Money – Hardouin http://hardouin.info/ Sat, 09 Oct 2021 06:06:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 A VISIONARY AWARD from the Women’s Enterprise Action Loan Fund (WEALF) of $ 25,000 presented to entrepreneur Kerri Quigley, The Fashion Place https://hardouin.info/a-visionary-award-from-the-womens-enterprise-action-loan-fund-wealf-of-25000-presented-to-entrepreneur-kerri-quigley-the-fashion-place/ Tue, 09 Mar 2021 10:57:30 +0000 https://hardouin.info/a-visionary-award-from-the-womens-enterprise-action-loan-fund-wealf-of-25000-presented-to-entrepreneur-kerri-quigley-the-fashion-place/

NEW YORK, March 27, 2020 / PRNewswire / – During a virtual presentation on Wednesday evening Kerri Quiqley, The place of fashion, https://thefashionclass.com/ moved back $ 25,000 Visionary Award. Ms. Quigley was selected by the judges from among four finalists in the WEALF Program for Women Entrepreneurs. The award went to the business owner who could best envision the accelerated growth of her business with a $ 25,000 investment. Each candidate had to submit a detailed feasibility plan accompanied by financial and marketing support.

The finalists, Autumn Adeigbo, https://autumnadeigbo.com/; Annabelle santos https://spadet.com/; and Grace Tappin, https://www.movewithgrace.com/; each received a $ 2,500 price. The judges, eminent business leader, were Yanki Tshering, founder, Business Center for New Americans; Jill johnson, CEO, Institute for Entrepreneurial Leadership: Lorine Pendleton, Portfolio Rising America Fund; Catherine swintek, Management partner, Gold Seeds; Denise Kellen, member of the board of directors of WEALF, and Sybil Waland, Managing Partner, Consumer Dynamics.

Vicki Weiner, Founder of WEALF said: “The Visionary Award comes at a particularly important time when our women are in survival mode. The award is a vote of confidence and a tribute to the amazing strength of our female entrepreneurs who turn their business dreams into reality despite enormous obstacles. . We are continually looking for ways to help our women become financially independent. These difficult times call for inventive approaches. “In their remarks, each of the four finalists described their management strategy during the CV-19 crisis.

WEALF started in 2013 as an alternative nonprofit funding source for New York City women entrepreneurs who had neither the collateral nor the guarantor for traditional loans. WEALF interest-free loans are coupled with one-on-one mentoring. Experienced mentors offer encouragement, advice and direction to other resources needed to stimulate business growth and help these women become solvent and financially self-sufficient. To date, WEALF has provided approximately $ 480,000 in loans to more than 50 companies. It has an enviable 95% recovery rate.

WEALF looks beyond zip codes, nationality and age to determine loan eligibility. “Our women share an unwavering determination to succeed,” said Ms. Weiner. WEALF women own successful businesses in a variety of industries including food, fashion, film, healthcare, childcare, professional services, pets, and hospitality. “Each deserves to be recognized for their commitment to their business and contribution to the community. The award is for all women who participate in the program.”

www.wealf.org or contact Vicki Weiner at 917 714 2133 or [email protected].

SOURCE Women’s Enterprise Action Loan Fund (WEALF)

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Definition of late payments https://hardouin.info/definition-of-late-payments/ Tue, 09 Mar 2021 10:57:29 +0000 https://hardouin.info/definition-of-late-payments/

What does overdue mean?

Overdue is a payment that has not been made by its deadline at the end of its due date. A late payment borrower will usually face penalties and may be subject to late fees. The non-reimbursement of a to lend on time usually has negative consequences on a borrower’s creditworthiness and can lead to a permanent adjustment of loan conditions.

Key points to remember

  • Overdue is a status that refers to payments that have not been made by the deadline on the due date.
  • Any type of contractual payment agreement can contain provisions for missed payments.
  • Credit is an area where late payment penalties are significant and damaging.

Understanding the arrears

Overdue status can occur for any type of payment that has not been paid by the cut-off time on its specified due date. Overdue payments are usually penalized based on the terms of a contractual agreement. Credit agreements are one of the most common situations in which overdue payments can arise.

