Business Loans – PSP Book http://pspbook.com/ Sun, 02 Jan 2022 23:28:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://pspbook.com/wp-content/uploads/2021/05/default1-150x150.png Business Loans – PSP Book http://pspbook.com/ 32 32 Equity Takes Sh21bn From IFC Loan Days After Redemption https://pspbook.com/equity-takes-sh21bn-from-ifc-loan-days-after-redemption/ Sun, 02 Jan 2022 21:02:53 +0000 https://pspbook.com/equity-takes-sh21bn-from-ifc-loan-days-after-redemption/ Companies Equity Takes Sh21bn From IFC Loan Days After Redemption Monday 03 January 2022 Equity Bank Agency on Muindi Mbingu Street in Nairobi on Thursday April 1, 2021. PHOTO | DENNIS ONSONGO | NMG By VICTOR JUMAMore from this author Summary IFC will provide $ 50 million (6.4 billion shillings) of its own money while […]]]>

Companies

Equity Takes Sh21bn From IFC Loan Days After Redemption


Equity Bank Agency on Muindi Mbingu Street in Nairobi on Thursday April 1, 2021. PHOTO | DENNIS ONSONGO | NMG

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Summary

  • IFC will provide $ 50 million (6.4 billion shillings) of its own money while the remaining $ 115 million (14.7 billion shillings) will come from its partners.
  • Institutions that invest alongside IFC benefit from the strong creditor protections that companies and countries typically give to the global financier.
  • In addition to strengthening the bank’s capital base, the new loan will also be loaned to clients who meet IFC’s impact investment criteria.

The International Finance Corporation (IFC) to lend to Equity Group’s Kenyan banking subsidiary #ticker: EQTY $ 165 million (21.1 billion shillings), marking one of the largest credit facilities to a local lender.

The proposed investment disclosure comes as the global financier is also set to acquire a 6.7% stake in the Nairobi Stock Exchange listed company #ticker: NSE for 13.9 billion shillings, highlighting trade links crescents between parties.

“The proposed investment consists of a seven-year Basel II Compliant Level 2 subordinated loan of up to $ 165 million (21.1 billion shillings) to Equity Bank Kenya Limited,” he said. IFC said in a Dec. 22 statement.

“The investment will strengthen the bank’s regulatory capital and support its lending operations for climate-smart projects and small and medium-sized enterprises (SMEs) in Kenya.

IFC will provide $ 50 million (6.4 billion shillings) of its own money while the remaining $ 115 million (14.7 billion shillings) will come from its partners.

Institutions that invest alongside IFC benefit from the strong creditor protections that companies and countries typically give to the global financier.

In addition to being Equity’s largest creditor, IFC is also set to become the bank’s second-largest shareholder after signing an agreement to purchase insurance firm Britam’s #ticker: BRIT stake in the lender. The institutional investor will buy 253.1 million shares of the bank from Britam at 55 Sh each based on negotiations with the insurer.

IFC will acquire 164.5 million shares of the lender directly and an additional 88.5 million shares through its IFC Financial Institutions Growth Fund LP.

Arise BV, backed by institutional investors Norfund, FMO and Rabobank, is the largest shareholder with an 11.99% stake in the Kenyan multinational banking corporation.

The price of the private transaction represented a premium of more than 10% over the bank’s share price in the days before the transaction was published.

The transaction announcement saw the Equity share price move up to Britam’s exit price.

For IFC, the proposed investment marks a closer relationship with Equity of which it is the main creditor.

The global financier had already loaned the bank 21.8 billion shillings in December 2020, topping a list of development finance institutions that have supported the lender’s aggressive regional expansion.

It was not immediately clear whether the new loan represents a restructuring of existing credit facilities or whether it will increase the bank’s borrowing.

These transactions demonstrate IFC’s confidence in Equity’s future growth prospects.

“Equity Bank Kenya is Kenya’s second-largest bank, with total assets of $ 7.2 billion (Sh923 billion) as of September 30, 2021. The bank has a substantial national presence in Kenya through its network of 190 branches, over 380 ATMs, and more than 42,000 bank agents. Nationwide, the bank serves more than 10.7 million customers, ”said IFC.

“The bank is a 100% subsidiary of Equity Group Holdings… a key partner of IFC in East Africa with a significant presence in the region and subsidiaries in Kenya, Uganda, Tanzania, South Sudan , Rwanda and the Democratic Republic of Congo (DRC). ”

In addition to strengthening the bank’s capital base, the new loan will also be loaned to clients who meet IFC’s impact investment criteria.

The global financier defines SMEs using a variety of metrics, including companies with between 10 and 300 employees or annual sales of $ 100,000 (12.8 million shillings) to $ 15 million (1.9 billion shillings).

The loan amount per borrower typically ranges from $ 10,000 (1.2 million shillings) to $ 2 million (256 million shillings).

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

The loan offered to the lender is the latest from IFC, which has funded dozens of Kenyan banks including KCB and Co-op Bank #ticker: COOP with billions of shillings in medium-term dollar-denominated facilities.

