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Why is UVM’s water tower enclosed? Plus, fast radio commercials | WTF | Seven days


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  • James buck
  • The University of Vermont water tower

If you’ve been to or near the University of Vermont campus recently, you’ve probably noticed the large drapery covering the hilltop water tower. What is the reason for this condom-like sheath, and from what dangers or inconveniences does it protect us?

According to Robert Goulding, spokesperson for the Burlington Department of Public Works, the prophylactic measures are part of phase 2 of a project to rehabilitate the 500,000 gallon water storage tank. Begun in 2019, the project involves sandblasting previous coats of paint, including the original primer applied to the tank when it was built in 1954.

Because the 1950s paint contained lead, which can cause health problems ranging from upset stomach and irritability to seizures, birth defects and death, this phase of the work requires that the tank be covered with ‘a containment system called “wiring and tent”. A negative pressure ventilation system removes lead dust.

This phase of the project was scheduled to begin Aug. 3, with subsequent sandblasting and repainting expected to take about a month, but Goulding said work was behind schedule. Low temperatures and high winds could further delay project completion, possibly until winter.

“During phase 1 of the project, some residents told us about the noise impacts associated with mechanical equipment installed at the base of the reservoir site,” said Goulding. “We recognize that more residents can currently work from home. During phase 2, we work with the contractor to implement cost-effective noise abatement, such as the use of quieter equipment. ”

Heads-up tanks.

Andrew Pond from Burlington recently emailed us asking about the small, unreadable print that appears at the bottom of some TV ads, as well as the quick warnings added at the end of some radio ads.

“I think the worst offenders are the car dealerships on the radio and the law firms on the TV,” Pond wrote. “WTF? How are they doing? ”

First of all, let’s explain Why advertisers include disclaimers.

“The disclaimers you hear in radio commercials and see as text on the TV screen are triggered by consumer loan truth laws,” explained Wendy Mays, Director executive of the Vermont Association of Broadcasters, in an email. “Disclaimer rules vary by industry, but those that tend to have them include auto, pharmaceutical and mortgage lenders / brokers. There are also sponsorship warnings that broadcasters air for paid shows.”

Fair enough. But if you think such visual and verbal asterisks follow the letter of the law but not the spirit, you are not alone. In 2014, the Federal Trade Commission launched Operation Full Disclosure, which sent letters to over 60 companies, including 20 of the nation’s largest advertisers, warning them against deceptive and deceptive advertising regardless of their location. use of disclaimers.

Lesley Fair, senior counsel with the FTC’s Consumer Protection Bureau, wrote an online guide for advertisers clarifying the FTC’s “clear and visible” rule regarding legal disclosures.

“Consumers shouldn’t have to scan an ad with a magnifying glass to grasp the important details of the deal.” Fair wrote that they shouldn’t be “quick readers to get the message” either.

Fair criticized an advertiser for using a fully embellished, all-caps font for his disclaimer. “That may be fine for a heavy metal band logo,” she wrote, “but it’s not a presentation designed to convey critical information to consumers.”

Obviously, Fair loves her job.

So what are the FTC’s requirements for font, dot size, and on-screen and on-air disclaimer notice?

“We get these questions all the time,” Fair wrote in her primer. “A disclosure is considered ‘clear and visible’ if consumers notice, read and understand it. Do you really want the FTC staff to dictate the details of your ad campaign? She asked rhetorically. “We didn’t think so.

“If you are wondering how to create effective disclosure,” she added, “why not take a step back and think about what the need for disclosure can tell you.” Ouch!

In recent years, broadcasters have urged Congress and relevant federal agencies to allow ads to include a web link instead, eliminating the need to put verbiage in ads and making it easier for the public to read them at their leisure. .

“However, as in many areas of law, government has yet to catch up with technology,” wrote Scott Flick, communications attorney and partner at Washington, DC-based Pillsbury Winthrop Shaw Pittman, by email.

In Flick’s view, such federal warrants are largely unnecessary to consumers and rob local broadcast stations of the revenue that supports their news and other operations. As he said, “It’s hard to sell a 30 second radio spot [when] the advertiser knows that he will have to make his message fit in 15 seconds to allow time for the mandatory legal notices. ”

Still, the quick talk and the fine print persist. There is even a disclaimer generator website where users can enter their business information and get a disclaimer in seconds. Without specific information about the company, disclaimergenerator.net concocted this one for Seven days: “All information on this site – sevendaysvt.com – is published in good faith and for general information purposes only. Seven days makes no warranty as to the completeness, reliability or accuracy of this information. ”

If only it was that easy.

Logiq begins the next phase of the microcredit program designed


NEW YORK, Dec. 18, 2020 (GLOBE NEWSWIRE) – Logiq, Inc. (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, has entered the next phase of its announcement mobile microcredit platform as part of an exclusive strategic alliance with Koperasi Mona Santoso Berjaya (KMSB).

The next phase involves the deployment of a new mobile fintech platform for 5 million contract drivers and deliverers of Garda Digital Indonesia, a membership organization overseen by Badan Perlayanan Jaminan Sosial Ketenagakerjaan (BPJSTK). The BPJSTK manages the pensions and health benefits of these members. The new fintech platform will make microloans available to members for personal or professional use, such as the purchase, configuration or repair of their mobile vehicles.

This follows the initial phase where Logiq and KMSB recently launched a pilot program provide mobile and related microcredit services targeting 6,000 government agency employees who will be able to borrow up to 20% of their annual salary.

As part of the exclusive alliance, Logiq and KMSB are developing a jointly owned and operated mobile fintech platform designed to provide mobile financial services in Indonesia. Logiq, through its Indonesian operations, provides platform design and technology, management, ongoing hosting and technical support. KMSB provides the professional and financial institutional relations that will be the origin of the microcredit program. The partners are working together to launch a new marketing and advertising campaign that will encourage the adoption and regular use of mobile fintech offerings.

Through the new fintech platform, KMSB will provide microcredit services to government, state-owned enterprises and member organizations registered with BPJSTK. As part of the management of pensions and health benefits for contract members and delivery drivers, BPJSTK serves as the social security agency that administers pension and pension schemes on behalf of Indonesian government entities and approximately 600,000 small and medium-sized enterprises (SMEs), with a combined total of 48 million individual members.

The mobile fintech platform will eventually be presented to BPJSTK’s 48 million members and 600,000 SMEs, as well as affiliated organizations such as Mentalku, which supports administration of motor vehicle licenses, and Sehatku, a network of medical clinic organizations. Members will also be able to access Logiq PayLogiq™ e-Wallet and GoLogiq™ hyper-local mobile food delivery platforms.

“The start of the next phase of the program represents another major step towards improving the lives of nearly 20% of Indonesians who do not have access to traditional financial services,” said Brent Suen, President of Logiq.

Finch Capital, a thematic VC in Financial Technology, recently reported the impact of the COVID-19 pandemic is accelerating the digital adoption of financial services and creating a growing demand for digital contactless banking in Southeast Asia. According to SGE, Indonesia’s fast-growing digital financial services market is expected to grow at a compound annual rate of 34% to reach $ 8.6 billion by 2025.

“Fueled by these powerful market trends, our opportunities for new revenue streams from microcredit, mobile payments and our e-commerce solutions with this huge user base are huge,” Suen continued. “We see this potentially generating tens of millions of dollars in revenue per year for the benefit of our shareholders once our alliance with KMSB is fully launched, as well as through other important programs that KMSB plans to introduce.”

Logiq and KMSB plan to complete the official launch of Garda Digital Indonesia’s new mobile fintech platform for drivers by the second quarter of 2021. Logiq plans to start marketing AppLogiq subscriptions in the first quarter of 2021 and predicts a 30% penetration of BPJSTK. SMB membership base by year end.

About Koperasi Mona Santoso Berjaya
In these times of recession and in the era of a pandemic, KMSB has been formed as a national economic movement and business entity capable of participating in maintaining and improving the quality of life of all Indonesians and d ” increase the competitiveness of national production. KMSB is engaged in savings and loans to generate new opportunities for Indonesian workers, and is dedicated to building a reliable distribution network for consumers that meets their needs at a fair price. KMSB helps create new economic opportunities for its members.

About Logiq
Logiq, Inc. (OTCQX: LGIQ) is a leading global provider of e-commerce, mCommerce, and fintech business support solutions based in the United States. Its AppLogiq ™ Platform as a Service enables small and medium businesses around the world to easily build and deploy a native mobile application for their business without technical knowledge or knowledge. AppLogiq enables businesses to reach more customers, increase sales, manage logistics, and promote their products and services in a simple, affordable and highly effective way. AppLogiq is offered in 14 languages ​​in 10 countries and three continents, including some of Southeast Asia’s fastest growing emerging markets.

The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end e-commerce marketing solution for businesses and major US brands including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX ™ data engine delivers valuable consumer insights that improve ROI on online marketing spend. Of the society PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information on Logiq, visit Logiq.com.

Prospective disclaimer
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by these articles. Logiq warns you that the statements contained in this press release which are not a description of historical facts are forward-looking statements. These statements are based on Logiq’s current beliefs and expectations. The inclusion of forward-looking statements should not be taken as a representation by Logiq or its affiliates that any of its plans or expectations will be realized. Actual results may differ from those presented in this press release due to the risks and uncertainties inherent in Logiq’s business, including, without limitation: the suitability of Logiq’s products and services for an application or market in particular, the successful launch and development of Logiq’s partnership with KMSB, including related programs and pilot phases, expectations of future events, business trends, financial results and / or business transactions that may not be completed or realized, as well as the other risks described in Logiq’s previous press releases and in its documents with the Securities and Exchange Commission (“SEC”), including under the heading “Risk factors” in Logiq’s annual report on Form 10-K and any subsequent filing with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Logiq makes no commitment to revise or update this press release to reflect events or circumstances subsequent to the date hereof.

Company contact
Brent Suen, President
Logiq, Inc.
Contact by e-mail

Media and investor contact
Ronald Both or Grant Stude
CMA Investor and Media Relations
Phone (949) 432-7566
Contact by e-mail

Pega Launches Small Business Lending Benchmark App to Help Banks Speed ​​Up COVID-19 Emergency Loan Processing


Financial institutions around the world are under extreme pressure to execute new government stimulus programs to help their small business clients stay afloat during the crisis. However, many banks struggle to keep up with a frantic rush of loan applications and manage all of the regulatory guidelines that come with it. Meanwhile, time is running out – shocked small businesses are in desperate need of financing to pay employees and bills in order to survive the economic downturn.

Available today for download from Pega Marketplace, the Crisis Small Business Lending benchmark app provides a framework for Pega clients to speed up the lending process while reducing the burden on bank staff. By leveraging case management and automation, the solution helps banks dramatically improve processing efficiency from request to fulfillment. Smart web application forms dynamically check loan eligibility and limits as customers fill them out, saving bank staff and customers valuable time. It also gives clients full visibility into the process while generating reports and audit trails so that banks can comply with government guarantee and remittance plans.

This solution was inspired by feedback from many Pega Platform customers. In particular, the Bavarian Ministry of Economic Affairs has developed its own application from scratch using the Pega platform in just five days. More than 100,000 Bavarian companies have already used the Pega-based system to apply for assistance. It replaced a very manual process that required applicants to scan paper documents, which slowed the release of funds. (See our other press release today on Bavaria for more details.)

The Crisis Small Business Lending benchmark application and its underlying Pega Platform architecture offers financial institutions unique advantages to help them navigate this crisis, including:

  • Hassle-free deployment: With little time to waste, banks can quickly deploy the solution to their existing Pega platform with minimal setup and no coding required. Pega provides easy-to-follow implementation guidelines for integrating smart loan application forms into banking websites and online banking apps, integrating with existing client and loan execution information systems, and s ” adapt to other government programs. The initial version includes pre-defined business rules and smart digital forms based on U.S. Payment Protection Program guidelines, and a version for UK Coronavirus Business Interruption Loan Program rules will be released soon.
  • Global scalability: For large banks operating in different jurisdictions, Pega allows them to deploy Crisis Small Business Lending once and easily adapt it to meet the specific needs of each local branch. Pega Situational Laker Cake The architecture simplifies operation between different types of clients, geographies and rules by structuring the solution with reusable layers. This allows banks to offer common lending solutions for small businesses in all regions and tailor relevant aspects to meet local regulations.
  • Advanced automation and case processing: Pega case management capabilities help banks orchestrate and streamline the entire end-to-end lending process with full visibility into progress and the ability to manage service level agreements (SLAs). The benchmark app automates many time-consuming processes and enables skill-based routing to optimize efficiency.
  • Future-proof agility: The terms and conditions of many emergency loan programs have already changed as quickly as they were issued, and even more programs are likely underway. Using Pega’s low-code application development capabilities, Pega enables financial institutions to quickly adapt to these changes on the fly, from gradual adjustment to global revisions.

Pega Platform is a low-code, cloud-based application development platform that gives everyone the power and freedom to create rich user experiences and immersive customer journeys. With an intuitive visual approach to application development, it enables better business and IT collaboration, faster time to market and lower costs. As a member of Pega Infinity ™ A digital transformation software suite, Pega Platform also includes end-to-end AI, case management and automation capabilities, and seamlessly extends applications to any channel or device.

Used by seven of the world’s top 10 banks and 14 of North America’s top 15 banks, Pega Financial Services Software helps build lasting customer relationships and accelerate digital transformation. Banks use Pega’s AI, robotics, case management and business rules to improve efficiency and customer engagement across all channels of personal and business banking across the lifecycle from customer – from marketing and sales to onboarding and Know Your Customer (KYC) to customer service and collections.

To download the Crisis Small Business Lending benchmark app today, visit https://community.pega.com/marketplace/applications/crisis-small-business-lending-covid-19. For more information on the solution, visit www.pega.com/crisis-response/financial-services.

Quotes and comments:

“Financial institutions go through a whole different crisis during a crisis. Many struggle to put the desperately needed stimulus funds into the hands of small business owners who help grow local communities,” said Marc Andrews, Vice President, Financial Services and Insurance Market Leader, Pegasystems. “This will make it easier for banks to provide relief to these business owners and help keep vital local businesses alive.” ”

Support resources

About Péga

Pega is the leader in cloud software for customer engagement and operational excellence. The world’s most recognized and successful brands rely on Pega’s AI-powered software to optimize every customer interaction across any channel while ensuring their brand promises are delivered. Pega’s low-code application development platform enables businesses to rapidly build and scale applications to meet the needs of their customers and employees and drive digital transformation on a global scale. For more than 35 years, Pega has enabled greater customer satisfaction, lower costs and increased customer lifetime value. For more information on Pegasystems (NASDAQ: PEGA), visit www.pega.com.

Press contact:
Sean Audet
Pegasystems Inc.
[email protected]
(617) 528-5230
Twitter: @pega

All trademarks are the property of their respective owners.

SOURCE Pegasystems Inc.

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Baby Bureau lends a helping hand to new parents in need – CBS Philly


WARMINSTER, Pa. (CBS) – When it comes to clothes, babies grow and grow fast! A woman working in Warminster collects these clothes for thousands of babies in need.

For nearly a decade, Fran Wasserman has been dressing babies she has never met! We met her back in 2014.

READ MORE: Double shootout in Eastwick kills 25-year-old, injures pregnant woman: police

She is the founder of The Baby Bureau, a non-profit organization that provides new and lightly used clothing to new parents in need of a helping hand.

“They don’t have insurance, or they don’t have a family, or they don’t have enough income to support their families,” Wasserman said.

And Wasserman continued, since then she has made and donated over 5,400 “baby packs”. Each child receives almost 40 outfits, but that’s not all.

“We’re putting on a new book, trying to put on a new rattle, hat, socks, shoes, slippers, blankets and quilts if we have any,” Wasserman said.

They also donated 37,000 diapers.

Chris Riegel is one of the longest-serving volunteers.

“We love that we feel like we’re giving them a baby shower in a package,” Riegel said.

READ MORE: SEPTA union unanimously approves strike if deal is not reached

Wasserman says the tough economy means families need more help than ever.

“Our baby package gives them the ability to allocate their money in other ways, like food and gas,” Wasserman said.

Riegel said: “And it’s very important that we’re back because the need is so great.”

Wasserman and Riegel have never lost their enthusiasm for the job.

“It’s so good to know that the community cares enough about us to donate to us so we can turn around and donate to our families,” Wasserman said.

The Baby Bureau might need your help! You can make financial contributions or you can donate through contactless deposit.

They are located at 225 Newtown Road, on the Warminster campus of Abington Hospital. Donors can drop off on the receiving side of the hospital. They can open the doors where it says “receive” and leave donations in that hallway with their contact details attached.

The doors are unlocked Monday to Friday 9:00 a.m. to 3:00 p.m.

NO MORE NEWS: “I want to go to class”: Philadelphia students and parents at their wit’s end as possible SEPTA strike could force virtual learning

For more information, send an email to [email protected]

Biz2X Launches SBA Lending Platform For Banks To Start Lending


NEW YORK, March 30, 2020 (GLOBE NEWSWIRE) – Biz2Credit, the leader in online finance for small businesses, presented today Biz2X Accelerate SBA, a platform that enables banks and other financial institutions to respond effectively to the influx of loan applications from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the landmark CARES Act stimulus plan .

On March 27, 2020, President Trump signed the CARES Act to save small businesses facing enormous financial pressures from the novel coronavirus (COVID-19). As part of the $ 2.2 trillion economic stimulus package, $ 350 billion is earmarked for small businesses in the form of loan guarantees from the Small Business Administration (SBA).

“Banks and credit unions are in a critical position to facilitate the record volume of small business loans that will flow from the CARES Act,” said Rohit Arora, CEO of Biz2Credit and Biz2X, one of the country’s top experts in small business financing. “The ability to assess, process and deliver funds quickly will separate successful lenders from those who are unable to meet market needs. “

Biz2X Accelerate SBA builds on over 12 years of SBA lending experience from Biz2Credit. It supports all types of loans authorized by Congress under the CARES Act.

The platform offers an omnichannel customer experience combined with the best risk management tools for bankers. These capabilities are helping banks meet social distancing requirements during the coronavirus outbreak by allowing loan applications to be processed 100% online.

The platform offers other key capabilities needed for this unprecedented government program:

  • Rapid deployment in the cloud via a secure SOC-2 certified infrastructure;
  • Identify and calculate payroll expenses to determine loan forgiveness eligibility;
  • Integrated third-party data integrations including IRS, credit bureau and financial data;
  • SBA rule-based logic queues forms required under special circumstances;
  • Omnichannel customer service portal allowing bankers to process applications; and
  • A complete white-label user interface that gives lenders the advantage of serving clients quickly and showcasing their brands.

“With existing partners already signed up to launch Biz2X Accelerate SBA in the coming weeks, we are encouraging banks and credit unions to act quickly. Lenders who do not have these capabilities will soon be unable to meet the June 30 Paycheck Protection Program filing deadline, ”said Arora. Lenders interested in learning more can request a demo on the company’s website.

About Biz2X
Biz2Credit’s Biz2X platform provides banks and other financial institutions with the ability to streamline their digital loan application processes, better manage risk, and responsibly grow their loan portfolios. For more information visit Biz2X.com.

Media Contact: John Mooney, (908) 720-6057,[email protected]

Three emerging trends transforming mortgage lending


Perspectives of the Banking CIO | Saturday 03 April 2021

To meet the growing demand from borrowers, big banks and lenders are using new methods. Independent brokers, on the other hand, find it quite difficult to keep up with the competition.

Frémont, California: Many smaller lenders and brokers implement their own technology or white label through collaborations, much like the larger players. Whichever direction they take, mortgage brokers must learn to appreciate technological advancements in the mortgage process or lose customers to businesses ready to change.

Here are three emerging trends in mortgage lending:

Simplified user experiences

Borrowers, especially millennials, care more about easy paths to desired results. While it can save them money, the majority of borrowers don’t like wasting time looking for mortgages. Brokers should be ready to welcome consumers who are ready to buy immediately, with new technology that allows them to make quick and informed decisions.

Top 10 Mortgage Technology Consulting / Services Companies - 2019These developments herald a new era in the mortgage industry for brokers. Higher demands will result from advanced technology, and only brokers who are familiar with the emerging world will be able to compete.

Fully digital mortgage platforms

Most consumers will soon be able to complete the entire mortgage process without ever having to set foot in an office, thanks to new tools and protections. APIs can communicate between systems such as escrow, title and more on digital mortgage platforms. Borrowers will close loans in days, not weeks, and brokers who refuse to move quickly will become fired.