An individual or a company that takes out a loan or obtains any type of credit from a credit institution must repay the loan according to the terms of the loan agreement. Loan products and loan agreements can vary widely depending on the type of credit product offered. Some loans, like in fine loans, require a lump sum payment with interest after a specified period of time. The majority of loan products are monthly Payment a schedule that requires the borrower to pay part of the principal and interest on each payment. Credit institutions depend on the expected cash flow described in loan agreements and will take penalizing action when payments are not made on time.

Types of loans

Loans generally fall under one or the other turning or non-renewable categories. Non-revolving credit offers a lump sum payment to the borrower. However, the payment terms can potentially be diverse, with borrowers only required to pay monthly interest or interest and the principal after a period of time. Most non-revolving loans have a regular repayment schedule, called an amortization schedule, which includes monthly payments of principal and interest.

Revolving credit is usually always on a monthly payment schedule. The borrower is required to make a monthly payment on a specified date. However, revolving credit does not always have a regular repayment schedule. This means that the payments can vary each month depending on the outstanding balance. Indeed, revolving credit is an indefinite agreement in which the borrower has a specified credit limit which he can access if he wishes. This makes the loan process continuous with the balance depending on the amount or how often a borrower takes out the credit. Lines of credit and credit card accounts are considered revolving credits. The borrower can dip into the available credit balance on these accounts at any time, but is required to make a specified minimum payment each month by a specified due date. In this case, the loan and repayment are continuous and continuous.

Penalties and late fees

No matter what type of loan agreement a borrower has entered into, they have an obligation to make the required payments on the required due date. A borrower who does not make the required payment by the due date will be hit with some kind of penalty. Keep in mind that many lenders have time limits on the due date that the borrower should be aware of when making payments. For example, some lenders may require payment to be received by 8:00 p.m. Eastern Standard Time, while others may allow payment until midnight in the borrower’s time zone. If a loan payment is due by the 10th of the month and is not paid on time, the payment will be considered past due.

Late fee are one of the costliest penalties that can arise for an overdue invoice.

Lenders can charge anywhere from $ 20 to $ 50 for a late payment.

This becomes a good source of income for the lender and also a charge which helps to cover certain risks of delinquency. Some lenders may not charge late fees at all. This can be a good feature to look out for when applying for new credit. When late fees are charged they can be significant and if they accumulate they can be difficult to reimburse.

Credit rating

If a lender does not charge any late fees, a borrower will still be penalized with credit reports that can affect their credit rating. The payment business typically accounts for the largest part of a credit scoring methodology at around 35%. Most borrowers only report defaults after 60 days are late, but if a payment is missed at any time, a lender can report it. Unpaid bills remain on a credit report for seven years. This is another reason why they can be damaging. There is nothing a borrower can do to clear defaults, unlike repaying the use of credit, which is the second most important credit scoring factor.

other considerations

Depending on a lender’s policy, the borrower will either be immediately charged a late fee and / or be reported in default after missing a required payment. Some lenders may offer Grace periods. Grace periods can be another feature to watch out for when applying for credit or reviewing credit conditions. If, for example, there is a 10-day grace period, the borrower will only be charged a late fee 10 days after the due date. If payment is still not made by the end of the grace period, late fees or additional interest may apply. Grace periods can also be changed if a borrower leverages the benefit. If there is a tendency to pay late, the grace period can be shortened or removed.

When a late payment borrower receives their next account statement, the balance owing will be the current balance plus their overdue balance plus late fees and interest charges. For the account to be in good standing, the borrower must make the required minimum payments, including late fees, or they may be further penalized. A lender can also increase the interest rate on the account as a penalty, which increases the amount owed. Lenders can often decrease or increase interest rates based on payment history.

An individual or business that is 30 days late on a loan payment may be reported in default to the credit bureaus. After 180 days of non-payment of an overdue account, the debtor may no longer be able to pay in installments. Usually by then the lender will have written off the loan and sold it as a debt. Recovering agency. In a charge off lender, the lender writes off the loan amount as a loss, with the loss depending on any salvage value that might be obtained from a sale. Uncollected debts will always be searched even after a charge. Collection agencies can often be more aggressive and proactive than a lender’s collection department, also continuing to report damaging information that affects a credit score.

