Business Loans – PSP Book http://pspbook.com/ Fri, 11 Jun 2021 02:21:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://pspbook.com/wp-content/uploads/2021/05/default1-150x150.png Business Loans – PSP Book http://pspbook.com/ 32 32 These are the most popular types of business loans in Australia https://pspbook.com/these-are-the-most-popular-types-of-business-loans-in-australia/ https://pspbook.com/these-are-the-most-popular-types-of-business-loans-in-australia/#respond Fri, 11 Jun 2021 00:02:19 +0000 https://pspbook.com/these-are-the-most-popular-types-of-business-loans-in-australia/ Whether you’re just starting out as an entrepreneur or running your own show for over a decade, having the right business loan up your sleeve can be a big factor in your success. When used responsibly, business loans not only help keep the business going through tough times, but are also useful when additional funding […]]]>


Whether you’re just starting out as an entrepreneur or running your own show for over a decade, having the right business loan up your sleeve can be a big factor in your success. When used responsibly, business loans not only help keep the business going through tough times, but are also useful when additional funding is needed to seize opportunities for growth and innovation.

About the Author

Catherine Ochi is the senior business banking editor for Australian financial comparison site Mozo. She explores banking details and shares the latest financial tips with businesses to help them make smarter financial decisions. I go.

Some businesses may not be aware of the number of options available in the market, from standard business loans and lines of credit to more specialized options for invoices and equipment. Depending on the needs and financial situation of your business, some of these business loans will work better for you than others.



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Franklin Templeton’s investments were like loans, Sebi says; AMC moves SAT https://pspbook.com/franklin-templetons-investments-were-like-loans-sebi-says-amc-moves-sat/ https://pspbook.com/franklin-templetons-investments-were-like-loans-sebi-says-amc-moves-sat/#respond Wed, 09 Jun 2021 21:55:12 +0000 https://pspbook.com/franklin-templetons-investments-were-like-loans-sebi-says-amc-moves-sat/ Market regulator Securities and Exchange Board of India (Sebi), which investigated Franklin Templeton Asset Management Company (AMC) after announcing the abrupt closure of six debt programs with assets of around Rs 26,000 crore, said that the fund company had invested in illiquid securities without due diligence and its investments “were akin to a loan to […]]]>


Market regulator Securities and Exchange Board of India (Sebi), which investigated Franklin Templeton Asset Management Company (AMC) after announcing the abrupt closure of six debt programs with assets of around Rs 26,000 crore, said that the fund company had invested in illiquid securities without due diligence and its investments “were akin to a loan to issuers”.

“These securities were tailor-made, opaque, high-risk corporate bonds that were rife with illiquidity. The covenants of these securities have been negotiated between the Issuer and the sole investor. Given these characteristics, these investments have characteristics closer to loans than negotiable bonds, ”said Sebi in his decree. Pursuant to section 44 (3) of the Mutual Fund Regulations, a mutual fund should not make loans for any purpose.

On Monday, Sebi banned the fund company from launching a debt program for 2 years and asked it to repay Rs 512.5 crore for breach in connection with the closure of six debt programs last year. He imposed a penalty of Rs 5 crore on the AMC. “We strongly disagree with the findings of the Sebi Order and intend to appeal to the Securities Appellate Tribunal,” Franklin Templeton said in a statement.

According to Sebi, the fund company managed inspected debt programs similar to the credit risk fund program and in a similar fashion (in terms of investment strategy, credit rating, Macaulay duration, portfolio and fund manager) although the investment objectives of these programs are different. The debt programs inspected were projected as duration-based programs instead of credit risk fund programs, he said.

FT had not disclosed its strategy of investing in high yield securities with a credit rating of AA and A to investors of the respective debt regimes inspected.

He said that an incorrect date was taken as the assumed maturity date, the securities were valued incorrectly. In addition, Macaulay’s duration disclosed to investors was also incorrect. “By taking the interest rate reset date as the deemed maturity date, the fund company had housed many long-term securities in shorter-term portfolios and had managed to run several programs with a similar strategy.” , did he declare.

Sebi found that FT had entered into investment terms that were ambiguous and without equal rights for both the issuer and the investor. It failed to value the securities in accordance with fair valuation principles, thus failing to reflect the true realizable value of the underlying securities, Sebi said.

He did not immediately disclose the investment changes to rating agencies and credit rating agencies.