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Fleet Machine to Increase Production and Create Jobs with CARES Act Loan | News https://pspbook.com/fleet-machine-to-increase-production-and-create-jobs-with-cares-act-loan-news/ Fri, 31 Dec 2021 22:00:00 +0000 https://pspbook.com/fleet-machine-to-increase-production-and-create-jobs-with-cares-act-loan-news/ A Gloucester-based state-of-the-art manufacturing company specializing in precision machining will be able to purchase four new machines and associated tools through a loan from MassDevelopment which is available from Federal Pandemic Relief Funds. MassDevelopment announced a $ 284,000 equipment loan, backed by an export guarantee, from the CARES Act Revolving Loan Fund to Fleet Machine […]]]>

A Gloucester-based state-of-the-art manufacturing company specializing in precision machining will be able to purchase four new machines and associated tools through a loan from MassDevelopment which is available from Federal Pandemic Relief Funds.

MassDevelopment announced a $ 284,000 equipment loan, backed by an export guarantee, from the CARES Act Revolving Loan Fund to Fleet Machine Company Inc. The company will use the proceeds of the loan. ” purchase of four new computer numerical control (CNC) machines and associated tooling that will help Fleet Machine increase production of advanced components for the aerospace, defense, medical and robotics industries .

Fleet Machine plans to create four additional new jobs over the next three years, according to the announcement; this is the seventh automated solution that MassDevelopment has helped Fleet Machine fund since 2016.

The CARES 2020 law authorized the US Economic Development Administration to provide grants to entities like MassDevelopment to capitalize revolving loan funds that provide loans to small businesses and nonprofits affected by the COVID-19 pandemic.

“From the Berkshires to Cape Ann, the manufacturers know there are many opportunities for growth across the state,” said Housing and Economic Development Secretary Mike Kennealy, who chairs the board of directors for MassDevelopment. “MassDevelopment’s low-cost equipment financing is an important tool the Commonwealth is using to help these businesses create jobs and grow their operations. “

“MassDevelopment is proud to help manufacturing companies create incredible products every day by funding the tools and space they need to increase their production capacity,” said Dan Rivera, President and CEO of MassDevelopment . “At Gloucester, our continued partnership with Fleet Machine Company Inc. allows the company to purchase the necessary equipment, expand its operations and remain a key contributor to the Massachusetts economy.

Fleet Machine purchased its first four-axis horizontal machining center in 2016 with the help of a $ 225,000 equipment loan from MassDevelopment, according to the announcement. The agency increased this funding in 2017 to support the purchase of a second machine. In June 2021, the company used a $ 510,000 equipment loan from MassDevelopment to purchase a new five-axis multitasking center.

“The City of Gloucester is grateful for the continued investment MassDevelopment has made in companies like Fleet Machine,” said Mayor Sefatia Romeo Theken. “The partnership and the resulting job creation are boosting the local economy as we continue to manage the effects of the COVID-19 pandemic. We are proud to have Fleet Machine in the city with its commitment to an innovative and conscientious approach to manufacturing.

Fleet Machine, which was founded in 2010, is located at 1 Kondelin Road in the Cape Ann Industrial Park.

“As our company has continued to excel in producing high precision components for the advanced industry, MassDevelopment has supported our growth every step of the way,” said Jack McGourty, president of Fleet Machine Company Inc. “MassDev understands the value that a business can bring to a community and our success is the result of their commitment.


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Graduates Can Save More Money Than Ever As Fixed Student Loan Refinance Rates Hit All-Time High https://pspbook.com/graduates-can-save-more-money-than-ever-as-fixed-student-loan-refinance-rates-hit-all-time-high/ Thu, 30 Dec 2021 13:25:52 +0000 https://pspbook.com/graduates-can-save-more-money-than-ever-as-fixed-student-loan-refinance-rates-hit-all-time-high/ Fixed student loan refinancing rates set a new record during the week of December 13, meaning borrowers have the ability to lower their monthly payments, pay off loans faster, and save more money. on their university debt. (iStock) Fixed student loan refinancing rates have fallen to a new high, giving borrowers the opportunity to save […]]]>

Fixed student loan refinancing rates set a new record during the week of December 13, meaning borrowers have the ability to lower their monthly payments, pay off loans faster, and save more money. on their university debt. (iStock)

Fixed student loan refinancing rates have fallen to a new high, giving borrowers the opportunity to save more money on their student debt than ever before.

Interest rates on the 10-year fixed-rate refinance loans were on average 3.33% for the week of Dec. 13, according to Credible. These are the lowest fixed student loan rates since Credible started collecting this data in June 2020.

STUDENT LOAN DEFERRED EXTENSION: WHAT BORROWERS NEED TO KNOW

The variable interest rates for the 5-year refinance term increased significantly in the same week, to 2.82%. However, the variable rate is much lower than it was at the same period last year, when it was 3.20% on average.

With student loan refinancing rates at historically low levels, student loan borrowers have the opportunity to lower their monthly payments, pay off debt faster, and save money on total borrowing costs on the bank. term of the loan.

Read on to learn more about refinancing a private student loan. Browse the student loan refinance rates from private lenders in the table below and visit Credible to see the refinancing deals that are right for you without affecting your credit score.

WHAT IS A GOOD ANNUAL PERCENTAGE RATE (APR) ON A PERSONAL LOAN?