Loans are not the only type of agreement subject to late payment penalties. Other agreements that may involve arrears include tax obligations, mobile phone contracts and lease The agreements. Each contract will have its own provisions for the occurrence of overdue payments. Additionally, all types of missed payments can be reported to credit bureaus for credit assessment purposes.

There are many options for resolving all kinds of unpaid debts including bankruptcy, settlement and debt consolidation loan offers. Ultimately, it’s best to take proactive steps to ensure debt is paid on time to avoid costly penalties and costly exit strategies.

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You can protect your credit report from late payments during the viral crisis. Here’s how – NBC Bay Area https://hardouin.info/you-can-protect-your-credit-report-from-late-payments-during-the-viral-crisis-heres-how-nbc-bay-area/ Tue, 09 Mar 2021 10:57:29 +0000 https://hardouin.info/you-can-protect-your-credit-report-from-late-payments-during-the-viral-crisis-heres-how-nbc-bay-area/

Delay in paying bills – credit cards, car loans, rent, mortgages, utilities, etc. – often results in a black mark on your credit report. This can lower your credit score and haunt you for years to come, making it more difficult to borrow in the future.

Fortunately, there is temporary help for millions of Americans buried in the Coronavirus Aid, Relief and Economic Security Act (CARES). It is the $ 2 trillion federal stimulus bill passed by Congress and promulgated by President Trump.

Article 4021 (page 209 of this link) aims to protect your credit. If you fall behind in your payments due to financial hardship with the virus and come to an agreement with your lender, the bank must show that your account is still up to date – no black mark.

The process is not automatic, however. You must act. And we encourage you to do so as soon as possible. Call the bank or lender to explain your situation and make a deal. Keep detailed notes on when you called, who you spoke to, and what you discussed. Request a reference number related to your call. That way if there is a problem later you have a case.

Just telling your lender isn’t enough to protect your credit report. You need to make an agreement with your bank or credit union about when you will start making payments again and how you will make up for missed payments. A formal agreement is the only way to obtain the protection provided by the CARES Act.

Requiring families to take action is not right for some consumer advocates. The League of United Latin American Citizens (LULAC) is calling for a nationwide end to negative credit reports during the pandemic – without forcing borrowers to ask.

“Often we don’t even know our own rights,” said Sindy Benavides, group CEO. “We don’t know, sometimes, that we can even have these conversations with our own lenders.”

Benavides says LULAC sent a letter to Congress this week, calling for greater consumer protection during the health crisis.

“By adopting a moratorium on credit reports during COVID-19, Congress has truly [would] give our American community that wiggle room it desperately needs to make sure we survive this, ”she said.

Unless there is a new directive from Washington, protecting your credit report during the pandemic remains your responsibility. If you’re going to miss a payment, contact the banks that hold your mortgage, car loan, and credit card debt. Let them know you’re late. Ask for help. And, come to an agreement.

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Mnuchin rejects renewal of some Fed emergency lending programs https://hardouin.info/mnuchin-rejects-renewal-of-some-fed-emergency-lending-programs/ Tue, 09 Mar 2021 10:57:28 +0000 https://hardouin.info/mnuchin-rejects-renewal-of-some-fed-emergency-lending-programs/

WASHINGTON – Treasury Secretary Steven Mnuchin said Thursday he would not extend several emergency loan programs put in place with the Federal Reserve to support the economy amid the coronavirus pandemic.


What would you like to know

  • Treasury Secretary Steven Mnuchin said on Thursday he would not extend several emergency loan programs that expire on December 31.
  • Mnuchin demanded that the Fed return to the treasury unused funds allocated by Congress for the operation of programs
  • Fed Chairman Jerome Powell said on Tuesday he hoped the loan programs would stay in place for the foreseeable future.
  • Fed to expire nine of its 13 emergency facilities by year-end, Mnuchin move says

The decision drew a terse reprimand from the Fed.

