Business Loans – PSP Book http://pspbook.com/ Tue, 22 Nov 2022 15:02:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pspbook.com/wp-content/uploads/2021/05/default1-150x150.png Business Loans – PSP Book http://pspbook.com/ 32 32 Nations Lending Expands Fort Wayne Branch With New Recruit | Company https://pspbook.com/nations-lending-expands-fort-wayne-branch-with-new-recruit-company/ Tue, 22 Nov 2022 15:02:25 +0000 https://pspbook.com/nations-lending-expands-fort-wayne-branch-with-new-recruit-company/ FORT WAYNE, Indiana–(BUSINESS WIRE)–Nov 22, 2022– Nations Lending, a leading national full-service mortgage lender, has announced the integration of Captain Ret. Eric Flores, a 29-year loan veteran and #1 VA creator from Indiana. This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20221122005223/en/ Eric Flores (Photo: Business Wire) Veterans loans have special meaning […]]]>

FORT WAYNE, Indiana–(BUSINESS WIRE)–Nov 22, 2022–

Nations Lending, a leading national full-service mortgage lender, has announced the integration of Captain Ret. Eric Flores, a 29-year loan veteran and #1 VA creator from Indiana.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20221122005223/en/

Eric Flores (Photo: Business Wire)

Veterans loans have special meaning for Flores, as he served 26 years in the Indiana National Guard with two combat tours in Iraq in 2003 and 2008. His specialty made him the go-to advisor for needs funding for veterans’ homes. Prior to joining Nations, Flores spent over 10 years as a Senior Mortgage Consultant at Union Home Mortgage. Last year, it produced over $23 million in loan volume.

“I chose to work at Nations Lending because the company’s mission is to treat every customer as a person, not a number,” Flores said. “My goal is to educate veterans, real estate agents and salespeople to help our nation’s heroes realize the benefits they have sacrificed so much for. Nations allows me to continue to achieve this goal.

“Eric is one of Indiana’s top lenders and a true hero,” said Midwest Regional Manager Tim Dowling. “He is driven and dedicated to helping his community, which makes him a natural fit here at Nations Lending.”

Since its inception in 2003, Nations Lending has become one of the fastest growing independent lenders in the country. It retains almost 97% of its mortgage servicing rights, offers a top-notch marketing platform and much more.

For more information, please visit www.nationslending.com.

About Nation Loans

Nations Lending Corporation™ is one of the fastest growing mortgage lenders in the United States. Based in the Cleveland, Ohio area, it is licensed to lend in all 50 states and employs more than 1,200 people at its headquarters and 138 branches across the United States. The company makes its mission of “home loans. made human. ™” an integral part of its mortgage experience, offering tailored customer service and a variety of programs to meet the needs of any homebuyer: FHA, VA, Conventional , Jumbo, USDA, and more. Nations is an agency direct lender with Fannie Mae, Freddie Mac and Ginnie Mae and retains mortgage servicing rights to 96% of the loans it originates. The company is a two-time winner of the Inc. 5000, which lists the fastest growing private companies in the country. Nations was named one of the Top 100 Lenders by National Mortgage Professional Magazine; six-time winner of the Scotsman Guide’s Best Mortgage Lenders Award; and winner of Fortune magazine’s Top Workplaces for Millennials. Nations is consistently ranked among the top IMBs by National Mortgage Professional and Mortgage Executive Magazine. For more information, visit www.NationsLending.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221122005223/en/

press@nationslending.com

KEYWORD: INDIANA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCE VETERANS BANKING DEFENSE PROFESSIONAL SERVICES

SOURCE: Nations Loan Corporation

Copyright BusinessWire 2022.

PUB: 11/22/2022 10:00 a.m. / DISC: 11/22/2022 10:02 a.m.

http://www.businesswire.com/news/home/20221122005223/en

Copyright BusinessWire 2022.

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Federal Hurricane Ian Small Business Lending Centers to Close Sunday https://pspbook.com/federal-hurricane-ian-small-business-lending-centers-to-close-sunday/ Sat, 19 Nov 2022 18:33:23 +0000 https://pspbook.com/federal-hurricane-ian-small-business-lending-centers-to-close-sunday/ FLORIDA — The United States Small Business Administration announced on Saturday that it will discontinue Sunday hours at its Florida Business Recovery Centers beginning Sunday, November 20. Additionally, Florida BRCs will be closed for the Thanksgiving holiday from Thursday, November 24 through Saturday, November 26. The Florida BRCs will resume normal operations on Monday, November […]]]>

FLORIDA — The United States Small Business Administration announced on Saturday that it will discontinue Sunday hours at its Florida Business Recovery Centers beginning Sunday, November 20.

Additionally, Florida BRCs will be closed for the Thanksgiving holiday from Thursday, November 24 through Saturday, November 26. The Florida BRCs will resume normal operations on Monday, November 28.