How To Qualify For Student Loan Refinancing

Refinancing a student loan involves taking out a new loan to pay off your current student debt on better terms, such as a lower interest rate. There are many private student loan lenders that offer refinancing, and the process can be done entirely online.

When you refinance your student loan debt, your loan amount will stay the same, but your other terms will likely change. It may also be possible to transfer all of your loans in one monthly payment with the student loan consolidation. You can choose a shorter loan term to pay off your student debt faster, or you can go for a longer term loan to lower your monthly payments.

Private student lenders determine your interest rate based on a number of eligibility criteria, including:

  • Responsible financial history. Borrowers with good credit and a low debt-to-income ratio will have the best chance of qualifying for a student loan refinance at a low interest rate. Borrowers with bad credit might consider hiring a creditworthy co-signer to qualify for student loan refinancing.
  • Loan repayment terms. Larger loans may have higher interest rates. Plus, you will pay more interest over time because it is assessed on a higher amount. Shorter loans will generally offer lower interest rates, while longer loan terms will cost more to borrow over time.
  • Type of interest rate. Fixed rate loans tend to have higher rates because borrowers can lock in their rate for the duration of the loan. Variable rate loans tend to offer lower rates, which may go up or down over the life of the loan depending on market conditions.

You can compare student loan rates for free on Credible with flexible credit, then use a student loan calculator to determine how much you can save by refinancing.

HOW TO CHECK YOUR FULL CREDIT REPORT WITHOUT A HARD CREDIT

Should You Refinance Federal Student Loans?

Refinancing can help some borrowers get a lower rate on their college debt, but federal student loan borrowers need to know a few things before switching to a private loan.

Interest rates are set differently. Federal student loan rates are set for all borrowers based on when the loan was taken out, while private student loan interest rates vary by lender depending on the creditworthiness of the borrower. Additionally, private lenders tend to offer rate discounts, such as an interest rate reduction for setting up automatic payments (sometimes referred to as automatic remittance).

Borrowers with a high credit score and low debt-to-income ratio may qualify for a lower interest rate through a private lender, but this depends on the fixed rate of the federal student loan at the time the loan is due. been disbursed. Here are the current federal student loan interest rates for loans disbursed between July 1, 2021 and June 30, 2022:

  • Direct Undergraduate Loans: 3.73%
  • Direct loans to graduates: 5.28%
  • Direct PLUS loans for parents and graduates: 6.28%

WHAT IS THE MINIMUM CREDIT SCORE REQUIRED TO OBTAIN A STUDENT LOAN?

Private student loan lenders do not charge refinancing fees. When you borrowed your federal loan, you probably had to pay a one-time loan fee that was part of the total loan amount. Federal direct loans disbursed on or after October 1, 2020 were charged a loan fee of 1.057%. Direct PLUS loans disbursed during the same period have a loan fee of 4.228%

Private student loans are not eligible for federal benefits. By refinancing a private student loan, federal student loan borrowers forgo several federal loan protections such as income-based repayment plans, administrative forbearance, and certain student loan cancellation programs. Federal student loan payments are currently on hold until May 1, 2022, which means refinancing your federal loans to a private loan would now mean you will have to resume monthly payments upon approval.

Nonetheless, it might be wise to lock in a private student loan refinance rate when rates are at record highs. Visit Credible to view your student loan refinance offers, so you can determine if it is worth refinancing your federal student loan debt.

PERSONAL LOANS ORIGINATION COSTS: ARE THEY WORTH THE COST?

Have a finance-related question, but you don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.


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Write-offs in Covid Year Help Banks Reduce Bad Debt: RBI https://pspbook.com/write-offs-in-covid-year-help-banks-reduce-bad-debt-rbi/ Tue, 28 Dec 2021 19:24:24 +0000 https://pspbook.com/write-offs-in-covid-year-help-banks-reduce-bad-debt-rbi/ THE BANKING sector succeeded in improving the quality of assets during the Covid year, the ratio of gross non-performing assets to advances rising from 8.2% at the end of March 2020 to 7.3% at the end of March 2021 – and again to 6.9% at the end of September 2021, according to a new report […]]]>

THE BANKING sector succeeded in improving the quality of assets during the Covid year, the ratio of gross non-performing assets to advances rising from 8.2% at the end of March 2020 to 7.3% at the end of March 2021 – and again to 6.9% at the end of September 2021, according to a new report from the Reserve Bank of India (RBI).

According to the “India Banking Trends and Progress Report 2020-21”, loan cancellations were the main recourse to reduce gross ANP in 2020-21. This improvement is also due to a decrease in slippages, in part due to the end of the classification of assets, he said.

In absolute terms, gross NPA fell to Rs 8,37,771 crore in March 2021 from Rs 8,99,803 crore in March 2020. NPAs worth Rs 4 crore were added during the year while bad debts of Rs 2.08 crore were written off by banks. . Of the total NPAs, Rs 6.16 lakh crore of bad debts were accounted for by public sector banks, according to the report.