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Private equity is committed to helping the world. Lenders want proof https://pspbook.com/private-equity-is-committed-to-helping-the-world-lenders-want-proof/ https://pspbook.com/private-equity-is-committed-to-helping-the-world-lenders-want-proof/#respond Wed, 09 Jun 2021 06:19:00 +0000 https://pspbook.com/private-equity-is-committed-to-helping-the-world-lenders-want-proof/ Words can be cheap in the loan market, now some lenders want to change that. In recent years, borrowers have been able to obtain a reduction in their interest charges in return for achieving objectives linked to environmental, social and governance (ESG) objectives. This trend was boosted this year by private equity firms seeking a […]]]>


Words can be cheap in the loan market, now some lenders want to change that.

In recent years, borrowers have been able to obtain a reduction in their interest charges in return for achieving objectives linked to environmental, social and governance (ESG) objectives. This trend was boosted this year by private equity firms seeking a share of the stock.

ESG-related loan issuance reached $ 87 billion in the first quarter, triple the amount for the same period last year, according to data provider Refinitiv.

As billions pour into the market, some lenders are reluctant to trust borrowers’ word that they are meeting their goals in everything from reducing food waste to promoting more women.

“The burden of proof will increase. Prepare for it, ”said Mark Wade, head of sustainability research and management at Allianz Global Investors.

Three industry associations that represent underwriters, law firms and asset managers in Europe, the United States and Asia revised their sustainability lending principles last month.

They are now saying borrowers need to get an independent external audit of their performance against goals, a change driven primarily by investors buying the loans and lenders arranging them, according to the London-based Loan Market Association.

The change in direction was prompted by developments in the broader lending market, but it coincided with the shift from private equity to sustainability lending.

Under pressure from their investors to show that their leveraged buyouts aren’t just about generating returns, private equity firms, which often use leveraged loans rated below the investment grade to fund acquisitions, have been responsible for 95% of issuance related to unwanted loans market so far this year, according to financial intelligence provider Reorg Research.

Disclosure has always been a challenge for loan investors and, in particular, creditors of private equity holding companies. Many are private companies, and unlike bonds or stocks, loans are not government securities, so they are not bound by the same disclosure requirements.

“The biggest criticism we hear is the problem of having data to assess the situation,” said Armin Peter, head of sustainable banking and global head of the debt capital markets union at UBS.

Boom in leveraged loans

It is not known to what extent and how quickly the voluntary guidelines will be adopted.

Some market watchers expect this to be an evolution, with independent verification of ESG objectives eventually becoming the norm, as is the case in public bond markets.

But in the short term, the strong demand for over-supply leveraged loans, in addition to a booming demand for ESG products, means borrowers often have the edge, allowing them to avoid debt. monitoring by third parties.

ESG-linked leveraged loan issuance this year has increased 14-fold to € 19 billion in May from 2020, according to Reorg.

“The amount of liquidity offered relative to the number of high-quality deployment opportunities influences the conditions to be met,” said Murad Khaled, head of leveraged financial capital markets EMEA at Bank of America, who organized sustainability – loans linked to businesses supported by Carlyle and CVC.

ESG-linked leveraged loans save on the cost of borrowing between 0.05 and 0.15 percentage points if targets are met, while costs similarly increase if the goal is missed, according to Reorg.

Almost two-thirds of transactions do not require a third party to verify that ESG objectives have been met, according to data from Reorg.

Granted, not all targets may need external verification if the data is readily available in a company’s regular disclosures, say investors and bankers.

But even within the private equity industry, the demand for surveillance is increasing.

Four months after buyout company Carlyle Group negotiated a CHF 413.5 million ($ 452 million) financial package for its acquisition of Swiss watch industry supplier Acrotec, it is still negotiating how to show the principal Blackstone lender that it is meeting its sustainable development goals, according to two sources familiar with the matter.

Carlyle has been offered a loan by the lending arm of Blackstone Group Inc (BX.N) in which the interest rate drops if Acrotec meets sustainability goals such as limiting its energy use and recycling .

He also negotiated a revolving facility whose borrowing costs are reduced if the funds are used for a project that has a “measurable environmental benefit”.

Blackstone wants an independent party to verify that Carlyle is achieving his goals, according to a source close to his position. Carlyle, meanwhile, wants the third party to only be involved in setting goals and expects Acrotec management to certify compliance, another close source said.

Carlyle’s Global Head of Impact Megan Starr said her companies self-reporting on sustainability goals was no different than how they report other data related to their debt commitments to creditors.

“They have a fiduciary responsibility to make sure the data is accurate,” she said.

Our standards: Thomson Reuters Trust Principles.



