Loan program – 4 Bubbly http://4bubbly.com/ Thu, 24 Nov 2022 18:29:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://4bubbly.com/wp-content/uploads/2021/10/profile-120x120.png Loan program – 4 Bubbly http://4bubbly.com/ 32 32 Just weeks after launch, TD is pausing its loan program in partnership with Canada Post https://4bubbly.com/just-weeks-after-launch-td-is-pausing-its-loan-program-in-partnership-with-canada-post/ Thu, 24 Nov 2022 18:29:19 +0000 https://4bubbly.com/just-weeks-after-launch-td-is-pausing-its-loan-program-in-partnership-with-canada-post/ [ad_1] It only launched last month, but TD Bank and Canada Post have already paused a new program offering loans to customers in remote communities, citing unspecified “processing issues”. Known as the MyMoney program, the postman and lender announced last month that 6,000 Canada Post outlets across the country will soon be able to offer […]]]>

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It only launched last month, but TD Bank and Canada Post have already paused a new program offering loans to customers in remote communities, citing unspecified “processing issues”.

Known as the MyMoney program, the postman and lender announced last month that 6,000 Canada Post outlets across the country will soon be able to offer individuals small loans ranging from $1,000 to $30,000.

Targeting remote communities that do not have full-service bank branches but do have Canada Post offices, the program was an example of what is known as postal banking – a system that countries like Italy, Brazil, New Zealand, Switzerland and others have had varying degrees of success, but that hasn’t existed in Canada for over 50 years.

While customers would apply in person or online through Canada Post, the loans themselves would be with TD Bank and carry rates of up to 20% per annum – much higher than many other lines of credit. traditional, but less than what installment and payday lenders tend to charge in communities without full banking services.

A report by the Canadian Postmasters and Assistants Association in 2015 found that nearly 1,200 Canada Post locations are located in communities that do not have a bank branch or credit union. That’s almost half of all locations, and those are the communities that the program is trying to target.

TD Bank has suspended a loan program it recently set up in partnership with Canada Post. (Chris Wattie/Reuters)

When the program launched in October, TD announced plans to expand the program to even more banking services, but after just a month CBC News learned that the lender had temporarily suspended the program.

“Since launch, the product has been paused both online and in physical locations, after experiencing processing issues,” the bank said, without giving further details. “We are still working through this and will update accordingly.”

The website where Canadians can apply for the loans contains a notice that the loans are “temporarily unavailable”.

Unanswered questions

Duff Conacher, co-founder of civic advocacy group Democracy Watch, supports the postal banking concept in general, but was disappointed when he heard details of the program.

“It’s abusive on the high end,” he said in an interview. “A line of credit should be around 10-12% right now, unless it’s tied to a mortgage, and then it should be lower.”

“There is no reason to go beyond that.”

Ben Dachis, associate vice president of public affairs at the CD Howe Institute think tank, told CBC News in an interview on Thursday that he was “not surprised it’s not taking off as easily as one might expect it”.

He is among those who are skeptical of the idea of ​​postal banking in the first place, noting that online banking options and credit unions are already doing a good job of filling the void for banking needs in areas where they miss.

“Postal banking has always been a solution in search of a problem.”

CBC News has asked Canada Post and TD Bank for more details about the type of “processing issues” that led to the decision – and the status of existing claims.

Canada Post has directed all inquiries to TD Bank, which has so far declined to elaborate on the nature of the processing issues.

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Apply for the Homeowner Rehabilitation Loan Program https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-4/ Sat, 19 Nov 2022 00:51:02 +0000 https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-4/ [ad_1] Q: What is the City of Clearwater Housing Rehabilitation Program? A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home. Q: What can I get fixed? A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, […]]]>

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Q: What is the City of Clearwater Housing Rehabilitation Program?
A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home.

Q: What can I get fixed?
A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, such as a leaking or failing roof system.

Q: Do I have to repay the funds?
A:
All funds will have to be refunded. If your household is determined to be a very low income household, the funds will be in the form of a deferred payment without interest and/or payment as long as you reside in the home as your principal residence and do not sell , lease, refinance or transfer title.

Q: How can I apply?
A: Interested persons can apply by contacting the Housing Division of the Department of Economic Development and Housing at (727) 562-4030.

Q: How long does the process take?
A: Depending on the extent of repairs and improvements to be made, the average process will take approximately six months from application to completion.