The ratio of gross ANP to advances indicates the proportion of loans out of total loans that have not been repaid within the allotted time. Banks normally write off a non-performing asset when all collection measures are exhausted and the chances of collection are low. In April 2020, when Covid hit the economy, the RBI decided to give relief to standard bank accounts with a moratorium on loans between March 1 and May 31 of the same year. The 90-day NPA standard excluded the moratorium period for such accounts. The RBI ended the classification of assets for standard bank accounts, implying that these could not be classified as bad assets after the stipulated 90-day period.

Explain

Red flag on asset quality

As bad loans fell through September 2021, the RBI stressed that the quality of banks’ assets could be shaken. In addition, credit growth – at 7.3% as of December 3, 2021 – is moderate, indicating the impact of the pandemic on aggregate demand and the risk aversion of banks in lending to productive sectors of the world. ‘economy.

With the decrease in past due assets, provision requirements also decreased and the net NPA ratio of PSU banks and private banks decreased compared to the previous year. On the contrary, foreign banks have reported growing increases in NPAs and deteriorating asset quality due to the merger of troubled private banks and foreign banks, the RBI said.

In India, most pandemic measures had a well-specified sunset clause, and some ran their course during the year. However, the impact of these transitional measures on the financial health of banks can only be fully explored after the passage of time, the central bank said.

One of the fallout from the pandemic and slowing economic activity is that banks’ credit growth remained subdued in 2020-21, but non-bank financial corporations (NBFCs) have stepped up to fill that gap. In the first half of 2021-2022, although banks’ credit growth edged up, concerns emerged about the quality of NBFCs assets, the RBI said.

Going forward, however, banks would need a higher capital cushion to cope with the challenges of continued stress on borrowers as well as to meet the economy’s potential credit needs, according to the report. Based on the capital situation as of September 30, 2021, all public sector banks and private banks have maintained the capital conservation buffer (CCB) well above the minimum requirement of 2.5%. .

In 2020-2021, the consolidated balance sheet of banks grew, despite the pandemic and the resulting contraction in economic activity. “In 2021-2022 so far, signs of nascent recovery are visible in credit growth. Deposits increased 10.1% at the end of September 2021 from 11.0% a year ago, ”the RBI said.

The central bank said some of the policy measures taken by the RBI in response to the pandemic have reached pre-announced extinction dates of 2021-2022.

Some liquidity measures have been removed as a result, while other regulatory measures have been realigned to avoid prolonged forbearance and financial stability risks while providing targeted support to needy sectors, he said. The realigned measures include the postponement of the implementation of the net stable funding ratio, restrictions on dividend payments by banks and the postponement of the implementation of the last tranche of the capital conservation buffer. Although the opening of a new insolvency proceeding under the IBC was suspended for a year until March 2021, it was one of the main modes of recovery in terms of the amount recovered.


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What are the different types of loans? https://pspbook.com/what-are-the-different-types-of-loans/ Mon, 27 Dec 2021 03:15:00 +0000 https://pspbook.com/what-are-the-different-types-of-loans/ People borrow money for a variety of reasons. It could be expanding their business, funding higher education, buying a house or a car, buying a ring for their girlfriend or wife. Loans generally fall into two categories, secured and unsecured. Let’s first understand what a secured loan is. Secured loans are those for which a […]]]>

People borrow money for a variety of reasons. It could be expanding their business, funding higher education, buying a house or a car, buying a ring for their girlfriend or wife.

Loans generally fall into two categories, secured and unsecured. Let’s first understand what a secured loan is.

Secured loans are those for which a borrower keeps an asset as collateral or collateral to borrow money. The collateral can be your car, your house, or anything of value.

It just means that in the event of default, the lender can use the asset to repay the funds it has advanced to the borrower.

Common types of secured loans are mortgages and auto loans, in which the financed item becomes the collateral for the financing. With a car loan, if the borrower is in default, the credit issuer can seize the vehicle.

When an individual or business takes out a mortgage, the property in question is used to secure the repayment terms. In effect, the lending institution maintains the equity in the property until the mortgage is paid in full. If the borrower defaults on the payments, the lender can foreclose the property and sell it to collect the funds owed.

Now let’s talk about unsecured loans. Unlike secured loans, unsecured loans are taken out without keeping any collateral. If the borrower defaults on this type of debt, the lender takes legal action to collect what is owed. Lenders give funds in the form of unsecured loan only based on the creditworthiness of the borrower and promise to repay.

Banks charge a higher rate of interest on unsecured loans because they are high risk. In addition, the credit score and debt-to-income ratio requirements are generally more stringent for these types of loans.

While giving unsecured loans, banks check the credit history of the borrower. Any past default may result in the cancellation of the loan. Apart from this, the financial position of the borrower is also checked as to whether he will be able to repay the loan.

Examples of unsecured loans are personal loans, student loans, and credit card transactions. And when a bank finds that a loan or unpaid amount is no longer collectible, it is considered a bad loan.

The RBI recently said in a response from RTI that banks had written off a whopping Rs 1,168,095 crore in bad loans over the past 10 years. Apparently most of them were unsecured loans.

People who do not want to pledge their assets or have no property to apply for a secured loan, opt for the unsecured loan. This is a good option if you are looking for immediate cash flow.


