Small Loan – 4 Walls And A View http://4wallsandaview.com/ Sun, 10 Oct 2021 23:10:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://4wallsandaview.com/wp-content/uploads/2021/06/icon-5.png Small Loan – 4 Walls And A View http://4wallsandaview.com/ 32 32 4 Angel Broking Top Banking Picks To Buy For Gains Up To 39% https://4wallsandaview.com/4-angel-broking-top-banking-picks-to-buy-for-gains-up-to-39/ https://4wallsandaview.com/4-angel-broking-top-banking-picks-to-buy-for-gains-up-to-39/#respond Sun, 10 Oct 2021 21:32:48 +0000 https://4wallsandaview.com/4-angel-broking-top-banking-picks-to-buy-for-gains-up-to-39/ Best Angel Broking Bank Shares buy recommendations for October 2021 Values ​​of banking and financial services LTP Target price Upside down Federal Bank 85.6 110 28% HDFC Bank 1603 1859 16% Shriram City Union Finances 2154 3002 39% AU Small 1217 1520 25% 1. Federal Bank: Note that the above action recommendations are based on […]]]>

Best Angel Broking Bank Shares buy recommendations for October 2021

Values ​​of banking and financial services LTP Target price Upside down
Federal Bank 85.6 110 28%
HDFC Bank 1603 1859 16%
Shriram City Union Finances 2154 3002 39%
AU Small 1217 1520 25%

1. Federal Bank:

1. Federal Bank:

Note that the above action recommendations are based on fundamental script analysis and the brokerage also listed their strong fundamentals in the report:

It is one of the largest older generation private sector banks in India. At the end of fiscal year 2021, the bank had total assets of Rs. 1.9 lakh cr. with deposits of Rs. 1.56 lakh cr. and a loan book of Rs. 1.2 lakh cr.

The Federal Bank released a good set of figures for the first quarter of fiscal 22 despite the second wave of Covid as NI / PPOP rose 9.4% / 21.8% year-on-year. Procurement for the

quarter was up 22% yoy, as a result of which PAT was down 8.4% yoy.

The overall quality of assets held up well in Q1FY22 despite the second wave of Covid. We expect asset quality to improve from T2FY22 given the continued openness

economy. We expect the Federal Bank to show 22.8% / 23.7% / 23.2% NII / PPOP / PAT growth between FY20-23 and remain positive on the bank.

2. HDFC Bank:

2. HDFC Bank:

This entity is the largest private sector bank in India with an asset portfolio of Rs. 11.3 lakh crore in FY21 and deposit base of Rs. 13.4 lakh crore. The Bank has a very well distributed portfolio, with wholesale making up 54% of the asset portfolio while retail making up the remaining 46% of the loan portfolio.

T1FY22 figures were impacted due to the second wave of Covid which resulted in an increase in GNPA / NNPA from 15 / 8bps QoQ to 1.5% and 0.5% of

advances.

The Bank posted NII / PPOP / PAT growth of 8.6% / 18.0% / 16.1% for the quarter despite higher provisioning thanks to strong loan growth of 14.4% year-on-year.

Management has indicated that 35 to 40 days of collections have been lost, but expects healthy recoveries from slippages in fiscal year 2QFY22, which should lead to lower credit costs going forward. “Given the best-in-class asset quality and the expected rebound in growth from T2FY22, we are positive for the bank given reasonable valuations at 3.0xFY23 adjusted, which is below historical averages,” adds the brokerage company.

3. AU Small - Buy for 39% Upside as loan growth may lead to a reevaluation of the script:

3. AU Small – Buy for 39% Upside as loan growth may lead to a reevaluation of the script:

It is one of the leading small financial banks with AUM ofRs. 34 688 Cr. at the end of T1FY22. The Wheels (auto) and SBL-MSME segments represent 37% and 39% of assets under management, respectively.

The figures for the first quarter of fiscal 22 were better than expected despite the impact of the second wave of Covid. AU reported 40.4% / 1.2% / 1.2% NII / PPOP / PAT growth

respectively in Q1FY22 while the GNPA / NNPA ratios stood at 4.3% / 2.3% advances against 4.3% / 2.2% in Q4FY21.

Collection efficiency remained strong in April / May / June at 95% / 94% / 114% respectively while GNPA remained stable at Rs. 1,503 cr. sequentially. Given the stability of asset quality, we expect loan growth to accelerate in the second quarter of fiscal 22, which should lead to a revaluation of the bank.

4. Union Finances of the Town of Shriram:

4. Union Finances of the Town of Shriram:

As part of the Shriram Group, the company is engaged in the business of high margin small business loans, which accounted for 57.3% of the loan portfolio at year-end 20. The company also offers auto loans, 2 wheels, gold and personal.

