| US$ 15 million ADB grant to develop enterprises
26 November, 2007 - The Asian Development Bank (ADB) is extending two grants totaling USD 15 million to support the development of micro, small and medium-sized businesses in Bhutan, according to an ADB press release on November 21.
USD six million will go into establishing an integrated policy, strategy and institutional framework, which will be released in three equal tranches over a period of three years, and USD nine million will be used to extend credit to the small enterprises, supporting their development and facilitating programme implementation. �Like other developing countries, limited access to financing is a major constraint in doing business. It is more so in Bhutan, particularly for micro and small businesses,� said Chia-Hsin Hu, economist for the financial sector of ADB�s South Asia Department, adding that the constraint is mainly due to extremely high collateral requirements and low banking intermediation.
Small business: Attorney, adviser, secret-keeper
He knows your business dealings, your family secrets.He could be a priest. A psychologist. Or a character in a new HBO series.Such drama might seem far removed from the world of Christopher Hunt, an attorney who specializes in estate planning. Yet his work often involves delving into intimate details of both a company and a family.That's because a good part of his practice is helping clients who own businesses prepare for life's two certainties and one of its milestones: selling a company.With an early start, owners can see compelling results: a tax-advantaged plan that allows them to retire comfortably, make charitable contributions and provide for family members and future generations."I once had a guy say to me, 'You're a little bit like a priest,'" said Hunt, a shareholder in the estate planning group at the Fredrikson & Byron law firm in downtown Minneapolis and one of 14 lawyers in the group.
Local lenders' business loans going bad
Bad loan writeoffs are surging at Chicago banks, a sign that housing market troubles are spreading to small and mid-sized businesses. The area's second- and third-largest banks LaSalle Bank N.A. (now owned by Bank of America Corp.) and Harris N.A. wrote off business loans through Sept. 30 at more than twice the rate of last year, according to financial statements. As a group, the 15 largest local banks that disclose Chicago-specific data wrote off $84.3 million in business loans, about double the figure for the first three quarters of 2006. Although loans to commercial real estate developers took a turn for the worse early this year, lending to other businesses has been seen as safe. The writeoffs haven't reached levels that dent banks' earnings, but many bankers expect credit quality to further deteriorate this year and well into 2008 as the economy continues to soften.
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