This does not mean that brokers will be completely eliminated. Mortgages are big purchases, and people need help with the process. Simply put, brokers should determine their place in a transformed mortgage environment.

Advanced predictive technologies

Most modern innovations are limited by the skills of the people who use them. The technologies of the future will know how to manage. Consumers should expect a new level of convenience through machine learning, artificial intelligence and blockchain Technology.

Soon, artificial intelligence would be able to notify brokers when borrowers are ready to act. Instead of waiting for borrowers to contact them, brokers should know when to contact them. Borrowers could close mortgages in less time thanks to blockchain’s open ledgers and more secure processes.

See also: Best Blockchain Technology Solutions Companies

Why Covid Should Accelerate Technology Adoption In Indian Aquaculture


Aquaculture in India has experienced tremendous growth and the country is currently the second largest aquaculture producer in the world. India produced around 9 million tonnes of freshwater fish and 0.8 million tonnes of shrimp in 2019, employing around 10 million people. About 12.8 percent of the total animal protein consumed in India comes from freshwater fish.

Farmed fish and shrimp generated $ 16 billion in 2019. The $ 5 billion shrimp industry is focused on exports, while the $ 11 billion farmed fish industry is driven by domestic consumption. Despite being the second largest producer of shrimp in the world, the market is more traditionally driven, with little value-added processing.

Aquaculture continues to grow faster than any other major food production sector. However, the Covid-19 pandemic has hampered the progress of the Indian aquaculture industry and disrupted the value chain in domestic and global markets. This resulted in reduced demand from processors and reduced producer prices by 20 to 30 percent. This combination created panic among farmers and – as they scrambled to harvest their fish and shrimp – flooded the market at a time of low demand in March and April. The government of Andhra Pradesh has stepped in to support farmers by introducing minimum prices and exempting aquaculture-related activities from the lockdown. While this brought some relief, it set the industry back from its progressive nature.

The Covid really spread in March, the traditional period of peak shrimp storage. However, due to weak demand and low producer prices, this has significantly reduced summer harvest stocks and some predict that the country’s shrimp production will drop by 40 percent (from 800,000 tonnes to 500,000 tonnes). tonnes) this year. Various surveys suggest that the Indian shrimp industry could suffer huge losses.

The Covid-19 has not only affected production volumes but also all links in the value chain. This has provided a timely opportunity for the industry to rethink their production methodologies, supply chain infrastructure, technology adoption, and market frameworks.

The main issues to be addressed are the prevalence of unscientific farming practices, low inclusion of technology, and disproportionate (shrimp market) over-reliance on exports, which account for over 90 percent of sales. This makes the industry more vulnerable to crises such as the Covid pandemic and also puts more pressure on farmers and their livelihoods. Even a slight change in demand in export markets also reduces the effects on Indian producer prices.

Covid has catalyzed digital transformation in all sectors and we believe that the positive digital transformation of the aquaculture value chain would make Indian aquaculture more resilient. To bring resilience, we should start by making the industry components strong enough to withstand minor fluctuations.

If we dig deeper, all the risks center on the producers, the production methods and the market. To make Indian aquaculture resilient, the starting point is to make these three components resilient. This is where I propose the 3R-PPM model, (Producers, Production methods and Market), as a solution to transform Indian aquaculture.

Components of 3R-PPM

Resilient producers

  • Access to formal finance and insurance – eliminates reliance on informal loans and the creation of credit profiles for farmers.
  • Platform sharing / crowdsourcing – sharing expensive farming tools within a community to make technology accessible and affordable.
  • Motivation in emerging markets: creation of efficient upstream and downstream sectors, accessibility to technical knowledge, strengthening of the post-harvest value chain.
  • Creation of sustainable livelihoods – encouraging entrepreneurship, creation of employment opportunities and gender inclusion.

Resilient production methods

  • Real-time problem detection and analysis capabilities – migration from ancestral intelligence to artificial intelligence.
  • Practice Packages (PoP) – scientific methods that guide farmers from storage to harvest to achieve production efficiency and embrace sustainability.
  • Technology adoption – providing awareness, training and affordability of technology platforms and facilitating data-driven decision making.

Resilient markets

  • Stimulate domestic consumption – create a strong market by promoting local consumption in non-coastal areas, reduces excessive dependence on exports.
  • Shift to value added – move from a simple raw producer to value added players with a strong focus on value added products in export markets.
  • Accelerate e-commerce – creating and promoting fish and shrimp through e-commerce and reaching a wider audience.
  • Strengthening the downstream value chain (including traceability and cold storage chains).

These improvement strategies must be injected throughout the sector in a balanced way, from the transformation of production methodologies to the redefinition of the value chain. Indian aquaculture has set itself an ambitious goal of doubling production in five years. To spread from the current stage, the industry would need to take a 360-degree approach to dealing with each of the listed subcomponents. These components are linked to the outlook of the industry and lead the entire industry towards sustainability. To take such a leap, it takes an effort from government agencies, TPOs and farmers’ unions, private entities, startups and policy makers to work together. 3R-PPM can empower industry stakeholders through technology and lay a formidable foundation for the sustainable evolution of the industry.

*Aquaconnect is part of the Hatch portfolio, but The Fish Site retains editorial independence.

4 Ways To Scan Loans For Faster Approval


Borrowers have always wanted quick approval. But in a mobile world of advance order delivery, that expectation has been raised to 11. This is especially true among mortgage borrowers. Mortgage lenders and HELOC are feeling the pressure to say “yes” faster than ever.

Speeding up the subscription process can seem like a daunting task. With mandatory wait times and ever-expanding compliance requirements, lenders may be tempted to focus on improving other areas of the applicant’s experience. But, thanks to digital lending technology, accelerating the lending cycle is within reach of even the smallest of co-ops.

Here are four ways credit union lenders can leverage technology to speed up their lending process, improve the overall experience, and dominate their local markets.

Digitize the application process – Members expect you to know them and use their data to add value. As your online and mobile banking strategies evolve, integrate the loan program. Consider adding features like automatic preliminary approval based on certain factors. This will help keep your members engaged and get them excited about your programs.

Streamline your suppliers – The integration of a digital web platform like LenderClose brings together all the providers needed to create a mortgage or HELOC in one place. No need to connect to multiple sites, search for multiple document providers, or reconcile different formats and fields. Your compliance team will also benefit from reduced supplier management effort.

Adopt electronic closures – Faster closing is extremely important to the borrower’s experience. If you have waited because of the risk factor, you may want to review the option. The perceived risk of electronic closures has decreased in recent years, helped by court decisions that paperless mortgages were sufficient in foreclosure proceedings.

Fintech partner – Startups want to work with your credit union. They’re looking for a ladder and, most importantly, progressive credit union lenders willing to help them hone their platforms. Because they are more agile, non-custodial technology companies can tweak, evolve, and improve their solutions to meet the unique needs of your loan team and members.

A positive and timely borrower experience is essential as market pressures increase. In Fannie Mae’s Q1 2018 Mortgage Lender Sentiment Survey, ‘Competition from Other Lenders’ established a new survey for the fifth quarter in a row as the top reason cited for lenders’ lower profit margin outlook . And these “other lenders” go far beyond the financial community down the street or the downtown mega-bank. Scotsman Guide called on the startups and other non-depository lenders that make up the Internet lending craze “major forces of change. ”

The credit union movement is likely to become its own force in the credit ecosystem. Supported by technology that digitizes and accelerates the lending experience, local financial co-operatives will become the preferred lenders for the next generation of borrowers.

Quicken Loans to Pay $ 32.5 Million to Settle FHA Loan File


Detroit-based Quicken Loans Inc. will pay $ 32.5 million to settle a federal lawsuit over Federal Housing Administration lending standards, according to a statement released by the mediator in the case on Friday.

The settlement comes with no admission of wrongdoing. The statement says the settlement consists of $ 25.5 million to return the entire government for losses and $ 7 million in interest, according to the statement by mediator, former federal judge Gerald Rosen.

“We have always been proud of our growing participation in the FHA program. Every day teachers, police officers, factory workers and so many others who are the backbone of our communities use Quicken Loans for this program. very important loan, ”said the CEO of Quicken Loans. Jay Farner said in a written statement. “Now that this dispute is behind us, we look forward to cultivating and expanding our relationship with the FHA and HUD so that we can increase Americans’ access to finance and home ownership.”

In 2015, the US Department of Justice filed a lawsuit claiming that Quicken Loans issued hundreds of FHA-guaranteed loans between September 2007 and December 2011, when they were not eligible for the program because lenders of Quicken Loans overestimated a borrower’s income so that he could qualify for the loans.

The Department of Justice also said the US Department of Housing and Urban Development paid $ 500 million in claims on 3,900 loans approved by Quicken Loans.

In an interview with Crain’s Friday, Bill Emerson, vice president of Quicken Loans, said the lender “has never committed fraud or anything like that.” He said the company had taken out $ 108 billion in mortgages since 2007 and the $ 25.5 million settlement was 0.02% of that.

“We fought this case and it was resolved in a way that we believe is exactly what we said we would do,” Emerson said. “If you look at how this business started and the demands they made on us and the dollar amounts they wanted from the very beginning, this business kept getting smaller and smaller every time we got it. have examined. “

U.S. District Court Judge Mark Goldsmith on Friday dismissed the federal government’s lawsuit against Quicken Loans, court records show. In April, Goldsmith ordered the two sides to begin mediation talks led by Rosen, a retired chief justice of the Eastern District of Michigan.

Quicken Loans will continue to participate in the FHA loan program, the statement said. “The FHA is leveraging its partnerships with lenders, such as Quicken Loans, to advance home buying opportunities for Americans, and we look forward to continuing our relationship with Quicken Loans,” said Amy Thompson, HUD Assistant Secretary for Public Affairs.

The lawsuit had long been on the minds of Quicken Loans founder and chairman Dan Gilbert, who started the company in 1985 and is now worth more than $ 7 billion, according to Forbes.

Gilbert was very critical of the DOJ in a interview 2015 with the Detroit Free Press.

“This is what happens when you dare to stand up for justice and the truth before the Department of Justice,” he told the newspaper. “It was an attempt to embarrass us and keep pressuring us to write checks of an enormous size to settle (the allegations) make them go away and admit things that did not happen.

“They’re talking about an investigation that spanned three full years, 85,000 subpoenaed documents… and that’s what they come up with – a few anecdotes and a few fragments of email chains taken out of context.” Gilbert said four years ago. .

In addition, the mortgage lender has more quietly simmered behind the scenes. In April 2015, a Quicken Loans administrative web address was used to register as many as 25 web domains for DOJ.

These are domain names including DepartmentOfJusticesBullies.com, Department OfJusticeShakedown.com, DOJBullies.com, and DOJShakedown.com, among others. At one point in the past two years, Gilbert had “bureauclowns” written on a board in a Quicken Loans office on the 10th floor.

Quicken Loans sued a few days before the Justice Department filed its complaint, but the complaint was dismissed. The company said the federal government violated administrative procedure law in its investigation and claimed the government improperly guessed a pattern of violations based on a sample of loans guaranteed by the FHA through Quicken Loans, rather than review all loans individually.

The voting deadline is fast approaching | Batesburg Leesville


Voters lined up outside Blythewood Middle School in previous elections. Photo by Jeanne Reynolds

It is not too late to make your voice heard in the November general election.

Friday was the deadline to register in person to vote, but you have until midnight Sunday October 4 to register online, by fax or by email. If you send your registration by mail, it must be postmarked by Monday, October 5.

Here are other key voting dates to keep in mind:

Monday October 5 – First day for the absentee vote in person

Saturday, October 24 – Last day to send a request for a postal ballot

Friday October 30 – Last day to submit a request for an in-person postal vote

Monday November 2 – Last day to vote by mail in person

Tuesday, November 3 – Election day: in-person voting from 7 a.m. to 7 p.m., postal ballots to be returned by 7 p.m.

Thursday, November 5 – Deadline for returning military and overseas ballots by mail

For more information, residents of Richland County can call the county voter registration and election office at 803-576-2240 or visit the office at 2020 Hampton Street in Columbia. Residents of Lexington County can call their county registration and election office at 803-785-8361 or visit the office at 605 West Main Street, Suite C in Lexington. Any South Carolina resident can visit scvotes.gov to verify voter registration, request and verify the status of a mail ballot, confirm a polling station, and examine the ballot.

Serial Plaintiff’s TCPA Victory Against Fast-Forward Funding


I have previously reported the victory of a “serial plaintiff” Mr. Shelton in a TCPA action, not because of factual findings on his TCPA claims, but because of the defendant’s failure to proceed to court. respond to discovery, resulting in the court’s decision to consider the uncontested facts for the purposes of Shelton’s motion for summary judgment. See YIKES: CJM Granted on TCPA ‘Serial Plaintiff’ Claims – Perhaps Defendant Should Have Taken Case More Seriously. I just drew my attention today, that Mr. Shelton, (and I would say, using the same strategy in another TCPA action in the same district), also got a successful verdict against another telemarketer, who did not respond to a series of admissions requests while Discover was closed before the response deadline. See Shelton v. Fast Advance Funding, LLC, 378 F. Supp. 3d 356 (ED Pa. 2019).

Defendant Fast Advance subsequently filed an appeal with the Third Circuit Court of Appeal. The questions before the tribunal were as follows: First, whether the district court abused its discretion in determining that applications for admission served less than thirty days before the conclusion of the investigation were deemed to be admitted when the party to which requests were addressed did not respond; and second, whether the district court erred in determining that an applicant has standing under the TCPA because he received unsolicited telemarketing calls on his cell phone used for personal purposes. See Shelton v. Fast Advance Funding, No. 19-2265, 2020 US App. LEXIS 6676 (3rd Cir. March 3, 2020).

Fast Advance maintains that it was not obligated to respond to Shelton’s admissions applications because the deadline to respond was after the investigation closed. However, the court disagreed: “Nothing in [Rule 36] provides that a party can ignore requests if responses are due after discovery is closed. The rule states that “A case is admitted unless, within 30 days of service, the party to whom the request is made serves on the requesting party a written response or objection to the case and signed by the party. or his lawyer. “Nourishes. R.Civ. P. 36 (a) (3).

Yes, that’s what the rule says. Simple and straightforward.

In addition, the court also points out that admission requests are separate from other discovery devices and that a party is obligated to respond even if the deadline is after the discovery is closed, citing to Langer c. Monarch Life Inc. Co., 966 F. 2d 786, 803 (3d Cir. 1992).

As to the second question, Fast Advance submits that Shelton did not have standing under the TCPA because in another TCPA action, Shelton admitted that he was using his cell phone for business and personal purposes. But the court ultimately hinted that TCPA’s other action had nothing to do here. Here, by contrast, there was no evidence on the record in the district court that Shelton used his cell phone for business purposes. The district court therefore correctly decided that Shelton had standing to bring an action under the TCPA.

And why? Well, because Fast Advance did not respond to Shelton’s request to admit that Shelton’s cell phone was a “personal cell phone” and a “private cell phone … used for personal use.” Shelton, 378 F. Supp. 3d 356, 359. The case was therefore deemed to have been admitted!

Uh … just like the FCS Capital the court said: “[defendant]abdication of his obligations [] has consequences. The requested party is required to respond to or object to the RFA even if the deadline is after the discovery has closed. Please, please, please take these obligations and put them on the calendar seriously.

© Copyright 2021 Squire Patton Boggs (US) LLPRevue nationale de droit, volume X, number 65

Luckin Coffee’s rapid growth admits massive fraud


Remember when Luckin Coffee was growing at such an exponential rate in China that it put Starbucks on its heels?

Yeah, about that.

The coffee chain admitted on Thursday that some of its trades were fabricated from the second quarter of last year in an extraordinary announcement that caused the company’s shares to fall.

Manufactured sales were around $ 310 million, based on exchange rates. That would represent about 41% of the $ 759 million the company would have generated in sales last year, according to information from financial services site Sentieo.

Luckin’s shares, which are traded in the United States, fell more than 70% on Thursday morning.

The Beijing-based company, which opened its first location in 2017 and had 4,500 units by the end of 2019, said it has formed a special committee of its board to oversee an internal investigation into the issues uncovered during an audit of its financial statements last year.

According to the company, COO Jian Liu and several employees who report to him “have committed certain faults, including falsifying certain transactions.”

The special committee recommended the suspension of Liu and the employees involved in the misconduct.

Luckin said that in addition to manufactured sales, some costs and expenses were also inflated. The committee did not independently verify its manufacturing estimate.

“The company is evaluating the overall financial impact of the misconduct on its financial statements,” Luckin said in a statement. “As a result, investors should no longer rely on the Company’s previous financial statements and results for the nine months ended September 20 and the two quarters beginning April 1, 2019 and September 30, 2019.”

Luckin’s admission is just coming two months after a famous short seller, Muddy Waters Research, published a “credible” claim that the company had inflated the numbers. The investment firm called it a “fundamentally broken business trying to instill the culture of coffee drinking in Chinese consumers through incredible discounts and free coffee.”

The allegation has led Luckin to vigorously defend his company, arguing that “all key business operating data” is “tracked in real time and can be verified.” He called the allegations “misleading and false”.

Now, in early April, it looks like the investor was right.

Unqork and Deloitte Partner to Launch Small Business Loan in a Box


NEW YORK, April 14, 2020 / PRNewswire / – Unqork, the leader in enterprise codeless application development technology, today announced a partnership with Deloitte to launch a fully managed small business loan service to digitize the lifecycle end-to-end loans. This solution will allow small business lenders to streamline the distribution of loans to small businesses in need of assistance due to Covid-19. The service complies with the requirements of the CARES Act (Coronavirus Aid, Relief, and Economic Security) which was recently passed by Congress to provide quick and direct economic assistance to American workers, families and small businesses and to safeguard the US Industries jobs, also known as the Small Business Administration Paycheck Protection Program (SBA PPP).

“The CARES Act attempts to help small businesses weather the storm associated with Covid-19. However, the challenges of treatment $ 349 billion The volume of loans in a matter of weeks revealed the inadequacy of the technology platforms currently serving the small business lending market. This has left most lenders with complex operational challenges resulting from legacy technology and manual processes and controls, ”said Rabih Ramadi, Head of Financial Services at Unqork. “This loan service addresses these inefficiencies by quickly providing small businesses with the economic help they need.”

Unqork and Deloitte partner with Plaid to deliver a fully digital turnkey solution with preconfigured business processes, operational resources and compliance controls. The platform includes an easy-to-use customer (borrower) experience, real-time validations, integrations with data providers, as well as comprehensive underwriting and service capabilities for lenders. The platform can be deployed in a few days while being personalized according to the experience desired by the lender.

“Speeding up loan processing could make the difference between a business and its surviving employees intact, or add to skyrocketing unemployment,” said Lowell putnam, Responsible for partnerships. “The Unqork and Deloitte service integrates several Plaid products to enable lenders to process CARES Act loans quickly while adhering to guidelines. Ultimately, this can help speed up the distribution of relief funds to more businesses.”

This launch is part of Unqork’s ongoing work with cities, states and financial institutions to streamline the delivery of economic and emergency relief in response to Covid-19. In addition to loans to small businesses, Unqork has enabled major U.S. cities to rapidly deploy technology to better connect their residents to essential services, such as delivering food to vulnerable citizens, distributing medical supplies to healthcare workers. and data collection and mapping to help understand the impact of Covid-19 in local communities.

Those interested in deploying small business loan service can learn more about https://www.unqork.com/sb-lending.

About Unqork
Unqork is the industry-leading no-code enterprise application platform that helps large enterprises build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the New York City, and Maimonides Medical Center use Unqork’s drag-and-drop interface to build business applications faster, with higher quality and lower costs than conventional approaches. To learn more, please visit: https://www.unqork.com/

About Deloitte
Deloitte provides industry-leading audit, advisory, tax and advisory services to many of the world’s most admired brands, including nearly 90% of Fortune 500® companies and more than 5,000 companies private and medium-sized enterprises. Our employees work in all industry sectors that drive and shape today’s market, producing measurable and lasting results that help build public confidence in our financial markets, inspire clients to see challenges as opportunities for transformation and prosperity, and help pave the way for a stronger economy. and a healthy society. Deloitte is proud to be part of the largest global network of professional services serving clients in the markets that matter most to them. Now celebrating 175 years of service, our network of member firms spans over 150 countries and territories. Find out how the more than 312,000 Deloitte employees around the world are having a significant impact on www.deloitte.com.