The SBA opened its Business Recovery Centers to help business owners apply for SBA disaster loans for Hurricane Ian.

SBA operates the following disaster recovery centers in:

  • Collier County—The Naples Players, 701 5th Ave. S., Naples, Monday, 9 a.m. to 4:30 p.m., Tuesday to Saturday, 9 a.m. to 5 p.m.
  • Hillsborough County — Chloe Coney Urban Enterprise Center, 1907 E. Hillsborough Ave., Tampa, Monday through Saturday, 9 a.m. to 5 p.m.
  • Lee County – The Hub at SWFL Inc., 25071 Chamber of Commerce Drive, Bonita Springs, Monday through Saturday, 9 a.m. to 5 p.m.
  • Lee County — Kiwanis Club of Cape Coral, 360 Santa Barbara Blvd. S., Cape Coral, Monday-Thursday, 8 a.m.-6 p.m.
  • Sarasota County – Venice Community Center, 326 Nokomis Ave. S, Venice, Monday to Saturday, 9 a.m. to 6 p.m.
  • Seminole County – Sanford Information Center, 230 E. First St., Sanford, Monday-Saturday, 9 a.m.-6 p.m.

All visitors to CRBs are encouraged to wear a face mask.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website and should apply under SBA statement #17644.

To be considered for all forms of disaster assistance, applicants must register online here or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free hotline at 800-621-3362. Those using 711 Relay or Video Relay services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , dial 7-1-1 for telecommunications relay services) or email DisasterCustomerService@sba.gov.

Loan applications can also be downloaded here.

Completed applications should be mailed to: US Small Business Administration, Processing and
Cashout Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline for returning property damage claims is November 28. The deadline
to return economic injury claims is June 29, 2023.

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ATF Believes Aikens Set 2020 Loan Company Bomb Using Toy Remote https://pspbook.com/atf-believes-aikens-set-2020-loan-company-bomb-using-toy-remote/ Wed, 16 Nov 2022 18:58:00 +0000 https://pspbook.com/atf-believes-aikens-set-2020-loan-company-bomb-using-toy-remote/ ALEXANDRIA, Louisiana (KALB) – Continuing coverage (Day 3) of Daniel Aikens’ trial, the man arrested after an explosion on January 2, 2020 outside PayDay Today on MacArthur Drive. Check back for updates throughout the day. 12:45 p.m. Update: ATF officers said they believe Daniel Aikens used a toy helicopter remote control to detonate a pipe […]]]>

ALEXANDRIA, Louisiana (KALB) – Continuing coverage (Day 3) of Daniel Aikens’ trial, the man arrested after an explosion on January 2, 2020 outside PayDay Today on MacArthur Drive. Check back for updates throughout the day.

12:45 p.m. Update:

ATF officers said they believe Daniel Aikens used a toy helicopter remote control to detonate a pipe bomb outside the PayDay Today loan company on MacArthur Drive on January 2, 2020.

Aikens has pleaded “not guilty” to a series of federal charges related to the explosion in Alexandria and possession of a destructive device. He is accused of asking the loan company for $10,000 after setting off the explosion.

Investigators said they linked him to the blast by tracing a phone number he called on a burn-in phone he had purchased the previous month from a Dollar General on Horseshoe Drive.

Gary Smith, an ATF agent with experience in explosives, collected detailed evidence from three separate explosion sites in Monroe and Alexandria.

Smith said Monroe’s explosion outside Cloyd’s Beauty School on September 12, 2019 was a pressure cooker bomb. The reported explosion in a field near the Texaco on Jackson Street on December 20, 2019 was a pipe bomb. And, the explosion reported outside PayDay Today on MacArthur Drive was also a pipe bomb and officers recovered a circuit board from a toy helicopter and believe Aikens detonated the bomb remotely from a station -Mobile service across the street.

“It was an improvised explosive weapon that had a function,” Smith said. “It was a remote-controlled device.”

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Rise in SBA/NJEDA-backed loans – New Jersey Business Magazine https://pspbook.com/rise-in-sba-njeda-backed-loans-new-jersey-business-magazine/ Thu, 10 Nov 2022 05:08:05 +0000 https://pspbook.com/rise-in-sba-njeda-backed-loans-new-jersey-business-magazine/ Economic development Banking industry leaders discuss the benefits of small business loan products from the US Small Business Administration and the New Jersey Economic Development Authority. By Anthony Vecchione, Contributing Writer on November 10, 2022 New Jersey banks are seeing strong demand for loans from the US Small Business Administration (SBA) and New Jersey Economic […]]]>

Economic development

Banking industry leaders discuss the benefits of small business loan products from the US Small Business Administration and the New Jersey Economic Development Authority.

New Jersey banks are seeing strong demand for loans from the US Small Business Administration (SBA) and New Jersey Economic Development Authority (NJEDA) from the height of the COVID-19 pandemic.