Q: Are mobile homes eligible?
A: No. The city does not help repair mobile homes.

Q: What happens if I sell my house?
A: If you sell your home, or lease, refinance, transfer title, or the home ceases to be your principal residence, the city loan will become due and payable.

Q: What is the maximum loan I can get?
A: The maximum assistance is $45,000.

For more information on the Owners Rehabilitation Program, please contact Terry Malcolm-Smith at (727) 562-4036.

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Chattanooga Small Business Loan Program Expands, Seeks Applicants for Idea Leap Grants https://4bubbly.com/chattanooga-small-business-loan-program-expands-seeks-applicants-for-idea-leap-grants/ Thu, 17 Nov 2022 02:00:00 +0000 https://4bubbly.com/chattanooga-small-business-loan-program-expands-seeks-applicants-for-idea-leap-grants/ [ad_1] After awarding $300,000 in grants to Chattanooga small businesses over the past five years, Chattanooga’s largest credit union is expanding its Idea Leap competition this year to provide more such grants with separate competitions in Chattanooga, Cleveland, Tennessee and Dalton, Georgia. The Tennessee Valley Federal Credit Union kicked off its sixth annual grant competition […]]]>

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After awarding $300,000 in grants to Chattanooga small businesses over the past five years, Chattanooga’s largest credit union is expanding its Idea Leap competition this year to provide more such grants with separate competitions in Chattanooga, Cleveland, Tennessee and Dalton, Georgia.

The Tennessee Valley Federal Credit Union kicked off its sixth annual grant competition on Wednesday, inviting growing businesses that have been in business for at least a year with less than $2.5 million in annual revenue to apply for a grant for their businesses. The credit union plans to give $175,000 to the local small business ecosystem in 2023, including $75,000 in Chattanooga and $50,000 each in Cleveland and Dalton.

Companies can begin the application process this week, leading to the selection of finalists and a pitch competition for final prizes in May, when companies can receive $10,000 to $30,000 each.

“It’s about investing in our community and making our entrepreneurial system a little bit stronger, which makes us all stronger,” credit union vice president Tommy Nix said in an announcement on Wednesday. of the Chattanooga contest.

Since the credit union launched its Idea Leap initiative in 2016 to provide loans to start-up businesses recommended by local business support organizations, nearly 200 businesses have received loans to help them grow their businesses. From the proceeds of those loans, Nix said the credit union created its annual Idea Leap grants.

Last month, Idea Leap contest judges selected coffee retailer Be Caffeinated as the overall winner, awarding $50,000 to the Chattanooga company. Christopher Wood, who started the business four years ago at Red Bank and has since expanded Be Caffeinated to four drive-thru outlets, said the prize money allowed him to buy a commercial bagel oven, which ‘he expects to put into service soon. to expand the bakery offering in several of its cafes.

Nominations for the next round of Idea Leap Program Awards will be taken through December 16 and can be submitted online at tvfcu.com/idealeapgrant.

— Compiled by Dave Flessner

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The fourth major bank launches a program of small loans https://4bubbly.com/the-fourth-major-bank-launches-a-program-of-small-loans/ Wed, 16 Nov 2022 14:00:00 +0000 https://4bubbly.com/the-fourth-major-bank-launches-a-program-of-small-loans/ [ad_1] Wells Fargo launched a widely available small-dollar loan Nov. 16, making it the fourth major bank to offer an affordable alternative to expensive payday loans. With the move, financial institutions that operate nearly 13,000 branches, or about 18% of all bank branches in the United States, now offer automated, near-instant small dollar loans to […]]]>

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Wells Fargo launched a widely available small-dollar loan Nov. 16, making it the fourth major bank to offer an affordable alternative to expensive payday loans. With the move, financial institutions that operate nearly 13,000 branches, or about 18% of all bank branches in the United States, now offer automated, near-instant small dollar loans to their customers.

This change unlocks access to borrowing for many checking account customers with low credit scores who might not otherwise qualify for bank credit. Banks have found that these customers are likely to repay the loans because of their previous relationship with the bank and because the loans are repaid in affordable installments over several months.

The maximum amount for these loans is set at $500 or $1,000, depending on the bank, allowing consumers to borrow as much as they would from a payday lender, but at a much lower cost and with strong guarantees. Payday loans typically carry interest rates over 300% and often feature unaffordable lump sum payments that can eat up a large chunk of borrowers’ regular paychecks. In most cases, repeated use results in borrowers carrying costly debts for several months.

