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Banking & Finance
WASHINGTON -- The National Retail Federation projects retail industry sales (which exclude automobiles, gas stations, and restaurants) will increase 4.1%, up from the 3.5% growth seen in 2014.
In its 2015 economic forecast, released Thursday, the trade organization said it expects non-store sales in 2015 to grow between 7% and 10%. The 4.1% increase overall would mark the biggest annual growth since 2011 when retail sales for the year increased 5.1%.
WASHINGTON -- The U.S. Small Business Administration and the National Credit Union Administration have signed a memorandum of understanding to expand the accessibility of small-dollar SBA loans from credit unions. The MOU was signed by Maria Contreras-Sweet, SBA administrator, and Debbie Matz, chairman of the NUCA board.
COLUMBUS, Ohio -- Dollar sales of spirituous liquor reached a record level in 2014 totaling $949 million. This was an increase of 5.6% and exceeded last year’s total by $50 million, reports the Ohio Division of Liquor Control.
Ohio customers are trading up and buying more premium items, increasing dollar sales without significantly increasing consumption, the agency said. Sales of premium and super premium priced products dominated 2014, combining for approximately 60% of total dollar sales.
VIENNA TOWNSHIP, Ohio – The recovery continues to gain strength, large corporations report record profits and stock markets reflect this rebound from the Great Recession as they reach new levels.
Not fully participating in the recovery are many small businesses as reflected by levels of bank lending to this sector. Bank lending to small-business owners is yet to return to the levels before the Great Recession, a senior policy analyst at the Cleveland Fed told commercial lenders Tuesday.
NILES, Ohio -- First Niles Financial Inc., holding company of Home Federal Savings and Loan Association of Niles, Tuesday reported fourth-quarter net income of $32,000, or three cents a share, and full-year 2014 net income of $225,000, or 20 cents a share.
This compares to fourth-quarter 2013 net income of $23,000, or two cents a share, and a full-year 2013 net loss of $284,000, or a loss of 26 cents per share.