“COVID hit and we turned to Paycheck Protection Program loans for a few years,” says Chris Kneer, divisional senior vice president, SBA lending for Valley Bank. “Now that we have this under our belt, we are back to building the SBA 7(a) program.

Industry experts say participating in the SBA and NJEDA lending programs is a win-win situation for banks.

Kneer says participating in an SBA-backed loan is an opportunity for banks to provide capital in a way that’s different from standard loan products.

“It’s all about access to capital for our borrowers and prospects,” he says. “These are [businesses] who, for whatever reason, are either not conventional customers or do not qualify for conventional financing.

Thomas Pretty, Head of SBA Loans at TD Bank, comments: “SBA loans enable [our] bank to offer longer terms and, unlike many SBA lenders, [we] can offer long-term fixed rates, which are particularly desirable in a rising interest rate environment.

The SBA’s 7(a) loan program includes financial assistance for small businesses with special needs. This is a good option when real estate is part of a business purchase, but the loan can also be used for: Short and long-term working capital: refinancing the business’s current debt; or the purchase of furniture, fixtures and supplies.

According to the SBA, the maximum loan amount for a 7(a) loan is $5 million. The main eligibility factors are based on what the business does to collect revenue, credit history, and where it does business.

Guiseppe Mastroeli, Executive Vice President, Corporate Banking Market Director, M&T Bank, says the SBA program allows M&T to help more small businesses because the SBA guarantee mitigates risk. “By leveraging the SBA and partnering with local Community Development Centers (CDCs), we can provide more loans to small businesses in the communities in which we live and serve,” he says.

According to Pretty, SBA 7(a) loans are a great way to buy an existing business, start a business, buy a building or equipment, or refinance existing debt using longer terms and less money. Additionally, he says there are no SBA origination fees on SBA loans below $500,000 in 2023.

Meanwhile, SBA 504 loans are a great way to buy a building or equipment for a business with less money and up to 25 years of amortization and term, he continues.

At the same time, the 504/Certified Development Company (CDC) loan program provides long-term, fixed-rate financing for major capital assets that support business growth and job creation.

Valley’s Kneer says participation in these programs for borrowers means access to funds they might not otherwise have to grow their business.

“It also gives them the opportunity to build a relationship with a major bank,” he continues. “Many of our clients can start with an SBA loan and that turns into a long-term relationship where they can qualify for conventional products later.”

He says many of Valley’s SBA customers are new bank customers. “It’s an opportunity to tell them more about what we do, and with Valley’s New Jersey headquarters, it’s a perfect fit.”

According to Martin P. Melilli, Market President, Central New Jersey, TD Bank, “The benefits for TD Bank are that we are able to offer our customers and local business owners a great alternative to traditional financing, which in some cases is at a lower interest rate and longer term. Without the SBA or NJEDA programs, some business owners may not have been able to obtain traditional financing.

NJEDA’s Premier Lender Program allows participating banks to lend at a higher loan-to-value ratio [ratios] on some projects than standard lending products allow, due to NJEDA involvement.

Under the First Lender Program, NJEDA can provide the following loan participations/guarantees and line of credit guarantees:

  • Up to 50% of the bank loan amount for capital loans; NJEDA maximum participation of $2,000,000; NJEDA Maximum Guarantee of $1,500,000; NJEDA’s total exposure must not exceed $2,750,000.
  • Up to 50% of the bank loan amount for working capital loans; maximum NJEDA participation of $750,000; NJEDA Maximum Guarantee of $1,500,000; NJEDA’s total exposure must not exceed $2,250,000.
  • Guarantee up to 50% of the amount of the bank credit line; not exceed $750,000

Valley’s Kneer says 2022 will end as a good year with an increase in lending volume. “We’re watching the economy closely and making sure to talk to our borrowers about the various challenges that arise,” he says.

Looking ahead, New Jersey banks expect next year’s lending activity to be positive.

For more business news, visit NYC News Now.

Related Articles:

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98% below its high, Morgan Stanley says Carvana stock could fall to $1 https://pspbook.com/98-below-its-high-morgan-stanley-says-carvana-stock-could-fall-to-1/ Sun, 06 Nov 2022 18:21:28 +0000 https://pspbook.com/98-below-its-high-morgan-stanley-says-carvana-stock-could-fall-to-1/ MIAMI, FL – MAY 11: A Carvana used car “vending machine” on May 11, 2022 in Miami, Florida. … [+] Carvana Co. announced it was laying off around 2,500 workers, weeks after the company posted a $506 million loss in the first quarter. (Photo by Joe Raedle/Getty Images) Getty Images In July 2021, Carvana stock […]]]>

In July 2021, Carvana stock peaked at $377. By November 4, 2022, its shares had lost 98% of their value, falling to around $9. With 36.3% of its free float sold short, many investors could profit if Carvana shares continue to fall – down to $1, Morgan Stanley said.