Although banks use different criteria to determine eligibility for small dollar loans, the top four that offer them – Bank of America, Huntington, US Bank and Wells Fargo – primarily base their qualifications on the customer’s account history. with them ; for example, if the potential borrower has been a customer for a number of months, regularly uses the checking account or debit card, or has direct deposit for paychecks. The 12 million Americans who use payday loans each year have a checking account and income, as these are the two requirements for getting a payday loan.

Large banks offering small loan amounts charge prices at least 15 times lower than average payday lenders. The loans are repayable in three to four months, which corresponds to consumers’ opinion of the time needed to repay small loans. Compared to typical payday loans, which keep borrowers in debt for an average of five months of the year, consumers can save hundreds of dollars by using loans from banks instead. For example, the average cost to borrow $400 for three months from a payday lender is $360; meanwhile, these banks charge $24 or less for this credit. Similarly, the average cost to borrow $500 for four months from a payday lender is over $500 in fees alone, while the cost of borrowing through one of these banking programs is, at most, $35.







Previous research has shown that using payday loans can put customers at greater risk of losing their checking accounts, suggesting that borrowers of small bank loans may reap benefits beyond saving hundreds of dollars. dollars in fees. And because the average payday loan borrower makes about $30,000 a year, or less than $1,200 per paycheck every two weeks, the total savings would be substantial.

When Pew surveyed payday loan borrowers, 8 in 10 said they would borrow from their bank if it started offering small loans and they were likely to be approved. Their main criteria for choosing where to borrow included how quickly money would be available, how certain they would be of being approved, and how easy it would be to apply. Banks all have quick and easy online or mobile applications and place loan proceeds in customer accounts within minutes. It’s much faster and easier than any payday lender’s process. This speed and ease suggests strong customer acceptance of small bank loans.

Checking account customers who turned to payday lenders and other high-cost lenders because their banks didn’t offer small loans now have a far more affordable option than any that were widely available. These new, small loans are now an option in part thanks to thoughtful and well-crafted advice from the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, the Office of the Comptroller of the Currency and the National Credit Union Administration. who welcomed automation. in this type of lending and gave banks the regulatory certainty they needed to develop these products.

So far, only Bank of America, Huntington, US Bank and Wells Fargo have stepped up to offer safe, low-payment loans or lines of credit to their most-needed customers who would not normally qualify for bank loans. Several other institutions have announced that they are developing new small loan products. To reach millions of borrowers and help them save billions of dollars a year, compared to what they owe to payday lenders, more banks need to prioritize financial inclusion. To do this, they should join these four in offering similar credit to their customers who need the most help.

Alex Horowitz is a Principal Officer and Linlin Liang is a Senior Associate of The Pew Charitable Trusts Consumer Lending Project.

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Miriam Wheeler on Goldman Sachs’ Digital Lending Program for the Middle Market – Commercial Property Executive https://4bubbly.com/miriam-wheeler-on-goldman-sachs-digital-lending-program-for-the-middle-market-commercial-property-executive/ Tue, 08 Nov 2022 21:59:24 +0000 https://4bubbly.com/miriam-wheeler-on-goldman-sachs-digital-lending-program-for-the-middle-market-commercial-property-executive/ [ad_1] Miriam Wheeler Goldman Sachs expands mid-market driving business with digital platform. Borrowers in the $5-35 million range can access the “Digital CMBS” website, enter property-level information, and get personalized indicative quotes in real time. CPE spoke with Miriam Wheeler, Goldman Sachs Partner and Head of the Americas Real Estate Finance Group within the Investment […]]]>

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Miriam Wheeler

Goldman Sachs expands mid-market driving business with digital platform. Borrowers in the $5-35 million range can access the “Digital CMBS” website, enter property-level information, and get personalized indicative quotes in real time. CPE spoke with Miriam Wheeler, Goldman Sachs Partner and Head of the Americas Real Estate Finance Group within the Investment Banking Division, about the details of the new product and how CMBS is responding to economic uncertainty.

What is Goldman Sachs’ strategy behind Digital CMBS?

Wheeler: We have been in the duct business for a long time. Our conduit business is where we provide smaller fixed rate loans ranging from $5 million and up. We want to expand our driving business into the middle market, and we want to embrace technology and do it in a digital format.

