Small Loan – 4 Walls And A View http://4wallsandaview.com/ Sat, 15 Jan 2022 00:51:08 +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 Small loan applicant asked to explain eyebrow waxing and parking fees to bank staff https://4wallsandaview.com/small-loan-applicant-asked-to-explain-eyebrow-waxing-and-parking-fees-to-bank-staff/ Sat, 15 Jan 2022 00:51:08 +0000 https://4wallsandaview.com/small-loan-applicant-asked-to-explain-eyebrow-waxing-and-parking-fees-to-bank-staff/ BusinessUpdate Jan 15, 2022 12:31 AM3 minute read “Sometimes I get my eyebrows waxed, I had to explain to [a bank employee] in depth how often this happens.” File photo / Amanda Dalbjorn, Unsplash Other stories emerged detailing the effects of tough new loan changes, including a woman who was asked about her social life, […]]]>
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“Sometimes I get my eyebrows waxed, I had to explain to [a bank employee] in depth how often this happens.” File photo / Amanda Dalbjorn, Unsplash

Other stories emerged detailing the effects of tough new loan changes, including a woman who was asked about her social life, work and spending down to the dollar.

Changes to the law on credit agreements and consumer credit came into force in early December, requiring banks to analyze the spending habits of applicants before approving loans.

The changes were intended to protect vulnerable borrowers from loan sharks, but many found the new processes obstructive and unnecessary.

One woman, who did not want to be identified, said the process of getting a loan was invasive.

She was looking for a loan under $10,000 to help pay for her emergency medical bills.

She went to ANZ because it had the best rate for her, but was referred to a manager, who decided the loan was not affordable for her, she said.

Nothing but a cursory explanation was given for the refusal.

In the past, she had received a similar loan without problems, despite her worse financial situation.

Following the refusal, she approached the Co-operative Bank for the loan.

She had to specifically analyze her spending habits, with the bank demanding explanations for discrepancies as low as $5.

The bank inquired about her social life, her hobbies and how much she spent on parking.

“Sometimes I get my eyebrows waxed, I had to explain to him in detail how often it happens.

“Every transaction has been analyzed and questioned.”

Although she is an employee, she had to show the bank her employment contract to prove her employment.

She also had to write a detailed summary of her work to accompany it, she said.

The workers were “extremely sorry” about this, but she didn’t think many of the questions were relevant.

As part of the process, the bank asked her if she was interested in life insurance, which she agreed to pay for.

During this process, she was asked for in-depth details about her medical history, such as the exact circumstances that led her to develop post-traumatic stress disorder.

Once this process was complete, she was told that the weekly $2 fee for insurance could mean her loan was no longer accepted.

The loan was eventually approved, but the experience put her off considering a loan in the future and made her think twice about buying a house, she said.

“The whole process was overwhelming.”

Others shared their experience on Facebook, saying they were asked about spending on doctor’s visits, prescriptions, charitable donations and simple luxuries.

One user said he was told by a financial adviser to drop all extra expenses, such as his Netflix subscription.

Another called the new process demeaning and destructive.

Many users pointed out the importance of using cash, as it was untraceable and could help bypass the system.

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Small Business Loan Program Helping Open New Roads for Victims – CBS Denver https://4wallsandaview.com/small-business-loan-program-helping-open-new-roads-for-victims-cbs-denver/ Thu, 13 Jan 2022 03:12:00 +0000 https://4wallsandaview.com/small-business-loan-program-helping-open-new-roads-for-victims-cbs-denver/ SUPERIOR, Colorado (CBS4) – Hundreds of families and dozens of businesses are taking advantage of a federally backed loan program that could help Marshall Fire victims recover from the historic blaze faster than previously thought. Thanks to low-interest loans from the Small Business Administration, many fire victims are already preparing for a burn scar return. […]]]>

SUPERIOR, Colorado (CBS4) – Hundreds of families and dozens of businesses are taking advantage of a federally backed loan program that could help Marshall Fire victims recover from the historic blaze faster than previously thought. Thanks to low-interest loans from the Small Business Administration, many fire victims are already preparing for a burn scar return.

