeport

Retrieved on: 
Tuesday, October 31, 2023
Hawthorne Army Depot, Pest control, Marine Corps Systems Command, Water, Military personnel, King George, United States Department of the Navy, Liberty, Marine, HMS King George V (1911), Senior, MCMWTC, Naval Facilities Engineering Systems Command, Small Business Administration, Navy, Installation, SBA, Marines, Clothing, Corp, Management

"Our team's expertise in providing operational resources to various installations worldwide will help MCMWTC in achieving their mission and enhancing work force productivity."

Key Points: 
  • "Our team's expertise in providing operational resources to various installations worldwide will help MCMWTC in achieving their mission and enhancing work force productivity."
  • "We've earned our customers' confidence over years of successfully executing base operations support services to our nation's military personnel.
  • The MCMWTC is the Marine Corps' premier training site for Marines preparing to serve in mountainous regions with emphases in cold and high altitude confrontations.
  • The single award Firm Fixed Price, Indefinite-Delivery/Indefinite-Quantity contract begins in March 2024 and has an eight-year duration.