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US Small Businesses Scream As States Tax PPP Covid Rescue Loans https://pspbook.com/us-small-businesses-scream-as-states-tax-ppp-covid-rescue-loans/ https://pspbook.com/us-small-businesses-scream-as-states-tax-ppp-covid-rescue-loans/#respond Tue, 08 Jun 2021 08:00:16 +0000 https://pspbook.com/us-small-businesses-scream-as-states-tax-ppp-covid-rescue-loans/ Lindsay DesLauriers was on a roll at the start of last year. Her family had recently purchased the Bolton Valley Resort in Vermont, which her father had initially developed in the 1960s. The business was on a “really positive growth trajectory,” she said. Then the pandemic struck. Vermont’s March 2020 shutdown came at a terrible […]]]>


Lindsay DesLauriers was on a roll at the start of last year. Her family had recently purchased the Bolton Valley Resort in Vermont, which her father had initially developed in the 1960s. The business was on a “really positive growth trajectory,” she said. Then the pandemic struck.

Vermont’s March 2020 shutdown came at a terrible time for the resort, wiping out the last three weeks of the winter season as well as the income that sustains it during the lean summer months. DesLauriers went from 300 employees to eight.

So she rushed to apply for the Paycheck Protection Program, created by Congress to help small business owners like her. “It has completely changed the game for us,” said DesLauriers, which allowed him to rehire all of his staff year round.

The program allows most loans to eventually be canceled. DesLauriers also assumed the money would be tax free. But she was wrong.

Bolton Valley Resort in Vermont grew from 300 employees to eight after the state’s pandemic shutdown in March 2020.

Photographer: Ryan Mercer / Burlington Free Press / Imagne

Indeed, while the Internal Revenue Service will not grant tax exemption for PPP loans, Vermont has become one of 11 states – including California, Florida, Hawaii, Minnesota, Nevada, New Hampshire, North Carolina, Texas, Utah and Washington – who have chosen to tax P3 loans or have considered doing so. At least 10 other states turned the tide earlier this year and decided not to impose taxes, according to the Tax Foundation, a nonprofit policy think tank.

“We are at a disadvantage by our own state government,” DesLauriers said in late April. Many companies have delayed their launch in hopes that the situation may change. But even with re-openings underway, some hard-hit businesses face serious challenges if they are forced to pay. For small businesses, a few thousand dollars can huge difference.

“This is emergency aid in a crisis,” said Sarah Crozier, director of communications at Main Street Alliance, which represents small businesses. “The money no longer exists.

Small entrepreneurs are not the only ones to cry bait and trade. Some in Washington have criticized states for what they see as kicking their own residents while on the ground, against Congress intent. “Small businesses have been hit the hardest during this crisis,” said US Senator Ron Wyden, a Democrat from Oregon. “Any effort that makes it harder for them to come back will hamper our overall economic recovery.

House passes overwhelmingly aid amid health precautions bill

Congress, as part of the first pandemic rescue package, ruled last spring that PPP loans should be treated as tax-exempt.

Photographer: Sarah Silbiger / Bloomberg

Typically, a canceled loan is considered taxable income, but Congress, as part of last spring’s first pandemic bailout, ruled that PPP loans should be treated as tax-exempt. Then President Donald Trump blocked business owners claim deductions for business expenses paid with P3 money. When Congress passed the second coronavirus bailout in late 2020, it specifically allowed such deductions.

But when it comes to state taxes, some lawmakers refuse to comply with federal rules and treat P3 loans as taxable income, or prohibit businesses from deducting expenses paid with them, or both.

Even for states that choose just one of these options, “the impact on revenues is quite similar,” said Katherine Loughead, senior policy analyst at the Tax Foundation. If the funds are treated as taxable income, business owners must pay out of the amount they received. Regarding gate number two, under normal circumstances a business deducts regular expenses like payroll, rent, utilities, and mortgage payments to arrive at its taxable income. By preventing them from doing so with PPP money – which was specifically intended by Congress to cover these costs – states are forcing businesses to report higher taxable income, and therefore pay more taxes.

Critics of the tactic argue that many states have seen the taxation of PPP loans as a way to generate income in a brutal year without directly raising taxes, while some lawmakers have backed down by giving a pass to people. beneficiaries of PPP, given all the examples of large companies that cash in wrongly. But Loughead said the result in those states is a tax increase “on the very businesses that have struggled the most.”

Governor Noem avoids issuing statewide stay-at-home order as Covid-19 cases rise

Small businesses have suffered massive losses at the worst of the pandemic.

Photographer: Dan Brouillette / Bloomberg

And the damage to small businesses could last for years. Businesses that suffered massive losses at the worst of the pandemic would typically be able to defer them, in order to lower their future tax bills as they recover from a catastrophic year. But if they are forced to include PPP loans as taxable income or are unable to deduct expenses paid with these funds, those losses will appear artificially smaller.