The company released a good set of figures for the first quarter of fiscal 22 due to a positive surprise on the asset quality front. The NII for the first quarter of fiscal 22 was up 5.23% yoy to Rs. 920 crore while the PPPP was up 0.4% yoy to Rs. 569 crore. The provision in the quarter was down 6.5% year-on-year to Rs. 290 crore as profits rose by

8.1% YoY at Rs. 208 crores.

AUM flat at Rs. 29,599 crore in the last quarter concluded. SCUF reported only a marginal deterioration in asset quality, with gross phase 3 lending increasing 54 basis points qoq to 6.91%, while net phase 3 in the quarter increased to 3.46% and the PCR ratio stood at 49.9%.

Disclaimer:

Disclaimer:

The above actions are taken from Angel Broking’s brokerage report. Investing in stocks presents a risk of financial loss. Investors should therefore exercise caution. Greynium Information Technologies, the author and the brokerage are not responsible for any losses caused as a result of decisions based on the article.


Source link

]]>
https://4wallsandaview.com/4-angel-broking-top-banking-picks-to-buy-for-gains-up-to-39/feed/ 0
3 times it doesn’t pay to chase a credit card signup bonus https://4wallsandaview.com/3-times-it-doesnt-pay-to-chase-a-credit-card-signup-bonus/ https://4wallsandaview.com/3-times-it-doesnt-pay-to-chase-a-credit-card-signup-bonus/#respond Sat, 09 Oct 2021 10:32:18 +0000 https://4wallsandaview.com/3-times-it-doesnt-pay-to-chase-a-credit-card-signup-bonus/ Many credit cards come with generous sign-up bonuses for new customers. These signup bonuses can earn you free trips or hundreds of dollars in cash back. While there are many situations where it might be a good idea to subscribe to a card to earn a valuable new cardholder bonus that you are excited about, […]]]>

Many credit cards come with generous sign-up bonuses for new customers. These signup bonuses can earn you free trips or hundreds of dollars in cash back.

While there are many situations where it might be a good idea to subscribe to a card to earn a valuable new cardholder bonus that you are excited about, there are also times when it could backfire on you. In particular, here are three situations in which looking for a credit card signup bonus is not a good idea.

1. If you are going to apply for a big loan soon

Opening a new credit card to get a signup bonus means getting your credit report investigated. This can lower your credit score, especially if you already have several recent inquiries. You will also reduce the average age of your credit accounts when you add a new one to your credit report. It also hurts your score.

If you are applying for a large loan, like a mortgage or a car loan, you don’t want to take this blow to your credit before you do so. The sign-up bonus would not be worth the possibility of you being refused a loan or having a narrower choice of lenders because of your lower score.

It’s also not worth the risk that your rate will be even a little higher because of recent debt, as small differences in interest rates can add tens of thousands of dollars to your borrowing costs when you take out. a large loan that you repay over a long period.

2. If you’ve opened too many credit cards recently

Some credit card companies will deny you the ability to open a card if you’ve opened too many new ones recently. If you’ve opened a lot of cards, you might not want to try another one soon after. This is because you might be turned down and get your credit report investigated, but wouldn’t end up with the signup bonus. You might also narrow down your options in the future if an even better sign-up bonus arises, but you won’t qualify because you’ve recently opened new cards.

If you’ve opened multiple cards over the past few years, wait for a really unbeatable bonus to arrive, rather than chasing a signup bonus that looks decent.

3. If you are probably not meeting the spending requirements

New cardholder bonuses can’t just be earned by opening a card – you have to meet spending requirements as well. For example, you may need to spend $ 1,000 in the first three months after opening the account in order to be eligible for bonus rewards, miles, or cash back.

If you can’t meet these spending requirements, you won’t end up with the extra rewards for opening the card. So while the signup bonus might look good on the surface, it’s not worth trying to get it if you’re not sure you can qualify to earn it – or if it would require you to spend. more than you can comfortably. refund.

Ultimately, you should have an overview of your current and future borrowing needs and be guided as to whether pursuing a particular signup bonus makes sense right now or if it is. better to wait.


Source link

]]>
https://4wallsandaview.com/3-times-it-doesnt-pay-to-chase-a-credit-card-signup-bonus/feed/ 0
Commissioners award $ 2.5 million | News, Sports, Jobs https://4wallsandaview.com/commissioners-award-2-5-million-news-sports-jobs/ https://4wallsandaview.com/commissioners-award-2-5-million-news-sports-jobs/#respond Fri, 08 Oct 2021 09:49:25 +0000 https://4wallsandaview.com/commissioners-award-2-5-million-news-sports-jobs/ YOUNGSTOWN – Mahoning County commissioners on Thursday awarded nearly $ 2.5 million of the county’s $ 44 million US bailout package to Mahoning Valley Partners and Meridian Healthcare. The $ 2 million received by Valley Partners will be used to create a revolving loan fund for businesses in Mahoning County. The $ 453,000 granted to […]]]>

YOUNGSTOWN – Mahoning County commissioners on Thursday awarded nearly $ 2.5 million of the county’s $ 44 million US bailout package to Mahoning Valley Partners and Meridian Healthcare.

