ATLANTA, Feb. 10, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Illinois as a result of drought and excessive heat that occurred from July 1 through Oct. 18, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)
These loans are available in the counties of Clark, Crawford, Edgar, Gallatin, Lawrence, Vermilion, Wabash and White in Illinois.
"These counties are eligible because they are contiguous to one or more primary counties in Indiana. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster," said Skaggs.
Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers, but nurseries are eligible to apply for EIDLs for losses caused by drought conditions.
Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The agency sets loan amounts and terms based on each applicant's financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA's website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than September 27, 2012.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Contact: Michael LamptonPhone: 404-331-0333
SOURCE U.S. Small Business Administration
ATLANTA, Feb. 10, 2012 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Indiana as a result of drought and excessive heat that occurred from July 1 through Oct. 18, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)
These loans are available in the counties of Adams, Allen, Bartholomew, Blackford, Boone, Brown, Clark, Clay, Crawford, Daviess, Dearborn, Decatur, DeKalb, Delaware, Dubois, Elkhart, Fayette, Floyd, Fountain, Franklin, Fulton, Gibson, Grant, Greene, Hamilton, Hancock, Harrison, Hendricks, Henry, Howard, Huntington, Jackson, Jay, Jefferson, Jennings, Johnson, Knox, Kosciusko, Lagrange, Lawrence, Madison, Marion, Martin, Miami, Monroe, Montgomery, Morgan, Noble, Ohio, Orange, Owen, Parke, Perry, Pike, Posey, Putnam, Randolph, Ripley, Rush, Scott, Steuben, Shelby, Spencer, Sullivan, Switzerland, Tippecanoe, Tipton, Union, Vanderburgh, Vermillion, Vigo, Wabash, Warren, Warrick, Washington, Wayne, Wells and Whitley in Indiana.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.
Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers, but nurseries are eligible to apply for EIDLs for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than September 27, 2012.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
CONTACT: Michael Lampton, +1-404-331-0333
SOURCE U.S. Small Business Administration
ORLANDO, Fla., Feb. 10, 2012 /PRNewswire/ -- More than 230,000 American couples will become engaged this Valentine's Day, with a large percentage of those proposals taking place in romantic restaurants. "We average about 100 proposals a month – even more on Valentine's Day, because we make sure Ruth's Chris is one of the most special places for popping the question," says Ruth's Chris Steak House wedding planner and catering manager Misty Deflitch.
"The most memorable proposals I've witnessed are those that were sweet, personal and most importantly planned in advance, like a gentleman who created a scavenger hunt for his fiancee that led her to our dining room where she found her ring," she says. For anyone thinking about dropping down on bended knee, Misty suggests these tips:
- Make reservations and notify the restaurant in advance of any special requests, such as:
- Do you have a favorite table? Ask for it.
- Pre-order a favorite bottle of wine or champagne so that it is waiting at your table.
- Not sure about the most romantic table or bottle of wine? Call the GM ahead.
- Ask the hostess to pass your camera to the server to snap photos of the big moment. The restaurant can even help spread the news by posting pictures on its fan page.
- Keep ordering simple to calm nerves. Most restaurants offer a Valentine's Day special for this very reason. At Ruth's Chris Steak House, we are offering an 8oz. Caribbean Lobster tail with a sizzling 6 oz. filet for $44.95.
- Pop the question over dessert. At Ruth's Chris Steak House, we often write "Will You Marry Me" in chocolate on the dessert plate. Toast with an after-dinner cordial.
- Ask the host for a romantic after-dinner suggestion, such as a ride in a horse drawn carriage (which can be arranged in advance.)
- If she is like most brides, she'll want to start planning right away. The wedding professionals at Ruth's Chris Steak House can develop custom plans and menus for every wedding-related event.
This year, Valentine's Day falls on a Tuesday, which means most restaurants (including Ruth's Chris Steak House) will offer a Valentine's Day special throughout the preceding weekend. "Whether you pop the question on Friday or Tuesday, our accommodating staff is ready to ensure your proposal is as memorable as possible."