“If you don’t allow it, you’ve basically tilted the playing field even more in favor of big business,” said Davis Senseman, founder of Davis Law Office in Minneapolis, which advises small business clients.

With tax day past, many small businesses have already filed their 2020 taxes rather than asking for extensions. If their state legislatures pass bills that treat P3 loans as tax-exempt, they may be able to reapply or request a refund. But Senseman said “there are tons of small business owners out there who don’t have good tax advice,” and therefore may not know such options exist.

Daryl McLinden, managing director of TMG Consulting in Chanhassen, Minnesota, said some of his clients may have to borrow money or sell assets to pay state taxes. Some of Senseman’s customers had discussed using their credit cards or taking out additional PPP loans just to cover their tax bills, although the loans used in this manner are not being canceled and will continue to bear interest. .

For Senseman, who took out a PPP loan for his law firm, counting the loan as income “would take me from a small loss to a small profit in a year when I was actually unprofitable. I would pay taxes on what looks like phantom income.

General views of commerce and business in Saint-Paul

Democrats in the Minnesota State Senate blocked a bill that would have followed federal PPP tax guidelines.

Photographer: Ariana Lindquist / Bloomberg

In the Minnesota State Senate, it was Democrats who blocked a bill that would have followed federal PPP tax guidelines. In explaining her vote against the bill, Senator Mary Kunesh pointed out profitable businesses that have received PPP funds intended for small businesses. “It was a protest vote,” the Democrat said. While Kunesh has said she wants to exempt small businesses from these taxes, she declined to say whether she would change her vote if given the opportunity.

Minnesota Senators Susan Kent and Jennifer McEwen, also Democrats, said they voted against the bill because Republicans rejected amendments that would also treat unemployment benefits as non-taxable income. “If we’re going to have tax compliance with the federal government, that’s fine,” McEwen said. “But it should be full and fair compliance, not one that is crafted for the benefit of the rich alone.”



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Local business opens after receiving loan assistance https://pspbook.com/local-business-opens-after-receiving-loan-assistance/ https://pspbook.com/local-business-opens-after-receiving-loan-assistance/#respond Fri, 04 Jun 2021 23:20:00 +0000 https://pspbook.com/local-business-opens-after-receiving-loan-assistance/ KANSAS CITY, Mo. – As the metro begins to reopen, new small businesses are taking off. Shop Local KC, an extension of its owner’s other passion project, “The Strawberry Swing Independent Craft Fair,” hosted a smooth opening on its brick-and-mortar location on Friday. “It’s really amazing and also a little scary at the same time,” […]]]>


KANSAS CITY, Mo. – As the metro begins to reopen, new small businesses are taking off. Shop Local KC, an extension of its owner’s other passion project, “The Strawberry Swing Independent Craft Fair,” hosted a smooth opening on its brick-and-mortar location on Friday.

“It’s really amazing and also a little scary at the same time,” said owner Katie Mabry van Dieren. “I would say don’t give up because if I had given up I wouldn’t have had this store.”

She said the timing of its opening couldn’t have been better, but like many other small businesses during the pandemic, success has not been easy.

She said she plans to use her new business venture to support other local stores.

“Because right now, especially after the pandemic, we have found that local shopping is so important. We have seen restaurants close, all businesses close, we have to support them, ”said Mabry van Dieren.

She said she couldn’t have made her dream come true without the help of Alt-Cap and its microcredit program.

“So I contacted Alt-Cap because I know I wanted to buy all the items from the manufacturer up front instead of a commission or shipping where you don’t pay up front. I wanted to pay all these women and men, these small businesses right away, ”she said.

Alt-Cap’s director of business development Davin Gordon said smooth openings like this remind local businesses that a rebound is possible.

But with the Paycheque Protection Program shutting down that portal last week, many will continue to struggle. Federal P3 loans have helped 8.5 million small businesses by providing forgivable loans.

Gordon said that while it may seem like an uphill battle, there are always options.

“There will be micro-loans available through Alt-Cap with the regional COVID relief fund, many banks have lines of credit, there are discussions around the administration on additional stimulus packages and there are usually one-time grant opportunities, ”he said. mentionned.

Alt-Cap’s micro-credit program will resume this summer. Gordon and his team will also follow up and consult on the cancellation of the PPP for those who received these loans.