With interest rates currently between 2.83% and 5.66%, many business owners in the Marshall Fire area are now eligible for federal assistance. Depending on the qualifications, some could receive tens of thousands of dollars for reconstruction or other financial implications caused by the fire.

(credit: CBS)

For Superior’s Fearless Motion Dance Center, securing such a loan could ensure that young children are still able to rediscover their passion for dance while the surrounding community heals from the fire. The business, owned by Callie and Brianna Frey, is located in the center of the historic burn scar.

“We were evacuated from our building when the fire broke out. It was probably one of the scariest situations we’ve faced to date,” Callie told CBS4’s Dillon Thomas. we evacuated, we thought our building was going to disappear.”

Several businesses and homes surrounding the dance studio were destroyed by the fire. Others, like the Target and Costco, with which they share a parking lot, were damaged by the fire.

However, when the Freys returned to check on their studio, they found the building still fully intact, with no fire damage. However, it was still clearly filled with smoke and other sediment that had been in the air during the fire.

“There was a sense of relief, but immediately it turned into ‘oh my god, how long are we going to be out of our building now? “, Callie said.

RELATED: Coloradans can now drop off donations for fire victims

Fortunately, for the dance studio, a thorough cleaning can solve almost any problem caused by the fire. However, some materials inside the studio may need to be replaced due to toxins spread by ash and smoke.

After barely two years of surviving the impacts of the COVID-19 pandemic on small businesses, the Fearless Motion Dace Center is counting on steady business to stay afloat. Some clients have lost their homes. Because the studio was closed in the aftermath of the fire, the owners were unable to collect regular dues and more.

Due to the potential financial strain on their business, Callie and Brianna visited the Disaster Assistance Center in Lafayette to explore financial assistance options. There, they were able to meet with the SBA to apply for a low-interest loan. The loan could help pay for the replacement of damaged items as well as the deep cleaning of the facility.

When CBS4 visited the dance studio, dozens of workers were inside cleaning the building. Ceiling tiles were removed and cleaned one by one.

“We clean our facility from top to bottom, making sure every crack and crevice is completely smoke-free from our space,” Callie said.

The ability to hurry and clean their facilities thoroughly could significantly help the company recover quickly from the fire.

(credit: CBS)

“We are focused on helping businesses that have been impacted by the Marshall Fire. They can come and expedite their application in person,” said SBA spokesman Rick Tillery. “These are low-interest loans guaranteed by the federal government. They are there to help you get back on your feet.

More than 57 businesses have already applied for loans through the SBA. Another 101 families have applied for loans for their homes and over $17 million has already been distributed.

“It’s nice to know we’re not alone going through this, and there are so many different ways to get relief and help when needed,” Callie said.

If you or someone you know needs a loan for financial assistance due to the fire, you can come to DAC in Lafayette during regular business hours, seven days a week.

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French fintech Qonto approaches $ 5 billion valuation after new fundraising https://4wallsandaview.com/french-fintech-qonto-approaches-5-billion-valuation-after-new-fundraising/ Tue, 11 Jan 2022 06:29:00 +0000 https://4wallsandaview.com/french-fintech-qonto-approaches-5-billion-valuation-after-new-fundraising/ The euro coins are visible in front of the French flag displayed in this photo taken on May 7, 2017. REUTERS / Dado Ruvic / Illustration Register now for FREE and unlimited access to Reuters.com Register PARIS, January 11 (Reuters) – Qonto, a French online bank for small and medium-sized enterprises (SMEs), announced on Tuesday […]]]>

The euro coins are visible in front of the French flag displayed in this photo taken on May 7, 2017. REUTERS / Dado Ruvic / Illustration

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PARIS, January 11 (Reuters) – Qonto, a French online bank for small and medium-sized enterprises (SMEs), announced on Tuesday that it had raised 486 million euros, bringing its valuation to 4.4 billion euros (4, 98 billion dollars), in another sign of the good health of the French fintech sector.

France has seen a streak of large private equity fundraising as the combination of low interest rates, investment incentives and home support measures due to the COVID-19 pandemic has boosted digital businesses.

Qonto’s latest fundraising is a record for a French fintech, a startup specializing in financial services. It was led by investment firm Tiger Global and private equity fund TCV, and was followed by eight other new contributors, including Eurazeo (EURA.PA), KKR (KKR.N) and Alkeon.