The $ 2 million received by Valley Partners will be used to create a revolving loan fund for businesses in Mahoning County. The $ 453,000 granted to Meridan Healthcare will enable it to improve its facilities on West Chalmers Avenue on the south side.

The prices were approved at the regular weekly meeting of the commissioners at the courthouse.

The purpose of the US bailout funding is to help communities across the country recover from the COVID-19 pandemic.

Theresa Miller, executive director of Valley Partners, said the $ 2 million would be used to provide loans of up to $ 100,000 at low short-term interest rates.

“The interesting part about it is that we lend it. And as they pay it back, we can give it back, so the program will run in perpetuity and still be around 40 years from now to help those in need, even though they may or may not have been affected. by COVID, ”Miller says.

Anna DeAscentis, the county grants manager, who also assists commissioners with various federal stimulus programs, said the $ 2 million is expected to create or save about 80 jobs “and in perpetuity it could be – who knows? “

DeAscentis said loans can help a business stay open or grow, “whatever it needs.”

Miller said businesses can apply on the Valley Parters website, just like they did in previous loan programs.

In 2020, Valley Partners made 356 grants to small businesses in Mahoning County, for a total of $ 3.35 million in stimulus funds allocated to county commissioners. The organization also funded 280 Payroll Protection Program repayable loans for a total of $ 7.7 million.

The funds will “typically flow to existing small businesses, which are defined as for-profit businesses with annual sales of $ 1 million or less or meet the US Small Business Administration’s definition of small business,” according to a file. information provided by Miller. .

The business must provide documentation proving at least one of the following in order to demonstrate the negative effect COVID-19 has had on its business:

• A refusal letter from a financial institution;

• Evidence of reduced income. If the reduction is 10% to 24%, the borrower is eligible for a loan of up to $ 50,000. If the reduction is 25% or more, the borrower is eligible for a loan of up to $ 100,000.

• Some North American Industry Classification System industry codes identified by the SBA as underserved markets.

Meridian Healthcare received $ 453,760 on Thursday to continue renovations and upgrades to a former nursing home that is now a Meridian facility at 550 West Chalmers Ave. near Glenwood Avenue.

The establishment has 56 permanent accommodation rooms for formerly homeless people and people with addiction and mental health problems. It has 10 beds for homeless veterans, 16 beds for people requiring 24-hour detox, 16 beds for hospitalized men and 16 beds for hospitalized women.

It also has the only primary medical care practice in the neighborhood, said Larry Moliterno, president and CEO of Meridian. Meridian is also partnering with Mercy Health to provide a center for pregnant women struggling with mental health issues.

Moliterno said: “We have worked to support this neighborhood. So it will be used to update a lot of our security devices, a lot of our furniture and the air system to make sure it is more secure. The project is expected to be completed in the spring.

The county previously awarded Meridian $ 70,000 in CARES Act funding in August to help with Chalmers upgrades.

The latest news today and more in your inbox


Source link

]]>
https://4wallsandaview.com/commissioners-award-2-5-million-news-sports-jobs/feed/ 0
neogrowth: NeoGrowth gets ready for the holiday season, launches the SME loan carnival https://4wallsandaview.com/neogrowth-neogrowth-gets-ready-for-the-holiday-season-launches-the-sme-loan-carnival/ https://4wallsandaview.com/neogrowth-neogrowth-gets-ready-for-the-holiday-season-launches-the-sme-loan-carnival/#respond Thu, 07 Oct 2021 07:13:00 +0000 https://4wallsandaview.com/neogrowth-neogrowth-gets-ready-for-the-holiday-season-launches-the-sme-loan-carnival/ MUMBAI: To boost credit flows to small businesses ahead of the holiday season, NeoGrowth announced the launch of the Carnival Business Loan for MSME clients as part of its D2C initiatives. Currently underway in Mumbai, Bangalore, Hyderabad and New Delhi, the carnival is held in October and November. The company has simplified and digitized the […]]]>
MUMBAI: To boost credit flows to small businesses ahead of the holiday season, NeoGrowth announced the launch of the Carnival Business Loan for MSME clients as part of its D2C initiatives.

Currently underway in Mumbai, Bangalore, Hyderabad and New Delhi, the carnival is held in October and November. The company has simplified and digitized the process to help MSMEs obtain hassle-free loans for their various business needs. Small business loan approvals are expedited with instant point-of-contact approval for the upcoming holiday season. NeoGrowth also engages with customers through competitions with prizes.

NeoGrowth’s new business volumes are already at pre-COVID levels, with new products such as NeoCash Insta Loan, Vendor Finance Express contributing to this growth. The new offering, called Prêts Plus, addresses the increased ticketing needs of customers. New product offerings feature various features such as end-to-end digital process, instant approval driven by AI / ML based dashboards.