About plaid
Plaid is a data network that powers the fintech tools that millions of consumers rely on to live healthier financial lives. Plaid is used by thousands of digital financial apps and services like Acorns, Betterment, Expensify, and Venmo, as well as many of the largest banks to make it easy for consumers to connect their financial accounts to the apps and services they want. use. Plaid connects with over 11,000 financial institutions across the United States, Canada and Europe. The company was founded in 2013 by Zach Perret and Guillaume de Hockey and has its seat at San Francisco, California.


Related links


“Free money” is not flowing as fast as it was a month ago


Small businesses across the country gobbled up the first round of federal payroll loans in less than two weeks.

The paycheck protection program had its flaws, as did most massive backup plans designed almost overnight and deployed at lightning speed. The idea was to bring cash to companies – most with fewer than 500 employees – so they could withstand the initial devastating punch from the coronavirus.

The federal government agreed to cancel the loans if the companies met several requirements, including using most of the money to pay employees for the next two months.

To businesses, it seemed as close to free money as it comes. No wonder the program spent $ 349 billion so quickly. (The Tampa Bay Times and its related companies received a loan of $ 8.5 million.)

When Congress agreed at the end of April to add an additional $ 310 billion, it seemed certain that the money would disappear just as quickly. Less than 1.7 million of the country’s 30 million small businesses received a loan in the first phase. The banks that distributed the funds said thousands of other companies had pending requests when the money ran out. Many small business owners have complained that they feel sidelined by larger competitors who have profited from past banking relationships.

But nearly three weeks after the second pot of money became available, there is plenty left, around $ 115 billion.

The tap has also slowed down in recent days. Banks have approved on average about $ 16 billion in loans per day since the start of the second phase from April 27 to May 8. Over the past week, the number has fallen to less than $ 1 billion a day. At this rate, it would take at least until September to donate all the money, well after the program ended on June 30.

So why the fall?

Some big brand name companies probably thought twice before applying after the public disgrace endured by Shake Shack, the Los Angeles Lakers and Ruth’s parent company Chris Steak House, all of whom either refunded the money or didn’t. accepted the loans. . The Treasury Department, which oversees the program, has also prohibited publicly traded companies and others that can obtain funding elsewhere from obtaining Paycheck Protection loans.

Another factor: many companies have applied for loans from several banks, hoping to increase their chances. They could only accept one, so the duplicates inflated the first set of numbers.

Tom Zernick, president of First Home Bank’s small business lending division, said most of the larger, more sophisticated businesses that needed million dollar loans had already taken advantage of the program.

The numbers back it up: About 4% of phase one loans were over $ 1 million, according to the Small Business Administration. In the second phase, it’s less than 1 percent.

This leaves the second phase to small businesses with a lower payroll. The First Home Bank, for example, approved around 2,500 loans worth a total of $ 525 million during the first phase. In the second phase, the bank has already approved more loans – around 2,600 – but for only around $ 260 million.

Zernick added that independent business owners were excluded during the first week of the first phase. Now they can apply and are often only looking for $ 10,000 to $ 25,000, he said.

“For us, the average loan amount has halved,” he said. “I think something similar is happening in other banks as well.”

From the start, business owners and their lawyers balked at the lack of guidance on how to ensure that the Treasury Department canceled loans. Persistent uncertainty has prevented some companies from applying. Other companies don’t think they can spend 75% of the loan on payroll, one of the requirements.

The last thing many struggling small businesses want is to add debt that they will have to pay off, even at ultra-low interest rates.

“I think companies are starting to take a second look at it and think, ‘Maybe I don’t need this right now,’” Zernick said.

He hopes Congress will mix any remaining paycheck protection funds into traditional Small Business Administration loan programs, which can help businesses pay rent and pay off high-interest loans.

He encouraged any small business that needs help paying their employees to consider a loan with paycheck protection, while it lasts.

“Contact your bank to determine if you are eligible,” he said. “It’s a good program.

And a lot of money is still available.

Paycheque Protection Program

First phase: 1,661,367 loans for a total of $ 342.3 billion.

Second phase: 2,686,493 loans for a total of 193 billion dollars. More than $ 116 billion remained to lend as of Thursday. The program ends June 30.

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7 ways to quickly pay off your student loan balance


Many people conscientiously make their student loan payments each month, feeling like they are making slow – or no progress – toward debt relief.

This could be because when you pay off student loans, a lot of your hard-earned money goes towards paying interest. To really reduce your balance, you’ll want to pay more than your required payment each month, but also do it strategically, and perhaps in combination with other methods, like refinancing.

Here are 7 ways to pay off your student loans quickly:

1. Understand how interest works
2. Discuss your payments with your loan officer
3. Consider refinancing your student loans
4. Focus on earning more
5. Look for a Federal Direct Consolidation Loan
6. Set up automatic student loan payments
7. Make lump sum payments whenever you have extra funds

How to quickly reduce your student loan balance

1. Understand how interest works

The first step to quickly paying off student debt is to understand how student loan interest works.

Lenders charge interest from you in exchange for borrowing money. It’s calculated as a percentage of the amount borrowed, and on federal student loans, for example, interest accumulates daily.

To better understand how interest works, here is an example. Let’s say you have a federal student loan of $ 50,000 with an APR of 7%.

To find out the amount of accrued interest per day, use this formula:

(Interest rate) x (current principal balance) ÷ (number of days in the year) = daily interest

Here’s what the example looks like using the above formula:

(0.07) x ($ 50,000) ÷ (365) = $ 9.59

This shows that you are being charged almost $ 10 a day just in interest. In a 30-day month, with this example, you’ll pay $ 287.70 in interest. This means that if you make a monthly payment of $ 500, only $ 212.30 will go to principal.

Private loans can calculate interest differently. Your private loans may also have variable interest rates, which can change over time, rather than a fixed rate.

Ultimately, it’s important to look at your repayment history to see exactly how much the lender is charging on interest and how much is applying on the principal balance.

2. Discuss your payments with your loan officer

Also, make sure you understand how your loan manager allocates your payments. For example, if you make an additional payment and multiple loans are managed by the same company, how that payment is applied depends on your loan manager. The business can apply the supplement to the loan at the highest interest rate or apply it to a future monthly payment.

But if you want to get out of debt quickly, pay off high-interest loans first is the best route.

For example, let’s say you have a federal undergraduate loan with an interest rate of 4.53% and graduate loans with interest rates of 6.08% and 7.08%.

Focus on paying off the 7.08% graduate loan first. This is because it currently costs the most interest per month.

If it’s not clear how to allocate your loan payment to a specific loan on your manager’s online portal, discuss your options with the company. Provide written instructions if necessary.

3. Consider refinancing your student loans

Student loan refinancing could help you reduce interest and pay off your loans faster, especially if you have private student loans. Here’s why:

  • Private student lenders often charge higher interest rates than what you would get with federal student loans.
  • Your interest rate may be variable, which means it may increase over time. Refinancing gives you the option of moving to a fixed rate.
  • Federal loan refinancing turns them into a private loan and you will no longer be able to enjoy some of the benefits of the federal loan. But your private lender may have limited deferral, forbearance, payment reduction, or forgiveness programs, which means you have less to lose by refinancing.

If you have federal and private student loan balances, be sure to first assess whether you should refinance your federal student loans. Consider the following:

  • Are you eligible for one of the many federal student loan exemption programs? If you refinance, you will lose your eligibility.
  • Do you plan to use special federal repayment plans like income-based repayment? Few private lenders offer these options.
  • Are you going to save money? Depending on the type of federal loan, you may already have a low fixed interest rate.

To start refinancing, explore multiple lenders and find the best rate for you. Many companies offer potential borrowers the option of getting an interest rate quote without submitting a full application, which can help you compare offers.

Use a refinancing calculator to calculate how much you could possibly save, which can help you decide if refinancing is the right choice for your situation.

4. Focus on earning more

It can be difficult to make additional payments on your loans if the majority of your discretionary income is already spent on them. But one way to pay off loans faster is to focus on making more money.

To consider start a secondary activity, find a part-time job, or sell items you no longer use. Make a commitment to spend any extra money you earn on debt.

Working more might seem difficult now, but consider it a temporary fix so you can get on with your loans. Celebrate when you hit key milestones, like paying off individual loans or lowering your balance to a certain threshold, to stay motivated. Use a prepayment calculator to see how much time and money you can save by adding a little more to your payments each month.

5. Look for a Federal Direct Consolidation Loan

If you have multiple federal student loans, consider combining them into one direct consolidation loan. Consolidation can make it easier to manage, organize and repay your loans by providing you with a monthly payment from a single manager.

Note, however, that consolidating can leave you with a longer repayment term, which could mean a lower monthly payment, but more interest charges overall. If you want to use it as a strategy to pay off loans quickly, consolidate federal loans to streamline bills, then put extra money on your payment each month to get rid of the balance.

To qualify for a Direct Consolidation Loan, you must have at least one Direct Loan or Federal Family Education Loan (FFEL) either in repayment, postponement or default, or in its grace period. School loans are not eligible.

6. Set up automatic student loan payments

Establishment automatic repayment of student loans has many advantages that will help you pay off your balance faster. First, many lenders offer an interest rate reduction of 0.25% in exchange for setting up automatic payment. While a fraction of a percentage point may not seem like much, you will save money over time and more of your monthly payments will go towards paying off your principal.

Automatic payments will also help you make sure you pay your bill on time, every month. This is important for keeping your credit strong; payment history is the biggest contributor to your credit rating, which helps determine if you might qualify for loans or credit cards in the future.

7. Make lump sum payments whenever you have extra funds

There may be times when you have more money in your pocket than usual, such as when you receive a tax refund or a year-end bonus. Consider applying at least some of this money to your student loan balance.

As is the case when you make additional payments through other methods, this ensures that more money than usual will go towards your principal. Use a lump sum additional payment calculator to get an idea of ​​the importance of a larger than normal payment.

Having a student loan balance isn’t fun, especially when it feels like a lot of your money is spent on interest. But with a plan of action, you can begin to tackle your student loans and move forward.

Tara Mastroeni contributed to this article.

Interested in refinancing student loans?

Here are the 9 best lenders of 2021!

Major trends in commercial credit


The most recent MFAA Industry Intelligence Service (IIS) report, released in April 2020, shows that the number of mortgage brokers underwriting commercial loans as well as residential mortgages increased to a new high of 3,670 in September 2019.

The increase suggests that “in a difficult home loan market, more and more brokers are turning to diversification in this sector, expanding their portfolio beyond residential home loans into other growth sectors,” according to the report. report.

This promising growth in commercial space looked set to continue well into 2020 – until the COVID-19 pandemic hits, that is.

“Our credit decision engine analyzes over 450 unique data points in about 15 seconds … and a response and funding is possible within 24 hours.”

The commercial loan market has been one of the hardest hit by the pandemic. However, Beau Bertoli, co-founder and chief revenue officer of Prospa, says the biggest trend currently driving SMEs and business lending is digitization.

“Microsoft Research reports that there have been two years of digital acceleration in a matter of months. Government support has raised awareness among non-bank lenders like Prospa and accelerated the adoption of digital products and services, ”he said. “Small business clients, brokers and lenders all operate in this new environment, and speed, simplicity and great service are now more important than ever. “

Indeed, brokers have embraced the rapid transition to adopting more flexible ways of working, including virtual verification of identity processes that have the potential to speed up property financing.

Of course, for Prospa, fast turnaround times have long been a part of its core offering.

Beau Bertoli, Co-Founder and Chief Revenue Officer, Prospa

“Our online applications take 10 minutes and our credit decision engine analyzes over 450 unique data points in about 15 seconds. We are committed to lending responsibly, and a response and funding is possible within 24 hours, ”says Bertoli.

“We just had a client from a tile company in Victoria who used a loan to cover the initial costs of a large remodeling project. He had to act quickly to get the order from overseas and say yes to the opportunity. This speed is a huge relief for customers who want to get back to business.

“Bertoli adds that as a fintech, Prospa is well placed to face the evolving challenges of the current market. The depth and breadth of its ability to provide financing can provide solutions across a range of types of financing, from small businesses that need financing to help with cash flow, equipment and vehicle financing, to company machine or car loans and commercial overdrafts. Prospa can meet the needs of the borrower in a variety of ways, with products and interest rates tailored to the specific risk of the client.

“We are agile and can adapt quickly. We are using smart technology to assess risk, so that we can continue to provide a rapid response in today’s environment, ”said Bertoli.

“Small businesses are going through uncertain times right now, and rapid demand and decision allow them to focus on getting back to business. We are also a cloud-based company and our team can provide the same level of customer and partner support by working remotely.

Propsa Business Return Loan and Line of Credit: TermsWhile current conditions may be difficult, there are also plenty of reasons to be optimistic about the future. The value of commercial loans settled by brokers peaked at around $ 9 billion in April-September 2019, according to the IIS report, the total book value of commercial loans granted by mortgage brokers hit a record $ 43.1 billion.

“The future will be different and the brokers who will win in this new market will be those who will be agile and will know how to adapt”

Programs like the government coronavirus SME guarantee program, in which Prospa is participating, are expected to put a foundation in the form of commercial loans while the program is in effect – until September of this year. In addition, they will go a long way in raising awareness of small businesses and considering non-bank lenders in the future.

Return to Business Loan and Propsa Line of Credit: Eligibility Criteria“There is a lot of energy and enthusiasm from the brokerage community around including non-bank lenders like Prospa in the program. It’s great to have this support, and we work closely with partners to distribute funds quickly and responsibly to small businesses. We have started to roll out our new business return loan and line of credit products under this program, and these will soon be widely available to partners, ”said Bertoli.

Prospa offers loans of up to $ 250,000 under the SME Guarantee and $ 300,000 more broadly, and sees a strong appetite for financing from a range of businesses.

“Recently, there has been a strong appetite from companies that were able to end hibernation earlier than expected and are thinking positively and proactively about their recovery,” he explains.

“There are also companies in certain industries that are experiencing increased demand for products and services and need funds to support their growth. On top of that, we are seeing demand for otherwise viable businesses with temporary cash flow issues due to COVID-19 that need funding to get through this time. “

One of the main advantages that Prospa currently offers to SMEs is its speed of service, he adds. In an age of brokers grappling with lenders who take several extra weeks to process even the simplest business loan applications, Prospa remains able to make decisions within 24 hours – with funds available just as quickly.

“We know that small business owners don’t have time to fill out a lot of paperwork or wait six weeks for a response. We offer simple online application and use smart technology to make quick credit decision which small businesses need right now. They must be able to take their next step, ”says Bertoli.

“Looking ahead, one of the biggest opportunities we see is the digital acceleration that has taken place. The future benefits for productivity, efficiency and communication are enormous.

“Everyone is operating in a digital world right now, and this is an opportunity for brokers to re-evaluate the way they run their business and deliver their services. I encourage brokers to consider investing in cloud-based solutions that can help them scale and deliver a seamless customer experience. The future will be different and the brokers who will win in this new market will be those who will be agile and will know how to adapt.

The need for small business loans

Mphasis Digital Risk Leverages Mendix Low-Code Platform to Drive Fast and Efficient Digitization for the Financial Services Industry


BOSTON, July 30, 2020 / PRNewswire / – Mendix, a Siemens company and the world leader in enterprise low-code, today announced that Mphasis Digital risk, a financial services technology provider for the competitive US mortgage execution market, has successfully launched an expanded portfolio of software development projects for Mphasis’ internal and external clients. Mphasis, headquartered at Maitland, Florida, leveraged the low-code Mendix platform to create 12 enterprise applications for internal use and three industry applications that allow customers to process $ 1.7 trillion per year in secondary mortgages at a rate greater than 10,000 loans per month.

Over the past five years, Mphasis Digital Risk has experienced tremendous growth, doubling in size from 800 to 1,600 employees. “As a business process outsourcer in the rapidly evolving lending industry, we are tasked with solving our clients’ most difficult technological and business challenges, including the digitization of many manual processes,” said Ravi Vasantraj, Senior Vice President and Global Head of Business Processes. Mphasis Services. “We rarely have the time, the budget or the resources to resolve these issues. At our scale, it is essential to speed up and streamline software development. And we need to be sure that our applications are tailored to the needs of the business and perform at the highest level of security. ”

Before adopting the low-code Mendix platform, Mphasis Digital Risk relied on Microsoft’s .NET framework to create software for both internal needs and customer projects. Their experience, however, was that .NET-based applications generally required a major overhaul by developers, despite investing a lot of time in planning cycles with database architects creating entity diagrams and storyboards. Ravi observed that after switching to Mendix, a developer was able to create a complete application that would have required four developers working with .NET.

“With Mendix, the overall development experience is more precise and streamlined,” Vasantraj said. “As a visual process, an application designed by Mendix is ​​quickly understood by each new person who joins an Mphasis Digital Risk project team. The ease of use of the platform has allowed us to assign as few as two people or up to 22 to a team, depending on the complexity of a project, knowing that anyone can make changes quickly. and in complete safety. We didn’t find any other platform that was this robust from the get-go. This has allowed Mphasis Digital Risk to grow in response to industry needs and create successful applications that our customers are happy with. ”

Security issues at the heart of digital banking’s competitive response
For loan underwriters in the secondary mortgage market, the credit landscape has changed dramatically over the past decade. Since the 2008 financial crisis that rocked the mortgage industry, strict regulations and compliance requirements have been adopted by several federal agencies. Yet underwriters expect transparent and fluid data to assess an asset’s quality, risk exposure and third-party ratings in real time, often within minutes of a grant being granted. ready.

For its external aftermarket clients looking to digitize their operations, Mphasis Digital Risk has used Mendix to create robust loan origination systems (LOS) and quality control platform, Qcynergy, that maintain the highest level of security. data throughout the mortgage life cycle. These interactive online web portals centralize and collect data from existing computer systems that were difficult to extract or customize. Other urgent data was previously collected manually via Excel spreadsheets and shared via email.

“Some of our clients working on jumbo loans have a very short time, often six weeks or less, to communicate with other underwriters to retrieve these transactions rather than securitizing those financial notes on the exchange,” says Vasantraj. “These systems enable these transactions by updating information and rebuttals in the loan review pool, communicating quickly and effectively with the leading third party review firms involved in this process.”

Encourage citizen developers within the company
Mphasis Digital Risk has developed and deployed 12 low-code applications to improve the workflows of its Florida-employees based and additional head offices in Chennai, India. Mendix’s low-code solutions have enabled internal stakeholders to participate directly in building the applications they use every day, resulting in a 300-400% improvement in productivity.

According to Vasantraj, software developers have moved from a “back office” role to one in which they regularly interact with product owners and end users. This has resulted in applications that more precisely target the business needs of Mphasis Digital Risk. Additionally, the adoption of low-code has enabled 20% of the company’s business development staff to adopt application development roles using Mendix’s visual language.

When Mphasis Digital Risk identified an internal need with its legal and human resources departments to better track employee hours and workflow, the company turned again to the Mendix platform. Managers demanded that certain employee workflow data be better tracked, recorded, and distilled to ensure hourly workers were able to accurately record time worked, beyond just login data. With this specific business need in mind, Mphasis Digital Risk has created a bespoke platform that its employees can use and implement seamlessly.

“Mendix not only makes development on our own financially viable,” Vasantraj said, “but allowed us to take back control of our workflow and internal processes rather than modernizing solutions on an ad hoc basis. We have seen a noticeable ‘speed of change’ in our response to business critical projects, improving our ability to adapt and respond to challenges from months to days. ”

“With the continuing shortage of IT professionals, we know that businesses need to build software applications ten times faster with 70% less resources to keep pace,” said Johan den haan, CTO at Mendix. “This is why we are aiming high with low-code. Existing IT systems lack the speed or agility to meet the competitive challenges that markets such as finance and banking face in the new decade. Mphasis Digital Risk’s work offers tangible proof of analyst predictions that nearly half of all professionals will soon orchestrate their business application experiences in a way specifically tailored to their needs and function. This trend, which goes hand in hand with the capabilities of low-code, will only accelerate in the years to come. ”

(Source: https://www.gartner.com/smarterwithgartner/gartner-top-strategic-predictions-for-2020-and-beyond/)

About Mphasis
Mphasis (BSE: 526299; NSE: MPHASIS) applies next-generation technology to help businesses transform their businesses globally. Customer orientation is fundamental for Mphasis and is reflected in the Front2Rear™ Transformation Approach. Front2Back ™ uses the exponential power of the cloud and cognitive to deliver hyper-personalized information (C =X2C2 MT= 1) digital experience for customers and their end customers. Mphasis’ service transformation approach helps’ shrink the heart ‘through the application of digital technologies in legacy environments within an enterprise, enabling businesses to stay ahead in a changing world . Mphasis’ core reference architectures and tools, speed and innovation along with domain expertise and specialization are essential for building strong relationships with reputable clients. Click on here find out more.