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Previous investors including Valar, Alven, DST Global and Chinese tech giant Tencent (0700.HK) also participated in the funding, Qonto said.

The five-year-old company has a banking license for payments and offers accounting and financial management services for SMEs at a monthly subscription price starting at 9 euros ($ 10.20).

It recently joined forces with another French fintech, October, which offers small loans of up to 30,000 euros to SMEs. He also partnered with Payfit, a software company that developed a payroll platform.

“Our goal is to make life as easy as possible for businesses,” said co-founder and CEO Alexandre Prot. The company says it has 220,000 customers in four countries, including France, Germany, Italy and Spain.

The money he has raised will allow him to quadruple its workforce to 2,000 by 2025, he said, with the aim of increasing the number of clients to 1 million SMEs and self-employed.

The startup plans to enter new markets in 2023, but has not specified which ones. Qonto does not disclose its financial figures.

($ 1 = € 0.8832)

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Report by Mathieu Rosemain; Editing by Lisa Shumaker

Our standards: Thomson Reuters Trust Principles.

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Jana Small Finance Bank Junks Gold Loan Fraud Slur https://4wallsandaview.com/jana-small-finance-bank-junks-gold-loan-fraud-slur/ Sun, 09 Jan 2022 11:07:21 +0000 https://4wallsandaview.com/jana-small-finance-bank-junks-gold-loan-fraud-slur/ The Jana Small Finance Bank has dismissed all allegations made against it regarding public exploitation in the name of gold lending. A report entirely based on customer allegations was recently broadcast by Odisha Television Limited (OTV) in this regard. In response to the report, the bank on Sunday refuted all accusations in a press release […]]]>

The Jana Small Finance Bank has dismissed all allegations made against it regarding public exploitation in the name of gold lending. A report entirely based on customer allegations was recently broadcast by Odisha Television Limited (OTV) in this regard.

In response to the report, the bank on Sunday refuted all accusations in a press release and said it had a clear policy on communicating with gold lending customers, including late notices and claims. notice prior to auction.

The Jana Bank said its gold lending policy includes SMS alerts to customers, a first notice to remind the refund of unpaid contributions, a final notice clearly stating the deadline for payment of contributions and the date of the auction, notice prior to the auction. , public auction notice in an English publication and an Odia publication with the client’s name clearly mentioned.

He further clarified that even if customers make repeated tours of the bank, the gold auctioned cannot be returned. “Because the gold items have already been sold. Prior to the gold auction, the customer was contacted hundreds of times and also sent reminders. All processes were done legally,” one said. responsible for the bank.


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How to choose the right type https://4wallsandaview.com/how-to-choose-the-right-type/ Fri, 07 Jan 2022 20:24:00 +0000 https://4wallsandaview.com/how-to-choose-the-right-type/ Mobile, manufactured and modular homes are similar, but there are key differences that will affect the financing available. Many programs require the home to have at least 400 square feet of living space. Depending on your situation, a personal loan may be a better choice than a home loan. Read more stories from Personal Finance […]]]>
  • Mobile, manufactured and modular homes are similar, but there are key differences that will affect the financing available.
  • Many programs require the home to have at least 400 square feet of living space.
  • Depending on your situation, a personal loan may be a better choice than a home loan.
  • Read more stories from Personal Finance Insider.

Mobile homes are more suitable for some buyers than traditional homes. Maybe you are on a lower budget, want a smaller space, or need to move out later.

Some lenders offer mobile home loans, but financing these types of homes is different from traditional homes.

Mobile home vs prefabricated house vs modular house

The terms “mobile home,” “manufactured home,” and “modular home” are often used interchangeably, but there are a few key differences. And the type you choose will determine the types of mortgages you can choose to finance the purchase.

All three are built in a factory and shipped to the site, while the traditional houses are built directly on the property.

Mobile homes and manufactured homes are very similar in structure and appearance. The main difference between them is when they were made. Those built before June 15, 1976 are classified as mobile homes, while those built after that date are classified as manufactured homes.