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Demand Rises in New Mexico for Pandemic Small Business Loans | Ap https://pspbook.com/demand-rises-in-new-mexico-for-pandemic-small-business-loans-ap/ https://pspbook.com/demand-rises-in-new-mexico-for-pandemic-small-business-loans-ap/#respond Fri, 04 Jun 2021 06:30:36 +0000 https://pspbook.com/demand-rises-in-new-mexico-for-pandemic-small-business-loans-ap/ New Mexico state financial authorities have said demand appears to be increasing for minimum interest loans aimed at helping small businesses that have lost income or experienced major disruptions during the coronavirus pandemic. New Mexico Mortgage Finance Authority CEO Marquita Russel told a panel of state lawmakers on Wednesday that about 865 companies have applied […]]]>


New Mexico state financial authorities have said demand appears to be increasing for minimum interest loans aimed at helping small businesses that have lost income or experienced major disruptions during the coronavirus pandemic.

New Mexico Mortgage Finance Authority CEO Marquita Russel told a panel of state lawmakers on Wednesday that about 865 companies have applied for loans worth a combined $ 65 million since the program’s overhaul in March.

Reforms to the state’s small business turnaround loan program, signed by Democratic Gov. Michelle Lujan Grisham in early March, doubled the maximum individual loan amount to $ 150,000 and expanded eligibility after companies expressed a limited appetite for the initial program.

“This program, as a result of the changes to it, has been really successful and we’ve seen a lot of interest,” said Russel.

The federal government ended its paycheck protection program which provided forgivable loans to businesses as of April 2020. Restaurants are still awaiting federal assistance under the assistance program. $ 1.9 trillion Biden administration coronavirus.

New Mexico small business turnaround loans are repaid at half the prime interest rate that commercial banks charge their most creditworthy customers, with no interest accrued in the first year. Repayment installments are not due for the first three years.

The program was originally created during a special session of the Legislative Assembly in June 2020 as the pandemic took hold and emergency health orders shut down various non-essential businesses that could not operate remotely. .

Under the original terms of the program, the state loaned $ 41.7 million through approximately 880 approved requests.

The current application period runs until May 31, 2022, on a first come basis. The financial authority can lend up to $ 500 million.



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Legacy offers forgivable loans to businesses affected by the COVID pandemic https://pspbook.com/legacy-offers-forgivable-loans-to-businesses-affected-by-the-covid-pandemic/ https://pspbook.com/legacy-offers-forgivable-loans-to-businesses-affected-by-the-covid-pandemic/#respond Thu, 03 Jun 2021 14:00:55 +0000 https://pspbook.com/legacy-offers-forgivable-loans-to-businesses-affected-by-the-covid-pandemic/ As the country approaches a sense of normalcy, small businesses – especially minority-owned businesses – are still struggling to recover from the financial crisis of the pandemic. Closures during the first days of the pandemic and the pace of public health orders have taken their toll on the bottom line of mom-and-pop businesses. Even as […]]]>


As the country approaches a sense of normalcy, small businesses – especially minority-owned businesses – are still struggling to recover from the financial crisis of the pandemic.

Closures during the first days of the pandemic and the pace of public health orders have taken their toll on the bottom line of mom-and-pop businesses. Even as businesses open up, mask restrictions loosen and more people are vaccinated, cash registers don’t ring as much as some people are still worried about venturing into crowded stores.

But financial aid is available.

Legacy Redevelopment Corp, a community development financial institution, received a $ 1 million grant from the city of Milwaukee to provide forgivable loans to small for-profit businesses affected by the pandemic.

“There are still small businesses trying to stay afloat,” said Terese Caro, president and CEO of Legacy, which specializes in urban small business lending. “They are not quite where they were before the start of 2020. This loan was put in place to keep trying to help small businesses.”

Business owners can apply for loans of up to $ 20,000 which can be used for working capital, including the purchase of personal protective equipment like plexiglass shielding so businesses can operate smoothly. security. Loans can also be used for payroll, rent, mortgage, inventory, or equipment. Homeowners can apply for loans even if they have received other financial assistance from the state and local government.

The loans are repayable after six months if the companies meet certain criteria. Owners should show how the money was used and show whether the staff remained the same at the time of the loan, or whether the owners created new positions or rehired workers.

“It’s creation or retention,” Caro said. “So either you keep who you have or you bring in new people. After these six months, if you can demonstrate it, the loan is canceled.

While businesses are eager to reopen, finding employees has been the biggest challenge. Some people remain reluctant to return to work for fear of catching the coronavirus, while higher unemployment benefits make it harder for companies to bring workers back.

“Some people do better staying home than they were at work,” Caro said. “So some people are not ready to re-enter the labor market. It has been a problem.

