Category: Loans

  • Foreign-owned businesses score millions in PPP loans

    Foreign-owned businesses score millions in PPP loans

    With just a hair over a hundred employees, Cinedigm, an entertainment company based in Los Angeles, has a relatively modest headcount. But it’s not your typical small business. The publicly-traded company raked in more than $50 million in revenue last year, thanks in part to partnerships with streaming giants like Amazon and Netflix. Majority-owned by…

  • Covid-19 Pay Freezes On UK Loans

    Covid-19 Pay Freezes On UK Loans

    This Covid-19 Pay Freezes On UK Loans article has been updated On Thursday 9th April, anyone who was struggling to stay on top of the debt they had, whether it was credit cards or loans, and overdrafts, would benefit from payment freezes. This is part of the emergency package that the Financial Conduct Authority set…

  • Communities to Have Access to PPP Loans

    Communities to Have Access to PPP Loans

    Policy makers are trying to ensure that communities underserved by traditional banks are getting access to a small-business coronavirus loan-relief program, but it has turned out to be more of an art than a science. When the Small Business Administration released the application form for the forgivable loan program, there was no instruction for lenders…

  • Business owners look elsewhere after sluggish response for bank loans – News

    Business owners look elsewhere after sluggish response for bank loans – News

    This news has been updated The sluggish response by banks in approving loans during the Covid-19 outbreak is leading business owners to look elsewhere according to new research published today, which also highlights the value of Software as a Service (SaaS) solutions. The research, commissioned by Encompass Corporation, shows that four in 10 businesses are…

  • Progress Capital Arranges $14.5 Million Construction Loan

    Progress Capital Arranges $14.5 Million Construction Loan

    Kathy Anderson arranged a $14.5 Million construction loan for Dino Tomassetti, managing member of 1 Holland, LLC. The property is located at 1 Terminal Road in Lyndhurst, NJ and when completed, will include 950 self-storage units that will be managed under the Life Storage banner. The Borrower purchased the site with all entitlements in place…

  • The IMF’s R70 billion loan for South Africa

    The IMF’s R70 billion loan for South Africa

    Article updated The International Monetary Fund (IMF) has approved a R70 billion (US$4.3 billion) loan for South Africa to help the country manage the immediate consequences of the fallout from COVID-19. The Conversation Africa’s editor, Caroline Southey, asked Danny Bradlow to shed some light on what South Africans should expect. What conditions has the IMF…

  • U.S farmers leaning more heavily on government loan programs – News

    U.S farmers leaning more heavily on government loan programs – News

    Article Updated Farmers across the nation leaned more heavily upon the federal government last year to finance their agricultural operations amid low commodity prices and trade disputes, and more of the money they borrowed is now delinquent. Although the U.S. Agriculture Department said it has not seen a significant change in loan delinquency rates because…

  • U.S. firms cancel billions in aid loans – News

    U.S. firms cancel billions in aid loans – News

    Steven Mnuchin, U.S. Treasury secretary (right), and Jovita Carranza, administrator of the U.S. Small Business Administration (SBA), in the East Room of the White House in Washington on April 28, 2020. MUST (Bloomberg photo by Al Drago) U.S. companies have canceled at least $18 billion in loans from the government’s centerpiece coronavirus relief program for…

  • Concerns over payday lenders offering coronavirus relief loans – News

    Concerns over payday lenders offering coronavirus relief loans – News

    Article has been updated Peter Fife admits he is partly to blame for getting himself into a financial mess, but he still feels the payday loan companies which supplied him with high-interest loans should also take responsibility. “I dug the hole, but they gave me the shovel,” he told 7.30 from his Innisfail home in…

  • Lawsuit seeks data on PPP small business loans

    Lawsuit seeks data on PPP small business loans

    Post has been updated. As large, publicly-traded companies face a deadline Thursday to return money intended to serve as a lifeline for small businesses during the coronavirus crisis, a group of news outlets is joining forces to compel the Small Business Administration to reveal the names of all the companies approved to receive that money and…

  • Discover Home Loans Named a Celent Model Bank 2020 Award Winner

    Discover Home Loans Named a Celent Model Bank 2020 Award Winner

    Discover Home Loans has been named as the Celent Model Bank 2020 award winner in the Mortgage Lending category and is being recognized for innovating like a fintech. Celent is a global research and advisory firm for the financial services industry. Their awards honor financial institutions for excellence in using technology to enhance the customer…

  • Luxury hotels benefited from PPP loans

    Luxury hotels benefited from PPP loans

    The Ritz-Carlton on Peachtree Street in Atlanta’s downtown boasts well-appointed suites with skyline views, chic amenities and a cocktail bar that slings $17 juleps. Before the coronavirus pandemic forced the hotel to close its doors, a standard room could go for between $440 and $650 a night. To offset the financial impact of the virus, the hotel…

  • Restaurants: Loans Won’t Bring Relief

    Restaurants owners across the U.S. are worried that a loan from the government’s coronavirus relief program could wind up being a burden instead of a blessing. The Paycheck Protection Program has disbursed more than 4.3 million loans worth more than half a trillion dollars to small businesses in about six weeks. A PPP loan can…

  • Paycheck Protection Program loans below $2 million typically won’t face audits – Treasury

    The U.S. Treasury Department on Wednesday again provided new guidance for emergency loans meant for small businesses hurt by the coronavirus crisis, with officials saying that Paycheck Protection Program loans of less than $2 million won’t face heightened scrutiny. “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of…

  • Bank of Cyprus sells off €916m in non-performing loans – News

    The Bank of Cyprus (BOC) announced on Monday the sale of €916 million in non-performing loans to funds belonging to the Pacific Investment Management Company (PIMCO), one of the world’s largest investment managers with $1.78 trillion assets under management. Analysts hailed the move, noting that it gave the BOC balance sheet a considerable boost, and…

  • Bank of India Q1 net profit rises as bad loans ease

    State-owned Bank of India (BoI) on Monday reported over three-fold rise in net profit to Rs 843.60 crore for the quarter ended June 30, as pressure of bad loans eased. The bank had registered a net profit of Rs 242.60 crore in the April-June period of 2019-20. The total income during the period under review increased to…

  • Australian election pledge includes interest-free loans

    The Australian Capital Territory (ACT) branch of the country’s Labor Party will offer zero-interest loans for rooftop solar panels, household battery storage and hot water heat pumps if re-elected in an upcoming election. ACT Labor said the AU$150 million (US$106.8 million) commitment will create and protect hundreds of jobs in the renewable energy sector. The…

  • Metro Bank buys RateSetter to expand unsecured loans – News

    Metro Bank has agreed to pay an initial £2.5m to buy the peer-to-peer lender RateSetter to expand in unsecured lending and increase returns. The challenger bank could end up paying £12m for RateSetter if it meets targets. Metro will pay an extra 0.5m subject to performance a year after the deal completes and up to…

  • It’s Getting Harder to Get a Loan

    Credit tightening is becoming more evident according to the Mortgage Bankers Association (MBA). Its Mortgage Credit Availability Index fell to a reading of 125.0 in June, a loss of 3.3 percent. A decline in the index indicates stricter lending standards. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting explained. “Mortgage credit supply dropped again in…

  • Women SHGs under pressure to repay loans in Odisha – News

    Despite Central Government and RBI’s moratorium relief on loans in view of the economic stress inflicted by the lockdown, private banks and micro finance organisations are pressurising women self help groups (SHGs) to repay loans. The members are are being threatened by the “goons” employed by the financing organisations. In Goda panchayat under Erasama block,…

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