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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 13, 2010
Page
11
European officials rush to complete a 948 billion bailout mechanism before bank stress tests due July 23. Slovakia stalls on funding, risk of new burden on banks if tests reveal vulnerabilities or require extra government support. The tests cover 91 major banks or 65 percent of the region’s banking sector and assess losses if the economy worsens.
Federally backed SBA lending rises with more banks participating. Gary Youmans of Pacific Alliance Bank notes improved terms attracting lenders and borrowers, enabling Steve Williamson to reconstruct a Roberts juice franchise. Over 1,350 banks have returned to the program. about 46,000 SBA loans issued this year, 30 percent higher than last year. Bank of America and ABA voice cautious optimism amid a ongoing credit crunch.
A new Iowa layoff notification law requires small employers to give 30 days advance notice for many layoffs. Violations incur up to 100 dollars per day fines. The measure, enacted in 2010, targets firms with 25 or more affected workers and augments the federal WARN Act which covers larger companies.
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