The idea is that our potential borrowers can go online and get an idea of ​​what their borrowing costs might be in a really easy to use web format. We hope this is both a service for borrowers and also helps us generate new business. We would love to eventually be an intermediary loan provider for people using our platform.


READ ALSO: Why office loans are few and far between


Why is this the right new product for today’s market?

Wheeler: We are clearly in a very volatile environment, as we have all experienced. I think one of the advantages of this digital platform is that it gives real-time information. You can go online anytime and get an up-to-date indication of where you could borrow generically today.

Additionally, we pride ourselves on trying to be on the cutting edge as a company and doing more digitally. Real estate has always been a business that has been slightly less impacted by technology than perhaps some other sectors. We really strive to bring technology to real estate and use it to connect with more potential borrowers than we otherwise would in our real estate practice.

Tell readers about the development process of a product like this.

Wheeler: One of our engineers, Jeff Rabinowitz, had the idea for this product over a year ago. He had thought about what we could automate, what we could do with technology across the entire investment banking division. We partnered with him and thought it could be great for our business because we want to embrace technology and we want to reach more borrowers. So it was actually his idea, and we’ve spent the last nine to 12 months figuring out what borrowers would want to see from us. We’re really excited for it to launch, and Jeff has been amazing being the mastermind behind it.

Besides going online to chat with you, what other aspects of the process will be automated?

Wheeler: Borrowers will be able to get personalized, real-time indicative quotes of where we might lend today based on the data they enter on our website, including high-level property characteristics. This type of immediate feedback, based on the information provided, will significantly reduce the process time. Hopefully this makes the process of getting a loan easier and faster. Beyond that, we generally focus on streamlining our entire process and exploring areas where further digitization might make sense. And so, in addition to this digital storefront, we want to try to make the process of closing a loan as painless as possible for our borrowers.

Will the due diligence process also be automated?

Wheeler: Nope. The due diligence will follow a typical process which is not automated. But we think it’s down to pretty good science. We generally find that borrowers are generally satisfied with our process.

Otherwise, why would this product attract borrowers?

It’s an interesting time for borrowers to consider a fixed rate product. Much of the borrowing taken out over the past two years was variable rate, and the challenge with variable rate is that in a rising rate environment, your interest costs are unknown in the future. You can buy interest rate caps, but they can be expensive. We have seen the cost of an interest rate cap increase 40 times from what it was at the start of the year for the same strike rate. So you either have repeat costs or the unknown around your borrowing costs.

We see some borrowers saying, “Now is a great time for fixed rate debt because I know what my cost is. I can lock it in and have that debt predictability over the next five or 10 years, depending on the length of the loan.

We are also seeing more borrowers opting for the five-year fixed rate rather than the 10-year fixed rate, and we have also launched a five-year fixed rate program. The idea behind this is that rates are significantly higher than they were a few years ago. If you choose five years, you have certainty for five years. But you get the benefit, if rates drop beyond that, that you haven’t necessarily locked in for 10.

I wonder how eager borrowers are to lock in rates right now because rates could stabilize next year.

Wheeler: In the short term, we are seeing a slight dip in activity as I think most borrowers are focused on trying to better understand where the Fed is going before making long term decisions. But that said, some borrowers are still buying assets or have debt maturities they need to settle, and we believe our five- and 10-year fixed rate debt products are good ways to meet those borrowing needs. .

Coming back to the market in general, the negative leverage for CMBS peaked during the third quarter. What impact does this have on demand from bond issuers and buyers?

Wheeler: What we are seeing is that this leads to lower leverage in the market. We are very focused on the debt service coverage ratio. What would have been a 70% hedged LTV loan last year might need to be 50 or 60% in today’s market to avoid some of that negative leverage. This has the effect of reducing leverage in the market. Some loans also need additional structure in the form of interest reserves or other structures to meet the current coupon situation. But it is certainly a priority for borrowers and bond buyers.

CMBS default rates have improved over the past two months, and I think that speaks to the strength of the underlying collateral. Could this change if we enter a recession or if values ​​start to suffer?

Wheeler: This is something we are monitoring closely. If you look at public REITs, revenue and, frankly, net income still looks very good for multi-family, industrial, and hotel properties. In the industrial and multi-family sector, we have experienced record rental growth over the past two years. It still led to very strong earnings, and it also benefited debt holders.