Prefabricated homes are also built to safety standards set by the Department of Housing and Urban Development (HUD). This is the main difference between them and modular homes, which follow safety standards regulated by the local or state government.

7 ways to finance a manufactured home

You have several options for loans depending on your down payment, your credit rating, and the size of the home. The best fit can also depend on whether you want a mobile, prefab, or modular home.

1. Fannie Mae

the Fannie Mae MH Advantage Program is for manufactured homes. You will receive a 30 year fixed rate mortgage and this program offers interest rates on manufactured home loans lower than you might receive elsewhere.

You need a 3% down payment and a credit score of at least 620. The house must also meet certain criteria – for example, it must have a minimum width of 12 feet and a living area of ​​600 square feet.

2. Freddie Mac

Freddie Mac also offers manufactured home loans, and you can choose from a variety of fixed rate and variable rate terms. Like Fannie Mae, Freddie Mac demands that the house meet criteria. The house should be at least 12 feet wide and 400 square feet of living space.

3. FHA loans

You can get an FHA loan for a manufactured or modular home. You will get an FHA loan through a traditional lender, but it is backed by the Federal Housing Administration.

There are two types of FHA loans for manufactured and modular homes: Title I and Title II.

Title I loans are used to buy a house, but not the land it is on. The amount you can borrow depends on the type of property you are buying, but its borrowing limits are relatively low. A Title I loan could be a good option if you are working on a tight budget.

Title II loans are used to purchase both the house and the land below. The property must meet certain standards, such as having a living area of ​​400 square feet.

4. VA loans

Loans guaranteed by the Department of Veterans Affairs are intended for eligible serving members, veterans and their families. You can use a VA loan to buy a manufactured or modular home.

You don’t need a down payment when you get a VA loan, and the minimum credit score required will depend on the lender you use.

5. USDA loans

You can use a loan guaranteed by the United States Department of Agriculture to purchase a manufactured or modular home. The house must have at least 400 square feet of living space, and it must be built on or after January 1, 2006.

As with a VA loan, you don’t need a down payment and the credit rating you need will depend on the lender.

6. Movable loans

Homeowners loans are types of loans for various types of properties, including cars and boats. You can use a home loan to buy a mobile, prefab, or modular home.

These loans have higher interest rates than the other types of loans on this list, as well as shorter terms. But a home equity loan might be a good option if you don’t qualify for other types of home loans, or if you know you want a mobile home rather than a manufactured or modular home.

7. Personal loans

Lenders set limits on how you can use the funds for a personal loan. Depending on the lender you use, you may be able to invest in a mobile, prefab, or modular home.

A personal loan can be cheaper to start with than a home loan because you won’t have to pay most of the closing costs. However, personal loans generally charge higher interest rates than home loans, especially if you have a bad credit rating.

To choose between these mobile home loan formulas, think about the type of housing you want to buy. Then see which programs you qualify for.


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New low-interest loan provided to support business expansion and job creation in County Bedford https://4wallsandaview.com/new-low-interest-loan-provided-to-support-business-expansion-and-job-creation-in-county-bedford/ Wed, 05 Jan 2022 16:10:09 +0000 https://4wallsandaview.com/new-low-interest-loan-provided-to-support-business-expansion-and-job-creation-in-county-bedford/ Governor Tom Wolf today announced new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) which will support the growth of Lampire Biological Labs, Inc. in Bedford County. “The PIDA loan approved today is an investment in a local business that began in Pennsylvania over 44 years ago,” Governor Wolf said. “This funding will […]]]>

Governor Tom Wolf today announced new low-interest loan approval through the Pennsylvania Industrial Development Authority (PIDA) which will support the growth of Lampire Biological Labs, Inc. in Bedford County.

“The PIDA loan approved today is an investment in a local business that began in Pennsylvania over 44 years ago,” Governor Wolf said. “This funding will support Lampire Biological Labs as they hire new employees, boost their local economy, and continue to grow and develop right here in the Commonwealth.”

In 2021, PIDA approved $ 50,600,557 of low-interest loans that resulted in $ 119,192,822 in private investment and supported 1,991 full-time jobs created and maintained.