About Mphasis Digital Risk
Mphasis Digital Risk is a leading end-to-end origination, due diligence, compliance and technology services company delivering differentiated solutions to the mortgage, consumer lending, financial services and other industries. regulated sectors. By providing a combination of digital mortgage services, configurable technologies and business operations, Mphasis Digital Risk provides its clients with high performance solutions that deliver transformational improvements in quality, cost and service. Mphasis Digital Risk is a wholly owned subsidiary of Mphasis Ltd. To learn more, visit https://digitalrisk.mphasis.com/

About Mendix
Mendix, a Siemens company and the global leader in enterprise low-code, is fundamentally reinventing the way applications are built in the digital enterprise. With the Mendix platform, businesses can do more, by expanding a company’s development capacity to overcome the software development bottleneck; Make it Smart, by creating apps with rich native experiences that are smart, proactive and contextual; and Make at Scale, to modernize core systems and create large application portfolios to keep pace with business growth. The Mendix platform is designed to promote intense collaboration between business and IT teams and dramatically accelerate application development cycles, while maintaining the highest standards of security, quality and governance, in short, for help businesses embark with confidence in their digital future. Mendix’s “Go Make It” platform has been adopted by more than 4,000 leading companies around the world.

Connect with Mendix

For more information, please contact:

Deepa nagaraj

Mphasis corporate communication

[email protected]

+1 (646) 424-5160

+91 9845 256 283

Sumana bhat

Mphasis corporate communication

[email protected]


Sara Black

Vice President, Bospar for Mendix

[email protected]

(213) 618-1501

Dan Berkowitz

Senior Director, Global Communications

[email protected]

(415) 518-7870


Related links


The foreclosure effect: increased demand for lending software


Financial institutions face a gap between traditional and technology-driven models due to insufficient attention given to digital transformation.
According to Oliver Wyman, banks are now faced with a challenge: to create the business of the future from the legacy they have today.

For example, the launch of a Paycheck Protection Program (PPP) in the United States has shown that the integration and prequalification stages are cumbersome and time-consuming. With this in mind, at the grassroots level, banks
require a more agile approach to loan management, which can be handled through digital loan platforms and automation.

Therefore, it looks like core system vendors and loan software vendors are set to become some of the early winners in the post-pandemic world.

Spring 2020: it’s always the darkest before dawn

In an age of coronavirus and economic shutdown, financial institutions large and small are concerned with finding a quick solution to the problem created. Since mid-March, everything, including digital transformation, launching new business lines and entering new markets, has been on hold while companies waited for the situation to stabilize.

Stricter lending standards, tight offers and lowest interest rates were everywhere. Financial institutions that lacked the capacity to change their credit products quickly had to stop loan issuance for days or weeks. Thus, the value of an agile digital infrastructure has become more important than ever before.

3-1-0 rule in loans as a new normal

There will always be unforeseeable events and unexpected phenomena. What is extremely important is
the ability to adapt quickly to a changing world. The pandemic has accelerated the digital roadmap, with the result that the lending industry is rapidly revising business models and restructuring processes. In April and May, at HES Fintech, we saw a 35% increase in loaner software demo requests. Lenders wanted to either launch first and quickly, or replace their current systems with more advanced ones.

COVID-19 has forced the acceleration of digital transformation. Lenders are now actively seeking to implement a 3-1-0 lending approach: 3 minutes to apply, 1 second to approve, 0 people involved. The framework was first introduced by Ant Financial in 2018.

Digital lending platforms with automated workflows, flexible calculations, product engines, and faster decision making highlight a much wider range of possibilities for lenders. Moreover, the use of AI and machine learning can easily correlate the dependencies hidden among the vast reams of data. So a digital approach can save hundreds of hours of manual labor for risk managers and data analysts, create high performance scoring, churning and propensity models; and improve the performance of the loan portfolio.

In summary, digital lending software coupled with automation and AI makes lending much more convenient for borrowers and lenders today. Since many banks and fintechs are already moving towards digitalization, it is only a matter of time before digital becomes a ‘new normal’. Indeed, lenders without digital capabilities are likely to be overwhelmed by their high-tech counterparts.

Chola finance unveils its co-loan activity


Cholamandalam Investment and Finance Company, the financial arm of the Murugappa Group, has initiated co-lending business with technology from Nucleus Software, a provider of lending and transaction banking solutions. “The co-loan is a new direction for Chola. This will soon evolve into a very successful partnership model for banks and NBFCs, ”said Ravindra Kundu, ED, Chola.

Chola, the financial arm of the Murugappa group, is partnering with various banks to target higher-value loan segments such as construction equipment financing and heavy-duty vehicle financing. · The co-loan lowers the cost of capital and opens up new markets by allowing new loans at lower rates, Chola said in a statement.

The co-lending model is a great opportunity for banks and NBFCs to build on each other’s strengths. The co-loan will significantly reduce the cost of capital for Chola while helping partner banks expand their reach to new customer segments, business areas and locations where Chola has a greater presence, he said.

“The co-loan is a new direction for Chola. This will soon evolve into a very successful partnership model for banks and NBFCs, ”said Ravindra Kundu, ED, Chola.

“Chola has been a Nucleus customer for over a decade. Every day, 150,000 users at over 80 financial institutions use our lending solutions to provide services to millions of clients across India, ”said Anurag Bhatia, senior vice president and global head of core business by Nucleus Software.

Ali Fazal on lending his voice to animated film and helping the needy during lockdown

Ali Fazal, who tries to raise funds for the needy, says things won’t change until our education system, our thinking process and our social conditioning change.

For Ali Fazal, the confinement It was a time of self-education and introspection. “I realized that, for the most part, the ego is what pulls us down and that comes from a feeling of incompleteness. We meet people with a lot of baggage and it ruins relationships. We have to correct ourselves, tackle the traumas and the problems that make us face the world like this again, ”he philosophizes, admitting that he has learned to cook, survive on his own and clean up his own mess for a while. downtime. “I also wrote a lot because I didn’t always want to depend on writers to translate my ideas to paper. As an actor, you have to know the basics of writing, singing and dancing, ”he says.

The forced break and the ensuing crisis reminded Ali of his difficult days when, at the end of the month, he was out of money. “I had to start saving and finally understood the value of our parents’ sacrifices. It was the heroes of the middle class who provided for us, but we tend to forget that now because we have access to most things most of the time, ”he sighs.

The actor, for his part, has tried to raise funds to help those in need during these difficult times. As part of a campaign, he donated the money saved on cars parked in the garage to support his staff. It was also the result of a heartbreaking video of a housekeeper, who had not been paid since April and was struggling to make ends meet. “It’s a reminder that Covid-19 was not brought here by them, but by the wealthy who came into contact with the virus while traveling. What happened is unfortunate and unfortunate, but why should they suffer, ”retorts the actor who has quietly helped people without crying. “It’s not that I have a problem with those who make it a huge production; as long as people are helped, nothing else matters, ”Ali insists.

He believes that things will not change until our educational system, our collective thought process, and our social conditionings change. “We are affected too quickly and forget even faster,” he emphasizes. “I don’t have an answer either, I’m just trying to ask the right question.”

A step in this direction is to lend your voice to an animated film, Tasveer, which uses satire to get people to be more empathetic. “It’s not poetry because that would make it arty and pretentious. It’s more like a scream, ”says Ali, sharing that the effort started as a couplet by writer-director Ashutosh Pathak, written as an apology after seeing moving images of the suffering of migrant workers. “He sent it to me to read it and I saved it to my phone. I wanted my reaction to be organic and it’s wonderful to see how my voice was then supported with music and visuals for added impact.

The whole experience was orchestrated by video calls and Ali admits it would have been easy to be judgmental. “If Gandhiji returns, I will accept his sermons; but we are not him, so there is no point in giving gyaan, ”he said dryly, pointing out that the conversations that we, as privileged people, have sat in the comfort of our living rooms, or the thoughts we send out on social media, will not change the lives of those affected. “Our film has no agenda, it’s just an observation that if the farmer who provides us with food is hungry, then it’s a sad situation,” he concludes.

In Pictures: As Mumbai Unlocks, Bollywood Celebrities Keep Another Essential On Hand – Masks

Guess who’s behind the mask

As Mumbai breaks free from lockdown, Bollywood celebrities have been spotted in and around the city, wearing the mask as per published guidelines. Whether it’s walking your dog, going to the gym, or just going outside for a breath of fresh air, the mask has been helpful in protecting against the coronavirus. While a few celebrities have gone for the basic black and white, others have matched their masks to their outfits with different colors or patterns. There are two celebrities in this photo. Let’s see how good you are at this guessing game. After all, even that is part of our new normal. (Keep scrolling for the correct answers) Photo by Raju Shelar / MMCL

Ananya Panday walks out of a living room

Mom and Daughter – Bhawna and Ananya Pandey were spotted in a suburban Mumbai living room. Have you also noticed Peppa Pig? It won’t be the first time that he has taken pride of place in Ananya’s life. Photo by Satyajit Desai / MMCL

Who keeps Ananya Panday company?

In case Peppa Pig wasn’t very clear in the previous photo, here’s a close-up. And this isn’t the first time Ananya Panday has shown her love for Peppa Pig. Photo source: Yogen Shah

Ekta Kapoor

Television Tsarina Ekta Kapoor was spotted walking out of a living room in Bandra. Photo by Raju Shelar / MMCL

Sonal Chauhan

Sonal Chauhan was seen in the suburbs of Mumbai. Photo source: Yogen Shah

Vidya Balan

Vidya Balan improves the mask game by making sure the masks she wears go with her outfits. It’s also nice to see her radiant smile that would otherwise be lost behind that mask. Photo source: Yogen Shah

Sophie choudhry

Spotted walking along Carter Road in Bandra, here is Sophie Choudhry. Photo by Raju Shelar / MMCL

Nimrat Kaur walks

Photo by Raju Shelar / MMCL

Varun Dhawan and Natasha

Varun Dhawan was spotted with Natasha Dalal and clicked in Bandra as they exited a living room. Photo source: Yogen Shah

Ready for an artistic attack at home?

It was a family outing for Arjun Rampal as he dated Gabriella Demetriades, baby Arik and her daughter. They were snapped as they walked out of an upscale art supply store. Photo source: Yogen Shah

Shweta Bachchan

This one wasn’t easy to guess, but we made it easy by adding his name to the title itself. Shweta Bachchan was seen in Bandra. Photo source: Yogen Shah

Jaqueline Fernandes spotted in Bandra

Disha Patani clicked in Bandra

A breath of fresh air for Kareena, Tairmur

IMF approves $ 5.5 billion loan program for Ukraine


The IMF has delayed lending over fears that President Volodymyr Zelensky will not recover the billions of dollars allegedly looted from the country’s banks.


toms kalnins / epa / Shutterstock

WASHINGTON — The International Monetary Fund has given provisional approval to a $ 5.5 billion loan program for Ukraine, after months of pushing Ukraine’s new president to clean up corruption and turn around the banking sector.

A new loan program for Ukraine would be a signal to investors worried about Ukraine’s leadership under its new president, a former TV actor with little political experience who was elected in april on an anti-corruption platform.

The IMF has delayed lending over fears President Volodymyr Zelensky will not recover billions of dollars allegedly looted from the country’s banks, including a bank once controlled by a close supporter.

IMF Managing Director Kristalina Georgieva said in a statement released on Saturday evening after a phone call with Zelensky that she congratulated him “on the impressive progress” his government has made in recent months.

Nevertheless, the statement said that the staff of the IMF and the Ukrainian government agreed that the new loans “will be conditional on the implementation of a set of prior actions”. The statement did not elaborate on the details of the deal, but suggested that legal reforms and the banking sector remained essential.

Mr Zelensky described the call with Ms Georgieva as “very constructive” and said he was “happy that we have come to a full understanding”.

Ukrainian bank officials estimate that $ 15 billion was stolen from more than 100 banks in the past decade before Mr Zelensky took office. A challenge for the new president in strengthening the financial sector is Ihor Kolomoisky, a banking and metals tycoon and supporter of Mr. Zelensky who is under investigation in the United States. Mr. Kolomoisky and a partner each held 45% of the shares in Ukraine’s largest financial institution, PrivatBank, until its nationalization in 2016 by the government, which said it was necessary to prevent a collapse of the financial system.

The governor of Ukraine’s central bank said that year that PrivatBank had a $ 5.6 billion hole in its balance sheet when it was seized. Mr Kolomoisky has denied mismanaging the bank and is fighting in Ukrainian courts to overturn the bank’s seizure.

Ms Georgiva said she and Mr Zelensky agreed that “it is essential to safeguard the gains made in cleaning up the banking system and to recover the significant costs to taxpayers of bank resolutions”. The deal still requires the approval of the IMF’s executive board; the IMF declined to comment on Sunday when that would happen.

The IMF and Ukraine argued for months over a loan program. Fund officials raised concerns in September, saying the IMF had found “loopholes in the legal framework, widespread corruption and much of the economy dominated by inefficient state-owned enterprises or by oligarchs.”

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Published in the print edition of December 9, 2019 under the name ‘.’

From Homelessness to Hollywood: ‘The Fast and Furious’ Actor Shares His Story in Albuquerque


ALBUQUERQUE, New Mexico (KRQE) – Actor and producer Noel Gugliemi, who goes by the name Noel G, tells the story of his upbringing in Duke City. The 49-year-old man, who grew up in Santa Monica, Calif., Was abandoned by his parents in a young age and, in turn, he entered a life of crime. Things could have been a lot worse, but he says a friend’s kindness changed the course of his life.

“I lived with my parents until I was 13 years old. They left me at 13, homeless for two years, ”said Noel G.“ Then I had a girlfriend who I moved in with. His father welcomed me.

His girlfriend at the time wanted to be an actress, so he went to a class with her. He said it was the right place and the right time.

“A producer sitting in the classroom asked me to be in a commercial and I said, yeah, whatever. I thought it was wrong. It ended up being real, ”said Noel G, who advertised and then started receiving the residual payments. “When you got the checks, I didn’t know about it at the time. I didn’t know that, you know? I thought it was a computer error. I asked, why do I keep getting these checks? He said, that’s how we get paid.

It is then that he realizes that he wants to become an actor. He began to book more roles with characters similar to himself.

“He started sending me for roles but it was like Gangster One, Cholo Two, what was I like?” I grew up like this in real life. I thought I was there to take action. This is how the acting career started, ”said Noel G.“ I’ve played a lot of roles that look like me in real life so it’s just, you put a camera on and give me a name. different, and I’m an actor. I always joke that if I have to play the role of a doctor, now I am acting.

Since, Noel G appeared in movies like The Fast and the Furious – and later in one of the sequels, Furious 7 – Bruce Almighty, Training Day and The Mule, as well as TV shows like Training Day – the only person from the original film to appear on the series – and Fresh Off the boat. He now says he’s starting to produce and create new roles to play.

“I tried to diversify. I’ve been playing different roles lately. I just made a movie where I play a cop. It was interesting. I had no mustache, no goatee, no facial hair, full hair, I looked completely different, ”said Noel G.“ I was blessed. Other things are starting to happen now, which is why I am producing my own films now to give myself the role that sometimes I can’t get. If no one gives it to me, I’ll give it to myself.

He says it took a long time to break into the industry and get those roles. Her biggest piece of advice to others, no matter what their career path, is to never give up.

“It took me eight years to get my first movie, so it wasn’t a walk in the park. I still think, what if I quit this seventh year? Where would I be today? I would probably be locked up, in jail, dead, whatever, ”said Noel G, who says you have to see yourself as a success too. “If you don’t see yourself succeeding, you will never succeed. If you don’t see it in your own life. How can anyone else see you in it, for you. Sometimes you have to be your own cheerleader, your own motivator.

Noel G has just appeared in the new series Assistant which was filmed here in New Mexico. He says he’s also work on a few different movies at present.

Noel G is in Albuquerque for the Hispano Chamber of Commerce La Noche Encantada fundraiser where he will appear as a famous host. Tickets are still available online.

Strengths for the business loan market


HONG KONG: A growing number of borrowers in Asia-Pacific are securing loans with interest rates tied to meeting sustainability goals, in one of the few bright spots for a depressed business lending market the pandemic.

The so-called sustainability loan market in Asia-Pacific excluding Japan took off in 2017, and borrowers have grown steadily since: 18 companies signed a total of $ 7.4 billion in loans. this debt so far in 2020, up from 16 companies $ 7.5 billion last year, according to data compiled by Bloomberg.

Debt margins increase when a borrower misses green or social goals.

Lending across the region has plunged 30% this year as the pandemic made banks more reluctant to lend.

The growing interest in sustainability-linked loans comes as demand grows for similar bonds that reward borrowers who meet targets such as greenhouse gas emissions and employee training: global sales of these. bonds have risen nearly 80% this year.

But some investors have questioned whether putting money into these vehicles is entirely ethical given that debt holders are in fact rewarded when the borrower misses sustainability goals.

Others say debt is always worth it because it prompts borrowers to improve their environmental, social and governance performance.

“While increasing margins on sustainability-linked loans may raise concerns that banks earn more from borrowers failing to meet ESG targets, the structure is not bad as a such, ”said John Corrin, Head of Corporate Finance, International, Australia. & New Zealand Banking Group Ltd in Hong Kong.

“The advantage of the structure of these loans is that the objectives must be meaningful to borrowers and lenders.”

The volume of sustainability-related lending remained at about the same level in 2020 as it was last year, as the pandemic prompted companies to focus on immediate cash flow needs and limit other types of fundraising. .

Other agreements are likely to come out of Asia. The pipeline includes food company Thai Union Group PCL, which markets an approximately US $ 291 million equivalent facility to syndication.

The outlook for 2021 depends on Covid-19 and the reopening of markets, as well as improvements to certain regulatory and incentive frameworks, said Noémie Peiffer, director of operations at investment bank APAC and expert in sustainable finance at BNP Paribas HER.

“Overall, I am cautiously optimistic,” she said.

She sees the potential in newer markets for sustainability loans, such as Indonesia, Thailand and Vietnam.

Peiffer also hopes that India, active in renewable energy and green finance, will become more active in lending linked to sustainability.

Green loan volumes for the country have more than doubled this year. – Bloomberg

7 ways to quickly increase your credit score


Image source: Getty Images

Patience and persistence are the key to building credit, but these tips speed up the process.

Whether you are considering purchasing a Personal loan, buying a house or buying a new car, good credit is often required. Plus, you could save a lot of money on interest if you can improve your credit rating before applying for a loan.

It takes time to build credit, but that doesn’t mean you can’t get started today. Here are some of the fastest ways to increase your credit score.

1. Pay off credit card debt

The best way to quickly increase your credit score is to pay off credit card debt. This will help you improve the two factors that together make up the majority of your credit score: payment history and credit utilization rate. Your payment history reflects your history of paying bills on time, and your credit usage or debt-to-credit ratio is calculated by dividing your total revolving debt divided by your total available credit.

In addition, the “amounts owed” section of your credit report is updated monthly. So reducing your balance is a great way to see an almost immediate impact on your credit score.

2. Request a credit limit increase

The lower your debt-to-credit ratio, the better, as it represents 30% of your credit score. As stated above, you can reduce this ratio by paying off your debts. But you can also lower it by increase your available credit.

Call your credit card issuer to request an increase in your credit limit. Be sure to ask if the card issuer will make a Hard shot on your credit report, as it could temporarily drop a few points on your credit rating.

3. Become an authorized user on someone else’s credit card

Another almost immediate way to improve your credit score is to be added as an authorized user to someone else’s credit card, provided that credit card is used responsibly. If the person who added you accumulates a balance or misses a payment, that will also lower your score, making it a risky option. It is also risky for the primary cardholder as they will be responsible for any balance you accumulate if you do not pay it.