Office, where you saw a lack of demand and negative release gaps for many assets, is a bit of a different story. We expect you to see more delinquency in this area. Overall, however, the leverage on the CMBS market is much lower this time around than it was on the GFC. We believe this gives the loans a cushion to absorb what could be a downgrade in value. But, depending on the severity of a potential recession, you could see more stress in the sector, especially in offices.

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90 women benefit from SCNL loan program in northern Liberia – FrontPageAfrica https://4bubbly.com/90-women-benefit-from-scnl-loan-program-in-northern-liberia-frontpageafrica/ Mon, 07 Nov 2022 07:02:12 +0000 https://4bubbly.com/90-women-benefit-from-scnl-loan-program-in-northern-liberia-frontpageafrica/ [ad_1] SCNL Yuconjay N. Barchue presenting a loan to a local businesswoman in Yallahum MONROVIA – In northern Liberia specifically, Lofa County, the Society for the Conservation of Nature of Liberia (SCNL), with the support of Rainforest Trust (RFT) is currently working extensively for the classification and establishment of the proposed protected area of ​​Foya […]]]>

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SCNL Yuconjay N. Barchue presenting a loan to a local businesswoman in Yallahum

MONROVIA – In northern Liberia specifically, Lofa County, the Society for the Conservation of Nature of Liberia (SCNL), with the support of Rainforest Trust (RFT) is currently working extensively for the classification and establishment of the proposed protected area of ​​Foya in a protected area. Region. As part of activities to improve the lives of people in forest edge communities, SCNL’s microcredit program provides millions of Liberian dollars to women (farmers and small businesses) for the improvement of their businesses.

From October 25, 26 and 29, 2022, respectively, 90 women, including women farmers and small business owners from Yallahum, Yanohum, Kailahum, Pasulahum, Lukasu, Pasulahum, Dukor Gbongo and Vahum received LD$20,000.00 each under form of loan to improve their local businesses. During the disbursement in each commune, the heads of communes, young people and elders were present to serve as witnesses. The women were divided into five groups, each group came up with a name, chairperson, rules to govern the group, how much to pay for being late to a meeting and a fine for misbehavior.

SCNL Loan Officer, Yuconjay Noyu. Barchue is passionate, hardworking and determined to see women succeed. She provided training on how the loan will be repaid by the women and taught them how to run their businesses for more profits. The loan officer, with a charismatic style to get the women’s attention, encouraged them not to get too excited but to work harder to repay the loan, while improving their business.

“SCNL, through Rainforest Trust (RFT), is happy to extend the loan to you (women). The money you received is not free, you have to work hard to repay the loan though; it will not be withdrawn from the community, other people must also benefit from it while you repay. Your hard work will encourage SCNL to do more and as you know… use the money wisely and manage it carefully. Women are the backbone of homes, and women are trustworthy people, and I hope you will work hard for the growth of your businesses”.

Musu Kamara, Yallahum, Satta Kamara, Yanohum, Mamai Konneh, Kailahum and Ma Mary Kamara, Pasulahum are all businesswomen. They were among the 90 beneficiaries and appreciated the loan from SCNL and the Rainforest Trust. Satta Kamara has three children and the children’s father passed away years ago. She said things have been different with the family since the children’s father died. Due to the hardships associated with the death of her partner, Kamara dropped out of school to care for her children. She said, “I quit in 8th grade, I have no one to take care of me, and my responsibility; however, I am selling dry goods, and with the loan received from SCNL, I will improve my business and work hard so that SCNL can continue to help me”.

For Mamai Konneh, a mother of three, buying more assets is the best option for growth. “SCNL is going more than well for me. I will buy more goods, sell them, then repay the loan. Money business is tough, seeing an organization like SCNL help us with loans is a big help. I want all women to work together, forget the confusion so that we can improve our businesses and our families”.

A representative sample of SCNL beneficiaries and staff after the presentation of the loans in Yallahum

Like the rest of Vahum’s women, Jartu Mustapha danced and shouted with delight when she saw her country’s currency, the Liberian dollar, for the first time in years. Due to poor road conditions, people from Vahum travel to neighboring Sierra Leone to transact using Leones. She said, “I am very happy to see Liberian dollars in Vahum. This is the first time I see our Liberian currency. We don’t see our money because of bad roads. We go to Sierra Leone to buy and do business. This loan given to me by SCNL will be used to increase my market and I will work hard to repay the loan. I say to SCNL thank you very much for your help. To the other women, let’s work together to repay the loan.”