Unless the meme crowd rages against Carvana’s short sellers, the case for a lower share price remains compelling. These include

  • Disappointing Q3 financial report
  • Falling demand from industry
  • Lower cash position
  • Lower profits from the sale of loans
  • Bad credit score
  • Dark Forecast

Disappointing third quarter financial report

The worst thing a company can do on a quarterly earnings call is to fall short of expectations. Carvana clearly achieved that dubious distinction on Nov. 3 — missing “Wall Street expectations for third-quarter revenue and earnings,” according to CNBC.

Here is the litany of bad news:

  • Revenue of $3.39 billion fell 2.7%, down $320 million from estimates according to Refinitiv.
  • Carvana’s loss per share was larger than expected at $2.67 per share.
  • Gross profit fell 31% to $359 million.
  • Retail units sold decreased 8% to 102,570 vehicles from the previous year
  • Gross profit per unit fell more than 24% to $3,500.

Consumers find it hard to afford what Carvana sells. As CEO Ernie Garcia III told the Wall Street Journal, “monthly payments for customers buying a car are now about 160% higher than before the pandemic.” Due to higher interest rates, Carvana’s earnings from selling car loans to outside investors are lower.

Falling demand from industry

The pandemic has been great for used vehicle retailers. However, in 2022, the fortunes of the industry have reversed.

During the pandemic, the supply of new vehicles has been well below demand due to supply chain issues and shortages of semiconductors. Consumers in need of vehicles opted for a used car or truck, driving up used vehicle prices and profits.

The macroeconomic challenges of 2022 have changed consumer behavior towards used vehicles. With high inflation, rising interest rates and fears of a recession, consumers are less willing to pay record high prices for used vehicles.

This drop in demand has hurt the industry. According to CNBC, the result was “declines for Carvana and CarMax” and warnings of slowing demand for used vehicles from “large franchised new and used vehicle dealers such as Lithia Motors.”
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Lower cash position

Carvana was a veritable incinerator of cash. Between June and September 2022, its cash balance decreased by $734 million, leaving Carvana with just $316 million in cash.

Carvana tried to reassure investors by saying she “could borrow about $2 billion to buy cars and make loans, and could raise another $2 billion through real estate,” according to the Journal.

Seth Basham, equity analyst at Wedbush Securities, predicts Carvana needs to raise more capital. Otherwise, he estimates that he “will not be able to maintain sufficient liquidity to meet the financing needs of his floor plan (which were recently modified under stricter conditions) and finance his activities until 2023. “, according to the Journal.

I think Carvana is taking an overly optimistic view of its ability to raise more cash. As the Journal reported, Garcia said “that [Carvana] had $4.4 billion in cash, even though only half of it is committed. Much of the rest is based on assumptions that may not come to fruition.

Additionally, Garcia declined to comment on possible stock sales to reduce his debt. Instead, he told investors that Carvana could get the cash it needs by cutting costs. After cutting staff by 12%, “there’s no huge savings potential there” by further reducing its $656 million in operating expenses, the Journal noted.

Bad credit score

Carvana’s credit rating plummeted this spring. As I wrote in May, at the end of April, Moody’s lowered the rating of the Carvana family of companies to Caa1.

Moody’s reasons for the downgrade included:

  • “Very weak credit metrics, a persistent lack of profitability and negative free cash flow generation”
  • “Governance Considerations” – such as Carvana’s decision to update its “external floor plan facilities” despite expecting significant negative free cash flow. and
  • Its decision to “finance the acquisition of [wholesale auction service] ADESA partially indebted despite its very high leverage.

Moody’s said it could downgrade its ratings “if the company is unable to generate positive operating income on a sustainable basis or if liquidity were to weaken for any reason.”

Carvana remained dynamic. As CEO Ernie Garcia told investors on April 20, “While this quarter may be a little harder to see than most, we remain on the path of building the biggest and most profitable automotive retailers and changing the way people buy and sell cars. . The march continues.”

Although Moody’s did not change its rating, Carvana’s Nov. 4 report prompted Morgan Stanley analyst Adam Jonas “to withdraw its rating from the auto retailer and said its stock could be worth as little as $1.” , according to Bloomberg.

This rating change is a big reversal for Jonas who, in early March, had a price target of $430 for the stock. Jonas cited the deteriorating used car market and a volatile financing environment for change.

Jonas wrote: “As the company continues to pursue cost reduction actions, we believe that a deterioration in the used car market combined with a volatile interest rate/funding environment (bonds trading at 20% return) adds significant risk to the outlook, contributing to a wide range of outcomes (both positive and negative),” CNBC reported.

Meanwhile, the value of Carvana’s bonds is falling, suggesting that the company’s ability to meet its obligations is weakening. For example, “Carvana’s 5.875% senior debentures due 2028 fell to a record low of 36 cents on the dollar on Friday afternoon in New York,” Bloomberg reported.