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“Many businesses still fail to repay their loans” https://pspbook.com/many-businesses-still-fail-to-repay-their-loans/ Sat, 25 Dec 2021 00:55:49 +0000 https://pspbook.com/many-businesses-still-fail-to-repay-their-loans/ BANK Negara Malaysia (BNM) is urged to consider granting distressed businesses and individuals an extension of the loan moratorium, which ends on December 31. Iskandar Malaysia Johor Chamber of Commerce and Industry Advisor Md Salikon Sarpin said the global economic outlook for next year remains uncertain and Malaysia has not been spared the impact of […]]]>

BANK Negara Malaysia (BNM) is urged to consider granting distressed businesses and individuals an extension of the loan moratorium, which ends on December 31.

Iskandar Malaysia Johor Chamber of Commerce and Industry Advisor Md Salikon Sarpin said the global economic outlook for next year remains uncertain and Malaysia has not been spared the impact of the Covid-19 pandemic, although all economic sectors are now allowed to function fully.

“There are two sides to the story when it comes to the pandemic and various orders of movement control,” Salikon told StarMetro.

There is still a long way to go before the country’s economy can fully recover, he added.

Salikon said that although there were signs that some economic activities were in recovery mode, economic growth was still weak.

“There are those who still have problems servicing their loans, hence the need for Bank Negara to consider extending the moratorium,” he suggested.

Salikon, who is also a member of the southern branch of the Malaysian International Chamber of Commerce and Industry, said the move would help ease the financial burden on businesses and individuals.

However, he also said those who were able to repay their bank loans should start doing so from next month.

Meanwhile, the chairman of the Chinese Chamber of Commerce and Industry in Johor Baru, Low Kueck Shin, said individuals in the B40, M40 and T20 groups, microenterprises as well as struggling SMEs should have an option in regarding the moratorium on loans.

“It’s good that there are no more blockages, and most economic activities have returned to normal although at a slower pace compared to the days before Covid-19,” he said. he noted.

Low hoped the government would look into economic activities or sectors that may need more time to fully recover.

He said the tourism, hospitality and retail sectors, for example, were still in need of government assistance.

“Many of them were forced to temporarily cease their activities or to close because international and domestic tourism stopped during the MCO. “

He said that while most beachfront hotels in Desaru, Kota Tinggi had high bookings when the interstate travel ban was lifted in October, hotel occupancy rates in Johor Baru remained low.

“I hope that Bank Negara can extend the moratorium for another six months until June 30, 2022,” he added.

Low also said the government should come up with short and medium term measures to stimulate the economy.

He said that if the 2022 budget was to increase consumer spending, more should be done for other sectors, including public infrastructure projects.


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Oncorena Secures Funding for Company’s Further Development of Orellanin, a Potential Breakthrough Therapy for Advanced Kidney Cancer https://pspbook.com/oncorena-secures-funding-for-companys-further-development-of-orellanin-a-potential-breakthrough-therapy-for-advanced-kidney-cancer/ Thu, 23 Dec 2021 07:59:12 +0000 https://pspbook.com/oncorena-secures-funding-for-companys-further-development-of-orellanin-a-potential-breakthrough-therapy-for-advanced-kidney-cancer/ LUND from Sweden, 23 December 2021 / PRNewswire / – Oncorena, which is developing a potentially revolutionary therapy for advanced kidney cancer, receives a capital injection of MSEK 66 from one of the company’s major shareholders as well as two new investors. Under the terms of the agreement, Oncorena may receive a supplement 94 million […]]]>

LUND from Sweden, 23 December 2021 / PRNewswire / – Oncorena, which is developing a potentially revolutionary therapy for advanced kidney cancer, receives a capital injection of MSEK 66 from one of the company’s major shareholders as well as two new investors. Under the terms of the agreement, Oncorena may receive a supplement 94 million Swedish kronor in the future. The capital will mainly finance the first clinical study of Oncorena, a phase I / II study with orellanine in dialysis patients with advanced kidney cancer.

The current shareholder HealthCap has, together with the two new investors, Linc AB and Fåhraeus Startup and Growth AB, invested a total of 66 MSEK in new capital to finance the first part of the phase I / II study of Oncorena. If the first part of the Phase I / II study shows positive results (Proof of Concept), the parties intend to invest an additional sum of MSEK 94 in the second part of the study.

HealthCap, one of the largest life sciences venture capital funds in Europe, has been one of Oncorena’s main shareholders since 2016. The investment company Linc AB is listed on Nasdaq Stockholm and invests in Nordic companies focused on life science products, primarily pharmaceutical and medical companies. Fåhraeus Startup and Growth AB is a newly established venture capital fund that focuses on early stage investments in life science and technology companies. The investment is subject to the approval of an Extraordinary General Meeting to be held at January 2022.

Earlier this year, the Swedish Medicines Agency approved Oncorena’s first clinical trial of orellanin in patients with advanced kidney cancer on dialysis. Orellanin is a substance with a unique mode of action that has been shown to have specific and potent anti-tumor effects in advanced kidney cancer in a number of preclinical models.