The central bank said it “would prefer that all of the emergency facilities put in place during the coronavirus pandemic continue to play their important role as a safety net for our still strained and vulnerable economy.”

But in a letter to Fed Chairman Jerome Powell, Mnuchin said the Fed’s business credit, municipal loan and Main Street loan programs would not be renewed when they expire on December 31.

By law, the loan facilities required the support of the Treasury Department, which serves as a safety net for any initial losses that the programs might incur.

Mnuchin said he is asking the Fed to return unused funds earmarked by Congress for the operation of the programs to the Treasury.

He said this would allow Congress to reallocate $ 455 billion to other coronavirus programs. Republicans and Democrats have been deadlocked for months on approving yet another round of coronavirus support measures.

In public remarks Tuesday, Powell made it clear that he hoped the loan programs would stay in place for the foreseeable future.

“When the time is right, and I don’t think that time is yet, or very soon, we’ll put these tools away,” he said in an online chat with a business group based in San Francisco.

The future of municipal and Main Street loan programs took on greater significance with the victory of President-elect Joe Biden. Many progressive economists have argued that a Democrat-run treasury could help the Fed take more risk and make more loans to small and medium-sized businesses and cash-strapped cities under these programs. It would at least provide a way for the Biden administration to deliver stimulus without going through Congress.

None of these programs have so far lived up to their potential, with the municipal loan program providing only one loan, while the Main Street program has provided loans totaling about $ 4 billion to about 400 companies.

Mnuchin’s move comes as the resurgence of the virus and slowing consumer spending, along with colder weather that will close al fresco dining, will force more small and medium businesses to struggle with lower incomes and potentially shut down. .

However, Republican Senator Pat Toomey of Pennsylvania said in a statement that he approved of Mnuchin’s decision.

“The intention of Congress was clear: these facilities were to be temporary, provide liquidity and cease operations by the end of 2020,” said Toomey, a member of the Senate finance committee. “With liquidity restored, they are expected to expire, as Congress intended and the law requires, by December 31, 2020.”

The Associated Press contributed to this report.

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MeridianLink’s LoansPQ loan creation software is now integrated with Affordit to expand loan applicants’ credit options through financial well-being https://hardouin.info/meridianlinks-loanspq-loan-creation-software-is-now-integrated-with-affordit-to-expand-loan-applicants-credit-options-through-financial-well-being/ Tue, 09 Mar 2021 10:57:28 +0000 https://hardouin.info/meridianlinks-loanspq-loan-creation-software-is-now-integrated-with-affordit-to-expand-loan-applicants-credit-options-through-financial-well-being/

LoansPQ is a leading automated loan origination system that allows financial institutions to automate as many loan processes as their strategies require. Direct and indirect consumer loans can be processed while simultaneously providing cross-selling opportunities for value-added products and services. LoansPQ handles the entire loan process, including application processing, underwriting, post-approval, closing, reservation, and financing.

“MeridianLink has been helping loan officers find loan options for applicants for many years,” said Doug Glagola, vice president of enterprise solutions for MeridianLink. “Affordit brings a tool to our offering that will strengthen this process for everyone involved. This never-before-seen tool enhances our LoansPQ loan origination software. It provides loan officers with a detailed report that will make the process more transparent, helping applicants improve their financial well-being. “

Affordit’s proprietary software, Affordit Wallet Genie, and Affordit Solution Based Outcome™ Report will integrate with the MeridianLink platform through this partnership. This will give loan originators using MeridianLink through United States access to this innovative credit application tool.

The Wallet Genie and solution-based result report are used in the loan creation process and make the consumer loan and mortgage approval process more efficient for financial institutions and applicants. Loan officers using the MeridianLink platform will now be able to automatically generate specific actions to improve a client’s financial well-being and secure a loan in the future. This report is produced in seconds, with no additional data entry requirements.

