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SBA opens loan offices for Milwaukee businesses affected by floods; Northern Trust launches portfolio reporting and monitoring solution for PE managers

SBA opens loan offices for Milwaukee businesses affected by floods

The U.S. Small Business Administration (SBA) has opened Business Recovery Centers in Milwaukee County to help businesses and nonprofit organizations of all sizes affected by the severe storms, tornadoes and flooding that occurred in July.

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"Due to the amount of physical and economic losses caused by the severe storms and flooding in Wisconsin, we want affected businesses to have resources where they can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover," said Frank Skaggs, director of SBA Field Operations Center East.

The disaster declaration covers Grant and Milwaukee counties which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

SBA Business Disaster Recovery Centers (BRCs) will be open Monday through Saturday from 9 a.m. to 7 p.m., until further notice.

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The Milwaukee centers are located at the Milwaukee Department of Public Works, 3850 N. 35th St., and at the Milwaukee Brotherhood of Firefighters Building, 7717 W. Good Hope Road.

SBA’s customer service representatives will be on hand to answer questions about the disaster loan program, explain the process, issue and help individuals with their applications.

"The goal of the Wisconsin SBA District Office is to assist small businesses through better understanding of the many products and services available to the small business owner. That is why we thought it was important to establish Business Recovery Centers and team with our resource partners including Small Business Development Centers (SBDCs), Service Corps of Retired Executives (SCORE) – Counselors to America’s Small Businesses and Women’s Business Center and the local chambers of commerce," said Eric Ness, SBA district director. "Our resource partners can assist businesses in preparing financial statements and other information needed to submit with their disaster loan applications at no cost."

Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Interest rates are as low as 3 percent for nonprofit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

The filing deadline to return applications for physical property damage is Nov. 17. The deadline to return economic injury applications is June 20, 2011.

Northern Trust launches portfolio reporting and monitoring solution for PE managers

Chicago-based Northern Trust has launched a portfolio reporting and monitoring solution for private equity fund-of-funds managers that enables them to track fund of funds holdings and valuations right down to portfolio company level.

Northern Trust also has operations and a large branch in downtown Milwaukee.

“Detailed tracking of underlying investments by a private equity fund of funds manager can be a very time consuming, specialized and resource hungry middle office operation,” said Mark Schoen, head of global product and strategy for Europe, Middle East and Africa. “Through Northern Trust’s fund and investment tracking solution, we can provide our clients with a high level of granularity and reporting that effectively ‘looks through’ the underlying funds to the ultimate investments.”

The enhanced solution includes the following updates:

Recording of transactions at the underlying investment company level

Valuation processing at the underlying investment level, adjusted real-time by cash-flows. Portfolio reporting which can include diversification by geography, industry, vintage year, or as required

Summary investment reports

Specific underlying investment reports such as unique investment exposure across all funds Benchmarking performance against a range of Indices

“Northern Trust developed this offering in line with our continuing focus on tailored solutions for clients,” said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust. “As a means to diversify risk and improve performance, investment managers often select fund-of-funds investments. Through our sophisticated reporting solutions, clients are better equipped to make informed investment decisions, which take into account all aspects of their investments.”

 

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