About Ruth's Chris Steak HouseRuth's Chris Steak House, Inc. is the largest upscale steak house company in the world, with over 130 restaurant locations around the globe. Founded in New Orleans by Ruth Fertel in 1965, Ruth's Chris specializes in USDA Prime grade steaks served in Ruth's Chris signature fashion ... "sizzling." Look for upcoming national wine dinners at www.ruthschris.com.
About Ruth's Hospitality Group Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused on the upscale dining segment. The Company owns the Ruth's Chris Steak House, Mitchell's Fish Market, Mitchell's Steakhouse and Cameron's Steakhouse concepts. With more than 150 company- and franchisee-owned locations worldwide, Ruth's Hospitality Group was founded in 1965 and is headquartered in Winter Park, Florida.
SOURCE Ruth's Hospitality Group, Inc.
NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has assigned an 'AAA' rating to the following general obligation (GO) bonds of the City of Falls Church, Virginia's (the city):
--$15.6 million GO refunding bonds, series 2012.
The bonds are scheduled for competitive sale on Feb. 21st. Proceeds will refund certain outstanding GO bonds of the city for debt service savings without extending final maturity.
In addition, Fitch affirms the 'AAA' rating on the following bonds:
--$21.7 million of outstanding GO school construction and refunding bonds, series 2004;
--$10 million of outstanding GO public improvement and refunding bonds, series 2011.
The Rating Outlook is Stable.
SECURITY
The bonds are general obligations of the city for the payment of which the city's full faith and credit and unlimited taxing power are irrevocably pledged.
KEY RATING DRIVERS
IMPROVED FISCAL HEALTH: Reserves dropped to a very low level in fiscal years 2009 and 2010 but have since been restored to a position that provides a more satisfactory financial cushion. Management's commitment to rebuilding the fund balance is evidenced through various policy formations and has been executed through a combination of revenue and expenditure actions.
STRONG ECONOMIC CHARACTERISTICS: Falls Church's proximity to the Washington D.C. area, low unemployment, above average wealth levels, and highly educated labor force underscore its very healthy economic profile.
FAVORABLE DEBT PROFILE: Debt levels are presently low as is the cost of servicing the city's outstanding obligations relative to the general fund budget. The city's capital program, which is largely debt financed, is expected to increase debt ratios over time but not in a manner harmful to credit quality.
CREDIT PROFILE
WEALTHY ECONOMY WITHIN THE D.C. METRO AREA
Falls Church is located within the Capital Beltway, approximately 10 miles west of the District of Columbia. The city occupies a small geographic area of 2.2 square miles and is home to more than 12,300 residents. The city is largely developed and its tax base is more than 70% residential in nature. Residents enjoy access to an extensive transportation network which includes two stations of the Metrorail System in addition to the vast employment market of the Washington D.C. metropolitan area. Historical unemployment rates are well below the national average. The city's September unemployment rate of 8.2% is up from 6% a year earlier as labor force growth has outstripped the 1.6% gain in employment during the period.
The tax base has exhibited modest declines in recent periods, largely due to housing price pressures. However, taxable values were essentially flat in fiscal 2011 and the city reports several mixed-use projects underway that should contribute to stabilized valuation over the near term. The Falls Church median home value as reported by Zillow.com is up an impressive 8.7% year-over-year to $396,900 in September 2011. As suggested by the high price of housing, the city's tax base is quite affluent. The 2011 market value per capita of $261,000 is very strong and the city's personal and household income metrics vary from 65% to 120% above state and national medians. Residents' earning power is supported by their extremely high educational attainment; nearly 40% of the city's population 25 years or older hold a graduate or professional degree compared to 10.1% nationally.
EFFECTIVE RESPONSE TO FINANCIAL DOWNTURN
The city continues to make progress in its effort to improve its unreserved fund balance which had declined sharply from $15.6 million or 25.5% of spending in fiscal 2006 to $2.7 million or 4% in fiscal 2010. The diminishment of fund balance was attributed in part to planned capital spending and the underperformance of real estate, sales and use, and other economically sensitive tax revenue streams. Further contributing to the spend down of reserves was an unbudgeted $2.35 million reimbursement to the city's water fund following a court ruling that enjoined the city from its practice of transferring money to the general fund for purposes unrelated to the water system (according to the city, certain customers of the water system have filed suit seeking reimbursement of a portion of previously paid water bills. The general fund's maximum related exposure is an estimated $387,000 or 0.6% of the fiscal 2012 budget).