“By combining the proprietary Affordit technology with the MeridianLink platform, we will be able to help more loan seekers access capital through transparency and actionable solutions to improve their financial well-being. “, said Kevin o’brien, CEO and founder of Affordit. “At the heart of Affordit is our mission. We aim to help loan seekers access the capital they need to improve their lives.”

Located in the Tampa Bay A technology hub in the region, Affordit utilizes the region’s access to high-tech talent, individual investors seeking investments in high-growth fintech, and world-class academic institutions.

About Affordit

Situated in Tampa, Florida, Affordit is an innovative and fast-growing business-to-business financial technology company focused on leveraging consumer credit. Founded in 2018, Affordit has developed patent-pending technology, which provides a comprehensive analysis of a consumer’s credit profile for credit unions and banks to use in a loan origination system and ensures that financial health of the applicant is optimal and, if necessary, offers applicants with specific steps to qualify in the future. For more information visit www.Affordit.com.

About MeridianLink

MeridianLink, Inc., developer of the industry’s leading multi-channel loan origination and account opening platform, is a leading provider of business solutions for financial services organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and account / deposit technologies, all of which enjoy a solid reputation for cutting edge, reliability and reliability. affordability. Situated at Costa Mesa, California, MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit MeridianLink.com.

Company contact
Mike Teixeira
Marketing Director
To afford
[email protected]

SOURCE Offer

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Native American engineer pleads guilty to $ 10 million fraud https://hardouin.info/native-american-engineer-pleads-guilty-to-10-million-fraud/ Tue, 09 Mar 2021 10:57:27 +0000 https://hardouin.info/native-american-engineer-pleads-guilty-to-10-million-fraud/

A Texas engineer asked for millions of dollars in forgivable loans to pay non-existent employees.

A Texas-based Native American engineer has pleaded guilty to filing fraudulent bank loan applications seeking more than $ 10 million in forgivable loans under anti-covid law.

Shashank Rai, 30, of Beaumont, pleaded guilty Tuesday in the Eastern District of Texas to one count of making false statements to a bank, according to a Justice Department statement.

He was charged on May 13, 2020, with violations of wire fraud, bank fraud, misrepresentation to a financial institution, and misrepresentation to the Small Business Administration (SBA).

As part of his guilty plea, Rai admitted that he applied for millions of dollars in SBA-guaranteed forgivable loans from two different banks claiming to have 250 paid employees when in fact no employee was working. for his alleged business.

Rai made two fraudulent claims to two different lenders for SBA-guaranteed loans for Covid-19 relief through the Paycheck Protection Program (PPP).

RELATED: Covid-19: Native American Engineer Charged With Rescue Fraud (May 14, 2020)

In the application submitted to the first lender, Rai requested $ 10 million in PPP loan products by fraudulently claiming to have 250 employees with an average monthly payroll of $ 4 million.

In the second request, Rai requested about $ 3 million in PPP loan products by fraudulently claiming to have 250 employees with an average monthly payroll of around $ 1.2 million.

According to court documents, the Texas Workforce Commission provided investigators with information that no records of employee wages were paid in 2020 by Rai or his alleged company, Rai Family LLC.

Additionally, the Texas Comptroller Office of Public Accounts reported to investigators that Rai Family LLC did not report any income for the fourth quarter of 2019 or the first quarter of 2020.

According to court documents, materials recovered from the garbage outside Rai’s residence included handwritten notes that appear to reflect an investment strategy for the $ 3 million, the amount Rai allegedly requested from the second lender.

READ: Native American businessman charged with $ 400,000 relief fraud (June 17, 2020)

The CARES (Coronavirus Aid, Relief, and Economic Security) law promulgated on March 29, 2020 provided for emergency financial assistance, including up to $ 349 billion in forgivable loans to small businesses to maintain employment and certain other expenses, through the PPP.

The PPP allows small businesses and other eligible organizations to receive loans with a two-year term and an interest rate of one percent. The proceeds of the PPP loan are to be used by businesses for salary costs, mortgage interest, rent, and utilities.

The PPP allows for the forgiveness of interest and principal if companies spend the proceeds of these expenses within a specified time frame and use at least a certain percentage of the loan for salary expenses.