“We are grateful for this injection of capital which enables us to achieve necessary and crucial results which will be decisive for the further clinical development of orellanine by Oncorena and for new ventures in the field of kidney cancer. We also hope that the results of the next clinical study will be of great benefit to patients in the future, ”said Lars Grundemar MD, Ph.D., CEO of Oncorena.

“It is gratifying to announce that Oncorena is now entering a new phase with a capital injection of up to a total of 160 MSEK in a Serie A cycle from three strong investors in the life sciences field. With the funding in place, Oncorena can now focus on harnessing the potential of the company’s innovation in kidney cancer, further developing the business and accelerating the growth journey, ”said Andreas Segerros, Chairman of the Board of Oncorena.

About the Phase I / II clinical trial
The phase I / II clinical trial of orellanine will recruit patients with advanced kidney cancer already on dialysis due to renal failure. The study will be carried out at the Center for Clinical Studies in Cancer of Karolinska University Hospital in Stockholm, Sweden, and will study the safety, tolerability, pharmacokinetics and signs of antitumor effects in treatment with a synthetic form of orellanin. The phase I / II trial will include up to 40 patients and may include patients from other European countries.

About orellanin
Orellanin, which has a new and unique mode of action, is under development for organ-specific chemotherapy with curative potential for patients with advanced kidney cancer on dialysis. Orellanin is found in the fungi of the Cortinar family, these are sometimes accidentally picked and eaten as they are mistaken for funnel chanterelles. The clinical effects of orellanin are well documented and are limited entirely to the kidneys.

About kidney cancer
Around 400,000 patients are affected by kidney cancer worldwide according to the WHO. The disease can often be cured with surgery if caught in time, but unfortunately the diagnosis is often made when the tumor has already spread to other organs. The prognosis is then much less favorable and certain groups have a median survival of less than two years. Today, the disease is treated with various types of targeted and immunoactive drugs, often with severe side effects, and standard chemotherapy drugs have a limited effect. There is therefore a significant and urgent medical need for new, effective and safe drugs.

For more information, please contact

Lars Grundemar, MD, Ph.D., CEO, Oncorena AB
Email: lars.grundemar@oncorena.com
Telephone +46 (0) 76 209 5518

Pål Falck, Ph.D., Commercial Director, Oncorena AB
Email: pal.falck@oncorena.com
Telephone +47 920 36 764

About Oncorena
Oncorena AB is a Swedish pharmaceutical company based in Lund. The company is developing a potentially revolutionary new treatment for patients with advanced kidney cancer. The treatment is based on research conducted at the University of Gothenburg, Sweden, chaired by Professors Börje Haraldsson and Jenny Nyström. The project was initially developed with the support of Vinnova, Sweden Innovation agency, GU Ventures at the University of Gothenburg and private business angels. Today, Oncorena is mainly funded by investment companies HealthCap, Linc AB, Fåhraeus Startup and Growth AB, as well as biotech company AQILION AB. For more information, please visit the Oncorena website at www.oncorena.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/oncorena-ab/r/oncorena-secures-financing-of-the-company-s-continued-development-of-orellanine–a-potential-breakth,c3477783

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“It was a crazy hug” https://pspbook.com/it-was-a-crazy-hug/ Tue, 21 Dec 2021 13:22:59 +0000 https://pspbook.com/it-was-a-crazy-hug/ ANDERSONVILLE – For Elias Majid, owner of Eli Tea Bar, any concerns about whether a tea-centric “sober bar” would work in Chicago was quickly dispelled over its opening weekend. A trolling bingo event at the Andersonville spot this weekend was sold out, and a pop-up with a Michigan pie company also nearly sold out, Majid […]]]>

ANDERSONVILLE – For Elias Majid, owner of Eli Tea Bar, any concerns about whether a tea-centric “sober bar” would work in Chicago was quickly dispelled over its opening weekend.

A trolling bingo event at the Andersonville spot this weekend was sold out, and a pop-up with a Michigan pie company also nearly sold out, Majid said. It comes after a smooth opening two weeks earlier that saw around 45 customers lined up outside.

“Our smooth opening was not smooth,” said Majid. “It’s been a crazy hug.”

Eli Tea Bar opened Friday at 5507 N. Clark St. as Michigan’s second coffee outpost. The store offers 100 loose-leaf teas, as well as a full menu of specialty drinks, but Majid hopes the company will be known as much for its drinks as it is for its goal of creating a sober and welcoming meeting space for LGBTQ people.

Eli Tea Bar is open until 9 p.m. on weekdays and 10 p.m. on Saturdays. It will stay open until midnight closer to summer to provide an alcohol-free oasis for the queer community, whose late-night social options have a heavy alcohol focus, Majid said.

“The only late night option is bars,” said Majid. “We immediately had an influx of sober customers. It’s something that interested a lot of people, being in a space that’s not going to trigger them. “

Credit: Colin Boyle / Block Club Chicago
Elias Majid serves tea at the Eli Tea Bar, 5507 N. Clark St., Andersonville on December 20, 2021.

Majid founded Eli Tea Bar in 2012, selling his loose tea blends at farmers’ markets and pop-ups. Majid opened the flagship cafe in Birmingham, Michigan, in 2014.

