Word: downturns
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...Jamiel said his company would have been out of business had it not been for the stimulus package. Jamiel owns a shoe store in Providence, R.I. He told of eight different banks that turned him down late last year when his 73-year-old business, struggling from the economic downturn, was badly in need of a loan. In March, he was able to secure $400,000 from a credit union through a program set up by the stimulus plan, whereby the government provides insurance for small-business loans. Jamiel said the loan has allowed him to restock his store, Jamiel...
...opinion is asked before a decision is made. Once the decision is made, what’s the point of talking?”Faust first announced her decision to slow construction of the Allston Science Complex in February, citing financial difficulties caused by the economic downturn. Stem cell researchers—who have for years been dispersed across Harvard’s Cambridge and Longwood campuses—had been slated to move en masse to the Complex. To ensure that the Allston slowdown would not derail continued research progress, University officials opted to use existing lab space...
...John F. Cogan, Jr. ’49 says, considering his recent dialogue with Faust about her plans for the future. “I don’t think you can make short-term decisions without a long-term vision.”While the economic downturn has forced Harvard to reconsider all aspects of its present operations, donors say they have faith that the University’s core initiatives will survive current cost-cutting measures.“I like to think, though I haven’t asked Drew the question directly, that the vision...
...important to remember, however, that Harvard not only remains a great university, but that we must continue to move forward even in these challenging times. While the deep and likely prolonged nature of the downturn means that budget cutting must be widely distributed across many cherished programs, the deans are also keenly aware that we must be strategic, protecting essential investments, such as financial aid, and even growing in a small number of critically important areas. Indeed, several University-wide committees have been focused on how we can make Harvard stronger in priority areas in the near term, albeit with...
...academic year, the Nieman Foundation for Journalism at Harvard announced last week. The suspension of these programs constitutes a major reduction in spending for the Foundation, which attributed its decision to a university-wide need to make budget cuts in response to the recent economic downturn. “Like most parts of Harvard, we’re facing the necessity of making cuts, and the narrative conference has become a very expensive undertaking,” said Nieman Foundation Curator Robert H. Giles. Giles noted that while many of the extra programs the Foundation administers are funded by special...