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SBA report shows which states got the most and the fewest PPP loans https://hardouin.info/sba-report-shows-which-states-got-the-most-and-the-fewest-ppp-loans/ Tue, 09 Mar 2021 10:57:27 +0000 https://hardouin.info/sba-report-shows-which-states-got-the-most-and-the-fewest-ppp-loans/
Entrance to the Small Business Administration headquarters building (Image: Shutterstock).

More than 130,000 Texas small businesses received the nation’s largest paycheck protection program loans, worth $ 28.4 billion; According to an SBA report, 112,967 California small businesses received loans totaling $ 33.4 billion and 88,997 small business owners in Florida received PPP loans totaling $ 17.8 billion.

The report was released last week after the federal aid program exhausted its $ 349 billion that funded loans for about 1.6 million small businesses, which is just 5% of the $ 30.2 million. of small businesses in the United States. the US Senate passed a law for a second round of funding this would allocate $ 30 billion in PPP loans to banks, credit unions, and minority and community development finance institutions with less than $ 10 billion in assets. An additional $ 30 billion would be reserved for financial institutions with assets between $ 10 billion and $ 50 billion.

The SBA report also showed that small businesses in New York City secured the fourth highest number of PPP loans in the country, 81,075 loans worth $ 20.3 billion, followed by small businesses in Illinois who obtained 69,893 loans worth $ 15.9 billion.

The small businesses of the five states that received the least loans and funds were Alaska ($ 4,842.921 million), Delaware ($ 5,171.1 billion), Vermont ($ 6,983.1 billion) dollars), West Virginia ($ 7,861.1.3 billion) and Wyoming. ($ 7,618.837 million).

After the program launched on April 3, the SBA said it processed more than 14 years of loans worth over $ 342 million (in net approved dollars) in less than 14 days, which was authorized by the CARES law to provide loans to small businesses to keep their workers employed during the coronavirus crisis shutdown. The approved net dollars do not reflect the amount required for repayment to lenders under the CARES Act, the SBA noted.

The report states that nearly 5,000 lenders participated in the program, including what the federal agency described as “large loans by community banks and credit unions. “

The SBA press release, however, did not specify how many credit unions and community banks participated in the PPP or the total number of loans approved and their total value that were processed by them.

The SBA office did not provide specific information regarding credit unions or community banks as requested by the CU time.

Almost 20% of the amount approved was processed by lenders with less than $ 1 billion in assets, and around 60% of loans were approved by financial institutions with $ 10 billion in assets or less, according to the SBA. No lender represented more than 5% of the total amount of the program.

The average loan amount was $ 206,000.

According to the SBA report, 1.2 million PPP loans were $ 150,000 or less, while 427,062 companies received loans ranging from just over $ 150,000 to $ 5 million, and 4,412 companies each obtained a loan of more than $ 5 million.

About 67% of the loans went to businesses in construction, professional, scientific and technical services, manufacturing, health care and social assistance, accommodation and food services, and trade in detail, according to the SBA report.

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Bank tellers and loan officers should be vaccinated in the second group, says ABA https://hardouin.info/bank-tellers-and-loan-officers-should-be-vaccinated-in-the-second-group-says-aba/ Tue, 09 Mar 2021 10:57:27 +0000 https://hardouin.info/bank-tellers-and-loan-officers-should-be-vaccinated-in-the-second-group-says-aba/

The Food and Drug Administration approved emergency use of Pfizer and BioNTech’s coronavirus vaccine on Friday, paving the way for the national broadcast the first doses of the non-experimental vaccine, which began arriving in hospitals on Monday.

Speak recommendation of the Advisory Committee on Immunization Practices (ACIP), an independent group brought together by the Centers for Disease Control and Prevention (CDC), healthcare workers and residents of long-term care facilities will be the primary beneficiaries under the of phase 1a.

The banking business group, the American Bankers Association (ABA), is calling for frontline bank workers to be included in the second tranche, phase 1b, which includes core workers.