Lower profits from the sale of loans

In the past, Carvana derived much of its profits from the sale of loans taken out by buyers to purchase its used vehicles. According to FT, “gains from the sale of loans together with other incidental costs have generally accounted for more than half of Carvana’s gross profit per unit”.

Those gains have fallen since peaking in 2021. Gross profit per unit from the sale of loans and other fees fell 23% from $2,500 to $1,921 in the third quarter of 2022, according to FT.

Dark Forecast

Carvana isn’t optimistic about 2023. Garcia described next year as “difficult”. As he told investors last Thursday, “Cars are an expensive, discretionary and often funded purchase that has ballooned far more than other assets in the economy over the past two years and that is clearly impacting people’s purchasing decisions.

Garcia described the end of the third quarter as the “most unaffordable point ever” for customers financing a vehicle purchase. Although they were down 7% last year, according to auction house Manheim; in October, used car prices were still 43% higher than three years ago, according to the Journal.

With average rates on used car loans hitting 9.6% in October — the highest in about 10.5 years — the average monthly payment for a used vehicle rose 8% to $564 in October compared to a year earlier, according to Edmunds.

A short seller is pessimistic about the future of Carvana. According to FT, Spruce Point Capital Management founder Ben Axler said: “Carvana has not generated any positive cash flow since the first financial report in 2014, more than eight years ago. Now that capital has become more expensive, [it] will truly test the appetite of investors to fund its loss-making business ambitions.

Carvana sees a bright future. “While progress is rarely linear, we remain on the path to becoming the largest and most profitable automotive retailer,” Garcia told FT.

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I left NYC and moved to Rio where my income extends 5 times further https://pspbook.com/i-left-nyc-and-moved-to-rio-where-my-income-extends-5-times-further/ Fri, 04 Nov 2022 11:15:30 +0000 https://pspbook.com/i-left-nyc-and-moved-to-rio-where-my-income-extends-5-times-further/ In 2020, Carla Vianna shared a $2,250 studio in New York with her Brazilian partner. She knew it was time to move when she started using her savings to pay the rent. The couple moved to Rio, where their two-bedroom apartment near the beach costs half the rent. Loading Something is loading. Thank you for […]]]>
  • In 2020, Carla Vianna shared a $2,250 studio in New York with her Brazilian partner.
  • She knew it was time to move when she started using her savings to pay the rent.
  • The couple moved to Rio, where their two-bedroom apartment near the beach costs half the rent.

When my partner and I moved to Brazil in October 2020, I was heartbroken to leave New York. But months of confinement in our 300 square foot studio had worn down the charm of the “little life” of the city.

We moved to New York in the summer of 2018 and my partner promised me “two winters”. He grew up in the tropical heat of Rio de Janeiro and wanted to come back.

Moving would not be difficult: my parents immigrated from Brazil to the United States before I was born, which gave me dual citizenship. But I never imagined living there, especially when it meant leaving the relative safety of the United States behind.

At the end of 2019, I left a stable job in journalism to become a travel blogger. Then the pandemic hit – I was newly independent in the face of a decimated travel industry. I lost most of my job and started eating away at my savings. Brazil conquered me when I realized that my income there would be five to six times higher than in the United States.

My quality of life has improved exponentially – here’s what it costs to live and work remotely in Rio de Janeiro

Rio is far from the cheapest city in Latin America. But with the US dollar valued at five times the Brazilian real, living comfortably here is much more accessible than in Manhattan.

Cheap rent plays an important role in reducing costs. My partner and I paid $2,250 a month for a studio in New York. In Rio, we pay 5,000 reals, or about $1,000, for a two-bedroom, two-bathroom apartment with a home office and a 24-hour doorman. We share this cost, so the rent costs me about 2,500 reals per month.

After moving to Rio in October 2020, I turned to freelance writing. I lived on my savings for a few months until I found enough work to cover my living expenses. It was much more sustainable in Rio than in New York. I continued to create my travel blog.

My writing business now brings in between $4,000 and $7,000 a month from freelance writing and journalism work for corporate America. My blog generates a few hundred dollars in affiliate link revenue and ad revenue every month.

I also create travel content for brands on Instagram and TikTok. This year I have worked with Google, Priceline and Priority Pass, among others.

My monthly budget is 10,365 reals. It includes rent, electricity, internet, groceries, groceries, beauty services, restaurant meals and outings with friends. Most of my travel is for business expenses.

My living expenses each month:

  • Rent (including property taxes and condominium fees): 2,500 reals
  • Electricity bill: 100 to 250 reals
  • Broadband Internet: 75 reals
  • Gas: 25 reals
  • Cleaner: 800 reals
  • Initial moving costs (most apartments do not have stoves or fridges): 6,000 reals for a stove, fridge and washing machine, which my boyfriend and I shared

I achieved a level of financial freedom that I did not have in Manhattan

My neighborhood is among the most expensive in Brazil. Our apartment is on a covered street two blocks from Ipanema Beach, and I sometimes spot monkeys outside my window.