In a statement, NeoGrowth CEO Arun Nayyar said, “With the second wave behind us, this year Indian consumers are expected to shop near pre-COVID levels. This will give the much needed boost to retailers, small businesses and the economy as a whole. ”

To help businesses prepare for the future, NeoGrowth also offers diGibiz, which allows small businesses to assess their digital readiness and helps them upgrade and be more competitive. The company has partnered with 31 partners and offers 16 categories of services for small businesses to digitize their operations as needed. To date, more than 24,000 SMEs have participated on the diGibiz platform.


Source link

]]>
https://4wallsandaview.com/neogrowth-neogrowth-gets-ready-for-the-holiday-season-launches-the-sme-loan-carnival/feed/ 0
More than 500,000 public servants set to receive debt relief as part of federal overhaul of student loan forgiveness https://4wallsandaview.com/more-than-500000-public-servants-set-to-receive-debt-relief-as-part-of-federal-overhaul-of-student-loan-forgiveness/ https://4wallsandaview.com/more-than-500000-public-servants-set-to-receive-debt-relief-as-part-of-federal-overhaul-of-student-loan-forgiveness/#respond Wed, 06 Oct 2021 20:11:00 +0000 https://4wallsandaview.com/more-than-500000-public-servants-set-to-receive-debt-relief-as-part-of-federal-overhaul-of-student-loan-forgiveness/ The US Department of Education Wednesday announced radical changes To a student loan cancellation program, an overhaul officials say could mean financial relief for more than half a million borrowers working for government entities or nonprofits. The Public service loan forgiveness program, established in 2007, has pledged to cancel student loans for eligible public sector […]]]>

The US Department of Education Wednesday announced radical changes To a student loan cancellation program, an overhaul officials say could mean financial relief for more than half a million borrowers working for government entities or nonprofits.

The Public service loan forgiveness program, established in 2007, has pledged to cancel student loans for eligible public sector workers who have made their federal student loan payments on time for 10 consecutive years.

But the program was plagued by problems from its inception, drawing criticism from advocates who said the system was difficult to navigate and often left qualified borrowers ineligible for debt cancellation after a decade of regular payments. Over 98% of people who requested loan forgiveness under the program were turned down, according to federal data, including thousands of teachers. Many of them were turned down for small mistakes, such as checking the wrong box on an application or not dating a signature.

“Borrowers who dedicate a decade of their lives to public service should be able to count on the promise of forgiveness of public service loans,” said US Secretary of Education Miguel Cardona. said in a press release Wednesday. “The system has not delivered on that promise to date, but that is about to change for many borrowers who have served their communities and their country.”

Among the changes is a new waiver that allows all payments made by student loan holders to count toward forgiveness, “regardless of loan program or payment plan.” This provision is a significant change from the original program criteria, which offered debt relief only to borrowers whose loans were made directly by the federal government.

All federal student loans have been held by the US Department of Education since 2010. But before that, borrowers usually had government guaranteed loans from private banks. These loans did not qualify for forgiveness under the federal program, but borrowers often did not know until they tried to get rid of their debt after a decade of regular payments.

“People I know in government and the public sectors really started to get nervous when this started to happen,” said Ashley Qualls, management analyst with the Mecklenburg County Public Health Department in North Carolina. . “They would make their payments and then get it 10 years later and all of a sudden you don’t have the forgiveness you thought you had.”

The waiver will retroactively count those payments, a change that will likely affect more than 550,000 borrowers, including 22,000 who will become “immediately eligible for $ 1.74 billion in cash back without the need for further action on their part. “said the Federal Ministry of Education.

Another 27,000 people could be eligible for relief of up to $ 2.82 billion by verifying additional employment. The average borrower is likely to receive about two more years of “progress toward forgiveness” under the waiver program alone, the department said. More will have to apply for benefits, applications to be filed by the end of October.

Other changes include allowing active duty members to count loan deferrals and abstentions to the rebate program and the automatic granting of credits to eligible service members and federal employees. The ministry will also review applications that have been refused previously, with an appeal process for borrowers who have been rejected from the program.

The changes come after years of advocacy by employee unions and member organizations, including more than 200 groups who last month called on Cardona to provide comprehensive, retroactive debt relief to civil servants. Their letter, dated September 22, came after the Biden administration launched an investigation to investigate the loan cancellation program, an investigation that gathered personal stories from more than 48,000 borrowers.

A submission was from a person with over 20 years teaching experience in three public school systems, who pooled loans only to find out later that the payments would not count towards debt cancellation.

“The lender … did not disclose this information before my loan consolidation”, one can read. “This whole ordeal has been an absolute nightmare. “

Another submission detailed the decades of public service careers of a couple who chose not to take higher-paying jobs at private companies, in part because they believed their loans would be canceled. Their lender assured them they were on the right track to paying off their debt, only to be told after 10 years that they “weren’t eligible for forgiveness because they weren’t direct loans.” .