“[A]Among bank workers already deemed “essential” by the government, those who come into contact with the public on a daily basis, such as cashiers, should be considered for phase 1b of the CDC along with essential workers from other industries. ” an ABA spokesperson said on Monday.

The ABA, which said it has been working with public health agencies since the start of the pandemic, written to CDC Thursday, reiterating his position that frontline bank employees should be considered for inclusion in phase 1b.

In his letter to the CDC, Paul Benda, senior vice president of risk policy and cybersecurity at the ABA, quoted the Department of Homeland Security advice which designates a range of “essential” bank employees given their unique roles in favor of the economy and their local communities.

“This important designation allows them to do their jobs and travel as needed when states and localities impose restrictions related to the pandemic,” Benda wrote. “We deeply appreciate that CDC’s ACIP has already recommended that ‘core’ staff from various industries, including banks, be included in the Phase 1B immunization distribution sequence after healthcare workers and residents of long-term care. “

Benda said the ABA believes frontline workers who come into contact with customers, such as cashiers and loan officers, face the highest risk of infection and have the greatest risk of spreading. of the virus if they are infected.

“[T]These frontline workers… are absolutely essential, especially in communities where residents may not have access to electronic banking tools, ”Benda wrote.

Each state will ultimately determine its own vaccine delivery sequencing. However, Benda said, the CDC’s recommendations will likely serve as a guide in those decisions.

The CDC is expected to release guidelines on vaccine distribution to state and local health officials this week.

The ABA is not the only professional group in the industry calling for its frontline workers to be included in the second vaccination group. The National Retail Federation (NRF) and the National Restaurant Association have also argued that their frontline workers should receive the vaccine after healthcare workers and other first responders, according to The hill.

“Groceries are also essential, so these workers should be high on the list as well,” David French, NRF senior vice president for government relations, told the publication.

Since banks have been seen as critical businesses throughout the pandemic and have not been ordered to close branches, many have processed transactions through their steering wheel windows or authorize customers in branches by appointment only. Like other businesses still operating amid the pandemic, many bank branches have cut hours and office staff for security reasons.

Banks have also implemented employee temperature controls and rotating shifts to prevent office overcrowding.

Amid drastic changes in operations, many banks have reported spikes in the use of their digital offerings as more customers turn to mobile and online channels to complete transactions.

“It is clear that this [pandemic] shocked the behavior of bank customers and employees to become more fluent with digital technology, ”Joe Thomas, CEO of Freedom Bank in Fairfax, Virginia, said Banking Dive in May. “I think we will see more and more customers relying solely on the relationship using digital channels.”

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LENDonate secures $ 29 million tax-exempt bond for California Crosspoint Academy amid COVID-19 pandemic https://hardouin.info/lendonate-secures-29-million-tax-exempt-bond-for-california-crosspoint-academy-amid-covid-19-pandemic/ Tue, 09 Mar 2021 10:57:26 +0000 https://hardouin.info/lendonate-secures-29-million-tax-exempt-bond-for-california-crosspoint-academy-amid-covid-19-pandemic/

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Construction of new classrooms, university residence, gymnasium and more is underway

OAKLAND, Calif .– (BUSINESS WIRE) –
LENDonate, an Oakland-based fintech company, announced another customer success, this one amid the COVID-19 pandemic. LENDonate’s nonprofit lending platform leveraged a $ 29 million loan through public bond issue for California Crosspoint Academy (CCA), a 501 (c) (3) accredited Christian school based in Hayward, California. The CCA is now able to expand its range of services to cover Kindergarten to Grade 12 and enhance its existing award-winning academic programs.

LENDonate’s online lending platform unites nonprofits with lenders, including financial institutions, philanthropic organizations, and accredited investors, for efficient financing of high quality and affordable nonprofit loans. This unique platform helps investors discover mission-driven nonprofits that are looking for a loan to fund projects, increase nonprofit strategic working capital, or close a gap between a fundraising event. funds or an expected grant.