I eat at high-end restaurants, travel at least once a month, and hire someone to help me clean my apartment, all while paying off nearly $9,000 in student loan debt.

I mainly cook at home from Monday to Friday and spend around 400 to 500 reals on groceries each week. My partner and I dine out at least twice a week, usually with friends. We try to spend less than 2,000 reals a month on restaurant trips, but we often go over.

Hiring a housekeeper was a big culture shock for me. I never had one growing up, but it’s the norm in upper-middle-class households in Brazil. This was a real benefit and I developed a close relationship with our housekeeper; we often exchange gossip and recipes, and she gives me local travel tips.

When I arrived in Rio, I was too scared to leave my apartment

I grew up hearing from my family how dangerous Brazil could be. “Leave your phone at home,” they said. “Don’t wear flashy jewelry. Stay alert.” Their advice kept me awake at night. I cocooned myself at home for the first few months. I wouldn’t even go to the beach alone.

As COVID-19 cases dwindled in Rio, I started meeting people. Many were expats or digital nomads who had fallen in love with Rio’s vacation lifestyle. Their confidence exploring the city ignited mine.

It took me almost a year to realize that Rio de Janeiro is divided: it has the protected upper class and the rest of the population.

Living in Ipanema, an affluent neighborhood in the city’s touristy southern area, is very different from living in the nearby favelas. My neighborhood is heavily policed, which reduces violent crime. Although cell phone muggings can happen, especially during peak tourist season, I mostly feel safe on a day-to-day basis.

Because my income is in hard currency, I can experience the best of Brazil. I recognize this privilege. It’s my daily reminder to support my local businesses and fight rental rate hikes – even if I can afford them – because they make local inflation worse than it already is.

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Small Business Administration Reminds Business Owners of Deadline for Flood Disaster Loans https://pspbook.com/small-business-administration-reminds-business-owners-of-deadline-for-flood-disaster-loans/ Mon, 31 Oct 2022 23:33:50 +0000 https://pspbook.com/small-business-administration-reminds-business-owners-of-deadline-for-flood-disaster-loans/ By The Staff of The Chronicle Tanya Garfield, director of disaster field operations for the US Small Business Administration, on Friday reminded business owners in Washington of the November 15 deadline to apply for a federal disaster loan from the SBA for economic damage caused by winter conditions and flooding from January 5 to 16. […]]]>

By The Staff of The Chronicle

Tanya Garfield, director of disaster field operations for the US Small Business Administration, on Friday reminded business owners in Washington of the November 15 deadline to apply for a federal disaster loan from the SBA for economic damage caused by winter conditions and flooding from January 5 to 16. .

According to Garfield, small non-farm businesses, agricultural cooperatives and businesses engaged in aquaculture and most private non-profit organizations of any size can apply for up to $2 million in loans to help meet needs. in working capital caused by the January floods.

“Economic Injury Disaster Loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. Economic injury assistance is available whether or not the plaintiff has suffered property damage,” Garfield said.

Low interest disaster loans are available for businesses in Cowlitz, Grays Harbor, Lewis, Pacific, Pierce, Skamania, Thurston, Wahkiakum and Yakima counties.

Interest rates on loans are 2.83% for businesses and 1.875% for private non-profit organizations. Loans are granted for terms of up to 30 years. Loan amounts and terms are set by the Small Business Administration and are based on each applicant’s financial situation.

Applicants can apply online, receive additional assistance, and download applications at https://disasterloanassistance.sba.gov/.

For more information, applicants may call the Small Business Administration’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov. For candidates with hearing or speech impairments, dial 7-1-1 to access the telec.communication relay services.

Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.

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Biden: Nearly 22 million have already applied for student loan relief https://pspbook.com/biden-nearly-22-million-have-already-applied-for-student-loan-relief/ Fri, 21 Oct 2022 20:32:48 +0000 https://pspbook.com/biden-nearly-22-million-have-already-applied-for-student-loan-relief/ President Joe Biden said nearly 22 million people have applied for federal student loan relief in the week since his administration made its online application available — more than half the number the White House estimates is eligible for the program. Speaking at Delaware State University, a historically black university where the majority of students […]]]>

President Joe Biden said nearly 22 million people have applied for federal student loan relief in the week since his administration made its online application available — more than half the number the White House estimates is eligible for the program.

Speaking at Delaware State University, a historically black university where the majority of students receive federal Pell grants, Biden touted statistics for the first week since the app’s beta launched last Friday. He officially unveiled it at the White House on Monday.

Biden’s plan provides federal student debt forgiveness of $10,000 for those with incomes below $125,000 per year or households earning less than $250,000 per year.

Those who received federal Pell grants to attend college are eligible for an additional $10,000. The plan makes 20 million eligible for full forgiveness of their federal student debt.

Biden highlighted the ease of the app, which doesn’t require users to download forms or create an account.

