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Priceless Vol 6 Number 10

Personal and Professional Empowerment

Serving Norfolk, Portsmouth, Chesapeake, Hampton, Newport News, Suffolk, and Virginia Beach since 2006

Show Your Love for Hampton Photo Contest Entries

Page 8

House Urges Treasury to Improve Homeowner Assistance Programs

TowneBank Sponsors

Small Business Workshop

Page 9

Langley FCU Announces Winner of Savings Contest

Page 6

SBA Recognizes 2012 Small Business Award Winners

RICHMOND, Va. Congressman Bobby Scott WASHINGTON, DC –

Congressman Bobby Scott (D-VA) joined Congresswoman Maxine Waters (D-CA) and 52 other Members of Congress in sending a letter to Treasury

Secretary Timothy Geithner

and Federal Housing Finance Agency Acting Director Edward DeMarco highlighting their concerns with the implementation of the Hardest Hit Fund (HHF) and the latest version of the Home Affordable Refinance

Program (HARP 2.0). The

effects of the recession continue to linger for homeowners, many of whom struggle to keep afloat amidst underwater mortgages.

Recent reports have shown

that government recovery programs such as the Hardest Hit Fund and the Home Affordable Refinance Program, both intended to stave off foreclosure and help struggling homeowners get back on their feet, have barely

Congresswoman Maxine Waters

used their allotted funding. The need to correct under-

performing housing programs comes on the heels of news that after receiving $66.5 million as part of a national $25 billion mortgage settlement with five major banks for foreclosure fraud, the Virginia General Assembly diverted $59 million to local governments, leaving only $7.5 million for Virginia homeowners.

“We need to make sure

government aid is reaching eligible homeowners quickly and appropriately,” said Rep. Scott.

“I hope the Treasury

Department will take immediate action to improve the implementation and oversight of these critical assistance programs so that they actually help homeowners recover from the lingering effects of the deepest recession since the Great Depression.”


Your Opinion Editorial Career Opportunities Hampton Roads Upcoming Events Scholarships Watch

Spring Clean Your Finances We Can All Start to Breathe a Little Easier

Become a State Farm Agent Help for Small Businesses Comes to Hampton Groovin’ by the Bay John Culver Wooddy Scholarship 2012

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– Nine people received awards from the U.S. Small Business Admin- istration’s Richmond, Virginia District Office, at the annual Small Business Awards Luncheon in Richmond, on Friday, May 18. The Richmond District Office territory includes all of Virginia except the counties of Arlington, Fairfax and Loudoun and the cities of Alexandria, Fairfax and Falls Church which are covered by SBA’s Metropolitan Washington District Office.

Each year the

Free June 2012

President of the United States designates one week as National Small Business Week in recognition of the small business community’s contribution to the American economy. The 2012 observance of National Small Business Week was May 20-22 in Washington, D.C. where more than 100 outstanding small business owners from around the country were honored and the National Small Business Person of the Year was announced.

2012 SBA Virginia Small Business Persons of the Year, Interactive Achievement executives, hold award. (left to right): President and Founder Jonathan Hagmaier, Vice President Jacob Gibson, Solutions Architect Matthew Muller, Vice President of Corporate Relations Mary Hagmaier. Photos courtesy of Interactive Achievement

held at The Jefferson Hotel in Richmond, honored Virginia’s Small Business Persons of the Year along with five other award winners. Nominations for all of the awards were accepted last fall, and winners were selected by an independent panel of judges.

Those honored at the annual Small

Business Awards Luncheon include: 2012 Virginia Small Business Persons Of

Virginia’s Small Business Week event,

The Year: Jonathan L. Hagmaier, C.E.O.; Mary SBA AWARDS PAGE 6

Higher Education, Lower Debt: Ways to Minimize the Borrowing Costs for College

The average annual cost of higher

education has increased dramatically in the last decade. And with education debt continuing to rise along with the increase in costs, many people face a tough financial situation. FDIC Consumer News offers these tips to help students and their families avoid debt overload as they plan for — and pay for — college, graduate school or other education.

Start saving early to reduce the

amount you may need to borrow. In particular, Section 529 college investment plans, which are mostly offered by individual state governments, are a helpful tool for building a savings fund. One type of 529 plan gives you the right to lock in future tuition at today’s prices. The other allows you to place funds in an investment or deposit account and receive tax benefits.

U.S. Savings Bonds are another way to

save for the future and, for qualified taxpayers, to benefit from a tax exclusion if the money is used for education expenses. To learn about

Savings Bonds, start at www.treasurydirect. gov/indiv/indiv.htm. For information about the tax exclusion, go to indiv/planning/plan_education.htm.

Find ways to cut costs. High school students

who take advanced courses or pass special college-level exams can earn college credits before they set foot on campus. “It’s never too early or too late to start saving on future tuition expenses and reduce the amount you’ll need


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