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U.S. Supreme Court justice refuses to block Biden’s student loan program in Indiana case – WISH-TV | Indianapolis News | Indiana Weather forecast https://4bubbly.com/u-s-supreme-court-justice-refuses-to-block-bidens-student-loan-program-in-indiana-case-wish-tv-indianapolis-news-indiana-weather-forecast/ Fri, 04 Nov 2022 21:16:03 +0000 https://4bubbly.com/u-s-supreme-court-justice-refuses-to-block-bidens-student-loan-program-in-indiana-case-wish-tv-indianapolis-news-indiana-weather-forecast/ [ad_1] INDIANAPOLIS (WISH) — U.S. Supreme Court Justice Amy Coney Barrett has denied a request to halt the Biden administration’s student loan forgiveness program. Coney Barrett on Friday refused to grant an injunction in a federal court case in Indianapolis. The plaintiff had sought the injunction while appealing a decision of a federal judge in […]]]>

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INDIANAPOLIS (WISH) — U.S. Supreme Court Justice Amy Coney Barrett has denied a request to halt the Biden administration’s student loan forgiveness program.

Coney Barrett on Friday refused to grant an injunction in a federal court case in Indianapolis. The plaintiff had sought the injunction while appealing a decision of a federal judge in Indianapolis.

Frank Garrison sued because he would have to pay taxes on the debt forgiveness. A federal judge in Indianapolis denied Garrison’s request for an injunction, after the US Department of Education said Garrison had been removed from the debt forgiveness program.

Coney Barrett denied the request without transmission to the whole court.

Below is Friday’s report from CNN

Where’s Biden’s student loan forgiveness program?

(CNN) – President Joe Biden’s student loan forgiveness program remains on hold while a federal appeals court considers a legal challenge brought by six GOP-led states.

The Biden administration continues to accept student loan forgiveness applications, which are worth up to $20,000 per borrower, but is currently not authorized to forgive student loan debt due to a temporary administrative suspension imposed on the program by the 8th US Circuit Court of Appeals on October 21.

Then the appeals court will decide whether or not to grant a preliminary injunction requested by the states. If granted, the student loan forgiveness program could be suspended while litigation continues and the court hears both sides on the merits of the case. If the injunction is not granted, the cancellation of the debt can begin for the duration of the appeal.

The decision on the preliminary injunction could intervene at any time.

A lower court judge dismissed the lawsuit on Oct. 20, ruling that the states did not have the legal standing to bring the challenge. Supreme Court Justice Amy Coney Barrett also dismissed a separate challenge to Biden’s student loan forgiveness program, declining to take an appeal filed by a group of Wisconsin taxpayers.

Meanwhile, the Biden administration also faces lawsuits from Arizona GOP Attorney General Mark Brnovich and conservative groups such as the Job Creators Network Foundation and the Cato Institute.

Numerous lawsuits claim the Biden administration lacks the legal authority to write off student loan debt broadly. But government lawyers argue that Congress gave the Secretary of Education the power to discharge his debt in a 2003 law known as the HEROES Act.

Nearly 26 million people have applied for student loan forgiveness so far, the Biden administration announced Thursday. The application was opened on October 14.

The administration also said Thursday that 16 million loan forgiveness applications could be approved this week.

“By the end of this week, the Department of Education will have approved applications for 16 million Americans and sent the necessary documents to student loan services,” Biden said during an appearance at Central New Mexico. Community College Thursday.

But borrowers shouldn’t expect to see their debts forgiven until the appeals court lifts the program’s suspension.

How can borrowers apply for student loan forgiveness?

Borrowers can apply online here: https://studentaid.gov/debt-relief/application.

Applicants can expect to receive an email confirmation once their application has been successfully submitted. Next, borrowers will be notified by their loan servicer if and when debt forgiveness has been applied to their account.

Borrowers have until December 31, 2023 to submit an application.

If the court allows the administration to grant student loan forgiveness, about 8 million eligible borrowers could automatically receive debt forgiveness because the Department of Education already has their income information. These borrowers could start seeing their debt forgiven on November 15, at the earliest, if there is no legal break in place at that time.