To restore reserve levels, the city has imposed a $0.20 per $100 of assessed value (AV) or 18.7% increase in the real property tax rate since Jan. 1, 2010, a difficult policy decision given the current broad economic and political environment. Property tax revenues, which fund approximately two-thirds of the general fund budget, have risen by an estimated $5 million annually due to the tax rate hike. At $1.27 per $100 of AV the city's current tax rate is somewhat high relative to other northern Virginia municipalities. Collections remain solid at more than 98% on a current basis in fiscal 2011.
The city dedicated a portion of the tax rate increase to restore reserves to the newly increased policy minimum and target of 12% and 17% of spending respectively. Audited results for fiscal 2011 show a net operating surplus (after transfers) of $4.1 million (or an impressive 6.7% of total spending of $61.1 million). The unrestricted fund balance (the sum of the unassigned, assigned, and committed fund balance under GASB 54) totaled $7.4 million at year-end or 12.1% of spending.
The fiscal 2012 budget restores an additional $2.3 million to the general fund balance. According to the city, year-to-date results show revenues are over-performing budget expectations by 7.2%, as the final tax roll came in higher than projected and sales and meals tax receipts continue to excel. If these gains hold, the fiscal 2012 budgeted surplus would be larger than expected and would improve already satisfactory financial cushion at the current rating level taking into account the city's other credit characteristics.
The city has relied on a mix of expenditure reductions to supplement the tax increase to improve its financial position. Employee compensation has declined for several consecutive years, and the fiscal 2012 budget funds 27 fewer positions, for a 13% reduction in workforce, since fiscal 2009. Education funding, which typically consumes 40% to 45% of the general fund budget, was reduced 5% in fiscal 2011 and held flat in fiscal 2012. City council budget guidance establishes a 0.5% cap on annual growth excluding pension and post retirement benefits.
CONTINUED LOW DEBT
The city's debt service budget is very manageable. Annual debt carrying costs will peak at $4.4 million in fiscal 2013 or 6.8% of the current fiscal year general fund budget. City policy limits debt service to no more than 12% of spending. Outstanding debt is repaid at an above-average pace and debt service declines by more than $1 million by fiscal 2015 creating capacity to finance future capital needs.
Priority given to restoring the city's fund balance has reduced pay-as-you-go capital spending to a modest $200,000 in fiscal 2012 for critical public safety and health projects. The city adopted a new policy regarding-pay-as-you-go capital funding that establishes a capital reserve fund equal to the lesser of 5% of fixed assets or $3.75 million. Management plans to reach this policy goal through annual appropriations for capital of $500,000 from fiscal years 2013 through 2021? and $375,000 thereafter. The city believes it has the capacity to realize this plan given the $2.3 million structural surplus built into the current year budget.
The 2013-2017 capital improvement plan (CIP) includes $48.3 million in general government and school projects, of which $27 million is expected to be debt financed (including the proposed issuance). Fitch does not believe that the city's additional issuance plans will materially impact credit quality. The city does not have exposure to variable rate debt, derivatives, or short-term notes. The city's pension plans are well funded and annual contributions to both pension and other post-employment benefits, each equal to or greater than the respective actuarially required contribution, consume an affordable share of the budget.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
In addition to the sources of information identified in the Tax Supported Rating Criteria, this action was informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, and Zillow.com.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 15, 2011);
--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 15, 2011).
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648898
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648842
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Fitch RatingsPrimary AnalystGinny Glenn, +1-212-908-9130AnalystFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystMichael Rinaldi, +1-212-908-0833Senior DirectororCommittee ChairpersonJose Acosta, +1-512-215-3726Senior DirectororMedia RelationsSandro Scenga, New York, +1-212-908-0278sandro.scenga@fitchratings.com
Source: Fitch Ratings
RICHMOND, CA -- (MARKET WIRE) -- 02/10/12 -- Editors and other readers are advised to disregard the news release with the headline, "Fernando Fiore Believes You Can Score a Goal With ExcelDebt Relief," issued February 9, 2012 by ExcelDebt Relief. The release was issued in error.
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Source: ExcelDebt Relief
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