Lampire Biological Labs, Inc., through the Southern Alleghenies Planning & Development Commission, has been approved for a 15-year loan of $ 1,075,000 at a reset interest rate of 1.5% to help improve his 182 acre farm facility on Clear Ridge Road as well as various smaller improvements to his 125 acre farm on Front Range Road.

Hometown Bank will also provide a loan of $ 1,075,000 and its funds will be used to improve the two farms described above as well as additional improvements to the company’s 157-acre farm on Cherry Lane. Lampire will provide $ 137,748 in equity for the entire project.

Upgrades include restoration / upgrading of the barn, paddocks, electrical, interior framing and painting, HVAC and improvements to the existing bank barn. The improvements will increase the operational efficiency of the business and enable increased capacity. The company has pledged to create 12 full-time jobs and maintain its current 65 jobs within three years.

Lampire, through the Southern Alleghenies Planning & Development Commission, Bedford County Development Association and Lehigh Valley Economic Investment Corporation, has already made six PIDA loans to support the company’s growth in Pennsylvania.

For more information on PIDA and other economic development programs, visit the website of the Ministry of Community and Economic Development. website.


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FEMA Application Deadline Approaches Jan. 5 for New Jersey Disaster Assistance Ida https://4wallsandaview.com/fema-application-deadline-approaches-jan-5-for-new-jersey-disaster-assistance-ida/ Mon, 03 Jan 2022 18:33:00 +0000 https://4wallsandaview.com/fema-application-deadline-approaches-jan-5-for-new-jersey-disaster-assistance-ida/ TRENTON, New Jersey – New Jersey homeowners, tenants and businesses who suffered property damage or loss from the remnants of Hurricane Ida from September 1-3, 2021, have until Wednesday to apply for federal disaster assistance. The deadline for applying for FEMA assistance and for low-interest disaster loans from the US Small Business Administration (SBA) is […]]]>
TRENTON, New Jersey – New Jersey homeowners, tenants and businesses who suffered property damage or loss from the remnants of Hurricane Ida from September 1-3, 2021, have until Wednesday to apply for federal disaster assistance. The deadline for applying for FEMA assistance and for low-interest disaster loans from the US Small Business Administration (SBA) is January 5, 2022.

Federal disaster assistance for individuals and families can include money for rent assistance, essential home repairs, loss of personal property and other serious disaster-related needs not covered by the ‘assurance.

If you live in Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union Where Warren counties, you can sign up for disaster assistance, update your contact information, ask about a FEMA letter, get information about FEMA home inspections, or learn how to appeal a FEMA decision by:

  • Go online at Disaster Assistance.gov;
  • Download the FEMA application; Where
  • Call 800-621-3362 (ATS: 800-462-7585). The toll-free phone lines currently operate from 7 a.m. to 1 a.m. ET daily. If you are using a relay service, such as Video Relay Service (VRS), Closed Captioned Phone Service, or the like, give FEMA the number for that service. Multilingual operators are available.

You should have the following information available when you are ready to register:

  • Address of the damaged main accommodation
  • Current mailing address, telephone number and social security number
  • Your insurance information
  • Total annual household income
  • Routing and account numbers for checking or savings accounts for direct deposit; and
  • A description of the damage and loss caused by the disasters.

The primary source of federal funding for long-term disaster recovery not covered by insurance is the Small Business Administration. SBA provides disaster assistance in the form of low-interest, non-profit business loans

organizations, owners and tenants. The SBA also provides small businesses and qualifying nonprofits with working capital to help them overcome an economic injury.

Homeowners, tenants and businesses that were affected by Hurricane Ida can apply for disaster loans using the SBA’s secure website at https: //catastropheloanassistance.sba.gov / ela / s /, and should apply under SBA statement # 17143. For more information, applicants can also call the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing), or send an email to DisasterCustomerService @ sba.govt.

For the latest information, visit fema.gov/disaster/4614. Follow the FEMA Region 2 Twitter account on twitter.com/FEMAregion2.

