SBA sets new lender regulations
The United States Small Business Administration will have more authority and transparency in its lender oversight program starting Jan. 12.
The SBA’s new regulations clarify supervision and enforcement actions for all of its lenders and partners including banks, small business lending and certified development companies, micro loan intermediaries and its National Technical Assistance Providers network.
The SBA first proposed the regulations in October 2007 and made final changes based on nearly 300 public comments.
More details are at www.regulations.gov.
Port, BNSF finalize historic agreement
Port of Vancouver commissioners Dec. 23 approved agreements between the port and the BNSF Railway Co., facilitating construction of the port’s $137 million West Vancouver Freight Access project.
The port will buy nearly 17 acres of railroad right of way from BNSF for $3.1 million, and the railroad will donate more than $6 million of accompanying rail infrastructure to the port to allow the construction of the port’s preferred rail alignments. The port has agreed to finish construction of the project by Dec. 31, 2017.
The rail project will generate an estimated 1,969 construction jobs that will put more than $130 million in local purchases into the area’s economy.
Port issues $32.55 in bonds for land, rail
The Port of Vancouver issued $32.5 in general obligation bonds Dec. 9 for the purchase the former Alcoa and Evergreen Aluminum properties.
The purchase of the Evergreen property will likely close by the end of January, and Alcoa’s closing is expected by the end of March.
Evergreen has completed demolition and cleanup of the property with help from the Department of Ecology. Alcoa’s demolition, and environmental remediation, is near completion.
Underwriters on the bonds are Seattle Northwest Securities and Edward Jones Co. The bonds were issued to institutional and retail markets.
Seattle, Chinese ports form eco-partnership
United States and Washington State leaders announced a new partnership with China Dec. 15 to develop energy efficient and sustainable ports.
The voluntary partnership includes the U.S. Department of State, the Port of Seattle, Seattle-based SSA Marine, the city of Tacoma, the Embassy of the People’s Republic of China and Richland, Wash.-based Pacific Northwest National Laboratory.
The agreement marks 30 years of diplomatic relations between the U.S. and China.
Web scam targets unemployed
The Washington Employment Security Department gave warning this month of a consumer scam preying on unemployed workers.
Websites have surfaced that offer to file unemployment applications for a fee. One scamming site is 2worksource.com, which charges $9.95 to file claims.
The state agency said such sites aren’t illegal, but can be confusing, inaccurate and unnecessary, as applications can be filed for free at esd.wa.gov. Those who paid to file a claim can contact the Attorney General’s Consumer Resource Center at 800-551-4636 or www.atg.wa.gov.
Law firm, banks get preferred ranking
Oregon’s Top 10 Most Admired Financial Service Companies included Lake Oswego-based West Coast Bank, Portland-based law firm Miller Nash and Eugene-based Pacific Continental Bank, all of which have locations in Vancouver.
The awards were based on surveys of more than 2,000 Oregon chief executive officers ranking innovation, quality, community service, branding and management.
