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Almanac
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Business New Haven
10/6/1997
By: BNH
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The Loaners
Liberty Bank and Wallingford Center Inc., a non-profit corporation formed to stimulate public and private cooperation to revitalize Wallingford's town center, have joined forces to develop a special low-cost business lending program for businesses located in the center of Wallingford. To support the program which will loan from $5,000 to $100,000 to qualified businesses, Liberty is making available an initial pool of $1 million. Benefits of the program include an interest rate of prime plus a half percent and waived closing and legal fees. Loans will be made for, among other needs, capital expenditures, real estate for a business location, rehabilitation of buildings, the purchase of equipment and fixtures, and expanded inventory lines. In return, Wallingford should benefit from job creation and retention, greater diversity of services and goods and lower vacancy rates.
The Ubiquitous DECD
The state's Department of Economic & Community Development (DECD) has opened another of its planned 18 regional offices. Located in Stratford at Sikorsky Memorial Airport, the new office is intended to make it easier for “municipal and business partners” in the greater Bridgeport region to access staff and programs. DECD's Bridgeport office will be managed by Richard LoPresti, while the Southwest Region which includes Stratford will be headed by Tony Brescia. The new decentralized structure of DECD is another step towards making and improving the reputation of Connecticut as an efficient and friendly place to do business and fostering private/public partnerships between businesses, community groups and municipalities.
Punch the Clock &
Lock the Doors
Wal-Mart and Sam's will pay 933 current and former employees a total of $325,192 in back wages to settle claims by workers who were forbidden to leave stores during luncheon breaks. The settlement ends a dispute between the company and night-shift workers who were required to remain at stores during breaks. Said Attorney General Richard Blumenthal: “The law entitles workers to compensation if they are required to stay at work during their breaks. Though the workers were on their break, they were not free to leave and should have been compensated by Wal-Mart.” In settling the dispute, the company does not admitting wrongdoing in the case. However, it has changed its policy for breaks and now allows night-shift workers to leave the premises. Blumenthal says the state's Department of Labor will begin distributing checks immediately to compensate workers, and the company will pay $10,200 in civil penalties to the state.
Yale Makes the Grade
According to its 1997-98 budget, Yale University will have its first year without a budget deficit since 1991. Sticking to a long-range financial plan formulated in 1992, the university's bean-counters were able to chip away at its $17-million deficit over six years. Yale Deputy Provost Charles H. Long expressed pride in the university's ability not only to balance the budget but also to control tuition. The 3.7-percent hike was Yale's smallest in 29 years. Showing a renewed commitment to rebuilding infrastructure, the university allocated $253 million of the $1.1 billion budget to renovations, modernization and new construction of campus buildings that were neglected in the 1970s and '80s. Plans include rehabilitation of aging power plants, renovation of residential colleges, Sterling Library, the law school, the Payne-Whitney Gymnasium and a new music library.
A Less Painful Application
The city of New Haven has signed a contract with the Greater New Haven Business & Professional Association to improve entrepreneurs' chances of being approved for loans. The association will act as a loan consultant to small businesses interested in applying for a Small-Business Revolving Loan Fund, helping applicants with their business plans and credit reports as well as reviewing their personal financial statements and walking them through the process of applying for a city-backed loan. Mayor John DeStefano Jr. says this partnership will complement existing small-business outreach programs by smoothing the road for applicants who may get discouraged by the “maze of approvals and reviews involved with acquiring a city loan.” The city hopes the association's expertise will reach more small businesses, particularly minority- and women-owned business.
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