“As it stands, this program offers no incentive to stay in low-paying public service jobs,” he said. “As our children approach college age, we wonder if we should be encouraging them to avoid public service altogether? Either way, we plan to pay off our student loans while they’re in college. This should not happen to families who simply believed in a flawed program.

Welcome News for Borrowers

Seth Frotman, director of the nonprofit Student Borrower Protection Center, which previously launched investigations in the program, said the changes were good news for thousands of public sector workers who believed they were already on track to get their loans canceled.

“It’s a good day for teachers, nurses, the military and millions of workers on the frontlines of the pandemic,” he said. in a report. “For too long, those who give the most to our communities and our country have been tested and forced to take on debts that should have been canceled. The Biden administration is taking a critical step to ease this burden on our public service workers. “

Qualls, who expects to receive a discount on the loans she got to earn her master’s degree in public administration, said her payment plans are unlikely to change following the program overhaul. But the restructuring could benefit the public sector as a whole, she said, by allowing relatively low-paid employees to recoup the cost of their education.

“I think we are running out of a lot of good candidates because of this cost,” she said. “You worry about how you’re going to pay for it, and you just hope you can. “


Source link

]]>
https://4wallsandaview.com/more-than-500000-public-servants-set-to-receive-debt-relief-as-part-of-federal-overhaul-of-student-loan-forgiveness/feed/ 0
APRA’s new mortgage lending measures explained https://4wallsandaview.com/apras-new-mortgage-lending-measures-explained/ https://4wallsandaview.com/apras-new-mortgage-lending-measures-explained/#respond Wed, 06 Oct 2021 06:09:00 +0000 https://4wallsandaview.com/apras-new-mortgage-lending-measures-explained/ How does it change? APRA said it would increase the buffer by 0.50 percentage point, from 2.5 to 3 percent. We must now add 3% to the rate of the product offered by the bank. The APRA does not, at this stage, oblige the banks to modify their floor rate. The impact of the higher […]]]>

How does it change?

APRA said it would increase the buffer by 0.50 percentage point, from 2.5 to 3 percent. We must now add 3% to the rate of the product offered by the bank.

The APRA does not, at this stage, oblige the banks to modify their floor rate.

The impact of the higher buffer – and its interaction with the floor – can be understood by looking at the Commonwealth Bank. It has a basic standard variable rate of 2.69 percent.

The floor rate set by the ABC is 5.25 percent. Before Wednesday’s changes, he would have valued a borrower paying that standard variable rate at the floor rate of 5.25 percent (because it’s higher than the 2.69 percent plus the old 2.5 percent cushion, which equivalent to 5.19 percent).

However, after the changes, this borrower will now be valued at 5.69%, which is 2.69% plus the new 3% cushion, which is now above the floor.

How will the 50bp increase in the buffer affect average borrowing capacity?

APRA said its increase in the cushion would reduce a typical client’s borrowing capacity by 5 percent. This means that if you could previously borrow $ 1 million, now you will be able to borrow $ 950,000.

However, not all customers borrow at full capacity. In fact, at CBA, only 8% of mortgage applicants borrowed at full capacity during the first half of the year. This means that the new cushion will not impact many borrowers.

According to RateCity’s calculations using ABC’s serviceability calculator, the maximum borrowing capacity of an average family could drop by $ 35,025 under the new cushion. This assumes that one adult works full time and the other part time, and that they have two dependent children.

A single person with an average income of just over $ 90,000 will be allowed to borrow about $ 28,515 less under the new rules.

The average home loan in Australia is around $ 728,500 as of December 2020, according to the Australian Bureau of Statistics. A 5% reduction in borrowing capacity would bring it down to $ 692,075, which would reduce the average mortgage loan by $ 36,425.

What else could come?

APRA should use additional tools to limit bank lending if high levels of lending to indebted borrowers continue despite its higher cushion.

Another option is a debt-to-income ratio cap, which could limit the number of new loans with a debt-to-income ratio of six times or more. This could prevent borrowers from getting into debt at risky levels and restrict investors who buy multiple properties. But that could create a barrier for first-time buyers unless exemptions are granted.

It could also increase the “floor” rate used for health assessments, as described above. The average floor rate for the Big Four is 5.09%, according to RateCity. Raising it to, say, 6% could see borrowers valued at that rate, which would increase the new buffer rate, further reducing borrowing capacity.

APRA could also review investor loan limits, which limit the number of loans that can go to real estate investors compared to homeowners. This was imposed between December 2014 and April 2018, when APRA limited banks to 10% growth in investor loan portfolios. This has reduced the number of investors competing with first-time buyers and other homeowners, but has had limited success in cooling house prices.

Another tool used in recent years is the interest-only loan cap, which limits the number of new loans for which borrowers only repay interest, which is popular with investors seeking the benefits of effective tax breaks. negative leverage. Between March 2017 and December 2018, banks were required to limit lending at interest only to 30% of new loans, which reduced the number of investors active in the market.

