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by DAVID RUNKAssociated Press
Michigan and North Car-olina are the first states toget a share of funding from anew $1.5 billion federal pro-gram aimed at helping cred-itworthy small businessesand manufacturers get loansthey need to expand asbanks tighten up lendingstandards, officialsannounced last Friday.
State Small BusinessCredit Initiative funds areexpected to be used by statesto help businesses secure 10times as much in loans fromprivate lenders, meaning theprogram could encourage$15 billion in loans nation-wide, the Treasury Depart-ment said. Michigan will get$79.1 million and North Car-
olina will get $46.1 million.“When small businesses
can’t access credit, they can-not create jobs,” U.S. Trea-surer Rosie Rios said inannouncing the funding at aDetroit metal stamping facil-ity.
Funding for other statesis expected to be announcedlater. The goal is to encour-age job growth.
The federal program ispartly modeled on a Michi-gan program that used $20million to help secure $191million in loans for business-es. Rios was joined by Repub-lican Michigan Gov. RickSnyder, U.S. Sen. DebbieStabenow, D-Mich., and U.S.Rep. Gary Peters, D-Mich.,for the announcement atUnited Metal Products,which earlier got a loan withhelp from the state program.
“This is a great exampleof the entrepreneurial effortwe have going here in thestate, the dynamic attitudethat we’re taking,” said Sny-der, who took office thismonth.
Michigan has lost jobsevery year for the pastdecade, and was the onlystate to lose population dur-ing that period. It’s had oneof the nation’s highest unem-ployment rates at 12.4 per-cent in November. Thatmonth, North Carolina’sunemployment rate rose to9.7 percent as the state ledthe country in the number ofjobs lost.
Page 4-B — THE ROMEO OBSERVER — Wednesday, January 26, 2011_________________________________________________________
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DEALER AWARD. Mike and Kate Lochner, center, ownersof Invisible Fence Brand of Shelby were recently recog-nized by Invisible Fence®Brand for their dealership’s suc-cess at the company’s 2010 International Dealer of theYear Awards. The Lochners were named the Dealer of theYear in the company’s Pinnacle Division. The Lochnerscredit the recognition to a work environment based onteamwork. “The secret to our success has been directlytied to what keeps us positive and focused on our goals —working as a team toward a common goal and motivatingeach other on a daily basis,” said Kate. The InternationalDealer of the Year Awards recognizes dealers and dealer-ships that represent ideal business models in the InvisibleFence®Brand network. Award recipients excel in a varietyof critical business areas including marketing, sales andcustomer service.
(Photo courtesy of Mike Cohen)
NEW OWNERSHIP. Rocky’s Party Store has reopenedunder new ownership in Washington Township. LomyaRomayah, pictured above, and her husband purchasedthe convenience store and reopened it in July under itsoriginal name. “A lot of people come in and say they knewthe original owner,” Romayah said. “Now they know the‘old’ and the ‘new’ Rocky.” A full line of groceries, dairyproducts and household items are carried at Rocky’s. Beerand wine, including fine wines and microbrews, are alsocarried with a daily special offered on a popular brand ofbeer. Sub sandwiches are also carried year round, withhot dogs, pizza and slush beverages available during
warmer months. Rocky’s also sells lottery tickets, cigarettesand accepts bottle returns. “It is a clean, one-stop shop in aconvenient location,” Romayah said. Visa, MasterCard andEBT are also accepted for added convenience. Rocky’sParty Store is located at 59380 Van Dyke, north of 27 Mile.Business hours are 9 a.m. -11 p.m., Monday-Thursday; 9a.m.-midnight Friday and Saturday; and noon-8 p.m. onSunday. Call (586) 207-1508 for more information.
(Observer photo by Debi Martone)
by KATHY BARKSHOFFMAN
Associated Press
Michigan’s unemploy-ment rate dropped steeplyin December, decreasing toits lowest rate in nearlytwo years, state officialssaid last Wednesday.
The seasonally adjusted11.7 percent rate forDecember was the lowestsince January 2009, whenit was 11.3 percent. Butwhile 5,000 more peoplewere working, the state’slabor force dropped by37,000 as discouraged jobapplicants quit looking forwork, according to the stateDepartment of Energy,Labor and EconomicGrowth.
Michigan’s annualunemployment rate for
2010 was 13.1 percent,compared with 13.6 percentfor 2009. It’s the firstdecline in the state’s annu-al jobless rate since 2005.
“Overall in 2010, Michi-gan’s labor market stabi-lized after one of the worstlabor market years onrecord in 2009,” said RickWaclawek, director ofDELEG’s Bureau of LaborMarket Information andStrategic Initiatives. Henoted that employment lev-els in Michigan have beenflat since the summer.
Michigan’s most recentrate was down considerablyfrom November, when itwas 12.4 percent. Thenational unemploymentrate for December was 9.4percent, down from 9.8percent.
The state’s labor force
dropped by 57,000 during2010, or 1.2 percent, whilelong-term unemploymentrose. The number of indi-viduals out of work for 27weeks or more increasedfrom 41 percent of allunemployed in 2009 toabout 50 percent in 2010.While workers were joblessfor an average of 30 weeksin 2009, they were joblessfor an average of 40 weeksin 2010.
Leisure and hospitalityservices gained 3,000 jobsin December, but manufac-turing lost 3,000 jobs, thesame number lost in trade,transportation and utilities.
Over the course of 2010,the biggest employmentloss was in government,which saw 15,000 jobs dis-appear. Michigan also lost5,000 jobs in financialactivities, 3,000 in informa-tion, 2,000 in constructionand 1,000 in trade, trans-portation and utilities dur-ing the year. Professionaland business services alsolost 1,000 jobs.
During that period,Michigan gained 11,000manufacturing jobs. Natur-al resources and mining,education and health serv-ices and other services eachgained 1,000 jobs.
Mich. jobless rate drops steeply to 11.7 percent
CRITTENTON RECEIVES DESIGNATIONCrittenton Hospital Medical Center has been
designated the first gynecological/oncology epicen-ter in the country by Intuitive Surgical Systems,maker of the da Vinci surgical robot. Robotic sur-gery is minimally invasive and has many benefitsover traditional surgery. The epicenter program isdesigned to provide less experienced da Vinci sur-geons from the Midwest the opportunity to observecases performed by Dr. Douglas Pugmire, medicaldirector of Gynecologic Oncology and RoboticSurgery at Crittenton. “This designation speaksvolumes about Crittenton’s commitment to enhanc-ing the health status of the community and estab-lishes its place on the national healthcare stage,”Dr. Pugmire said.
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Feds begin $1.5B loaneffort to aid small business