This loan, she said, can help businesses meet staffing needs as more stores open.

“These companies have performed half or three quarters of what they are used to managing for a year and a half now,” she said. “It’s a lot to catch up on. So you’re still behind the eight ball trying to get in front of some of that stuff. “

The grant money is part of the federal CARES act of last year and a byproduct of the spinoff from the first round of the payroll protection program.

During the initial rollout, owners of small businesses were overlooked while larger ones took full advantage of the program, quickly depleting money. The outcry over the way the funds were distributed forced many to return the money.

Related: Find Wisconsin Business Paycheck Protection Program Loans

Related: Money for emergency small business loans has dried up, Small Business Association no longer accepts applications

In addition, small businesses were not served by large banks due to greater incentives to make larger loans, Caro added. In response, the Small Business Association and the US Treasury Department have set aside money for organizations like his to help small businesses take advantage of federal dollars.

Legacy hopes to serve at least 35 to 40 small businesses through this loan program.

“As PPP funds come to an end, for the most part, there are still people looking for financial support… [and] who needs it, ”Caro said.

Deshea Agee, of the King Drive No.8 Historic Business Improvement District, said any financial support is helpful as the pandemic has greatly affected small businesses in her district.

Many have cut hours and staff to stay afloat while the pandemic has hampered expansion plans for others. Unfortunately, he noted, the neighborhood has seen two businesses close, Center City Wellness and Creative By Design, an interior design company. Other businesses are operating at least 80 percent.

And while businesses in her district have been resilient and creative in staying open and serving customers, any financial relief is welcome. There are several pots of money, including up to $ 50,000 in financial aid from the Greater Milwaukee Foundation to help business owners. Entrepreneurs, Agee said, can take advantage of these different resources to grow, maintain and even reopen their businesses.

“The way the funding can be used, I think, is very broad. It is the working capital; it is equipment; these are improvements, ”he said. “So I think the level of funding gives businesses confidence that they can weather the storm they’re in right now so they can get out of it.”

While some businesses may be reluctant to take on additional debt, Caro said the loan parameters aren’t so prohibitive if the business can’t meet forgiveness requirements. The companies have five years to repay the loan at an interest rate of 6%.

“As businesses reopen and revenues roll in, this money is like extra support to make sure things are sustainable for businesses,” she said. “I don’t think it would be a difficult hurdle for the borrower to meet the requirements of this loan.”

For more information, contact Terese Caro at 414-343-3091 or tcaro@lrcmke.com or www.lrcmke.com.

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Oakland County Receives $ 3M From Federal Government To Further Support Business Recovery In A Pandemic | Local News https://pspbook.com/oakland-county-receives-3m-from-federal-government-to-further-support-business-recovery-in-a-pandemic-local-news/ https://pspbook.com/oakland-county-receives-3m-from-federal-government-to-further-support-business-recovery-in-a-pandemic-local-news/#respond Wed, 02 Jun 2021 10:00:00 +0000 https://pspbook.com/oakland-county-receives-3m-from-federal-government-to-further-support-business-recovery-in-a-pandemic-local-news/ Oakland County will receive $ 3 million from the US Economic Development Administration to use as loans to support small businesses still recovering from the COVID-19 pandemic. The county’s economic development department, in conjunction with the Great Lakes Women’s Business Council and its CEED loan program, has applied for funding from the CARES Act Restoration […]]]>


Oakland County will receive $ 3 million from the US Economic Development Administration to use as loans to support small businesses still recovering from the COVID-19 pandemic.

The county’s economic development department, in conjunction with the Great Lakes Women’s Business Council and its CEED loan program, has applied for funding from the CARES Act Restoration Assistance Grant. Federal dollars will be deposited into the county revolving loan fund.

As a first step, the loans distributed will target businesses affected by and recovering from the pandemic. The dollars will be used to provide gap financing for small businesses that cannot access financing from traditional sources such as banks and credit unions.

Oakland County Director Dave Coulter spoke a lot about the historic challenges faced over the past year, but also highlighted the resilience …

Oakland County, its communities, and K-12 schools are expected to receive approximately $ 656 million in federal US bailout funding to help …

The funding will also be used to support businesses in economically struggling areas, provide access to capital for minorities, women and others underrepresented in traditional finance, and support businesses that lack collateral and financial support. sufficient equity to qualify for traditional financing.

In order to receive the funding, Oakland County provided a match of $ 1 million from its unrestricted fund balance and $ 300,000 to cover the costs of monitoring and administration to manage the loan program.