“Friends, this takes less than 5 minutes,” Biden said. He said the “vast majority” of applicants are able to request relief from their phones.

Biden blasted Republicans who criticized his relief package, saying “their outrage is false and hypocritical.” naming GOP lawmakers like Reps. Vern Buchanan and Marjorie Taylor Greene, who received loan forgiveness, and Sen. Ted Cruz, who called some student loan recipients “lazy.”

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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Ramon Richards spent two decades preparing to become the CIO of Fannie Mae https://pspbook.com/ramon-richards-spent-two-decades-preparing-to-become-the-cio-of-fannie-mae/ Tue, 18 Oct 2022 22:12:56 +0000 https://pspbook.com/ramon-richards-spent-two-decades-preparing-to-become-the-cio-of-fannie-mae/ Fannie Mae headquarters in Washington, D.C. © 2019 Bloomberg Finance L.P. Some executives occupy the same position in several companies. They bring a strong toolkit to different environments and for a time help drive change for these companies. Other executives have several jobs in the same company. They get to know their business as well […]]]>

Some executives occupy the same position in several companies. They bring a strong toolkit to different environments and for a time help drive change for these companies. Other executives have several jobs in the same company. They get to know their business as well as anyone. As they reach leadership levels, they are well equipped to collaborate with and mentor those who have returned to their former responsibilities. They understand how the business works better than most. They have a great internal network to tap into to drive innovation. Ramon Richards is the latter type of frame.

Richards joined the $47.5 billion mortgage finance company Fannie Mae 23 years ago. Since then, he has held six positions before becoming CIO in August 2021:

  • Director of development
  • Director, Corporate Functions, Finance and General Ledger Systems
  • Vice President, Finance Technology and Corporate Functions
  • Vice President, Securitization and Credit Technology
  • Senior Vice President, Securitization Technology and Services
  • Senior Vice President, Integrated Technology Solutions

He admits he didn’t expect to stay with the company for more than two decades when he joined. He stayed, however, because he was able to learn and take on new opportunities. “During my journey, the work remained interesting and challenging and kept me fully engaged,” he noted. “Another big part of it, being in the tech world, you’re always learning, and learning was encouraged.” He also understands that Fannie Mae had huge benefits keeping an executive of his tenure in the fold for so long. “I am deeply connected to our mission and very motivated by what we do and how we try to improve access to housing,” said Richards. “I understand the culture and I am able to identify the opportunities available to us to continue to evolve as a company. I think it’s possible to connect the dots differently when you truly understand how all aspects of business work, from business to operations to technology, which has allowed me to influence maybe someone differently. ‘one who hasn’t spent as much time understanding the inner workings of the company.”

Richards and his team have led a tremendous digital transformation over the past few years. Emphasis was placed on developing the skills of the future so that his team could meet the demand for digital capabilities across the company. He also led to a reduction in legacy technology so that there was a better and less complex tech stack that he and the team managed. Agile practices have also been an important driver of change, as has the shift to greater emphasis on automation and cloud technology. Richards’ team is increasing the rate at which it can deliver software while reducing costs along the way.

The IT team now has a better foundation on which to innovate. To illustrate this innovation, Richards highlights an automated underwriting system his team helped set up to integrate a consistent rent payment history into credit scores. Long-term tenants who pay their rent monthly should establish their creditworthiness for what is usually the biggest bill of the month. And yet, this has generally not contributed to a creditworthiness assessment. This allows Fannie Mae to qualify more borrowers for mortgages. It’s an idea that seems almost obvious once explained, yet it’s a first of its kind in the industry. Considerable technological changes were necessary to allow this idea to flourish. “We leveraged some of our cloud capabilities as well as machine learning capabilities…to unlock rental payment history,” Richards said. “This is a major contribution to the company’s fundamental principle of increasing access to housing.”

The key to unlocking innovation at Fannie Mae is building a team that is curious and ambitious enough to want to develop the best ideas for the future. It starts with having the right training. “We have a program that we have established to develop the skills needed to become a full-stack engineer,” Richards said. “We also have a program in place to develop advanced cloud engineering skills. We also invest in leadership and management skills, because you need both to have a successful team. Moreover, his career path has become more rigorous for his colleagues. When an employee is ready for the next opportunity, suggesting other parts of the company can increase the likelihood of them staying rather than seeking that next opportunity outside the company. “In the type of talent market we find ourselves in today, it’s important to retain your individuals,” Richards emphasized. “We are very focused on finding new opportunities for individuals when they are ready for the next chapter in their career. It’s a much better answer for the company than the people who decide to leave.

This people-powered engine of innovation proved useful when the pandemic hit. Many Fannie Mae customers have been hit hard by the health crisis which quickly turned into a financial crisis for many. “Fortunately, we had made good progress on some of the digital capabilities we were developing, and we were able to leverage those capabilities to deliver payment deferral to the business faster than we had. provided this type of function in the past,” said Richards. “It became clear to us that the investment we were making in our digital core was important to how we wanted to operate as a business in the future. It was an early example of the potential, and I think it also helped motivate and inspire a lot of our people to set the business up for future success by providing products that would benefit landlords and tenants.