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Kathryn Scanlan on Louise Nevelson https://4wallsandaview.com/kathryn-scanlan-on-louise-nevelson/ Sat, 01 Jan 2022 16:27:58 +0000 https://4wallsandaview.com/kathryn-scanlan-on-louise-nevelson/ In 1945, after the death of her parents, Louise Nevelson (1899-1988) used money from her family’s estate to purchase a four-story brownstone at 323 East Thirtieth Street in Manhattan. She repaired it with the help of a friend and a loan from a gallery owner who had shown her her work but was unable to […]]]>

In 1945, after the death of her parents, Louise Nevelson (1899-1988) used money from her family’s estate to purchase a four-story brownstone at 323 East Thirtieth Street in Manhattan. She repaired it with the help of a friend and a loan from a gallery owner who had shown her her work but was unable to sell any. She used the building and its large backyard as a home, studio, and meeting place for artist groups and cultural events, but in 1954 she was kicked out by New York’s Committee on Slum Clearance, which planned to demolish the neighborhood for redevelopment. She stayed as long as she could, until late 1958 or early 1959, watching the surrounding buildings being razed one by one. In this house, Nevelson produced the first of the large wall sculptures which, at nearly sixty years of age, brought him serious professional recognition. It was also there that she began making collages, which she described as “lower tension” versions of her more monumental works.

Nine of Nevelson’s collages were on display in a recent exhibit at Kayne Griffin, in a small room beyond the large main space, which housed an exhibit of Sam Moyer’s large stone and canvas wall art. One of them – a taut pile of gray marble shapes against a muted blue background – was titled Louise, 2021, according to Nevelson.

The collages were rigorous, dark and playful, rendered in neutral palettes emphasizing black, the artist’s signature hue, a color with spectacular performance. The effect was particularly noticeable in Untitled, 1982, in which a deteriorated but perfectly cut piece of quilted quilt is made more striking by its jet black burial background and Untitled, 1959, an arrangement of rectangles of red paper, metallic foil and raw plywood surrounded by a black geometric shape evoking the sharp shadow cast by a building at sunset. And in Untitled, 1957, small pieces of wood and cardboard that look so smoky and scorched were actually marked with spray paint, which Nevelson used for his large monochrome sculptures. The abstract composition resembles a condemned house that has been burned down and barricaded.

The pieces in this exhibition were produced between 1957 and 1982, but a consistency of color, form and material linked the works together in a way that, instead of seeming repetitive, reinforced their authority and created a sort of temporal resonance and of excitement. Unity was accentuated by the beautiful presentation of the collages, mounted on board and packaged in luxuriously minimal wood frames, made to Nevelson’s specifications, which offered both contrast and a complement to the humble materials – flattened packaging, scraps of wood and metal elements. aluminum wraps — Nevelson used to create such austere architectural compositions.

Nevelson made crucial breakthroughs in her practice once she had her own home to work in, and these came more frequently towards the end of her residency on Thirtieth Street, when her life situation was in turmoil. Although her family and her husband had money, Nevelson had moved away from the two by the 1920s in order to pursue her art. For years, she struggled financially, personally, professionally – the Great Depression didn’t help – and often wandered the streets of New York City, sometimes with her son, picking up pieces of wood and trash to burn for warm up. Appreciating the poetry of the castaway, she made art from the objects she recovered, and when her neighborhood was razed, she made art from the wreck. In Nevelson’s collages, precariousness and stability coexist, producing a tension that transforms these architectural images – which seem to function as self-substitutes – into documents of everyday life and the passing of time.


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Axis Bank: Axis Bank turns to unsecured lending as growth picks up https://4wallsandaview.com/axis-bank-axis-bank-turns-to-unsecured-lending-as-growth-picks-up/ Fri, 31 Dec 2021 01:03:00 +0000 https://4wallsandaview.com/axis-bank-axis-bank-turns-to-unsecured-lending-as-growth-picks-up/ Mumbai: Axis Bank plans to gradually increase its unsecured share of personal loans as it seeks higher yields amid an expected rebound in economic activity. Head of personal loans Sumit Bali said the proportion of unsecured loans will rise to 22% -24% in the near future, with the bank focusing more on credit cards, personal […]]]>
Mumbai: Axis Bank plans to gradually increase its unsecured share of personal loans as it seeks higher yields amid an expected rebound in economic activity.