Chicago, especially Andersonville, made sense for the second location because of its strong LGBTQ community and because it’s an international hub where Majid could further develop his business, he said. Majid is also an alumnus of Loyola University in Chicago, so he is well acquainted with the Andersonville small business community.

“It’s about creating something tasty, about creating the whole vision of what tea coffee can be,” said Majid. “I think we’ve really hit the nail on the head.”

Credit: Colin Boyle / Block Club Chicago
The counter at the Eli Tea Bar, 5507 N. Clark St., Andersonville on December 20, 2021.

The Eli Tea Bar serves matcha, bubble tea and a rotating menu of specialty drinks. A few coffee drinks are also available, as well as non-caffeinated drinks. It sells baked goods from The Spoke & Bird, based in South Loop, and plans to add a small menu that includes grilled cheese, Majid said.

Clark Street Cafe features a tea bar and retail space selling tea sets, loose leaf tea blends, brewing equipment, and Eli Tea Bar products. Behind the sales area is its lounge area, with space for a small stage which will be built this winter.

The colorful lounge area will host weekly events, with the full list of programs likely to begin closer to summer, Majid said. There are plans for live music, trivia, drag bingo and a “Powerpoint Night”, where guests make a five-minute presentation on one of their passions, with a winner chosen by the audience.

“We wanted to make sure we’re not just doing it to host events,” said Majid. “I don’t want this to be just a flat open mic night.”

Credit: Colin Boyle / Block Club Chicago
Elias Majid poses for a photo behind the counter at Eli Tea Bar, 5507 N. Clark St., in Andersonville on December 20, 2021.

If Majid gets what he wants, Eli Tea Bar will have a presence in Chicago beyond its Andersonville storefront. The company also wholesalers and he hopes to get his brand of tea blends in other cafes and restaurants.

To do this, the company launched a fundraising campaign on the Mainvest platform, seeking $ 100,000 in funding. Mainvest allows investors to contribute as little as $ 100 and offers a return on investment that keeps the money off Wall Street and into the neighborhoods.

So far, $ 53,000 has been raised by 41 investors. The campaign ends on December 31. For more information, click here.

Majid said he had applied for business loans for his expansion, but could not find a favorable deal. Once construction of the store is complete, the new funds would expand its inventory and revive its wholesale efforts in Chicago.

“I want members of our community to get involved in the business,” he said. “They are our spokespersons.

Eli Tea Bar is open from noon to 9 p.m. Monday to Friday, 11 a.m. to 10 p.m. on Saturday and 11 a.m. to 8 p.m. on Sunday.

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Australian Pioneer Says US Government Loan Application Goes Forward https://pspbook.com/australian-pioneer-says-us-government-loan-application-goes-forward/ Sun, 19 Dec 2021 22:16:00 +0000 https://pspbook.com/australian-pioneer-says-us-government-loan-application-goes-forward/ December 20 (Reuters) – Australian firm ioneer Ltd (INR.AX) said on Monday that its request for a U.S. government loan had passed the penultimate stage of review, bringing the company closer to fully funding its lithium mine project in Nevada. the electric vehicle industry. The company said the US Department of Energy found its application […]]]>

December 20 (Reuters) – Australian firm ioneer Ltd (INR.AX) said on Monday that its request for a U.S. government loan had passed the penultimate stage of review, bringing the company closer to fully funding its lithium mine project in Nevada. the electric vehicle industry.

The company said the US Department of Energy found its application for funding through the Advanced Technology Vehicle Manufacturing (ATVM) loan program to be “essentially complete” and may proceed to the third of four stages. . A final decision is expected within six months.

The Ministry of Energy was not immediately reachable outside normal office hours.

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While there is no guarantee that Eioneer will receive the loan, the step is a vote of confidence in the company’s $ 850 million Rhyolite Ridge project – 355 miles north of Las Vegas – despite the setback. environmentalists, regulators and others.

It also reflects growing concerns from the U.S. government that without more investment, demand for the white metal could exceed supply and delay efforts to tackle climate change.

South African miner Sibanye Stillwater Ltd bought half of the Rhyolite Ridge project in September for $ 490 million. Ioneer hopes the US government will loan him 40-50% of the remaining cost of the project through ATVM.

The third stage of the ATVM loan review will include a more detailed analysis of the project economics by the government and outside experts, ioneer said.

The company said it expects the mine to open by 2024. The US Fish & Wildlife Service may classify a rare flower at the pioneer mine site as endangered, a step that does not would not necessarily block the project but could prevent the obtaining of permits.

Tesla Inc (TSLA.O) and Nissan Motor Co Ltd are among the former recipients of ATVM loans. Piedmont Lithium Inc (PLL.O) has applied for ATVM loan financing for its lithium mine project in North Carolina.

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Reporting by Ernest Scheyder; Editing by Peter Cooney

Our Standards: Thomson Reuters Trust Principles.