4. Use your credit card and pay it off in full each month

You can’t create credit if you don’t use it. This proven method of building credit may take longer than the ones above, but it is the most reliable way to increase your credit score over the long term. If you don’t use your credit card a lot right now, start shopping on it a few times each month and pay it off in full before the due date. As long as you keep your balance low and never miss a payment, you will add a positive rating to your payment history each month, which is the most important factor in determining your credit score.

5. Sign up for credit enhancement services

Be careful when signing up for services that claim to increase your credit score, as many of them are scams. However, credit bureaus use bank details to calculate some of their scores, which might give you a boost in providing a more holistic picture of your finances. Register now Experian Boost or UltraFICO ™ can improve your credit score if you pay your bills on time and bank responsibly. Keep in mind, however, that not all lenders will review these versions of your credit score.

6. Open a new credit card

This option is not for everyone, and if you accumulate a balance or miss a payment, it can actually damage your credit score. However, if you have a high debt-to-credit ratio (over 30%) and your credit card issuer won’t increase your credit limit, you can try open another credit card. This will increase your overall available credit and decrease your debt to credit ratio.

Be aware that this will also result in a sharp drop in your credit report, which could lower your credit rating by a few points. This ding is temporary, however, and your credit score should start to recover in a few months. If you are playing the long game, it might be a good idea to have access to another credit card. But if you are planning to apply for a loan in the next year or so, it might not be a good idea to open new accounts.

7. Get errors removed from your credit report

This is another of the fastest ways to improve your credit. You are normally entitled to a free credit report from each of the three major credit bureaus each year. But for now, you can check your credit report weekly, just like the agencies have done. free weekly credit reports available until April 2021.

Paint these credit reports to make sure everything is correct. If you find an error, you can file a dispute with the credit bureau. If the negative mark is removed, your credit will rebound.

Good credit is not something you can get overnight. Fortunately, however, there are plenty of actions you can take to give your score a quick boost.

Our credit card expert uses this card, and it could earn you $ 1,148 (seriously)

As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud much better than debit cards, help boost your credit score, and can put hundreds (or thousands!) Of dollars in rewards back into your pocket every year.

But with so many cards available, you have to choose wisely. This top rated card offers the option to pay 0% interest on purchases until the end of 2021, offers some of the most generous cash back rewards we’ve ever seen (up to 5%!)

That’s why our expert – who has reviewed hundreds of cards – personally signed up for this one. Click here for free access at the first choice of our expert.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Bank of America cut private prisons weeks after loaning to one person


Bank of America Corp.

BAC -0.21%

said last week he would stop doing business with private prisons. What the bank did not say: It had recently agreed to lend $ 90 million to one of the largest companies in the industry until 2024.

Today’s bankers want to do more than lend to creditworthy borrowers. Encouraged by employees, executives use their trillion dollar balance sheets to influence company behavior. Many large shareholders support this approach.

Activists have also relied on banks to fend off some companies, sometimes showing up outside branches and in CEOs’ homes. Housing advocates show up at annual meetings to urge lenders to do more for needy communities. Environmental groups have challenged loans involving the Dakota Access Pipeline.

But cutting ties with entire industries has proven difficult. The Bank of America’s announcement last week followed promises to stop lending to certain fossil fuel companies and gun manufacturers. But due to pre-existing relationships, the bank is in the process of extending credit to some of them for years to come.

“The private sector is trying to respond to public policies and to government needs and demands in the absence of long-standing and widely recognized necessary reforms in criminal justice and immigration policies,” the bank said in a statement. “Clients affected by the policy have unique circumstances and long term relationships are often involved”

Protesters line up to block traffic to the Otay Mesa detention center, owned by private prison operator CoreCivic, in San Diego last month.


robyn beck / Agence France-Presse / Getty Images

At Bank of America’s annual meeting in April, activists questioned executives with questions about its loans to private prisons. Andrew Plepler, the bank’s head of environment, social and governance, or ESG, said he was reviewing the company.

During the exam,

GEO Group Inc.,

which manages prisons and detention centers for migrants, was looking to modify a $ 900 million loan. The revolving line of credit was so important that a group of banks, including Bank of America, had come together to create it, according to documents filed on the securities. It is a common practice in commercial loans.

Bank of America’s ESG team reviewed and approved the deal, according to people familiar with the matter. The new gun was finalized on June 12 and the bank agreed to cover a portion of $ 90 million, according to a securities file and people familiar with the matter. The loan has been extended until May 2024 from May 2021.

Shortly thereafter, there were reports of unsafe and unsanitary conditions at immigration centers that hold migrant children.

On June 24, Sleeping Giants, an activist group that uses social media to target companies and industries it opposes, asked its supporters to email Clayton Rose, director of Bank of America and President of Bowdoin College.

Brian Moynihan, Chairman and CEO of Bank of America, in New York City on June 4.


Bess Adler / Bloomberg News

In a


post, the group wrote: “In Bowdoin he taught ‘The Moral Leader’ and advocates for ‘thoughtful engagement in civic life’. Can he comment on what is moral or ethical about Bank of America providing lines of credit to enable crimes against humanity? “

Two days after the email campaign began to Mr. Rose, Bank of America vice president Anne Finucane, who oversees the bank’s ESG efforts, told Bloomberg News that the bank had “decided to end the relationship “with companies operating private prisons and detention centers for migrants. centers. She said the bank would exit the industry as soon as possible after fulfilling its contractual obligations.

Rep. Alexandria Ocasio-Cortez (D., NY), tweeted in support of the move. GEO Group said the announcement would not affect its recently renewed revolver.

The June deal means Bank of America could be tied to private prison activity for another five years. Other companies in the industry also depend on the bank for funding, according to regulatory documents. Last year it covered $ 140 million of a $ 1 billion loan to

Core Inc.

which expires in April 2023. The bank also granted a $ 65 million loan of $ 455 million to Caliburn International Corp.

CoreCivic CEO Damon Hininger said his company has had a relationship with Bank of America for about 20 years. Meetings with the lender have become more frequent over the past two years and the company has given bankers a tour of a center serving immigrant families in Dilley, Texas, he said.

“Until last week, we were getting a lot of positive feedback from them.” he said. “This is clearly politics.

CoreCivic and GEO Group manage facilities for immigration and customs enforcement in the United States but say they do not operate border surveillance facilities or centers for unaccompanied minors.

JPMorgan Chase

& Co. in March said it would stop lending or providing banking services to private prison companies when their current contracts expire.

Wells fargo

& Co. two years ago began to end its relationship with companies. These two banks were once part of the GEO group loan, but are no longer, according to the documents and a person familiar with the matter. JPMorgan, however, remains a lender to Caliburn and CoreCivic.

Bank of America faces a similar situation with the gun industry. In April 2018, Ms Finucane, a close advisor to CEO Brian Moynihan, told Bloomberg that the bank would stop making new loans to certain gun manufacturers. Mr Moynihan later said the decision followed discussions with employees who had been affected by mass shootings.

Sturm Ruger & Co. was briefly without a line of credit when Bank of America let its loan to the gunmaker expire after the promise, according to regulatory documents. Wells Fargo stepped in to take over from Bank of America.

Yet shortly before the gun pledge, Bank of America pledged to provide $ 43 million as part of a major bankruptcy financing program for gunmaker Remington Outdoor Co., according to a court record. Bankruptcy funding replaced an earlier loan in which Bank of America participated. Activists urged people to boycott the bank. The bank has since sold its share of the loan.

The bank continued to lend to

Vista Exterior Inc.,

which operates the Savage Arms firearms division. Last November, Bank of America and other lenders made a new $ 559 million loan to the company, according to the documents. Vista Outdoor has announced plans to sell the Savage Arms business, but has yet to do so.

Write to Rachel Louise Teaches at [email protected]

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Stripe embarks on small business lending


Private payment company Stripe Capital Thursday announced that it was taking a step into the lending business.

Stripe said the next step in its growth phase will be providing financing to online businesses.

Stripe said their loan process will be quick and easy, and the funds can be distributed to a user’s account the next business day. Stripe said it will also extend smart finance services to its platform partners.

The loan program seeks to reach the more than 70% of businesses who say they do not have access to adequate financing after banks cut their small business nearly half of loans over the past decade, according to Stripe.

Additionally, Stripe will be looking to dramatically reduce the average 25 hours businesses spend filling out loan paperwork and the weeks they spend waiting for approval.

Stripe’s chief product officer Will Gaybrick said small businesses and startups are essential to a healthy economy.

“It should be trivially quick and easy for them to access the capital they need to smooth their cash flow and invest in their own growth,” Garbrick said.

Stripe’s unique approach to lending is to rely on internal payment data and advanced algorithms to determine creditworthiness, rather than a borrower’s FICO credit rating.

Paypal funds PYPL 2.51% and square SQ 3.21% will be monitoring the new Stripe lending program closely after the two payments leaders reported an increase in lending in recent quarters.

Investors will also be watching for rumors of a possible Stripe IPO after the company’s latest funding round valued it at over $ 22 billion.

This story was originally published on Benzinga.com.

, , ,

Bankers Healthcare Group and Fund-Ex Solutions Group actively lend to professionals and small businesses amid COVID-19 crisis


SYRACUSE, NY, March 27, 2020 / PRNewswire / – As business owners and professionals grapple with the current pandemic crisis, Bankers Healthcare Group, a leading provider of financial solutions for healthcare professionals and other highly skilled professionals, and its wholly owned subsidiary Fund-Ex Solution Group, an SBA non-bank lender, is actively lending.

Discover the interactive multi-channel press release here: https://www.multivu.com/players/English/8664555-bankers-healthcare-fund-ex-solutions-group-actively-lending-during-covid-19/

“We applaud the healthcare professionals and other professionals who work long hours to help those in need and protect our communities,” said Al crawford, co-founder, CEO of Bankers Healthcare Group. “We want to provide the funding to help individuals and business owners navigate this crisis and give them peace of mind, so they can focus on what matters most. Both companies are working extended hours. and focus on delivering solutions to customers quickly and hassle-free. “

To help borrowers during an already difficult time, BHG is offering no payments for 60 days on all new commercial and consumer loans. BHG’s contactless loan program allows borrowers to apply for and obtain funds without ever leaving their homes; the process can be completed online and over the phone, with approval in 24 hours and funding in just three days.

FSG is one of 14 non-bank lenders nationwide, offering 7 (a) SBA loans to help small business owners. FSG is ready to participate in the next government-backed Paycheck Protection Plan (PPP) and other financial aid programs. The PPP program was created to provide capital to affected small businesses to meet ongoing payroll expenses and other obligations. Businesses with less than 500 employees, sole proprietors, independent contractors and self-employed persons are eligible.

For more information and to apply for funding, visit bankershealthcaregroup.com.

Together, BHG and FSG are actively supporting healthcare professionals, highly skilled professionals and small business owners across the country, with the aim of financing as quickly as possible with any type of loan solution to serve people in the need. Both companies are working extended hours, 7 days a week, to meet the growing demand for financing.

Subject to credit approval. The size of the loans and the interest rates vary and are determined by the credit profile of the applicant. Loans made or arranged under the California Financing Act, License # 603-G493. Call for full program details. The deferred loan program is not available in all states.

About Bankers Healthcare Group
Bankers Healthcare Group provides innovative, hassle-free financial solutions to licensed healthcare professionals and other highly skilled professionals. Since 2001, BHG has supplied more than $ 5 billion in financial solutions to thousands of satisfied customers across the country. BHG is proud to maintain partnerships with leading healthcare industry associations and is recognized regionally and nationally for its innovation, continued growth and best place to work. BHG is partially owned by Pinnacle Financial Partners. To learn more, visit bankershealthcaregroup.com, and follow us on Twitter, LinkedIn and Facebook.

About the Fund-Ex Solutions Group
Fund-Ex Solutions Group is one of 14 non-bank lenders offering the US Small Business Administration’s 7 (a) Loan Guarantee Program to small businesses nationwide. By combining flexible solutions, a user-friendly process and the highest level of service, FSG strives to provide an unparalleled financing experience by leveraging technology and data systems to help facilitate applications as quickly as possible. to turn a business opportunity into reality. FSG is a wholly owned subsidiary of Bankers Healthcare Group, a leading provider of financial solutions for licensed healthcare professionals and other highly skilled professionals. To learn more about FSG, visit fundexsolutions.com.

Media contact:
Danielle Gerhart
[email protected]

SOURCE Bankers Healthcare Group

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Subprime Loan BDCs Harness Pandemic Opportunities


NEW YORK, June 15 (LPC) – Subprime credit business development companies (BDCs) become increasingly active in the private credit space as the coronavirus pandemic continues to strain more traditional sources of credit for small and medium-sized businesses.

A handful of companies, including Hercules Capital, Horizon Technology Corp, and TriplePoint Venture Growth target fast-growing, fast-growing, early stage companies generating inordinate returns compared to traditional middle-market private credit.

Unlike banks which are generally more conservative in their investments, these BDCs provide debt to startups and growing businesses that do not have positive cash flows or significant assets to use as collateral.

The life sciences and technology sectors, favored by venture capital (VC), are also favorites of this type of risk lender.

Hercules, a BDC with a net asset value of US $ 1.1 billion, recently entered into a US $ 100 million debt program for oncology company G1 Therapeutics to fund its development of trilaciclib, a medicine designed to help patients during chemotherapy. Horizon Technology Corp reported a series of deals over the past month, including a US $ 15 million loan to Emalex Biosciences to fund clinical trials of its drug for the treatment of Tourette’s syndrome.

“We feel good about the life sciences market right now. There is a lot of capital flowing into this market, ”said Jerry Michaud, CEO of Horizon, in a telephone interview.


Since risky debt combines loans with warrants, or rights to purchase shares, to offset the higher risk of default, it can also provide double-digit returns.

Debt is provided at a higher price compared to traditional private credit financing and generally has a shorter term, with maturities ranging from 36 to 48 months.

Funding generally depends on the milestones taken by the borrowing companies, whether it is regulatory approval of a drug or a certain level of sales.

According to Michaud, the loan-to-value ratio (LTV), a standard measure of risk assessment, is typically between 10% and 30% for venture capital debt, significantly lower than middle-market private credit agreements that can range from 60% to 80%. .

In the recent first quarter earnings season, Hercules, Horizon and TriplePoint, all publicly traded BDCs, reported a slight decline in their respective net asset value per share, compared to the average decline of 14% for the industry, according to Refinitiv BDC Collateral.

Non-accumulations were low and debt ratios hovered around the single level, also below the industry average of 5.5%.

Unlike stocks at other BDCs that target the mid-market, Hercules and Horizon stocks trade above net asset value, suggesting investor confidence in subprime loans.

The high net asset values ​​are driven by the fact that venture capital firms have record amounts of capital that can be deployed to help businesses and fund new investments.

“Steps have been taken by the portfolio companies to cut costs and strengthen the balance sheet, and this goes hand in hand with the fact that they are typically backed by multiple VCs,” said Tim Hayes, analyst at B Riley FBR, in a phone. maintenance. “There is a ton of venture capital on the sidelines to support the companies in the portfolio. “

In 2019, venture capital funds raised US $ 46.3 billion in 2019, the second-highest since the record year of US $ 58 billion in 2018, according to data from research firm Pitchbook and of the National Venture Capital Association trade organization.

When releasing its first quarter results, Hercules said that a fifth of the companies in its portfolio were able to raise new shares or subordinated capital from outside sources.

“What we’ve seen so far is the continued determination and action to protect balance sheets, lengthen leads and ensure companies have enough cash on their balance sheets to survive a prolonged period of uncertainty. and volatility, ”said Scott Bluestein, CEO of Hercules. , in the company’s first-quarter earnings call last month.

Switzerland steps up crisis support for small businesses

  • Switzerland offers quick access to credit and emergency loans.
  • The International Monetary Fund says COVID-19 has already plunged the world into recession.
  • The British Federation of Small Businesses has called access to support “nightmarish”.

Switzerland is stepping up aid for small businesses to help stave off the economic effects of the coronavirus – setting an example for other countries surviving the recession.

As governments around the world introduce financial support measures For their citizens, companies in some countries complain that they cannot access funds quickly enough to stay afloat.

But the Swiss Federal Council offers quick access to credit facilities to meet lack of liquidity. The country distributed emergency loans to more than 76,000 small businesses, significantly more than in other European countries, according to the Financial Times.

The quick action plan was the idea of ​​Thomas Gottstein, chief executive of Credit Suisse, reports the FT, who worked with Finance Minister Ueli Maurer and others to set up a task force.

coronavirus covid-19 Switzerland economy

Total number of companies in the non-financial business economy in Switzerland in 2015, by job size class *

Image: Statista

“The main thing was that the process was carried out quickly and directly, so that the money was transferred as quickly as possible to the account of the company,” Mr Gottstein said in the FT.

Switzerland is one of the countries hard hit by the COVID-19 epidemic. On March 16, the Federal Council declared a national state of emergency, closing all shops, restaurants, bars, entertainment venues and schools until April 19, banning public gatherings of five or more people and recommending that all citizens to stay at home.

Responding to the COVID-19 pandemic requires global cooperation between governments, international organizations and business community, which is at the center of the World Economic Forum’s mission as an international organization for public-private cooperation.

Since its launch on March 11, the Forum COVID Action Platform brought together 1,667 stakeholders from 1,106 businesses and organizations to mitigate the risk and impact of the unprecedented global health emergency of COVID-19.

The platform is created with the support of the World Health Organization and is open to all companies and industry groups, as well as other stakeholders, with the aim of integrating and informing action common.

As an organization, the Forum has a reputation for supporting efforts to contain epidemics. In 2017, at our annual meeting, the Coalition for epidemic preparedness innovations (CEPI) was launched – bringing together experts from government, business, health, academia and civil society to accelerate vaccine development. CEPI is currently supporting the race to develop a vaccine against this strand of the coronavirus.

Other countries have also adopted strict lockdown measures to stave off the crisis. While this should help mitigate the human cost, the International Monetary Fund (IMF) says it already has plunged the world into a recession. In the United States alone, in the last two weeks of March, nearly 10 million people applied for unemployment benefits.

coronavirus unemployment US economy covid-19

The economic impact of COVID-19 on the world’s largest economy.

Image: IMF

“For 2020, it will be worse than the global financial crisis,” the IMF said. “The economic damage is increasing in all countries, following the sharp increase in new infections and the containment measures put in place. “

Small and medium-sized enterprises are the engine of the global economy – and are also among the most affected by the pandemic. They play a major role in most economies, according to the World Bank, accounting for around 90% of businesses and more than 50% of jobs worldwide.

Enterprises in the EU economy Small and medium-sized SMEs

Small but powerful – small and medium enterprises in Europe

Image: Eurostat

To help support them, policymakers around the world are taking a number of steps. In the United States, the government offers one-off tax breaks to individuals as well as $ 349 billion Small Business Administration Loans and guarantees to help small businesses that retain workers.

The Chinese administration has extended its loans and rediscounts facilities to support micro, small and medium enterprises; and taken measures to ensure liquidity is maintained for small enterprises.

business contribution economy

The contribution of companies of different sizes to the total population, employment and turnover

Image: UK government

In the UK, the Coronavirus Business Interruption Loan Scheme (CBILS) has faced challenges, where business owners have said they could not access funding quickly enough. It is now considerably extended, with some changes in functionality and eligibility criteria to broaden its scope.

The FT reported that Germany’s emergency loan program has also “had mixed success,” with money taking too long to arrive.

In the UK, the Federation of Small Businesses hailed the latest measures to improve access to the coronavirus business interruption loan program.

“Time and time again we have heard from members approaching their bank asking for an emergency loan, only to be offered something else,” said FSB National President Mike Cherry. “They’ve been promised interest-free, no-cost, government-backed support from the banks, but so far the process of securing has been a nightmare for many.”

Lending insights from an uncertain era: rigor, adaptability and speed | RENX


Mixed-use suburban office building, Richmond, British Columbia

The global pandemic has tested the real estate market in ways never before imagined. While conditions in North America’s residential and commercial real estate markets varied widely from the effects of the pandemic, one thing remained common: change at an unprecedented rate.

As the short-term challenges of restrictions and bottlenecks materialized, companies had to react and adapt quickly to be successful – a model that Trez Capital relies on. Trez Capital specializes in providing debt and equity financing solutions for unique real estate projects in Canada and the United States. The organization is dedicated to understanding the details of each real estate project in which it invests or lends. capital for the right project is important.