Limits on loan-to-value ratios are another option and have been implemented in New Zealand, where prices in Auckland are also booming. This limits the number of new loans with small deposits. But they could unfairly target first-time buyers, who struggle to save for deposits given low savings rates, unless exemptions are granted.

APRA may also decide to introduce a combination of these tools, all of which will be discussed in a future document. It will also consider whether to use the new powers given to it in 2017 to subject non-bank lenders to lending rules.


Source link

]]>
https://4wallsandaview.com/apras-new-mortgage-lending-measures-explained/feed/ 0
Small Businesses Booming in North Dakota Despite COVID Challenges https://4wallsandaview.com/small-businesses-booming-in-north-dakota-despite-covid-challenges/ https://4wallsandaview.com/small-businesses-booming-in-north-dakota-despite-covid-challenges/#respond Tue, 05 Oct 2021 17:00:49 +0000 https://4wallsandaview.com/small-businesses-booming-in-north-dakota-despite-covid-challenges/ Connell McShane of FOX Business shines a light on small business owners who are “thriving” in North Dakota amid the coronavirus pandemic. Some small businesses that opened during or shortly before the start of the pandemic are booming North Dakota despite the challenges of COVID-19. More than 98% of businesses in North Dakota are considered […]]]>

Some small businesses that opened during or shortly before the start of the pandemic are booming North Dakota despite the challenges of COVID-19.

More than 98% of businesses in North Dakota are considered small, meaning they employ fewer than 500 people, an employee of the Small Business Administration (SBA) office in the Bismarck area confirmed to FOX Business on Tuesday. , adding that there are currently about 1,200 more small businesses in the state compared to before the pandemic.

Connell McShane of FOX Business spoke with two small business owners in North Dakota who have remained resilient and watched their businesses explode during the pandemic.

He reported that the fact that North Dakota is never completely closed due to COVID-19 is a contributing factor.

The unemployment rate in North Dakota peaked in April 2020 at 8.7%, when the national unemployment rate was 14.7%, according to the Bureau of Labor Statistics.

The unemployment rate in North Dakota for August 2021, the latest data available, is 3.6% compared to the national unemployment rate of 5.2%, according to the Ministry of Labor.

THESE CAREERS HAVE ADDED THE FAREST JOBS IN 2021: REPORT

Jan Joersz, owner of the Pawz Enrichment Center in Bismarck, a dog daycare business that also serves as a puppy training site, said she was willing to take a risk and started her business during the pandemic because she noticed that many families were getting dogs.

“I knew people were getting puppies and all the rescues they were talking about… Everyone was getting these rescue dogs, so I just knew there was a need for them,” Joersz said in an interview broadcast on “Mornings” with Maria “on Tuesday.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

McShane reported that Joersz took advantage of the Small Business Administration loan program.

He also spoke with Sandy Jacobson, who opened Brick Oven Bakery in Bismarck in late 2019. She believed her business would suffer during the pandemic, however, thanks to her window driving and incredible community support, she said. that she was able to prosper.

Fargo, North Dakota, USA – June 12, 2017: Daytime view of the Fargo Theater along Broadway N in the historic downtown district

“We’re just that kind of community where we want to support the little ones and we had people during the pandemic who might not want our pastries, but they would buy a $ 100 gift card just because,” he said. Jacobson said. “So, I mean, I think that’s the most important thing, it’s just our community, which really comes together at times like this.”

The North Dakota SBA employee told FOX Business on Tuesday that the tax environment is “business friendly” in the state and could explain why so many small businesses exist in the area.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS


Source link

]]>
https://4wallsandaview.com/small-businesses-booming-in-north-dakota-despite-covid-challenges/feed/ 0
City Council Approves Funding Plan for New Convention Center – NBC 5 Dallas-Fort Worth https://4wallsandaview.com/city-council-approves-funding-plan-for-new-convention-center-nbc-5-dallas-fort-worth/ https://4wallsandaview.com/city-council-approves-funding-plan-for-new-convention-center-nbc-5-dallas-fort-worth/#respond Mon, 04 Oct 2021 23:43:43 +0000 https://4wallsandaview.com/city-council-approves-funding-plan-for-new-convention-center-nbc-5-dallas-fort-worth/ A Dallas city council committee on Monday approved a fundraising plan that could raise up to $ 4 billion to demolish and replace the Dallas Kay Bailey Hutchison Convention Center. Officials said plans for using the money have been reduced from 13 options to four, which will be considered by the board in December. The […]]]>

A Dallas city council committee on Monday approved a fundraising plan that could raise up to $ 4 billion to demolish and replace the Dallas Kay Bailey Hutchison Convention Center.

Officials said plans for using the money have been reduced from 13 options to four, which will be considered by the board in December.

The briefing presented on Monday showed an option that would replace the existing building with a new one west of Lamar Street as substantially meeting all of the project’s objectives. No other goal was ranked so high in the document.

But the city council’s economic development committee only made a decision on the financing plan, which was approved and sent to the entire city council for a vote on October 13.