Richards is still having fun in his position as CIO and sees vast opportunities to continue innovating, learning new skills along the way.

Peter High is President of Métis Strategy, a business and IT consulting firm. He has written two bestselling books and his third, Getting to Nimble, came out recently. It also moderates the Technovation podcast series and speaks at conferences around the world. Follow him on Twitter @PeterAHigh.

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Why business loans are more expensive and what SMEs can do about it https://pspbook.com/why-business-loans-are-more-expensive-and-what-smes-can-do-about-it/ Sun, 16 Oct 2022 02:55:35 +0000 https://pspbook.com/why-business-loans-are-more-expensive-and-what-smes-can-do-about-it/ If you find that business loans are getting more expensive month by month, you are not alone. In an effort to control inflation, the Bangko Sentral ng Pilipinas (BSP) has raised its key interest rates several times this year to encourage consumers to spend less and save more. The latest hike raised the overnight lending […]]]>

If you find that business loans are getting more expensive month by month, you are not alone.

In an effort to control inflation, the Bangko Sentral ng Pilipinas (BSP) has raised its key interest rates several times this year to encourage consumers to spend less and save more. The latest hike raised the overnight lending interest rate to 4.75%. This means that banks and lenders pay more to borrow money from the BSP, which they will have to pass on to the borrowers. This is the most important external factor that makes business financing more expensive.

That’s bad news for business owners who simply have to borrow now, especially with vacations and next year’s business planning ahead. After all, whether inflation continues or not, businesses will always need increased inventory, a possible increase in labor during the holidays, and emergency financing to mitigate expenses. contingencies and cash flow discrepancies during “ber” months.

The good news is that you can opt for legitimate independent lenders to offer you better financing rates. Since many independent lenders do not derive their capital from the BSP, they should not be affected by interest rate increases unless they have to offset rising business costs.

For example, First Circle has previously said it is keeping pre-inflation interest rates as low as 1.39% for the remainder of 2022. The announcement applies to new and existing customers. Although other independent lenders have not made similar announcements, companies can take this information and use it to negotiate more favorable loan prices with other lenders.

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That doesn’t mean there aren’t internal factors making business loans more expensive. Many elements can affect the final cost of the loan: the choice of the lender, the type of loan, the conditions of the loan or the guarantee that you are ready to provide, etc. More important, however, is simply that your business finances may present you as a risky borrower. The interest rate on a business loan is the price the lender charges you for the loan; the higher the risk of non-repayment, the higher the percentage.

Improving your business finances is unfortunately a long-term game that won’t do you any good if you need financing now. So, for now, you can shorten the term of the preferred loan, reduce the loan amount, or be open to other financing options to get a better interest rate. Look at legitimate independent lenders who are more willing to take on much higher risk. Alternatively, you can also change your preferred loan from an unsecured loan to a secured loan; just remember that it increases the risk to your business.

Over the long term, work on making your business more attractive to lenders. There are many ways to do this, but the most important is to take care of your credit history. Although there is no centralized credit reporting system in the Philippines to date, the first thing lenders do with new applications is to perform a credit check on owners and partners of the company.

Pending loan obligations and financial discrepancies will factor into your ability to repay, so repay all existing personal and business loans and ask your business partners to do the same. Also, keep your daily bank balances as high as possible — this builds your financial capacity.

Another way to lower future interest rates is to show consistency of cash flows. Legitimate lenders ask for bank statements, tax returns, cash flow projections, and audited financial statements for this very reason. Unexplainable inconsistencies such as days of negative balance, irregular income and huge losses and gains will set off red flags – your loan application could be denied. It’s also why businesses in industries with erratic cash flow, such as restaurants and property developers, have a harder time getting loans. Even though they may show a high annual income, an unpredictable drop will easily derail repayments.

Finally, the easiest thing to do is keep business records, files, and document filings up to date. In addition to not having to pay penalties, companies with clear and up-to-date paperwork get loans approved much faster – this indicates that the company has nothing to hide. This applies in particular to companies with parent companies, subsidiaries and name changes. Audited financial statements, articles of association, and general information sheets should clearly reflect your business history and relationships.

Lenders vary in their underwriting and risk rating systems; for many, it is more effective to refuse the loan application outright than to take the time to reach out and sort out the inconsistencies in the records.

Business loan prices are highly dependent on factors beyond the control of any business owner. However, if your business simply cannot afford to defer borrowing for a few more months, there are short-term and long-term ways to make interest rates more affordable.

Jess Jacutan is Head of Content Marketing for First Circle, an SEC-registered fintech company that has been empowering SMBs with free funding and growth tools since 2016.

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