“When I look back on this unprecedented year, one thing is for sure: what it took to get a deal in the third quarter of 2020 is totally different from what it takes today,” said Eric Horie, vice -President, responsible for origination, Canada at Trez Capitale. “Our business model at Trez Capital was already poised for success, and we were ready to adapt as quickly as the market changed. We are known for our rigorous due diligence process and with our in-depth knowledge of the local market, we have been able to continue to move our business forward in these times of change.

At the heart of the criteria for selecting a loan or investment opportunity, the company focuses on markets with a growing population, above-average GDP and job growth. The pandemic has caused turmoil in those areas, but Trez Capital has not wavered. The pandemic has renewed the organization’s confidence in the markets in which it operates, while opening the door to new areas of opportunity.

“In our 23 year history, we have funded more than 1,500 transactions for more than $ 12 billion. In 2020, we made new loan commitments of approximately $ 1.3 billion and received new requests daily, which allows us to keep our portfolio of opportunities full, ”said Horie. “As we look to the future and assess future development projects, we will continue to approach each of them as a true partnership with our borrowers. We will continue to tailor loan agreements to the unique characteristics of the project and to launch our clients’ projects quickly.

In the United States, Trez Capital has traditionally focused on fast-growing markets like Texas, Florida and the Pacific Northwest where GDP growth is above average, wages continue to rise and Demand for single and multi-family homes remains strong, in part due to population growth.

In Canada, Horie sees similar growth patterns in certain markets and a shift towards certain asset classes that are attractive to a lender, such as:

Growing demand for mixed-use industries. With work-from-home assignments and many Canadian companies assessing space requirements and postponing new rental plans, the demand for office space has declined in 2020. However, the continued demand for industrial space is very mixed, in part. due to the growth in online sales over the past year. In Surrey, British Columbia, Trez Capital recently funded a 16-unit multi-tenant project with a unique mix of industrial and office space, meeting the needs of growing businesses during and after the pandemic. Another recent project reveals a similar trend: A suburban office building project in Richmond, B.C. will see its excess parking lot transformed into industrial infill space, giving tenants the flexibility to tailor their space based on preferences. changes in employees and customers. The proximity of the two projects to Vancouver is ideal for businesses that need to expand.

Growing demand for single family homes in key markets. The United States is seeing a rapid migration to warmer climates, not only because of the pandemic, but because many of these southern locations offer a lower state income tax for large businesses and for the details. While this trend is not as prevalent in the Canadian market, a soon-to-be-funded single-family home development by Trez Capital in Langford, British Columbia, a suburban Vancouver Island community, suggests Canadian workers are also looking for alternatives to large cities. living and relocating to communities for lifestyle and lower cost of living considerations as working from home has presented attractive new options.

Development of condos in secondary markets. The residential condominium market may have cooled off at the start of the pandemic, but it is heating up again, especially in markets outside of city centers. Before the pandemic, a commute of almost two hours didn’t make sense for most, but with more flexibility for working from home, there is an appetite for multi-family residences in markets previously considered to be communities of bedrooms to large urban centers which are now theirs. For example, Trez Capital is looking for multi-family construction loan opportunities in cities further north and west of Toronto, Ontario than it previously would have considered.

“There is no one-size-fits-all approach to our business and the opportunities are different in each geographic location where we operate,” Horie said. “The pandemic has changed the dynamics of the market, but the one thing that has remained constant is how we apply our rigorous risk management approach to provide our clients with a safe and consistent borrowing experience, while providing peace of mind. of mind during this uncertain time. Building trust is at the center of everything we do at Trez Capital, and we look forward to continuing to build that trust with current and future investors. “

Open Lending to Go Public in $ 1.3 Billion Deal

San Francisco private equity firm buys Open Lending, Inc. (Source: Shutterstock)

A San Francisco investment group plans to invest $ 520 million in Open Lending Inc. this year and go public with the Austin, Texas company started 20 years ago to help credit unions grant secure and affordable auto loans to near-prime borrowers.

A firm formed by True Wind Capital Partners, a San Francisco-based private equity firm, will acquire Open Lending in the deal valued at approximately $ 1.3 billion. True Wind investors will acquire around 35-40% of the new company, with the current owners retaining the majority of the capital.

John Flynn, co-founder of Open loan and its chairman / chief executive, said on Wednesday that he would continue to lead the company as chairman / chief executive after the close, expected by mid-June.

“John and his team have developed a highly scalable technology platform that helps hard-working consumers buy a new or used car at the best possible price,” said Adam Clammer, one of the founding partners of True Wind .

Adam clammer Adam clammer

True Wind plans to retain leadership of Open Lending, and Flynn said he expects its 85 employees to surpass 100 before the end of the year. Flynn, 64, said he also plans to stay.

“I’m going to stay as long as it’s fun,” Flynn said. “We created something that served underserved members, and it was fun building it.”

More than 275 lenders used the Open Lending platform last year to secure more than $ 1.7 billion in auto loans. Open Lending expects its profit margins before interest, taxes, depreciation and amortization (EBITDA) to exceed 50% and organic revenue growth to reach 80% this year, representing more than 140,000 loan facilities.

John flynn John flynn

Open Lending offers loan analytics, risk-based pricing, risk modeling, automated decision technology, and default insurance through third party insurers. The OpenLending.com platform was designed for credit unions, but recently started offering its services to private lenders, including two captive lenders from a domestic manufacturer and a foreign manufacturer.

“We believe there is important avenue for new growth opportunities within our existing base of credit unions and banks as well as through untapped opportunities such as captive OEM partnerships,” said Flynn.

As part of the transaction, Nebula Acquisition Corp. (NASDAQ: NEBU), a public company previously formed by True Wind, will acquire Open Lending Inc. and change its name from Nebula to Open Lending Corp, and change its ticker symbol on the Nasdaq.

The transaction reflects an estimated closing implied enterprise value of $ 1.3 billion, which is a multiple of 12.2 times expected 2020 EBITDA of $ 109 million.

“Open Lending’s ability to demonstrate consistent organic growth and high levels of profitability represents an exciting investment opportunity within the risk-based analytics ecosystem,” said Clammer.

Flynn began his professional life as a cashier in 1977 at the Congressional Federal Credit Union. He was President and CEO of the Washington Gas Light Federal Credit Union (now TruEnergy) from 1985 to 1994, when it had $ 41.2 million in assets and 6,274 members. After he left, he started a business that provided asset and liability management for credit unions.

In 2000, Flynn, Sandy Watkins and Ross Jessup founded Open Lending. It specializes in blue chip auto loans, which Experian said accounted for 20% of borrowers in the third quarter of 2019.

The Open Lending system is designed to allow borrowers close to the prime “to finance their vehicles at more attractive rates compared to traditional lending alternatives, while presenting a risk profile for the lender similar to that of a prime borrower ”.

The genesis of the Jan. 5 deal was a minority investment made in 2015 by Bregal Sagemount, a private equity firm that targets fast-growing companies, Flynn said.

After three years, when such an investor comes out normally, he decided to stay and Open Lending was approached by other potential investors.

“We have grown so rapidly and been very successful in the credit union space,” he said. “Everyone wants to give you money when you don’t need it.”

After Open Lending explored its alternatives, it switched to True Wind, which invests exclusively in technology companies.

Cred joins the Visa Fast Track program


Cred, a global digital asset lending and borrowing platform, today announced that it has joined Visa’s Fast Track program, accelerating the integration process with Visa.

Acceptance into this program makes it easier for Cred to exploit the scope, capabilities and security offered by Visa.

Through Fast Track, Cred will leverage several capabilities of Visa to facilitate lending and borrowing of digital assets around the world. This includes sending interest payments directly to customers’ bank accounts through Visa’s network, issuing Crypto Line of Credit (C-LOC) cards that allow customers to access a line of credit without liquidate their crypto assets, and an easy way to acquire digital assets using Visa payment. some products.

“We are delighted to join Visa’s Fast Track program, which will strengthen Cred’s mission to provide fair financial services and expand its lending and borrowing services in the most efficient way possible,” said Dan Schatt. , CEO and co-founder of Cred. “Cred has always served as a bridge between traditional banking and blockchain-based financial services and having a direct relationship with Visa will allow the business to grow much faster to support the significant growth that occurs with lending. ‘digital assets. “

“As the preferred network for digital currency wallets, we are excited to help innovative fintechs like Cred harness the value of Visa’s network,” said Cuy Sheffield, Head of Crypto at Visa. “Through the Fast Track program, we can help Cred access Visa’s experts, technology and resources to scale effectively. ”

Stock loan – Unlock working capital


JACKSONVILLE, Florida, February 18, 2021 / PRNewswire / – Iron Horse Credit LLC (“IHC”) offers an inventory-backed revolving line of credit program that allows small and medium-sized businesses to obtain additional working capital drawn solely from the company’s inventory. Our revolving credit lines range from $ 500,000 To $ 15 million for companies with annual sales of $ 5 million or more. Our product allows businesses to borrow up to 65% of the cost of inventory and is designed to work in many industries in the United States. .

IHC has identified many underserved businesses that need to maintain large amounts of inventory to meet market demand or these businesses simply need additional cash to fund their growth. These businesses may not be able to obtain sufficient working capital from traditional banking products, as banks tend to focus on accounts receivable as the primary form of collateral. At IHC, we focus on inventory as the primary source of warranty, whether the inventory is located in the company’s warehouse, in transit to a warehouse, or at a third-party facility.

Our program provides fast, flexible and transparent solutions for growing businesses or businesses just looking for extra cash. Our revolving inventory-backed lines of credit are designed to work with other sources of capital such as accounts receivable lenders, private equity or even bank financing. IHC’s vast experience in the industry makes the application and approval process quick and easy.

About Iron Horse Credit LLC

IHC provides fast, flexible and transparent inventory revolving lines of credit from $ 500,000 and up to $ 15 million for companies selling B2B and D2C across the United States For more information, visit www.ironhorsecredit.com, email us at [email protected] or call us at 201-210-8541.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/inventory-lending–unlocking-working-capital-301230551.html

SOURCE Iron Horse Credit LLC

Rafael Pharmaceuticals Receives FDA Fast Track Designation for CPI-613® (devimistat) for Pancreatic Cancer Treatment


CRANBURY, NJ, November 10, 2020 (GLOBE NEWSWIRE) – Rafael Pharmaceuticals, Inc. (“Rafael” or the “Company”), a leader in the rapidly growing field of therapies based on cancer metabolism, today announced that the United States Food and Drug Administration (FDA) has granted the designation Fast Track for the Company’s main compound, CPI-613. ® (devimistat), for the treatment of metastatic pancreatic cancer.

“Achieving the Fast Track designation is an important step in our fight against pancreatic cancer,” said Sanjeev Luther, President and CEO of Rafael. “This designation further underscores the serious unmet need for treatment options for this aggressive and devastating disease. We are truly grateful to the doctors, researchers, the FDA, and all of our supporters who made this possible. Most importantly, we are grateful to the patients involved in our trials; patients are the inspiration and the driving force behind all of our efforts.

Rafael continued to reach milestones throughout the year, including meeting its target of recruiting 500 patients for its phase 3 trial in metastatic pancreatic cancer ahead of schedule. The Company also recently announced that the FDA has granted orphan drug designation to devimistat for the treatment of soft tissue sarcoma.

“Pancreatic cancer is notoriously difficult to treat and a new approach is long overdue,” said Philip A. Philip, MD, Ph.D., FRCP, professor of oncology at the Barbara Ann Karmanos Cancer Institute at Wayne State University and a medical adviser from Rafael. “We remained hopeful throughout our pancreatic cancer trials, and now with the Fast Track designation, our optimism is further fueled. We believe that with this designation, the cancer metabolism is truly propelled forward, with devimistat at the helm. “

About the IPC-613® (devimistat)
CPI-613® (devimistat) is a leading clinical compound from Rafael, which targets enzymes involved in the energy metabolism of cancer cells and located in the mitochondria of cancer cells. Devimistat is designed to target the mitochondrial tricarboxylic acid (TCA) cycle, a process essential for tumor cell growth and survival, selectively within cancer cells. Devimistat dramatically increases the sensitivity of cancer cells to a wide range of chemotherapeutic agents. This synergy allows potential combinations of devimistat with lower doses of these generally toxic drugs to be more effective with fewer side effects for the patient. The combination with devimistat represents a wide range of opportunities to dramatically improve the benefit for patients in many different cancers. The United States Food and Drug Administration (FDA) has cleared Rafael to initiate pivotal Phase 3 clinical trials in pancreatic cancer (AVENGER 500®) and acute myeloid leukemia (ARMADA 2000), and has designated devimistat as orphan drug for the treatment of the pancreas. cancer, acute myeloid leukemia, myelodysplastic syndrome, peripheral T cell lymphoma, Burkitt lymphoma and soft tissue sarcoma. EMA has granted orphan drug designation to devimistat for pancreatic cancer and acute myeloid leukemia.

About Rafael Pharmaceuticals, Inc.
Rafael Pharmaceuticals is a leader in the growing field of cancer metabolism. The company is developing a new class of metabolic oncology therapeutics that attack hard-to-treat cancers by targeting the metabolic processes the disease needs to survive, grow and proliferate. Rafael Pharmaceuticals’ lead compound, CPI-613® (devimistat), is a highly selective, well-tolerated and potent anticancer agent being evaluated in ongoing and completed Phase 1, 2 and 3 clinical trials. Devimistat has been granted orphan drug status from the FDA for the treatment of pancreatic cancer, acute myeloid leukemia (AML), myelodysplastic syndrome (MDS) and Burkitt’s disease, peripheral T lymphomas and sarcoma. soft tissue. The Company’s investors include Rafael Holdings, Inc. (NYSE AMERICAN: RFL). For more information, please visit www.rafaelpharma.com.

Safe Harbor Declaration
This press release contains forward-looking statements. These statements relate to future events or the future financial performance of the company. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of these terms or any comparable terminology. These statements are only predictions. Actual events or results may differ materially from those of forward-looking statements due to various important factors. Although we believe that the expectations reflected in forward-looking statements are reasonable, such statements should not be taken as a representation by the company, or any other person, that such forward-looking statements will be realized. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

In light of the foregoing, readers are cautioned not to place undue reliance on these forward-looking statements.


CONTACT: Rafael Media Contact: Vanessa Donohue [email protected] (201) 465-8036

Exicure has obtained two expedited designations for Cavrotolimod (AST-008) from the United States Food and Drug Administration


Exicure, Inc. (NASDAQ: XCUR), a pioneer of gene regulatory and immunotherapeutic drugs using spherical nucleic acid (SNA ™) technology, today announced that the U.S. Food and Drug Administration (FDA) United has granted Fast Track designations for its clinical product candidate, cavrotolimod (AST-008), for two development programs:

  • cavrotolimod in combination with anti-programmed death-1 (PD-1) therapy for the treatment of patients with locally advanced or metastatic Merkel cell carcinoma (MCC) refractory to previous anti-PD-1 blockade; and

  • cavrotolimod in combination with anti-PD-1 / anti-PD-ligand 1 (anti-PD- (L) 1) therapy for the treatment of patients with locally advanced or metastatic cutaneous squamous cell carcinoma (CSCC) refractory to anti -DD ​​anterior – (L) 1 blockade

Fast Track is a designation granted by the FDA intended to facilitate the development and expedite review of drugs to address an unmet medical need in the treatment of serious life-threatening illness, and for which data Non-clinical or clinical have demonstrated the potential of the drug candidate to meet this medical need.

“There is an urgent need to study new immunotherapeutic agents such as cavrotolimod that can be administered to improve the clinical efficacy of immunotherapy, particularly in patients with refractory solid tumors,” said Dr Adil Daud, MD , Clinical Professor at UCSF Helen Diller Family Comprehensive Cancer Center and Principal Investigator in the Phase 1b / 2 clinical trial of cavrotolimod.

Cavrotolimod is a spherical nucleic acid receptor 9 (TLR9) agonist designed to robustly activate the innate and adaptive immune systems of the patient to potentially induce potent anti-cancer immune responses. The phase 1b dose escalation step of the multicenter, open-label trial was designed to assess the safety, tolerability, pharmacokinetics, pharmacodynamics and preliminary efficacy of intratumoral injections of cavrotolimod alone and in combination with intravenous pembrolizumab in patients with advanced solid tumors. Patients in phase 1b included those with advanced or metastatic MCC, squamous cell carcinoma of the head and neck, CSCC, melanoma, and leiomyosarcoma. A summary of the main highlights of Phase 1b of the trial includes:

– No serious adverse event (“SAE”) related to the treatment or toxic limiting the dose (DLT) was observed;

– Overall response rate (ORR) confirmed in 21% of evaluable patients (4/19 patients) at the Phase 1b dose escalation stage at all doses, reflecting 1 complete response and 3 partial responses;

– TRG confirmed in 33% of patients evaluated (2/6 patients) in the highest dose cohort (32 mg), which was selected as the recommended dose for phase 2;

– Global responses occurred in two patients with advanced MCC and two patients with melanoma;

– Three of the four responders were progressing on anti-PD-1 treatment at the time of inclusion in the trial;

– Long-lasting and continuous responses, with progression-free survival greater than six months in the four responders and 16 months in two responders;

– In addition to the four overall responses, a decrease in target tumor occurred in one CSCC patient and two melanoma patients;

– Increase in leukocytes in tumors injected after cavrotolimod (AST-008) alone and in combination with pembrolizumab compared to inclusion. Uninjected tumors also showed increased levels of immune cells after patients received cavrotolimod (AST-008) plus pembrolizumab;

– Dose-dependent activation of key immune cells, including cytotoxic T cells and natural killer cells, as well as increases in cytokine / chemokine levels in the blood of patients after treatment with cavrotolimod (AST-008) alone and cavrotolimod (AST-008) plus pembrolizumab treatment;

– Systemic (abscopal) effects were observed, with regression in non-injected tumors far from the injected lesions; and

– The pharmacodynamic profile of cavrotolimod corroborated the efficacy data, as an increase in serum cytokines / chemokines, activated immune cells and tumor infiltration by immune cells were observed.

“I am encouraged by the results of the Phase 1b dose escalation and excited about the potential of cavrotolimod to address the significant unmet needs facing these patients,” said Dr. Michael Wong, MD, Ph.D. ., professor at the MD Anderson Cancer Center and principal investigator in the phase 1b / 2 clinical trial of cavrotolimod.

“These Fast Track designations underscore the pressing need to develop new therapies to treat refractory non-melanoma skin cancers as well as the promising preclinical and initial clinical results of cavrotolimod in patients with locally advanced Merkel cell carcinoma. or metastatic and cutaneous squamous cell carcinoma. said Dr. Shailender Bhatia, MD, associate professor at the University of Washington / Fred Hutchinson Cancer Research Center and principal investigator in the phase 1b / 2 clinical trial of cavrotolimod.

About Exicure, Inc.

Exicure, Inc. is a clinical-stage biotechnology company that develops therapies for neurology, immuno-oncology, inflammatory diseases, and other genetic disorders based on our proprietary spherical nucleic acid or ANS technology. Exicure believes its proprietary SNA architecture has distinct chemical and biological properties that may offer advantages over other nucleic acid-based therapies and may have therapeutic potential to target diseases that are typically not treated with d other nucleic acid therapies. Exicure is in preclinical development of XCUR-FXN, an ANS-based therapeutic candidate, for the treatment of Friedreich’s ataxia (FA). Exicure’s therapeutic candidate, cavrotolimod, is in a Phase 1b / 2 clinical trial in patients with advanced solid tumors. Exicure is based in Chicago, IL and Cambridge, MA.

