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Archive for March, 2010

Medical industry surging in The Villages
By DAVID R. CORDER, DAILY SUN
THE VILLAGES — During the past year, The Villages medical community experienced a surge in growth that shows no sign of abating.

No fewer than two dozen health care practices of all kinds either expanded or opened new offices to serve the community’s still-growing population.
This is an exciting time for The Villages health care industry and its patients, said Nelson Kraucak, M.D., who has seen the dramatic evolution of the local medical community since opening his family medicine practice about 15 years ago.

“It is very exciting,” said Kraucak, managing physician of Life Family Practice Center and an affiliate of the community’s Villa Medical Group. “This is an oasis. What’s happening here is not happening anywhere else I know of.”

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If you are a veteran or spouse of a veteran that needs help starting a business, growing a business, or counseling the SBA has programs just for you. We support our military and hope this information will help.
If you try to secure a Patriot loan through your local bank and aren’t having much luck call or go to your local SBA office. For more information you can go to http://www.pfcfinance.wordpress.com and post a comment or question we will respond.

The U.S. Small Business Administration has announced the SBA’s Patriot Express Pilot Loan Initiative for veterans and members of the military community wanting to establish or expand small businesses.
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Fed Holds Rates, Retains ‘Extended Period’ Timeframe

The Federal Reserve left short-term interest rates untouched following the Federal Open Market Committee’s (FOMC) second meeting of 2010.

The FOMC left the fed funds rate at 0% to 0.25%, where it has been since December 2008. As it has said since March 2009, the committee repeated that the rate would probably remain “exceptionally low” for “an extended period.”

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http://FunnyOrDie.com/m/3052

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Bank of America, Banking on Overdrafts?
Anastasia Crosson
March 12, 2010
File under Tags: Bank of America, overdraft fee, overdraft rules, the Federal Reserve
Bank of America is going ahead with a new overdraft policy, announced Wednesday, intended to protect customers by avoiding account overdrafts. This action comes in advance of the Federal Reserve’s July 1 deadline for banks to comply with new opt-in overdraft regulation. Overdraft fees are a more than $100 million dollar business for banks, so a large decline in profits is imminent. This begs the question, what are these institutions banking on to keep their revenues a float? For Bank of America, overdraft protection plans may be the new revenue earner. For consumers, they may not yet be as protected as hoped for.

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Trouble for more banks

The monitor daily reported on the recent downgrade of Regions Bank.

S&P Cuts Ratings on Regions; Outlook Negative

Standard & Poor’s Ratings Services lowered its ratings on Regions Financial Corp., including lowering the counterparty credit rating to BBB-/A-3 from BBB/A-3. The outlook is negative. S&P also lowered its rating on the company’s primary subsidiary Regions Bank to BBB/A-2 from BBB2′.
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What is the current Prime rate?

The Current Wall Street Journal Prime Rate is: 3.25%

(the last rate change — a decrease of 75 basis points
[0.75 percentage point] — occurred on December 16, 2008)

The U.S. Prime Rate is a commonly used, short-term interest rate in the banking system of the United States. All types of American lending institutions (traditional banks, credit unions, etc.) use the U.S. Prime Rate as an index or foundation rate for pricing various short-term loan products. The Prime Rate is consistent because banks want to offer businesses and consumers loan products that are both profitable and competitive. A consistent U.S. Prime Rate also makes it easier and more efficient for individuals and businesses to compare similar loan products offered by competing banks.

When newspapers, academics, investors and economists refer to the National, Fed, U.S. or WSJ Prime Rate, it is widely accepted that they are in fact referring to The United States Prime Rate as listed in the Eastern print edition of the Wall Street Journal® (WSJ). Furthermore, each U.S. state does not have its own individual Prime Rate, so the “New York Prime Rate” or the “California Prime Rate” are in fact the same as the United States Prime Rate.

Traditionally, the WSJ Prime Rate was determined by polling thirty (30) of America’s largest banks. When twenty-three (23) of those 30 banks had changed their prime lending rate, The WSJ would respond by updating its published Prime Rate. Effective December 16, 2008, however, the WSJ now determines the Prime Rate by polling the 10 largest banks in the United States. When at least 7 out of the top 10 banks have changed their Prime, the WSJ will update its published Prime Rate.

Providers of consumer and commercial loan products often use the U.S. Prime Rate as their base lending rate, then add a margin (profit) based primarily on the amount of risk associated with a loan. Moreover, some financial institutions use Prime as an index for pricing certain time-deposit products like variable-rate Certificates of Deposit.

It’s important to note that the Prime Rate is an index, not a law. Consumers and business owners can sometimes find a loan or credit card with an interest rate that is below the current Prime Rate. Lenders will sometimes offer below-Prime-Rate loans to highly qualified customers as a way of generating business. Furthermore, below-Prime-Rate loans are relatively common when the loan product in question is secured, as is the case with home equity loans, home equity lines of credit and car loans.

The U.S. Prime Rate is invariably tied to America’s cardinal, benchmark interest rate: the Federal Funds Target Rate (also known as The Fed Funds Target Rate.) The Fed Funds Target Rate is set by a committee within the Federal Reserve system called The Federal Open Market Committee (FOMC). The FOMC usually meets every six weeks, and it is at these meetings that the FOMC votes on whether or not to make changes to the Federal Funds Target Rate. When the Fed Funds Target Rate changes, it is almost a certainty that the Wall Street Journal Prime Rate will also change. If the FOMC votes to make no changes to The Fed Funds Target Rate, then it is almost a certainty that the WSJ Prime Rate will also remain unchanged. Since the second quarter of 1994, a rule of thumb for the U.S. Prime Rate has been:

U.S. Prime Rate = (The Fed Funds Target Rate + 3)

The FOMC’s primary objectives are to keep inflation under control and maintain steady economic growth with maximum sustainable employment within the United States.

The U.S. Prime Rate is used by many banks to set rates on many consumer loan products, such as student loans, home equity lines of credit, car loans and credit cards. If you read or hear about a change to the U.S. Prime Rate, then any loan product that is tied to the Prime Rate will also change, like variable-rate credit cards or certain adjustable-rate mortgages.

Click on http://www.pfcfinance.com for business loans or a free handbook on small business loans.

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