“It doesn’t cost the City of Dallas taxpayers money to fund this trust,” said committee chair Tennell Atkins.

The financing plan would provide up to $ 2.2 billion from a state law that allows Dallas to collect a greater portion of state hotel taxes levied on 71 existing or existing downtown hotels. construction within five kilometers of the convention center.

The city is also considering a public referendum to impose additional hotel taxes on visitors to the project.

“It’s money we wouldn’t have otherwise. It doesn’t cost taxpayers anything, ”said Councilor Chad West.

With 1 million square feet of exhibition space, the existing Dallas Kay Bailey Hutchison convention center is one of the largest in the country.

But it was largely empty during the COVID-19 pandemic, with space available to house migrant children and a pop-up hospital that was not in use.

An August convention of 3,000 hotel managers from across the country was an example of the way things were.

Normally, the briefing said the convention center generates 800,000 annual visitors, mostly from outside Dallas, for 330,000 hotel nights, $ 300,000 in expenses and 5,000 permanent jobs.

The briefing said the Dallas Convention Center fell short of other cities when it came to ballroom and meeting space.

The convention center master plan is also designed to provide downtown benefits around the city building.

“This renovation and this master plan, it is designed to create more pedestrian, downtown, to generate more jobs, to generate more activity for people who live downtown. It’s super exciting and it’s a big step in the right direction, ”said Councilor Chad West.

Monday’s briefing said the existing convention center is disconnected from surrounding neighborhoods, is small, outdated, and has a third of the number of hotel rooms within walking distance of competing cities.


Source link

]]>
https://4wallsandaview.com/city-council-approves-funding-plan-for-new-convention-center-nbc-5-dallas-fort-worth/feed/ 0
Guaranty Trust Bank to secure 1.6 billion shillings IFC loan for SME lending https://4wallsandaview.com/guaranty-trust-bank-to-secure-1-6-billion-shillings-ifc-loan-for-sme-lending/ https://4wallsandaview.com/guaranty-trust-bank-to-secure-1-6-billion-shillings-ifc-loan-for-sme-lending/#respond Mon, 04 Oct 2021 03:21:49 +0000 https://4wallsandaview.com/guaranty-trust-bank-to-secure-1-6-billion-shillings-ifc-loan-for-sme-lending/ Companies Guaranty Trust Bank to secure 1.6 billion shillings IFC loan for SME lending Monday 04 October 2021 GT Bank Kenya is seeking a 3.2 billion shillings credit facility from IFC for subsequent loans to small and medium enterprises. PHOTO FILE | NATION MEDIA GROUP By VICTOR JUMAMore from this author Summary The International Finance […]]]>

Companies

Guaranty Trust Bank to secure 1.6 billion shillings IFC loan for SME lending


GT Bank Kenya is seeking a 3.2 billion shillings credit facility from IFC for subsequent loans to small and medium enterprises. PHOTO FILE | NATION MEDIA GROUP

victorjuma_img

Summary

  • The International Finance Corporation is expected to lend $ 15 million (1.6 billion shillings) to Guaranty Trust Bank Kenya for subsequent loans to small and medium-sized enterprises (SMEs).
  • The loan is part of IFC’s financing of financial institutions in emerging markets as part of its response program to the Covid-19 crisis.

The International Finance Corporation is expected to lend $ 15 million (1.6 billion shillings) to Guaranty Trust Bank Kenya for subsequent loans to small and medium-sized enterprises (SMEs).

The loan is part of IFC’s financing of financial institutions in emerging markets as part of its response program to the Covid-19 crisis.

The loans are designed to be disbursed to businesses whose cash flows have been disrupted by the pandemic, thereby helping to increase their working capital, among other needs.

“The proposed loan of $ 15 million… is a one-year loan, with the option of being rolled over for an additional year at the discretion of IFC. The loan will provide GTBK with additional liquidity support for its operations amid the current economic challenges, ”IFC said in its investment statements.

“This project will benefit borrowers, mainly SMEs, with working capital and trade-related loans, stabilizing supply chains and building resilience in critical sectors such as trade, fast-moving consumer goods, pharmaceuticals and manufacturing, which have been affected by the pandemic. “

The bank is a subsidiary of Guaranty Trust Holding Company Plc, based in Lagos.

The Nigerian multinational acquired the Kenyan bank, formerly Fina Bank, in December 2013.

Guaranty Trust Bank Kenya now has nine branches focused on banking services for businesses, SMEs and individuals. The bank will provide loans to clients who meet the criteria established by the IFC.

The global financier defines SMEs using a variety of metrics, including companies with between 10 and 300 employees or annual sales of $ 100,000 (11 million shillings) to $ 15 million (1.6 billion shillings).

The loan amount per borrower typically ranges from $ 10,000 (1.1 million shillings) to $ 2 million (221 million shillings).

IFC also encourages the banks it finances to lend to women-owned businesses and climate-related projects, such as renewable energy projects.