Head of personal loans Sumit Bali said the proportion of unsecured loans will rise to 22% -24% in the near future, with the bank focusing more on credit cards, personal loans and small loans. companies.

“The impact of Covid has now abated and the appetite for risk is returning. We plan to gradually increase our exposure to low-term unsecured loans,” Bali said.

Retail loans at ₹ 3.5 lakh crore make up 56% of the bank’s net advances, 80% of which were guaranteed at the end of September 2021. Bali said that ratio would decline as the bank seeks to improve its profitability.

Secured loans are led by home loans, auto loans, and small business secured loans and loans against property (LAP). Bali said the bank’s risk management and underwriting capabilities are now proven, allowing it to enter riskier lending segments.

Unsecured loans usually come with higher margins. Personal loans, for example, have margins 7 to 8 percentage points higher than the 1 to 1.25% margin on home loans, while for unsecured small business loans it could be 9 higher. at 10 percentage points, Bali said.

Home loans represent 37% of the bank’s personal loans, followed by rural, auto, personal and LAP loans.

Axis also offers an installment business loan of less than 10 lakh to the self-employed. Bali said it expects demand for loans from this segment as economic activity picks up. “The pandemic has changed the mindset of customers when it comes to spending. While some segments like travel or restaurants have been affected, we are seeing positive indicators in terms of retail spending aided by the model of hybrid work. ”

Axis held an 8.5% share of credit card spending, dominated by retail at the end of September. He is banking on partnerships with Flipkart to increase emissions and expenses.

The bank is also in the race to buy out Citibank’s retail franchise in India, which was blocked in April. “It is common knowledge that we are one of the bidders. It’s a mix of retail assets, liabilities and wealth management which are good segments that we are interested in,” Bali said.


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Business News – Kennebunk Savings recognized for its work with small businesses https://4wallsandaview.com/business-news-kennebunk-savings-recognized-for-its-work-with-small-businesses/ Wed, 29 Dec 2021 14:33:06 +0000 https://4wallsandaview.com/business-news-kennebunk-savings-recognized-for-its-work-with-small-businesses/ Kennebunk Savings has been recognized by the Small Business Administration for its work with the small business community amid the COVID-19 pandemic. The bank received the District Manager’s Award for its exemplary lending practices aimed at supporting local businesses at a critical time. Kennebunk Savings made house calls, arranging outdoor loan signings as part of […]]]>

Kennebunk Savings has been recognized by the Small Business Administration for its work with the small business community amid the COVID-19 pandemic. The bank received the District Manager’s Award for its exemplary lending practices aimed at supporting local businesses at a critical time.

Kennebunk Savings made house calls, arranging outdoor loan signings as part of the Paycheck Protection Program in April 2020. Courtesy photo

“Kennebunk Savings has always been among the Top 10 Small Business Administration lenders in Maine,” said Diane L. Sturgeon, district manager for the Small Business Administration, in a Dec. 15 press release. “But from 2020 to 2021, they showed significant increases in loans for small businesses in Maine.”

“The Director’s Award recognizes 504 and 7 (a) loans, which are types of loans where a portion of the funds are guaranteed by the SBA,” said Chris Kehl, executive vice president and general manager of Kennebunk Savings, in a commentary. E-mail. “It’s for new businesses and collateral gaps – areas where we might not normally be able to lend. As you can imagine, over the past couple of years these types of loans have been essential to our small business community and we have worked overtime to provide as many as possible.

Paycheck Protection Program loans are perhaps better known to the general public and have been made available to businesses of all sizes. According to the press release, “Kennebunk Savings’ PPP portfolio shows continued dedication to small businesses and local businesses, as 89% of the bank’s first round PPP loans were less than $ 150,000.”

“We understand our customers and our communities,” said Bradford C. Paige, president and CEO of Kennebunk Savings, in an email. “And the small businesses in our communities know they can count on us, especially during times of economic stress. While we are certainly proud to be honored with the Director’s Award, we are even more proud of the significant impact our work has had on the small business community throughout the pandemic. “

According to the press release, the SBA District Director Award is given in recognition of lenders who “dramatically increase” their use of small business administration programs in loan portfolios and make “efforts to increase access” to loans. programs like the Paycheck Protection Program.

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