For more information, visit the Exicure website at www.exicuretx.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact can be considered as forward-looking, including, but not limited to Limited therein, statements regarding the company’s ability to advance cavrotolimod (AST-008) into a phase 2 clinical trial and its potential benefits as a treatment for Merkel cell carcinoma (MCC) and cutaneous squamous cell carcinoma. The forward-looking statements contained in this press release speak only as of the date of this press release, and the company does not undertake to update these forward-looking statements. Forward-looking statements are based on management’s current beliefs and assumptions which are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement due to various factors, including, but not limited to: the risks that the ongoing COVID-19 pandemic could disrupt the business of the company and / or the global healthcare system more severely than it is to date or more severe than expected, which may impact or delay the Company’s ongoing Phase 1b / 2 clinical trial; unforeseen costs, charges or expenses that reduce the capital resources of the business; the Company’s preclinical or clinical programs do not advance or result in approved products in a timely or cost-effective manner, or at all; the results of the first clinical trials are not always predictive of future results; the cost, timing and results of clinical trials; that many drug candidates do not become approved drugs in a timely or cost-effective manner, if at all; the ability to enroll patients in clinical trials; possible safety and efficacy concerns; regulatory changes; and the company’s ability to protect its intellectual property rights. For a discussion of other risks and uncertainties, and other important factors, each of which could cause the Company’s actual results to differ from those contained in forward-looking statements, see the section entitled “Risk Factors” in the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2020, as updated by the company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of publication, and the company does not undertake to update this information except as required by law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210111005348/en/


Karen sharma
[email protected]

Greater Commercial Lending, a Preferred Lender in the SBA’s Paycheck Protection Program

More business loans

April 10, 2020 (CARSON CITY, Nev.) – Greater Commercial Lending (GCL) continues to accept applications for the Paycheck Protection Program (PPP), cleared by the US Small Business Administration (SBA) following assistance to recently enacted coronavirus, Relief and Economic Security Act (CARES Act). The company is one of the first commercial lenders to fully embrace PPP in the state of Nevada since applications opened on Friday, April 3. By midday Monday, April 6, more than 400 Nevada companies had submitted applications to GCL.

Greater Commercial Lending (GCL), a wholly owned subsidiary of Greater Nevada Credit Union, will continue to accept PPP applications from all interested Nevada companies, whether or not they have a current relationship with the company. This move was made in an effort to fully support Nevada-based businesses and their employees as they navigate the extraordinary economic circumstances caused by the COVID-19 crisis.

“This is just the latest example of how Greater Commercial Lending is helping more businesses and people live better lives in a variety of ways,” said Wally Murray, president and CEO of Greater Nevada. “This new loan program can provide essential assistance to small business owners as they seek to protect their businesses and continue to pay their employees and large bills. We encourage all small businesses in Nevada that have been affected by COVID-19 to consider applying for a loan under this new program which has a low interest rate of 1.00% and very favorable repayment terms. “

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help support businesses and families during the current pandemic. In particular, the CARES Act expanded the SBA Section 7 (a) loan program, also known as the “Paycheck Protection Program” (PPP), which aims to support small businesses through:

· Cash to cover certain business expenses (such as employee salaries and payroll support, rent or mortgage and utility payments, insurance premiums);

· 6 months of deferred loan payment; and

· Loan cancellation (part or all of the loan can be canceled).

The SBA describes this program as available to all businesses – including nonprofits, veterans organizations, tribal businesses, sole proprietorships, freelancers, and independent contractors – with fewer than 500 employees. . Companies in some industries may have more than 500 employees if they meet certain size standards for those industries. Small hospitality and food businesses with more than one location might also be eligible if their individual locations employ fewer than 500 workers.

To learn more about the program and to apply online, visit www.GNCU.org/PPP or call the GNCU dedicated PPP hotline at (775) 886-1966.


Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada, and has been helping Nevada residents meet their financial needs since 1949. The credit union serves over 74,000 consumers and small businesses, owns over $ 1 billion. of dollars in assets and is the largest community-owned financial institution domiciled in Nevada. GNCU’s subsidiaries include Greater Commercial Lending, Greater Nevada Mortgage, and Greater Nevada Insurance. GNCU has historically been recognized as a Best Financial Institution in many of its service areas, a Top Employer by the Reno / Tahoe Best Places to Work Awards, and is a USDA Lender of the Year. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.

Abigail Rosales-Medina plans to work fast for education, healthcare and the environment |


State Senate District 23 candidate Abigail Rosales-Medina believes her values, background and experience on the San Bernardino City Unified School District Education Council make her an excellent candidate to fight for issues of education, health care and environmental justice.

Black board

Medina has served on the school board since 2013 and has helped the district improve graduation rates and other measures of academic achievement.

“I was a mother of PTA involved in my children’s schools and felt there was a huge disparity in getting our kids not only to graduate from high school, but also to go to college and to get higher education, ”Medina said of her decision to run for the education board. .

Prior to being elected to the board of trustees, Medina worked for the Organized Congregation for Prophetic Commitment (COPE), a community-based non-profit organization that aims to close the achievement gap for students of color and to eliminate the pipeline from school to prison.

On the board, Medina pushed the district to focus more on using AG college admission standards completion rates as a better indicator of student success, rather than AG enrollment numbers. previously analyzed.

As her term continues until 2022, Medina, encouraged by others, decided to run for the State Senate because she felt that the other candidates did not have the necessary experience for the office or n weren’t going to advance the issues she was defending.

As a numbers specialist, Medina looked at the district’s voting statistics and demographics before deciding to run to make sure she could represent communities in District 23 well and had a chance of winning.

San Bernardino City Unified shared with him their experience and proven track record in promoting their issues, building relationships with lawmakers, and finding those common goals to work for despite political differences.

“This is why our school district has been so successful, the collaboration and the work we have been able to do,” said Medina. “This experience has prepared me, so when I go to Sacramento, we can have these conversations with lawmakers, regardless of political party, doing what’s best for our communities here.

“I felt this was a great opportunity to finally have a voice in Sacramento and to make sure our communities are represented and that we are reducing resources.”

Although Medina went to the primaries without being the supported candidate of the Democratic Party and with a small budget, she finished first with 28.1% of the vote. She led the second and second candidate in the runoff, Republican Rocilicie Ochoa Bogh, who won 24.8% of the vote, and Democratic Party-backed candidate Kris Goodfellow, 17.4%. Medina is now the candidate supported by the Democratic Party.

Budget challenge

Medina believes that the state budget will be the biggest challenge facing the state Senate in the years to come, as it will affect all other issues, especially housing and unemployment.

“It is about accountability, transparency and maneuvering of our finances and not approving certain budgets when we really have to look at our resources,” Medina said. “One of the things I plan to do in Sacramento is analyze all the budget lines and make sure that the money we spend has positive results to support our communities. We need to make sure that we are not spending excessive money on programs that are not working or that are aimed at special interests.

Healthcare for all

The main goals it plans to advocate are health care for all, increasing affordability for higher education, and protecting low-income families from predatory loans.

“Education is the real way out of poverty and it is something that we are improving, but we are not there yet,” she said. “It’s also about higher education, its affordability. I’m pushing for a free community college for our residents in California and making sure more students go through four-year college. “

Medina stressed that she grew up without health care and that she plans to work to make more health care resources available to everyone. She also pointed out that getting health care and preventive care is actually cheaper than waiting for people to need hospital treatment.

As a candidate who also focuses on environmental justice, Medina also wants to increase restrictions on business development based on environmental and community concerns.

“Here in our region, we see local elected officials adopting or approving commercial constructions in the backyards of our communities,” she said. “There has to be more common sense to ensure that at the state level we establish a buffer zone, or at least limitations, that they can build on within communities.”

Medina is supported by the California Legislative Women’s Caucus, California Legislative Caucus, California Legislative LGBTQ, IE United, Congressman Pete Aguilar, MP Eloise Gomez Reyes and the Democratic Luncheon Club of San Bernardino.

Banks denounce rule that would force loans to oil and weapons companies


Wall Street banks ask key regulator to drop proposed rule that would force them to do business with energy and gun companies that could subject them to public contempt, questioning the base legal action which they claim is being unfairly accelerated.

The “fair access” rule proposed by the Office of the Comptroller of the Currency on Nov. 20 would place excessive burdens on lenders and could threaten their business models, banking industry groups said in comment letters to the agency . Industry groups also challenged the agency’s power to issue the rule, arguing that the 45-day comment period that ended on Monday did not give them enough time to respond.

Brian Brooks, the agency’s acting head, wants to ban banks from refusing to serve legal businesses – such as those in the petroleum industries, prisons and guns – that they might otherwise avoid due to the risk damage their reputation. The agency’s effort was launched after Republican lawmakers complained about banks’ refusal to fund energy projects, citing concerns about climate change. Lenders, including Citigroup Inc. and Bank of America Corp., also have limited ties to the gun industry.

Brooks, who has been appointed by President Donald Trump for a full term as comptroller, faces time constraints to end the rule as he could be replaced after President-elect Joe Biden takes office on January 20 .

“The fundamental practical problems of the proposal are compounded by its fundamental legal loopholes,” the Bank Policy Institute said in its letter. This would “effectively replace the traditional business of the US bank” by abandoning a company’s risk management decisions for a system in which the regulator dictates “to whom financial services are to be provided.”

The proposal has attracted thousands of letters of comment, with many supporting its demand that the big banks open their doors to gun companies.

Consumer groups and Democratic lawmakers have joined with lenders in criticizing the rule, focusing more on the issue of climate change than on banks’ business models.

“This proposed rule directly undermines the [Office of the Comptroller of the Currency’s] responsibility to ensure a safe and healthy banking sector, ”said Sen. Brian Schatz, D-Hawaii, who co-signed a letter of comment with a group of Congressional Democrats. “It is extremely disturbing that a federal regulator is using its supervisory authority to pressure banks into financing projects that the banks themselves have deemed too risky.”

How Franchisors Can Drive Growth and Help Homeowners Navigate Loans


Amid the economic upheavals Americans experienced in 2020, many are turning to franchising as a way to own their own business, generate sustainable income, and follow the path of proven success. With the restaurant industry comprising such a large portion of the total franchise segment globally, we are sure to see restaurant franchise growth in the coming months. This is of course reflected in the fact that brands in the restaurant industry are already rebounding through continuous innovation, particularly in the fast-service and fast-casual segments, which are uniquely equipped to meet changing consumer needs and on-the-fly service.

Restaurant franchisors are preparing for this inevitable growth in 2021 while fostering the existing franchise partnerships that they have tapped into their network so far. However, franchisees’ access to capital and credit for new businesses will impose an additional barrier to the desired growth. With that in mind, I will explore solutions for franchisors to drive growth through streamlined operations and induced strategic loans for their franchisees.

Changing landscapes

In this COVID-19 environment, it has become more competitive for an entrepreneur to have access to a loan as lenders are more risk averse as many deal with their damaged loan portfolios. In addition, this entrepreneur must take into account several adaptations and innovations. Especially in the restaurant industry, the way we dine will change from here on out. Digital, mobile and driving access will remain important for consumers. Integrating omnichannel access into a restaurant prototype can add additional costs that a franchisee did not have need to consider in the past. For example, a drive-thru demand will create a more competitive landscape for desired lots or even create higher construction costs. While ultimately beneficial, it may require more capital up front to adjust to these developments, capital that is competitive to obtain. Restaurant brands need to analyze the factors in their own business that have changed, the implications of that change for franchisees, and how the franchisor can intervene to ease this transition for applicants.

Access to the loan

There are several ways that a franchisor can take to increase a franchisee’s access to loans and capital. Initiatives such as providing working capital to franchisees in dire straits or providing credit enhancements to lenders when needed can make all the difference in sustained growth and sustained operations. Third-party technology platforms often consolidate financing solutions and provide access to a whole new world of finance that had not yet been explored. From experience, my company, BoeFly, a marketplace for franchise growth solutions, connects borrowers to a wide range of specialist banks and finance companies, providing a strong set of tools and resources franchisees need to be successful. By exploring outsourcing avenues, business owners are connected to a set of lenders across the network that they would typically not have access to, including banks or smaller lenders in an entirely different region of the country.

Streamlining the process

Capital is not only more difficult to obtain for many franchisees, but it can also impose a difficult process on both the franchisee and the franchisor. Accordingly, according to the Harvard business review, many brands are not only turning to back office outsourcing solutions to streamline operations, but can also reduce business expenses by up to 30%. Brands invested in growth solutions are realizing it and making the most of what they have by doing more with less to save time, money and resources for maximum expansion. For example, before the pandemic, BoeFly created the bVerify tool that streamlines the candidate selection process into an easily digestible report for the brand’s sales team. With access to verified information, the sales team can avoid what has long been an administrative burden on them. Moreover, in a survey conducted by the Economist, workers who see their employers as “pioneers” in technology themselves score 16% higher for productivity than those who say their employer is bad at using mobile technology. A transparent, data-driven process not only increases productivity and reduces expenses, but also enables brands to make smarter decisions, accelerate the time between signing and opening, organizing growth and optimize operations using existing information that ultimately attracts a potential franchisee to the onboarding process.

Mike Rozman is the CEO and co-founder of, BoeFly, a leading market for franchise growth solutions. Since 2010, BoeFly has connected businesses with the resources they need to succeed, using data-driven systems and a robust online marketplace. BoeFly’s full range of innovative services and technologies are able to connect borrowers to a wide range of specialist banks and finance companies, while pioneering products, such as bVerify, serve businesses at all stages of development. . For more information visit www.boefly.com.

Protect the law on military loans


Standing with the troops requires more than hype. It also requires action.

When the Pentagon discovered that predatory payday loan shops and unethical car dealerships were trolling military bases and aggressively targeting troops with interest rates of 300% and above, the Pentagon urged Congress to to act. And they took action, because those who defend our nation deserve to be protected from predatory lenders. Congress joined our troops over a decade ago with the almost unanimous and largely bipartisan enactment of the Military Loans Act (MLA) to protect active duty members and their families from financial ruin.

However, unfolding before us now, the Acting Director of the Consumer Financial Protection Bureau (CFPB) Mick mulvaneyMick Mulvaney Headhunters Struggle to Find Jobs for Former Trump Officials: Reports Trump Remains Deny Social Security Benefits to Hard-Working Americans Mulvaney Calls Trump Comments on Capitol Riot “Manifestly false” MORE To pledged to end proactive monitoring payday lenders and other predatory lenders, accusing supervisors of his own agency of being “too aggressive.” This marginalization of crucial protections for our troops will reinvigorate exposure to predatory practices.

A single high-interest payday loan can have a cascading effect – ultimately depriving a military member of the opportunity to own a home, buy a car, or even support their family. For example, a military person may borrow $ 800 for a broken refrigerator and find that the debt quickly turns into thousands of dollars. Like quicksand, these loans are easy to insert but almost impossible to escape.

The MP’s protections include guidelines for bank and non-bank lenders. Among them, lenders cannot charge service members an interest rate greater than 36%, cannot push them into forced arbitration, and cannot charge a prepayment penalty.

Previously, using its power to monitor risks for consumers, the CFPB carried out periodic and proactive audits of lenders to ensure compliance with the AMLA; monitoring worked as expected. Since its creation in 2011, the CFPB has delivered more than $ 130 million in relief military personnel and handled over 72,000 consumer complaints from military personnel and their families. In the past, the office had a strong track record in To take part to protect consumers, including military personnel and their families.

But Mr. Mulvaney would cancel that. Under its proposed changes, the CFPB would rely on complaints from service members to identify violations of the law. This is unrealistic, given the demands placed on troops to focus on their mission. Eliminating proactive surveillance will put our armed forces back in the crosshairs – risking preparation, damaging morale, and adding unnecessary financial burdens to our all-volunteer force.

The impact is not just on military personnel and their families. When military personnel are in financial difficulty, they can lose their security clearance and their eligibility to serve. And the damage goes further. The Pentagon estimates it loses over $ 57,000 in recruiting and training costs for each involuntary departure of a member. And, each year, up to 7,957 military personnel are involuntarily separated when financial distress is a contributing factor. Overall, the Department of Defense (DOD) believes the MLA saves him up to $ 133 million annually.

Congress has made great strides in crafting a bipartite, bicameral military loan law, enacted to provide much-needed protections. The weakening of these protections will lead to problematic exponential results, exacerbating an already limited military recruitment and retention environment.

Thanking the troops for their service goes beyond empty expressions of gratitude. It requires taking steps to support the troops when predatory lenders lag behind, to ensure that they are not plunged into a life of debt and bad credit. As a united front, we strongly oppose any attempt to weaken the law on military loans.

We were proud to join with other veterans and military service organizations in a full page ad that ran this month in numerous newspapers nationwide, sharing our concerns and calling on our federal leaders to preserve military protections. Join us by adding your name on KeepMilitaryProtections.org.

Joyce Wessel Raezer is Executive Director of the National Association of Military Families. Retired Air Force Lieutenant General Dana T. Atkins is President and CEO of the Association of Military Officers of America.

Westpac shares collapse after poor lending practices conceded in internal documents


Westpac’s share price plunged after the release of explosive documents detailing widespread failures not only in the quality and risk of its home loans, but also in the way they are handled.

An internal memo filed with the Royal Banking Commission showed that Westpac had performed very poorly in a targeted review of home loans demanded by the Australian Prudential Regulation Authority.

“Westpac’s performance in the APRA Targeted Review was poor, both absolutely and relative to our peers,” Portfolio Integrity Officer David Watts wrote to his boss George Frazis, CEO of the consumer banking branch, in a note last July.

The review of the mortgage lending practices of the accounting giant PwC was commissioned by APRA following consultation meetings with all the banks in early 2017.

APRA President Mr. Wayne Byres noted that Westpac was a significant outlier in our proportion of high LVR [loan-to-value] and you [interest only] ready, ”Watts wrote.

“APRA also questioned the availability of strong data and the effectiveness of analysis and monitoring to fully understand the risk profile of all exposures.

The PwC review was a dismal outcome for Westpac.

“The PwC report has disturbed APRA and there is no easy answer to rebuilding trust with them in this area,” Watts said.

APRA has already used the findings of its review to drop its 10 percent “speed limit” on investor credit growth in favor of more targeted lending controls, focusing on loan quality and creditworthiness. overall household debt.

UBS launches a “sale” on Westpac


UBS banking analyst Jonathan Mott analyzed figures from PwC’s Westpac report and found:

  • 29% of minimum income checks (for example, paychecks) were not completed
  • 66 percent had not itemized the living expenses collected
  • Median estimated household living expenses were only 23% of household income
  • 30 percent of the sample the borrower’s financial situation was suggested to have been distorted
  • 9 percent of the sample, the loan would not have been approved if “real financial information” had been used in the health assessment.

Mr Mott said the data raised questions about the quality of Westpac’s $ 400 billion mortgage portfolio.

“While Westpac has undertaken significant work to improve its mortgage underwriting standards over the past 12 months, we expect it and the other majors to further refine underwriting standards in light of the Royal Commission concerns. regarding responsible lending, ”he said.

“Advice and direction [are] likely to be much more risk unfavorable, further tightening of underwriting standards is very likely across the industry. “

The credit crunch and deteriorating asset quality have left UBS with a very cautious view of the Australian bank as an investment.

Westpac’s failures in the APRA Targeted Review were enough for UBS to give the bank a “sell” rating and drop its target price from $ 31 per share to just $ 26.50.

Investors got it, and Westpac shares fell nearly 4% to a two-year low of $ 28.13 at 3 p.m. AEST.

Contrasting views

Westpac’s memo highlighted the contrasting views between banks and APRA on responsible lending standards.

“Poor performance by lenders may not translate into losses right now, but, according to APRA’s assumptions, that could change in the event of a significant cyclical downturn,” Mr. Watts wrote.

“To date, most of the industry’s thinking on the consequences of responsible lending failures has centered on the potential for fines, reputational damage, and the costs of any remedies necessitated by a breach.

“It is now clear that the thinking needs to broaden.”

Mr Watts warned Mr Frazis of the dangers of not acting quickly to resolve APRA’s concerns.

“APRA expects improvements to be made urgently and has indicated that it will work with ASIC. [Australian Securities and Investments Commission] on the next steps and the answers to be provided to the industry, ”he said.

Failure to respond appropriately could lead to a more formal investigation, appointing a third party to manage the bank’s affairs and prohibiting senior executives from holding managerial positions in the banking industry.

Westpac exposure unclear

Mr Watts said the bank’s exposure to customers was unclear.

“If management is correct in their reasoning and there have been few instances where loans have been made to clients who cannot afford them, and assuming the securities are sound, the potential costs of the remediation program should be limited and the main underlying loan should be be secure, ”he said.

“But what if customers who are not stressed now become stressed later, not because repayments have always been unaffordable, but because they are victims of a general economic downturn, and if do the responsible lending violations at the time of origination have an impact in one way or another on the integrity of the bank’s security vis-à-vis these customers? “

Mr Watts said in this case the bank’s exposure would be less benign.

