loans

Gino Geruntino / WRVO

Onondaga County lawmakers hope to help the operators of the Syracuse Chiefs build on a successful season of baseball.

County lawmakers have agreed to lend $1.2 million to the operators of the Chiefs, who want to make stadium upgrades that would allow large groups to host parties or events during games. Legislature Chairman Ryan McMahon says this is a concept that can help bring more business to the stadium.

Somali Community in Western New York

The desire for familiar food, clothing, and other products from home is spurring refugee communities in upstate New York to start their own businesses. In response, a group in Rochester has organized a six-week startup business training course to help the Somali refugee community navigate the process.

“They can actually create their own little local economy where they can exchange, similar to what they had in Somalia,” says David Dey, president and CEO of the Institute for Social Entrepreneurship.

JCIDA

Entrepreneurs in Jefferson County are going to have a harder time finding startup money, now that a loan fund meant to help them is running low. That's good news and bad news.

Here's the bad news: The Industrial Development Agency's micro-enterprise loan fund is down to about $31,000. That means the next successful applicant is going to drain it dry.

"At some point, someone is going to come to the loan fund for dollars for their business, and we won't have any to lend," says Don Alexander, IDA chief.

Senator Kirsten Gillibrand is pushing for Congress to increase the amount of money credit unions can loan businesses.

Schumer defends lower student loan rates

Apr 17, 2012
Durrie

Federal Stafford Loans allow students to defer student loan payments while attending school full-time. Although current interest rates hold at 3.4%, they are set to double on July 1st as a result of the expiration of the 2007 College Cost Reduction and Access Act.

Speaking on the steps of Syracuse University on Monday, Senator Schumer pledged to put his weight behind a bill to keep student loans at their current rate for another year.

"It is now a greater burden than almost any other lending burden around," Schumer said. "For the federal goverment to charge 6.8 percent at a time when interest rates are so low, is almost highway robbery."