Finance and Economy

First Jive, Continued

When politicians start talking about making “investments,” grab your wallet and run in the opposite direction.

That’s because in public-sector parlance, “investment” means taking money from individuals who earned it through hard work — that is, taxpayers — and giving it to those who neither earned it nor deserve it.

Like, for "http://mushing.com/site click here ESPN. Which on May 21 announced a "/#generic_">generic of payoffs from its 7,000-strong workforce, including at least 100 here in its home state and as many as 400 in all.

Which is a "http://medicaljustice.org.uk/files//#_online"> online. In August 2011, ESPN eagerly accepted " /#here">here $17.5 million “loan” from the state’s Department of Economic Development (DECD) in return for a promise to create 200 jobs over 60 months. For those who may be math-challenged, that’s $87,500.

 

BNH Feb 2013 Business and Civic Awards Digital Issue

BNH Feb 2013 Business and Civic Awards Digital Issue

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Business and Civic Awards

Click Cover for Digital iIssue

Businessperson of the Year

Minority Businessperson of the Year

Small Businesspersons of the Year

Innovator of the Year

Corporate Citizen of the Year

Citizen of the Year

Purdue Pharma Gifts Loan Fund


$350K to help create homes for Elm City workers

 

NEW HAVEN — The Greater New Haven Community Loan Fund (GNHCLF) has received $350,000 from Purdue Pharma, LP to support its Workforce Housing Program, focused on facilitating and funding the creation of affordable and stable housing for individuals and families who live and work in New Haven.

Purdue Pharma’s contribution will support the creation of as many as 30 housing units for New Haven workers earning less than 100 percent of the Area Median Income (AMI). Additionally, GNHCLF has dedicated 60 percent of the funds to serve households earning less than 80 percent of the AMI ($65,000 for a family of four).

The contribution from Purdue Pharma was made to GNHCLF through the State Housing Tax Credit Contribution Program (HTCC) after GNHCLF was awarded $500,000 in tax credits by the Connecticut Housing Finance Authority (CHFA).

“The HTCC program offers Connecticut businesses an opportunity to contribute to the expansion of affordable housing in their communities by donating to non-profit developers building affordable homes,” explained CHFA Executive Director Eric Chatman. “In return for the donation, businesses receive credits to apply toward state taxes. This program has resulted in the creation of more than 4,100 affordable homes in the last five years.”

“We are delighted to support affordable housing through the HTCC program,” said John H. Stewart, president and " / ">order of Purdue Pharma, headquartered in Stamford. “We have been partnering with Habitat for Humanity of Coastal Fairfield County on affordable housing for several years, and are pleased to extend our support to the New Haven area.”

“The 2010 U.S. Census revealed that the city of New Haven experienced a five-percent increase in its population, the largest growth rate of any Connecticut city,” said GNHCLF Executive Director Carla Weil. “If New Haven is to continue attracting new growth in the economic sector, it needs to offer accompanying quality and affordable housing options to the workforce. Purdue Pharma’s generous contribution will help us to play a part in that growth.”

Start Community Bank Honored

Receives $288K for work in low-income communities

NEW HAVEN — U.S. Sen. Richard Blumenthal joined bank President and CEO William H. Placke January 10 in announcing that Start Community Bank was one of only 59 FDIC-insured financial institutions in the country — and the only bank in the Northeast — to earn a Bank Enterprise Award (BEA) from the Community Development Financial Institutions Fund. The fund distributed a total of $18 " /#valium_no_prescription">valium to these institutions.

The Bank Enterprise Award Program awards FDIC-insured depository institutions for making investments in “distressed” communities. The Bank Enterprise Awards are “reinvested in low-income and distressed communities, supporting new jobs, stronger small businesses, and more financial education and banking services for neighborhoods across the country,” according to CDFI Fund Director Donna J. Gambrell.”

Start Community Bank was selected to receive an award of $287,834 through the FY 2012 round of the BEA program for its support of affordable housing development by providing affordable housing development loans and project investments, small-business loans and project investments, and commercial real estate loans and project investments in low-income New Haven neighborhoods. Start Community Bank also accepted deposits from, and provided financial services to, low- "http:// /blog//#buy_ativan">buy ativan moderate-income residents.”

“Since Start Community Bank opened, we have been dedicated to serving New Haven and nearby communities, and to helping create a more healthy and economically vibrant community,” said Placke. “Receiving this prestigious award from the Department of Treasury reinforces that the countless hours our staff has dedicated — including supporting projects in low-income neighborhoods and providing financial literacy training for people of all ages — is having a positive impact on our community. These funds strengthen our resolve to continue to be a beacon of light in New Haven.”

“This award recognizes Start Bank's historic role in empowering under-banked populations — with financial literacy as well as access to banking — and enriching the entire community,” said Blumenthal. “This Bank Enterprise Award is a testament to the importance of these continued efforts to invest in families, small businesses and neighborhoods of all incomes.”

“We are proud that Start Bank has been recognized as a leader in community development for its work in New Haven,” said bank board chair Rolan Young Smith, a partner with Berchem, Moses & Devlin, PC. “In the two short years since opening, Start is rapidly becoming the bank of choice for individuals and businesses who want safety, stability, local decision-making and great rates, while investing capital directly back into the community.”

Start Community Bank is a full service commercial bank that is a member of the FDIC and an Equal Housing Lender. It is a state-chartered bank with approximately $41 million in assets and two branches in New Haven.

 

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Aetna To Pay $120M to Settle Suit

Aetna To Pay $120M to Settle SuitClass action claims insurance giant underpaid out-of-network providers

" //#cheap_valium">NEW HAVEN — One of the plaintiffs in a high-profile court case that could affect how business is conducted in the health-care sector said it hopes a settlement, announced December 7, would result in “a framework based on transparency” regarding insurance claims.

The settlement requires Hartford-based health " /#there">there Aetna Inc. "//#adderall_no_prescription">adderall provide up to $120 million to patients and physicians who claimed in a class-action lawsuit that Aetna consistently underpaid out-of-network providers.

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