Who can qualify for student loan forgiveness?

If Biden’s program is allowed to go forward, individual borrowers who earned less than $125,000 in 2020 or 2021 and married couples or heads of households who earned less than $250,000 a year during those years could see up to $10,000 of their federal student loan debt forgiven.

If an eligible borrower also received a Federal Pell Grant while enrolled in college, they are eligible for debt forgiveness of up to $20,000.

There are a variety of federal student loans and not all are eligible for relief. Direct federal loans, including subsidized loans, unsubsidized loans, parent PLUS loans, and graduate PLUS loans are eligible.

But federal student loans guaranteed by the government but held by private lenders are not eligible unless the borrower has requested to consolidate those loans into a direct loan by Sept. 29.

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Loan scheme ‘is for real’ https://4bubbly.com/loan-scheme-is-for-real/ Mon, 31 Oct 2022 10:45:00 +0000 https://4bubbly.com/loan-scheme-is-for-real/ [ad_1] Kaitlin Byers, Head of Capital Access for Kiva Iowa, speaks to the audience at EntreFEST 2022 in Iowa City. (New BoCo) As the founder of Rainbow Lake Farm in Chelsea, Zachary Brown had big ideas on how to expand the operation. But he needed a loan. In Cedar Rapids, Meggie Hounyovi was looking to […]]]>

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Kaitlin Byers, Head of Capital Access for Kiva Iowa, speaks to the audience at EntreFEST 2022 in Iowa City. (New BoCo)

As the founder of Rainbow Lake Farm in Chelsea, Zachary Brown had big ideas on how to expand the operation. But he needed a loan.

In Cedar Rapids, Meggie Hounyovi was looking to incorporate her clothing design business, Megglam Boutique, into her own Lindale Mall storefront.

In Denver, Iowa, Hanna Nuss needed help finding a physical location for her online gift shop, Up-Gift.

These are just three of Iowa’s business owners who received a boost in 2022 with successful loans through Kiva Iowa.

Kiva is an international non-profit organization, founded in 2005, whose mission is to connect people through loans.

With as little as a $25 loan, anyone can help a borrower start or grow a business, go to school, access clean energy, and realize their potential.

Kiva’s Iowa branch launched in 2021 and has already funded over $226,000 in loans to 34 borrowers across the state.

“We have a lot of amazing administrators who have joined the program, and I’ve been able to have a lot of meaningful dialogue with business owners and lenders across the state,” said Kaitlin Byers, access manager. in capital for Kiva Iowa. .

“Over the past year, we’ve really built a lot of credibility and shown that this program is real.”

Find a match

Byers said Kiva Iowa had many significant wins in 2021, but one of the biggest was establishing a matching loan fund with Cedar Rapids Bank and Trust this summer.

CRBT’s Matching Loan Fund aims to distribute $100,000 in matching funds to underfunded business owners, providing dollar-for-dollar matching to Kiva’s community-supported loan program, which is already interest-free and interest-free. no charges.

The new partnership also gives Kiva borrowers access to a longer-term banking partner as they grow their business.

“We are extremely excited to partner with NewBoCo to support diverse and dynamic small business owners in the state of Iowa,” said James Klein, President of CRBT.

“As a community bank, this kind of financial inclusivity is at the heart of our mission.”

To date, Kiva Iowa has served an incredibly diverse range of businesses, including education, healthcare, communications/media, crafts, agriculture, restaurants/catering, arts, retail retail, food production, technology, apparel and cosmetics, Byers said.

More than two-thirds of borrowers are women.

Blacks, Afro-Caribbeans, Africans or African Americans make up 67% of lenders, Latinos or Hispanic Americans at 11% and White, non-Hispanic or Euro-Americans at 23%. Lenders come from all over Iowa, with 21 different cities represented so far.

From farms to shop windows

At Rainbow Lake Farm, Brown wanted to install four acres of native grassland, as well as construct an elevated tunnel greenhouse, in an effort to expand his farm’s offerings. So he started applying for a $13,500 loan through Kiva in early July.

At the end of the month, the loan was fully funded.

“This loan will give us the tools and the infrastructure to be profitable this year so that we can continue to reinvest in this project,” he said. “Kiva makes the community more aware of our project. And the fact that it’s crowdfunded, and there are no fees, is pretty amazing.

