BusinessCreditBuddy.com Weekly Business News Roundup Vol. 2

ICE Promise Immigration Crackdown On Businesses

ICE Agent\BusinessCreditBuddy.com

Last summer, roughly 800 undocumented workers at Cloverhill Bakery in Chicago were let go after immigration agents discovered that many of them had used fake or stolen papers to secure their jobs.

The temp agency that had hired the workers had been audited by Immigration and Customs Enforcement. In one fell swoop, Cloverhill — a large-scale bakery with nationwide distribution — lost more than one-third of its workforce.

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Ford Motor Company To Invest Billions In Electric Cars

Chairman Bill Ford said the carmaker would have 40 hybrid and fully electric vehicles in its range by 2022. It comes as countries around the world put more pressure on car makers to rein in carbon emissions. General Motors, Toyota and Volkswagen have already outlined ambitious plans to offer more electric vehicles.

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Futuristic SUVs Star at Detroit Auto Show

Fiat Chrysler will roll out a redesigned Ram truck, while GM’s Chevrolet brand is showing off the new Silverado. It’s the first time in at least 29 years that show organizers can remember two Detroit automakers unveiling new full-size trucks at the same Detroit event. Also, Ford is re-entering the small pickup market with a new version of the Ranger.

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Small Business Lending To Increase In 2018

SmallBusinessFinancing"BusinessCreditBuddy.com

Small business lending has been strong in 2017 and recent figures indicate that the trend will continue in the coming year. A strong economy during President Trump’s first year in the Oval Office, combined with less restrictive regulation of the banking industry, and rising interest rates, have created an atmosphere ripe for small business lending.

Higher interest rates are a primary reason. The Federal Reserve has increased rates four times since December 2015 and is expected to do so again at the December policy meeting this week. During the credit crunch spurred by the Great Recession, the central bank lowered interest rates to near zero, and borrowers enjoyed interest rates in the low single digits for almost an entire decade. However, in the past two years, rates have begun to creep up.

 

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