As the loans are distributed, the Great Lakes Women’s Business Council and its CEED loan program will provide program performance data to county officials for review. County business development staff will also promote the revolving loan fund to small businesses and community partner organizations to inform them of new funding available.

Last month, the county recently received half of its $ 244 million US bailout allocation to help it with its COVID-19 response efforts, including vaccinations, testing and support for residents. and businesses.

Oakland County to Focus on Economic Recovery and Transformational Investments with US Rescue Plan Funding

Oakland County expects to receive its first payment from the US bailout next week.

Michigan's COVID-19 orders eased starting today for restaurants, gyms and more

It’s not just the unofficial start of summer, Tuesday is also a big day for more of a return to normal following the coronavirus pandemic …

Sean Carlson, deputy county manager, previously told The Oakland Press that the county would first focus on allocating these new federal dollars to promote a new economic recovery in industries that have been “most affected” by the pandemic.

From there, the county will strive to leverage these dollars by working with communities to identify strategic investments that would have lasting and transformational impact.

Last year, the county received $ 219 million in federal dollars from the CARES (Coronavirus Aid, Relief and Economic Security) Act as well as nearly $ 40 million from the state of Michigan to help respond to the pandemic. .

With this funding, the county has provided grants to more than 15,000 local businesses, which employ 65,000 people; 22 local chambers of commerce; 57 towns, villages and townships; 278 non-profit organizations and 31 veterans service organizations; 28 local school districts as well as retailers, restaurants, community centers and more.

Small Business Administration Advocacy Office Says Report from March 2021, the number of self-employed and working people was 20% lower in April 2020 than in April 2019. The Hispanic group saw a larger decline, to 26%, while the declines were lower. most important were recorded by Asians and Blacks. groups, with a decline of 37.1 percent for the Asian group and 37.6 percent for the black group.

According to the report, “While the economic damage was widespread, the severity varied widely across locations, industries and demographics. Locations with larger declines included metropolitan and coastal areas. Industries with the largest declines included restaurants and taxi and limousine services. Differences by location and industry contributed to differences between demographics, with larger declines for Asian and black business owners. “

How did Oakland County spend $ 256 million in state and federal pandemic aid?

Oakland County has spent $ 256 million in federal and state dollars over the past year to help residents, businesses, schools and the community …

Dave Coulter reconvenes task force to mobilize $ 244 million in federal aid

A group of business and community leaders will advise Oakland County Manager Dave Coulter and his team on how best to leverage $ 244 million …



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Whiskey Sales, Record Manufacturing Activity, and Investor Loan Tickets https://pspbook.com/whiskey-sales-record-manufacturing-activity-and-investor-loan-tickets/ https://pspbook.com/whiskey-sales-record-manufacturing-activity-and-investor-loan-tickets/#respond Tue, 01 Jun 2021 05:30:38 +0000 https://pspbook.com/whiskey-sales-record-manufacturing-activity-and-investor-loan-tickets/ Irish whiskey sales demonstrated resilience last year despite Covid-related lockdown restrictions with volumes down just 0.4% to 11.4 million cases. Charlie Taylor has a pinch through the numbers. Economic activity in the manufacturing sector hit a new high last month amid record growth rates in production and new orders and another significant lengthening of supplier […]]]>


Irish whiskey sales demonstrated resilience last year despite Covid-related lockdown restrictions with volumes down just 0.4% to 11.4 million cases. Charlie Taylor has a pinch through the numbers.

Economic activity in the manufacturing sector hit a new high last month amid record growth rates in production and new orders and another significant lengthening of supplier delivery times, new data shows. Colin Gleeson has the details.

Sova VC based in London plans to deploy up to 30% of its initial fund of 60 million euros in the Republic to support high potential and disruptive tech companies, writes Charlie Taylor.

Telecommunications company Eir launched a new 5G broadband product for individuals and businesses. Ciara O’Brien reports.

Loan tickets have grown in popularity as investors seek returns in an environment of low interest rates globally. But how do they work and what are the potential pitfalls? Fiona Reddan explores these and other issues in our weekly personal finance feature.

In Q&A, a reader wonders if there is wiggle room on medical card income limits over 70. Dominic Coyle offers his point of view.

After more than a year of lockdown restrictions, will football fans be happy to stay inside to watch? Euro 2020 championships? Laura Slattery reflects on the struggles of sponsors and advertisers in her weekly media and marketing column.

The advantages and disadvantages of pursuing a zero covid strategy are dumped by Cantillon, using some economic forecasts from the OECD.

Stay informed of all our commercial news: subscribe to our economic news alerts and our company today daily summary of news by email.