“We were looking for capital to finance a new construction project, but finding willing lenders amid a global pandemic, political turmoil and the current state of the economy has proven to be extremely difficult,” the Minister said. CCA Superintendent, Dr Robin Hom. “Fortunately, with the help of LENDonate, we were able to fully fund the project, which allowed us to expand our range of services to cover Kindergarten to Grade 12 and provide facilities to support our school for all 10 to the next 15 years. ”

LENDonate assessed the financial strength of CCA and helped prepare the organization for the complex bond issuance process, which saved the school at least $ 500,000 by raising enough capital to simultaneously complete phases one and two of construction. Despite a year of unprecedented challenges, LENDonate’s efforts have proven to be successful in bringing the CCA to the finish line by securing all the necessary construction funds.

The CCA’s vision is to have a comprehensive preschool to grade 12 curriculum encompassing academics, athletics and the arts as well as an international component. Now, with this funding secured, construction has started on a new three-story building that will house a new kindergarten, elementary school and residence. An 8,000-square-foot gymnasium with competitive basketball and volleyball courts, a fitness center and locker rooms, and a 400-seat event center will also be added to complete the vision.

“From the outset, we recognized the strength of the ACC with its award-winning academics, tenure and dedication of its leadership, faculty, staff and the entire school family,” said the student. founder and CEO of LENDonate, Vivienne Hsu. “With its track record, CCA’s vision for this expansion was what made this bond attractive to large institutional investors. The existing hybrid virtual and immersion international curriculum in schools has also been impressive, enabling an overnight transition to distance learning for the whole school with the onset of COVID-19 . ”

Media contact:

DeeDee Taft

Spin Communications

deedee@spinpr.com, 415.515.1229

Source: LENDonate

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Banks to include CO2 emission measurements in shipping lending decisions https://hardouin.info/banks-to-include-co2-emission-measurements-in-shipping-lending-decisions/ Tue, 09 Mar 2021 10:57:26 +0000 https://hardouin.info/banks-to-include-co2-emission-measurements-in-shipping-lending-decisions/

LONDON (Reuters) – A group of major banks will for the first time include efforts to curb carbon dioxide emissions in their decision-making when granting loans to shipping companies, executives said on Tuesday.

International maritime transport accounts for 2.2% of global carbon dioxide (CO2) emissions and the United Nations International Maritime Organization (IMO) has a long-term goal of reducing greenhouse gas emissions by 50% compared to 2008 levels by 2050.

In collaboration with non-profit organizations, the Global Maritime Forum, the Rocky Mountain Institute and the UCL Energy Institute at the University of London, 11 banks have established a framework to measure the carbon intensity of transport finance portfolios maritime.

Banks involved in the ‘Poseidon Principles’ initiative, which will establish a common baseline for assessing whether loan portfolios meet or fall short of the adopted climate targets set by the IMO, account for around a fifth or $ 100 billion. of the global maritime transport financing portfolio. .

The results will be published annually in individual sustainability reports and the data will be obtained by banks from borrowers under existing loan agreements.

Although the IMO last month agreed on stricter energy efficiency targets for certain types of ships, environmental activists are calling for stricter targets.

“We are helping the shipping industry step into the 21st century responsibly,” Michael Parker, global shipping manager at Citigroup, told Reuters.

“A HUGE ROLE”

The people involved to date are Citigroup, Société Générale, DNB, ABN Amro, Amsterdam Trade Bank, Crédit Agricole CIB, Danish Ship Finance, Danske Bank, DVB, ING and Nordea.

“Banks have a huge role to play here as there is around $ 450 billion in senior debt that global maritime banks and Chinese lenders give to the sector and around 70,000 commercial vessels,” Paul Taylor, global head of shipping and offshore at Societe Generale CIB. , noted.

Banks will in the longer run be more selective about which vessels to include in their loan portfolios, the bankers said.

“Will there be companies that will have a hard time getting funding because they have less efficient vessels, yes that will be a consequence of that – but it will not be used to research those companies and find a way to get them. get it out, ”said Parker of Citigroup.

Oivind Haraldsen, global head of shipping at Danske Bank, said more institutions will join efforts to reduce the sector’s carbon footprint.

“We all have to push – as banks we probably have more power than we think,” he said.

Editing by Alexander Smith

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