We are kicking off a weekly “In the News” series in which we will provide you with a brief overview of some of the top on and offline stories affecting South Florida corporations and small businesses.
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Biscayne Bank Increases Loans by 13 Percent
Biscayne Bank, a Coconut Grove-based bank, has felt the pain of the current economic state for awhile now, and has endured its share of ups and downs. Some of the bank’s financial problems have been traced back to loans that are tied up in pending foreclosure lawsuits.
In June 2009, Biscayne Bank received more than $6 million in TARP funds. By the end of the year, the bank had increased its loans total from $152.2 million, at the time of receiving the funds, to $171.8 million thereafter. Approximately $280,000 of interest has been paid to the U.S. Treasury department on the TARP money.
The Chairman of Biscayne is hopeful that there will be improvements in the economy as well as the bank’s overall performance in the near future.
Dollar General Stores is Set to Expand
Dollar General Stores is one company that continues to perform very well in spite of the economical down turn. The company recently announced it plans to open 600 stores and create approximately 5,000 jobs throughout 2010. In 2009, the company hired 4,000 employees.
The growth that Dollar General continues to witness is due in large part to the fact that more Americans are becoming frugal and are looking for the most economical way to shop for their families.
According to South Florida Business Journal, Dollar General has more locations than any other retailer in America. In Florida alone there are nearly 450 stores. Current job seekers are excited about the opportunity to work with the company, and considers this a step in the right direction. Hopefully, other companies will follow suit.
Read more about all of these stories at South Florida business journal.
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