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Help is available for military veterans to become great entrepreneurs https://pspbook.com/help-is-available-for-military-veterans-to-become-great-entrepreneurs/ https://pspbook.com/help-is-available-for-military-veterans-to-become-great-entrepreneurs/#respond Mon, 31 May 2021 10:00:00 +0000 https://pspbook.com/help-is-available-for-military-veterans-to-become-great-entrepreneurs/ As we remember the fallen service members who fought America on Remembrance Day, it is also a reminder to honor the veterans who are still with us and who have come to civilian life. According to the SBA, about 10% of all businesses in this country are veteran-owned businesses. These companies employ approximately 5.8 million […]]]>


As we remember the fallen service members who fought America on Remembrance Day, it is also a reminder to honor the veterans who are still with us and who have come to civilian life. According to the SBA, about 10% of all businesses in this country are veteran-owned businesses. These companies employ approximately 5.8 million Americans, according to the US Small Business Administration (SBA). In fact, some of the country’s best-known companies were founded by veterans, including FedEx, GoDaddy, RE / MAX, and Walmart.

The SBA reports that among the best industries for veteran owned businesses are finance and insurance; transport and storage; mining, oil and gas; construction; professional services; and manufacturing.

Like all small businesses, veteran-owned businesses have been hit hard by the COVID-19 pandemic. Millions of businesses were forced to close during the lockdown, and many never reopened. Those that were able to reopen have seen their operations restricted by COVID-related social distancing regulations and additional operating costs, including personal protective equipment (PPE).

The federal government offered the recently concluded Paycheck Protection Program (P3), which provided a lifeline for small business owners, as did the Restaurant Revitalization Fund and the SBA. Economic disaster loans which offers loans with low interest rates and long repayment periods (30 years).

Sources of funding for veteran-owned businesses

Angel investment firm Winters & Strivers invested exclusively in companies run by military veterans. Many entrepreneurs are graduates of service academies (West Point, Navy, Air Force, and Coast Guard Academy).

Venture capital for veterans exists “because veterans make great entrepreneurs, and we believe that in the long run the return on investment is just greater.”

TFX Capital is a veteran-led venture capital firm focused solely on investing in highly successful, accomplished and commercially tested former military leaders who are building technology (B2B) and technology-based businesses.

the Veterans Corporate Fund (VBF) is a non-profit organization established to provide capital to veterans who are well qualified through their military background to become successful small business owners but who do not have enough equity capital to qualify for a small business loan. The VBF provides capital to veterans in the form of an interest-free loan with very favorable repayment terms.

The US Department of Veterans Affairs, Veteran Entrepreneur Portal (VEP) is designed to help veterans with the resources needed at every stage of entrepreneurship, including access to capital.

Warrior rising empowers veterans and their immediate family members by providing opportunities for grants, mentoring and other types of business support.

The SBA and organizations, such as The National Veterans Small Business Coalition (NVSBC), promote the growth, strength and success of veteran-owned small businesses in the federal market by helping veteran-owned businesses gain consideration for federal contracts. The SBAs Small Business Owned by Veterans with Service Disabilities Program aims to award at least 3% of all federal contract dollars annually to small businesses owned by disabled veterans.

the National Association of Veteran Owned Businesses (NaVOBA) is an independent, not-for-profit organization governed and directed by Corporate America. Its mission is to create contract opportunities for veteran-owned businesses through certification, advocacy, awareness, recognition and education. In addition, the Veterans Business Information Center (VBOC) is a one-stop-shop for military members in transition, veterans and military spouses who want to start, buy or grow a business.

GOAL has partnered with Facebook to help veterans, military personnel and their families start and grow their own small businesses. SCORE provides free resources and connects successful future entrepreneurs with mentors in their region. Some of SCORE’s mentors are military veterans themselves. They understand the challenges of seasoned entrepreneurs because they’ve faced them as well. They can help veterans translate their military skills into business success.

SCORE provides online resources including webinars that provide practical step-by-step advice on starting a business and filing the appropriate documents for funding and online access. seminar offering advice from veterinarian to veterinarian on business ownership.

Veterans make up only 8% of the U.S. population, but they are twice as likely to own a business as their civilian counterparts. Veteran-owned businesses have annual sales of $ 1.1 trillion. This shouldn’t be surprising, because business ownership, in many ways, is a battle. Entrepreneurs face challenges on a daily basis. Military veterans can rely on their experience and resilience to become successful business owners. Veterans are often great leaders, having a sharp determination and the ability to get the job done while serving in the U.S. military. These skills can come in handy as they transition into civilian life.



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