Zachary Brown is the owner of Rainbow Lake Farm, a two-acre regenerative vegetable farm in Chelsea. (New BoCo)

Founded in 2019, Megglam Boutique is a clothing and accessories boutique specializing in handmade African clothing, jewelry, clothing and accessories for women, men and children.

All designs are creations of Hounyovi. As an African American woman from Benin in West Africa, Hounyovi said she wanted to express her love for her culture through fashion.

Megglam Boutique opened its new location at Lindale Mall in October, also following a Kiva loan.

“What I really love about Kiva is how it connects you to so many other people,” Hounyovi said. “I think more small business owners need to know the Kiva program exists because it can make a big difference.”

Up-Gift also opened a physical location in Denver on a loan from Kiva. Hanna Nuss said it allowed her to live a dream.

“My passion comes from proving what is possible,” she said. “I love living everything out loud in my home state of Iowa.”

For Byers — who once owned and operated his own business and knows the challenges that can bring — Kiva Iowa has more than lived up to expectations since its founding in 2021.

“This role has been so great for me because not only have I been able to help people, but I’ve also built long-term relationships with them as their businesses grow,” she said. declared.

To learn more about Kiva Iowa, apply for a loan, or support the many Iowa businesses seeking financing, visit newbo.co/kiva.

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Apply for the Homeowner Rehabilitation Loan Program https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-3/ Thu, 27 Oct 2022 17:50:55 +0000 https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-3/ [ad_1] Q: What is the City of Clearwater Housing Rehabilitation Program? A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home. Q: What can I get fixed? A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, […]]]>

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Q: What is the City of Clearwater Housing Rehabilitation Program?
A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home.

Q: What can I get fixed?
A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, such as a leaking or failing roof system.

Q: Do I have to repay the funds?
A:
All funds will have to be refunded. If your household is determined to be a very low income household, the funds will be in the form of a deferred payment without interest and/or payment as long as you reside in the home as your principal residence and do not sell , lease, refinance or transfer title.

Q: How can I apply?
A: Interested persons can apply by contacting the Housing Division of the Department of Economic Development and Housing at (727) 562-4030.

Q: How long does the process take?
A: Depending on the extent of repairs and improvements to be made, the average process will take approximately six months from application to completion.

Q: Are mobile homes eligible?
A: No. The city does not help repair mobile homes.

Q: What happens if I sell my house?
A: If you sell your home, or lease, refinance, transfer title, or the home ceases to be your principal residence, the city loan will become due and payable.

Q: What is the maximum loan I can get?
A: The maximum assistance is $45,000.

For more information on the Owners Rehabilitation Program, please contact Terry Malcolm-Smith at (727) 562-4036.

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Apply for the Homeowner Rehabilitation Loan Program https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-2/ Thu, 27 Oct 2022 15:24:08 +0000 https://4bubbly.com/apply-for-the-homeowner-rehabilitation-loan-program-2/ [ad_1] Q: What is the City of Clearwater Housing Rehabilitation Program? A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home. Q: What can I get fixed? A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, […]]]>

[ad_1]

Q: What is the City of Clearwater Housing Rehabilitation Program?
A: The City of Clearwater Housing Rehabilitation Program is designed to primarily correct code-related deficiencies found in the home.

Q: What can I get fixed?
A: Landlords can have items repaired that a property inspector finds do not meet the city’s minimum housing code, such as a leaking or failing roof system.

Q: Do I have to repay the funds?
A:
All funds will have to be refunded. If your household is determined to be a very low income household, the funds will be in the form of a deferred payment without interest and/or payment as long as you reside in the home as your principal residence and do not sell , lease, refinance or transfer title.

Q: How can I apply?
A: Interested persons can apply by contacting the Housing Division of the Department of Economic Development and Housing at (727) 562-4030.

Q: How long does the process take?
A: Depending on the extent of repairs and improvements to be made, the average process will take approximately six months from application to completion.

Q: Are mobile homes eligible?
A: No. The city does not help repair mobile homes.

Q: What happens if I sell my house?
A: If you sell your home, or lease, refinance, transfer title, or the home ceases to be your principal residence, the city loan will become due and payable.

Q: What is the maximum loan I can get?
A: The maximum assistance is $45,000.

For more information on the Owners Rehabilitation Program, please contact Terry Malcolm-Smith at (727) 562-4036.

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