The loan offered to the lender is the most recent from IFC, which has funded dozens of Kenyan banks, including KCB and Co-op Bank.


Source link

]]>
https://4wallsandaview.com/guaranty-trust-bank-to-secure-1-6-billion-shillings-ifc-loan-for-sme-lending/feed/ 0
Embattled Navient says it will not serve federal student loans; shares drop 10% | Business https://4wallsandaview.com/embattled-navient-says-it-will-not-serve-federal-student-loans-shares-drop-10-business/ https://4wallsandaview.com/embattled-navient-says-it-will-not-serve-federal-student-loans-shares-drop-10-business/#respond Sun, 03 Oct 2021 06:15:00 +0000 https://4wallsandaview.com/embattled-navient-says-it-will-not-serve-federal-student-loans-shares-drop-10-business/ September 29 — Another major federal student loan manager leaves the company. Navient Inc., of Wilmington, negotiated the transfer of more than five million federal student loan borrowers to the Maximus Corporation of Reston, Va., Which administers state and federal health and social services programs. Navient – the source of thousands of complaints with the […]]]>

September 29 — Another major federal student loan manager leaves the company.

Navient Inc., of Wilmington, negotiated the transfer of more than five million federal student loan borrowers to the Maximus Corporation of Reston, Va., Which administers state and federal health and social services programs.

Navient – the source of thousands of complaints with the Consumer Financial Protection Bureau about its federal student loan service operations – said it expects the U.S. Department of Education to approve the deal. ‘by January 1.

Federal student loan borrowers are expected to resume their payments in February 2022 after a hiatus due to the pandemic. When they do, borrowers who have already paid Navient will have their payments processed by Maximus.

Navient stock fell sharply on Wednesday, falling $ 3.11 or nearly 14% to close at $ 19.24. The company said it will be pulling out of the federal loan management business after the exchange closed on Tuesday.

Navient’s action comes as the Biden administration seeks to reform the business of managing student loans. Critics say organizations are taking advantage of young and older borrowers struggling with college debt. Richard Cordray, the first director of the Consumer Financial Protection Bureau, the agency created after the subprime mortgage crisis, was named earlier this year director of operations for Federal Student Aid at the Department of Education, which oversees the servers .

FedLoan, which is part of the Pennsylvania Higher Education Assistance Agency (PHEAA) in Harrisburg, announced last summer that it would also give up its federal student loan management business after U.S. Senator Elizabeth Warren (D., Mass .) targeted PHEAA CEO James Steeley for allegedly misleading his committee during a public hearing in April. In July, FedLoan said it would not renew its federal loan service contract when it expires in December.

FedLoan and Navient serve about 15 million student loan borrowers nationwide who owe $ 648 billion, according to federal data. They operate administrative offices or call centers in Delaware, Pennsylvania, and Indiana.

“Several hundred employees work in the federal student loans department and we anticipate that these employees will move to Maximus,” a spokesperson for Navient said on Tuesday.

FedLoan said it was inevitable that there would be job cuts, but the Harrisburg agency also said it planned to cut staff through attrition. A spokesperson for FedLoan did not immediately respond to a question about the transition of the federal student loan agreement to a new organization.

“Navient is pleased to work with the Department of Education and Maximus to ensure a smooth transition for borrowers and Navient employees as we continue to focus on areas other than government student loan servicing,” said Jack Remondi, President and CEO of Navient, said in a statement. . “Maximus will be a great partner in ensuring borrowers and government are well served, and we look forward to receiving [Education Department] approval.”

Navient says the federal student loan service contract is a small part of his Wilmington corporate empire. The company reported $ 34 million in revenue for the federal student loan management contract through the Department of Education for the quarter ended June 30. Its other activities include loans to private colleges and contracts to help states process unemployment benefits, contact tracing, and vaccine administration services.

Teresa Weipert, Managing Director of Maximus’ Federal Services Company, said, “This contract allows Maximus to apply our in-depth understanding of the needs of student borrowers and our industry-leading customer service to help [the Education Department] by successfully serving millions of student loan borrowers.

Seth Frotman, executive director of the nonprofit Student Borrower Protection Center and former student loan watchdog at the Consumer Financial Protection Bureau, said Navient should still be held accountable for past abuses.

Navient paid more than $ 4.4 billion to shareholders in the form of dividends and share buybacks, according to documents filed with securities regulators.

Since 2011, tens of thousands of borrowers have filed complaints with Navient, the Consumer Financial Protection Bureau and other government agencies about the obstacles they have faced in repaying student loans managed by Navient.


(c) 2021 The Philadelphia Inquirer

Visit the Philadelphia Inquirer at www.inquirer.com

Distributed by Tribune Content Agency, LLC.

Copyright 2021 Tribune Content Agency.


Source link

]]>
https://4wallsandaview.com/embattled-navient-says-it-will-not-serve-federal-student-loans-shares-drop-10-business/feed/ 0