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Arizona-based Blueacorn Interviewed in Congressional P3 Loan Fraud Investigation https://pspbook.com/arizona-based-blueacorn-interviewed-in-congressional-p3-loan-fraud-investigation/ Sat, 18 Dec 2021 04:55:00 +0000 https://pspbook.com/arizona-based-blueacorn-interviewed-in-congressional-p3-loan-fraud-investigation/ SCOTTSDALE, AZ – A valley company, which has helped concert workers and moms and dads get federal loans to stay in business during the pandemic, is now at the center of a Congressional investigation into whether loans were made to fraudulent or ineligible applicants. Blueacorn was founded in Scottsdale and has helped process more than […]]]>

SCOTTSDALE, AZ – A valley company, which has helped concert workers and moms and dads get federal loans to stay in business during the pandemic, is now at the center of a Congressional investigation into whether loans were made to fraudulent or ineligible applicants.

Blueacorn was founded in Scottsdale and has helped process more than $ 12 billion in paycheck protection program loans, according to the company.

Now, the House selection subcommittee on the coronavirus crisis is asking business leaders how much they have made and what they have done to try to prevent the waste, fraud and possible abuse of it. taxpayer money.

Blueacorn’s ads flooded social media earlier this year.

“Most of the self-employed and 1099 entrepreneurs didn’t know they could actually qualify for a 100 percent collateralized PPP loan,” an ad said.

The Fin Tech company posted a YouTube video showing how people can complete an online questionnaire and how their application assistant would automatically complete the PPP loan application. PPP loans were designed to help small businesses stay open during the pandemic.

Blueacorn sent the documents through one of the two partners, Prestamos CDFI or Capital Plus Financial, which are lenders approved to work with the Federal Small Business Administration.

Blueacorn has helped process loans for around 820,000 small business owners, which generated $ 12.65 billion in P3s loans, according to a company spokesperson this week.

According to one estimate, Blueacorn received $ 1 billion in fees for processing PPP loans. The figure was cited in the letter sent by the Congressional subcommittee to the company last month, but Blueacorn officials have not confirmed that estimate.

Subcommittee Chairman Jim Clybourn sent the November 22 letter to Blueacorn demanding documents and responses on several topics, including

  • How the company’s automated systems detected fraud or money laundering
  • How many requests were escalated for human review as well as how many were rejected during this process
  • How many employees were dedicated to fraud compliance and what was their budget
  • Blueacorn’s total revenue from PPP loans
  • Total remuneration of the management team

Representative Clybourn has given Blueacorn until December 6 to submit responses and documents. Although neither the subcommittee nor the company has confirmed whether any documents or responses have been submitted to date, a spokesperson for Blueacorn said the company is cooperating with the congressional investigation.

Clybourn sent the letter to Blueacorn after professors at the University of Texas published an article titled “Have FinTech Lenders Facilitated PPP Fraud?”

The UT team analyzed data from the SBA, reporting that around 30% of PPP loans through Blueacorn lenders were suspect, using several indicators of fraud. Blueacorn takes issue with the methodology of the UT report.

ABC15 investigators called and messaged local Blueacorn founders, including former ABC15 presenter Stephanie Hockridge Reis and entrepreneur husband Nate Reis.

When reached by phone, Hockridge declined to discuss the business. Hockridge worked for ABC15 from 2011 to 2018. In a Facebook post, Hockridge wrote that she co-founded Blueacorn in 2020.

A spokesperson for the company said Hockridge and Reis no longer had an active role of responsibility in the company. Blueacorn declined to name who currently owns a financial stake in the company.

Current CEO Barry Calhoun was hired in March at the height of the candidacy frenzy.

A company spokesperson released this statement about the subcommittee’s investigation:

Blueacorn was founded in April 2020 with the goal of simplifying and automating the PPP loan application process for workers who were overlooked by our traditional banking system. We are extremely proud that we were able to help approximately 800,000 business owners apply for and get the funds they needed to survive the pandemic. We are also incredibly proud of the work we have undertaken to dramatically reduce fraud in the PPP program. As we review increasing volumes of loan applications, we have learned, adapted and improved our fraud detection capabilities and protocols. Along the way, we partnered with the SBA and other authorities to ensure the integrity of the PPP while providing a traditionally neglected population with access to the funds they needed and deserved.

ABC15 also contacted the two lenders Blueacorn worked with on PPP loans.

Capital Plus Financial issued a statement in response to questions from ABC15:

Capital Plus Financial and Blue Acorn have aligned themselves with the mission of serving underserved people. We appreciate the work Blue Acorn has done for the CDFI industry and appreciate what we’ve done together to pull off an unprecedented number of fraudulent loans, in an effort to provide access to those who are legally qualified and meet all the rigorous criteria. in place to get a PPP loan.

Phoenix-based Prestamos CDFI declined to comment.

The Small Business Administration, which administered PPP loans nationwide, told ABC15 in a statement:

The SBA takes fraud seriously and, as such, all applicants are required to provide certification of their eligibility when applying. False declaration of eligibility is illegal and, if necessary, these cases are referred to the Office of the Inspector General. The Office of the Inspector General and the agency’s federal partners work diligently to resolve incidents of fraud. The SBA encourages anyone who suspects fraud or misuse of aid programs to visit: sba.gov/fraud.

The SBA confirms that Blueacorn was not a lender and did not receive any fees directly from the agency.

Do you have a tip? Email ABC15 investigator Melissa Blasius at Melissa.Blasius@abc15.com and follow her on Twitter and Facebook.



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