So far, the bank has reimbursed its customers $ 38 million through the end of fiscal 2016, which Watts said was the first time that Westpac had been able to track actual costs in the lack of a remediation framework.

In the Westpac pipeline, there are 22,000 other homeowner loans and 42,000 investor loans that may require compensation, according to the PWC report.

ABC has problems too

A separate targeted review of the Commonwealth Bank’s APRA, also conducted by PwC, found that more than a third of the sample – 94 of 271 loans verified – did not meet the bank’s verification procedures, mainly by due to inadequate documentation.

Among the unfavorable findings, the PwC report found that borrowers are not required to confirm the details, completeness or accuracy of information used in their maintenance agreements.

The report also questioned the ABC’s use of the income-adjusted household expenditure measure (HEM) in health assessments.

“Living expense claims provided by borrowers are not subject to verification or evaluation beyond comparison with HEM,” PwC found.

“This approach does not encourage borrowers to focus their efforts on the completeness and accuracy of their spending estimates.”

Wells Fargo predatory loan lawsuit cleared


A federal judge has ruled that legal action against Wells Fargo & Co. can continue.

The lawsuit accuses the third largest US bank of predatory mortgages targeting black and Hispanic borrowers in the Chicago area.

According to ReutersU.S. District Judge Gary Feinerman ruled that Cook County of Illinois could pursue its federal fair housing law claims against Wells Fargo, but only to a limited extent.

While the lawsuit may focus on the bank’s alleged “capital stripping” practices, claims alleging damages for lost property taxes, the need to tackle crime, racial segregation and other issues. were rejected.

Rather, Feinerman called the accusations “ripples” that “spill out beyond” Wells Fargo’s alleged misconduct. He then cited a US Supreme Court ruling from May 2017, which involved similar claims by the city of Miami against Wells Fargo and Bank of America. This ruling allowed cities to pursue FHA claims as long as they could establish a “direct” link between the alleged misconduct and the resulting harm.

The Cook County lawsuit began in November 2014, accusing Wells Fargo of pushing minority borrowers into loans they couldn’t afford, which in turn resulted in higher fees, defaults and foreclosures. In addition, the bank rewarded employees with bonuses for offering these loans.

“Although the court allowed the lawsuit, we are encouraged that it has significantly limited the scope of admissible claims,” ​​Wells Fargo spokesman Tom Goyda said Tuesday. “We are ready to defend our balance sheet as a fair and responsible lender. “

In January, the bank’s efforts to dismiss a similar lawsuit filed by the city of Philadelphia cream failed.

Other US cities, including Baltimore, Cleveland and Los Angeles, have also sued major banks in predatory lending cases. Cities argue that discrimination against mortgage lenders has led to more defaults by minority borrowers, lower property tax revenues and increased spending to fight crime.



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

Is the Rocket Mortgage a quick run into trouble?


NEW YORK – Bad mortgages to buyers who could not afford them put the United States on the path to the Great Recession. So CBS News was curious when we saw an ad during the Super Bowl for an eight-minute mortgage.

Quicken Loans’ Super Bowl ad made a simple proposition.

“What if we did for mortgages what the internet did to buy music, plane tickets and shoes,” the voiceover said in the ad.

That’s what they offer with Rocket Mortgages.

But just seven years after the housing crisis nearly brought the economy down, publicity sounded the alarm bells.

“Let’s get through the financial crisis, but with applications,” Washington Post’s Dave Weigel tweeted.

Holden Lewis with bankrate.com said that a mortgage seeker’s median credit score is now 753 (out of 850), the highest since 2001. Rocket Mortgage is just trying to streamline the application process.

“I know a lot of people have interpreted the ad to say we’re going back to the days of easy money, but that’s just not the case,” Lewis said. “I think that’s a game-changer, in a sense that other mortgage companies are going to have to make it easier to capture your papers and documents.”

On the Rocket app, you enter your income and bank details, which allows Quicken to communicate directly with banks. It estimates affordable house prices and costs and allows customers to set a rate, said Quicken president Jay Farner.

A national survey finds that nearly 18 percent …


“If you go to Rocket Mortgage, you can see the interest rates, you can see the fees,” he said. “You can see how changing the interest rates would change your fees. “

So it’s not about changing credit standards?

“No. Again, Quicken Loans is known to have some of the highest credit standards in the country,” Farner said.

Rocket, he said, is trying to unravel the mystery of the mortgage process.

The announcement certainly attracted attention. Farner said 14,000 people visited their website in the first minute it was broadcast.

Banks deny discriminatory loan claims in Philadelphia


The banks have denied the allegations of modern day redlining during a city council hearing Thursday, arguing that data used in a recent report that revealed racial disparities in mortgage lending in Philadelphia does not represent the entirety of their lending business.

“[The] the data, by itself, doesn’t tell the whole story about the basis on which mortgage lenders make their credit decisions, ”said Monica Lynn Burch, community development market manager for Citizens Bank in a report. testimony submitted to the board with similar letters from PNC and Wells Fargo.

“The reality is that mortgage lenders make their credit decisions taking into account a lot of factors that are also essential in taking out loans, but which are not part of the publicly available data,” said Burch. “These additional factors include critical items such as the applicant’s credit history (eg, credit score) and debt-to-income ratio, as well as the interest rate, total loan costs, and loan-to-income ratio. loan value offered. “

The banks were responding to an open invitation from City Councilor Kenyatta Johnson to speak at a public hearing on racial disparities in mortgages. Johnson called for the forum in response to the report by Reveal from the Center for Investigative Reporting (CIR). PlanPhilly produced stories about Philadelphia in conjunction with Reveal as part of the National Inquiry.

But while a deep relationship with Philadelphia and its residents was part of the defense made in citizen testimony as well as that of PNC and Wells Fargo, none of the financial institutions sent representatives live to speak at the hearing. . San Francisco-based Wells Fargo is currently pushing back a lawsuit against the city of Philadelphia accusing the bank of engaging in discriminatory lending practices targeting black and Hispanic borrowers.

The absence of the banks did not prevent dozens of people from testifying in detail about the powerful impact of mortgage lending practices on neighborhood development, economic mobility and prosperity across the city.

“Listening to the testimonies of different people who have served on various panels as well as those who have made public comments, it shows that this is an issue that affects all walks of life,” Johnson said. . “When you talk about affordable housing, housing for the workforce, when you talk about the issue of gentrification, everything is linked. In a city like this, everyone should have the chance to follow the American dream, become first-time buyers.

In February, following the publication of the modern day redlining report, Pennsylvania Attorney General Josh Shapiro announced an investigation into lending practices in Philadelphia. The investigation will be conducted in conjunction with the US Bureau of Consumer Protection and the Pennsylvania Human Rights Commission, according to the AG’s office.

“If I discover wrongdoing or violations of the law, I will not hesitate to hold anyone to account and seek justice for all those who have been injured,” Shapiro said.

The state attorney general spoke at the start of the five-hour meeting, focusing on how it is common for banks and other lending institutions to justify their racial credit spread by highlighting the low ratings of credit. Bank officials often claim that the gap does not exist because of race, but because these minorities have lower credit scores, which means these populations are less likely to repay their debts.

Shapiro told Johnson the excuse was “deeply problematic” and a “proxy for identifying minorities and low-income people”. He also pointed out that the formulas used by banks to determine credit scores are not available to the public. Worse yet, “these secret formulas are controlled by three for-profit companies: Experian, TransUnion, Equifax, the same Equinox that recently suffered a data breach so massive it exposed the personal information of 145 million Americans.” , Shapiro said.

Councilor Johnson and Councilor Cherelle Parker wanted to know exactly how the city has, in the past, penalized banks for this kind of behavior. They turned to city treasurer Rasheia Johnson for answers.

“We can’t tell the banks how to operate,” she said before a member of the public interrupted her by shouting “What”.

“However, we can work with them to become better citizens,” the city official continued.

Johnson recommended active communication with the banks on the matter. City officials can tell institutions, he said, “before you even think about submitting a request for proposals, this is our standard.”

A few experts have warned the council against starting a deadlock with the big banks.

“Nothing prevents the city from requesting this information from banks more quickly,” said Frank Linnehan, dean of LeBow College of Business at Drexel University. “So you can ask the banks – and possibly with the help of a third party – to form a consortium and say, ‘hey, look, this is the information that we would like to see.’ We are not accusing you yet, as we do not have the data of predatory or unfair lending practices. However, what we need to do is look at the data to see what the wealth levels are, what the debt levels are, for these candidates.

Linnehan also pointed out that banks sell mortgages in the secondary market, so it’s not always the banks that are the problem – it’s the constraints of the secondary market and whether or not banks can sell those assets.

“If the loans themselves comply with the usual secondary market requirements, and this indeed has a discriminatory impact, then it is not the bank that is involved, it is really more the institutional structural system than us. have, ”he said. noted. “So I think that by reaching out to the banks with an understanding of these concerns, you can get more approval in this communication with them.”

After four hours of testimony, a group of Point Breeze residents approached the microphone to speak. Tiffany Green accused the city of supporting white developers as they develop black neighborhoods without considering the needs of existing residents. This, she said, sends a message to banks that it’s okay to leave them in the dust.

“Monkey see, monkey do,” Green said.

The hearing ended without clear conclusions. Johnson said his next step is to investigate banks doing business with the city government and then develop a plan to address any troubling trends that are revealed.

LA lawsuit accusing Wells Fargo of predatory mortgage practices dismissed


A federal judge has dismissed a City of Los Angeles lawsuit accusing Wells Fargo & Co. of violating federal fair housing law by engaging in predatory mortgage lending practices targeting minority borrowers.

In a 28-page ruling on Friday, U.S. District Judge Otis Wright II said “undisputed facts” showed Wells Fargo, the nation’s largest mortgage lender, had not broken the law for the two years during which the limitation period applied.

Part of the city’s lawsuit has focused on minority borrowers who are found more frequently than whites in Federal Housing Administration loans, which cater to both novice and marginal borrowers.

FHA loans carry low down payments and are easier to qualify. But they are often more expensive than conventional mortgages because they require higher mortgage insurance costs.

Wright said the FHA loans were intended to overcome precisely the barriers to homeownership often encountered by minorities.

“The city is not a champion of minority rights as it stated in the complaint,” Wright said. “While this case began with allegations that Wells Fargo violated minority rights, it ends with the city’s unsuccessful attempt to engage in exactly the same behavior. “

A lawsuit filed by Cook County, Ill. Over similar issues in Chicago was also dismissed on Friday.

Atty of the city of Los Angeles. Michael N. Feuer sued the Bank of San Francisco in December 2013, alleging a “continuing pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenues and increased costs municipal services.

The city cited a report by low-income advocacy groups that said the mortgage crisis resulted in 200,000 foreclosures in Los Angeles from 2008 to 2012, a wave that lowered property values ​​and plummeted. the city’s property tax revenue of $ 481 million.

In addition, local government costs for safety inspections, police and fire calls, garbage removal and property maintenance for these foreclosures have reached approximately $ 1.2 billion, according to California. Reinvestment Coalition and the Alliance of Californians for Community Empowerment.

Neither Feuer nor a spokesperson for him could be reached for comment.

Wells Fargo spokesman Ancel Martinez said the bank, which had firmly denied the wrongdoing, was happy with the decision.

The lawsuit was part of a series of federal civil actions Feuer brought against the nation’s largest banks in late 2013 and 2014 to deal with what he called “the devastating consequences of the crisis. lockdown in the second largest city in the United States ”.

Feuer’s lawsuits also accused JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. from engaging in predatory lending and redlining 11 years ago.

Specifically, he accused the four banks of placing minority borrowers in riskier loans than they did for “similarly situated” white borrowers. These loans have caused a disproportionate number of foreclosures in minority neighborhoods compared to white neighborhoods, according to the city.

When the housing market collapsed, banks then cut credit to minority borrowers on the basis of racial discrimination, according to the lawsuits. If the banks lent to minorities, they continued to do so “on predatory terms”, allege the lawsuits.

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In May, however, a federal judge dismissed the case against BofA, saying the city had not produced evidence of damage and that its legal theories were “not supported by any legal precedent.” Feuer appealed the decision.

Earlier this year, Feuer’s office filed separate lawsuits against Wells, JPMorgan, BofA and Citigroup in Los Angeles County Superior Court, alleging similar discriminatory lending practices. The pending cases have been grouped together in the court proceedings for complex disputes.

Separately, Feuer sued Wells Fargo in early May over allegations that its rigid sales quotas led employees to open unauthorized accounts for customers, imposing bribes and damaging their credit. This lawsuit echoes a 2013 Los Angeles Times investigation into the bank’s practices.

Wells denied the allegations, attributing the problems to a few dishonest employees, whom the bank sanctioned or fired.

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Beware of new price bubbles? Not so fast


With the recent speculative activity in Bitcoin and GameStop, asset price “bubbles” are once again topical. While bubbles seem to be becoming more common, I would say the concept is not very helpful, at least for most investors and government regulators.

During the 1930s, many people viewed the stock market boom of 1929 as a bubble. Then, in the decades following World War II, the bubbles seemed to disappear from public consciousness. In recent decades, soaring stock and real estate prices have sparked new interest in bubbles.

But why do they seem to be more common today? Many people accuse the Fed of creating price bubbles with inflationary monetary policy. But inflation rates for goods and services were much higher during the 1960-90 period, when asset bubbles seemed less common.

The main factor affecting almost all asset markets is the downward trend in interest rates over the past four decades. This decline is not due to monetary policy; rather, it reflects profound changes in the global economy, such as higher savings rates, slower population growth, and a shift from heavy industry to services, all of which tend to lower interest rates .

Lower interest rates can affect the value of assets. Think about mortgage interest rates: when they are low, owning and renting a home becomes more profitable for a given rental income. This creates a new high standard price / earnings ratios in the stock market, as well as higher price-to-rent ratios in the real estate market. These increases in asset prices are not necessarily “irrational” and are indeed compatible with the efficiency of capital markets.

In the housing market, regulations for building housing have become much more restrictive during the 21st century. This means that house prices in many coastal areas are no longer tied to the cost of construction. Instead, with a limited supply of building land, the price can rise as high as demand warrants. Add to that low interest rates and our 20th century assumptions about house prices are simply no longer applicable.

In the equity market, there is now much more uncertainty about the proper valuation of many companies, especially in the “winner takes it all” tech sector. Imagine investors expecting one in every 100 new tech companies to become the new Amazon, with the stock price rising rapidly by 200 and the other 99 failing completely. Should we buy the entire portfolio of 100 shares?

Surprisingly, yes. If the information is correct, this portfolio would double in value, even if all the gains come from a single stock. And until we know which title will succeed, that dynamic can inflate the value of any of them.

The example may seem far-fetched, but this is kind of what happened to investors who bought the entire tech sector in 2000, when the NASDAQ peaked at around 5,000. The index is now close to 14,000, although many individual companies have done poorly. The gains were mainly due to the extreme success of a few companies.

Now consider bubbles from the point of view of “efficient markets theory(EMH), which suggests that asset prices reflect all publicly available information, so it’s almost impossible to know when an asset class is overvalued. Critics of the EMH say that the existence of bubbles proves that markets are often irrational, overtaking fundamental values ​​due to investor “irrational exuberance”. So, who is right ?

It will never be possible to prove that irrational bubbles do not exist. Granted, there are cases like GameStop that don’t seem to fit the EMH. In this case, a recent short press pushed prices to heights that are difficult to explain based on the company’s future earnings outlook. But if we think about why bubbles seem more prevalent today, it’s not clear that the idea of ​​irrational bubbles is useful to investors.

Some investors will make money bypassing GameStop, but others will lose. Some will avoid losses by refraining from buying tech companies that have been overly publicized. Others will miss out on gains by refraining from buying stocks like Tesla and Amazon, and cryptocurrencies like Bitcoin, back in the days when they were already criticized as being too expensive, but ultimately fetched prices a lot. higher.

The new standard of very low interest rates, restrictive building codes and hard-to-assess tech start-ups means that one should actually expect to see a lot more bubble-like patterns, even if the ‘EMH is true and that irrational bubbles do not exist. Some stock and real estate sectors that seemed too expensive decades ago now look pretty reasonable in retrospect.

Here’s the lesson: Policymakers shouldn’t guess at asset market bubbles. Instead, they should focus on things they can control, like using monetary policy to achieve steady, moderate growth in aggregate demand and making sure that banks don’t take socially excessive risks in matters. loan. Let the market set asset prices.

Scott sumner is the Ralph G. Hawtrey Chair in Monetary Policy at the Mercatus Center at George Mason University and Professor Emeritus at Bentley University.

Named “Best Global Business Lending Company” in the 2021 FinTech Breakthrough Awards Program


Numerated was named Best Business Loan Company of 2021 by FinTech Breakthrough.

Numerated is once again breaking into the fintech space this year by expanding its technology to even more areas of merchant banking and innovating rapidly to help banks and credit unions cope with the COVID-19 pandemic.

Numbered, the fast-growing fintech leading the digitalization of business lending in banks and credit unions, has been selected as the winner of the “Best Business Lending Company” award in the fifth annual FinTech Breakthrough Awards. The prize is awarded by FinTech breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in today’s global FinTech market.

Numerated facilitates business loans for financial institutions and their corporate clients using data. Its award-winning digital lending solution extracts data at every stage of loan granting, including pre-populating requests for borrowers, aggregating data to speed up reviews and offers, and building credit packages. ready-to-run documents for fully digital fencing. To date, more than 400,000 businesses have used Numerated’s digital app and borrowing experience to process $ 50 billion in loans.

In 2020, Numerated’s innovation took center stage as lenders embraced digitization during the COVID-19 pandemic. Since the launch of the Paycheck Protection Program (PPP), Numerated has become a strategic partner for institutions of all sizes, working to distribute more than $ 40 billion in relief funds to small businesses. The platform processed $ 400 million per hour at the peak of demand for PPP loans, ultimately reducing the time it takes for financial institutions to process loans from an average of 15 hours to less than two.

Today, more than 140 banks and credit unions with $ 1,000 billion in combined assets use Numerated to create award-winning digital borrowing and account opening experiences for businesses.

“In an age where every hour, minute and second counts, our platform brings the speed and efficiency necessary for lenders to better meet the needs of their corporate clients, whatever the circumstances,” said Dan O’Malley. , co-founder and CEO. of Digitized. “Being recognized this year by FinTech Breakthrough as ‘Best Business Lending Company‘ is a milestone for us and I consider it a testament to the hard work and innovative approach taken by the entire Numerated team. and customers. ”

“Numerated is once again breaking into the fintech space this year by expanding its technology to even more areas of business banking and innovating rapidly to help banks and credit unions cope with the COVID-19 pandemic,” said James Johnson, managing director of FinTech Breakthrough. “The company has demonstrated an incredibly high level of innovation and we are delighted to be named ‘Best Global Business Lending Company’ as part of the 2021 FinTech Breakthrough Awards program. ”

The FinTech Breakthrough Awards are the premier awards program founded to recognize FinTech innovators, leaders and visionaries around the world in various categories including Digital Banking, Personal Finance, Loans, Payments, Investments, RegTech, InsurTech and many others. The 2021 FinTech Breakthrough Award program has attracted more than 3,850 nominations from around the world.


About numbered

Numerated is a fast growing fintech that makes it easy to get business loans and account open using data. Financial institutions use Numerated’s platform to meet corporate clients’ expectations for digital convenience, including easy-to-launch digital app, digital lending and digital account opening solutions. Over 400,000 businesses have trusted Numerated to process $ 50 billion in loans from 140 financial institutions, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, Montecito Bank & Trust, People’s United Bank, Pinnacle Bank, etc. . The company was recently recognized as one of the 250 Best FinTechs of 2020 by CB Insights and the Most Innovative Industry Partner of 2020 by Barlow Research Associates.

About FinTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for technological innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in business and product technologies and financial services. The FinTech Breakthrough Awards publicly recognize the achievements of FinTech companies and products in categories such as Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information, visit FinTechBreakthrough.com.

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Finpoint uses CRIF Realtime to speed up lending process for SMEs


CRIF Realtime Ltd, a leader in credit risk management, and Finpoint Limited, the UK’s trusted business finance platform, have partnered to support SMEs seeking access to finance.

The partnership will streamline the lending process by offering CRIF Realtime Credit Passport® to SMEs to speed up and simplify the lending process for Finpoint’s large community of lenders. The UK’s economic recovery depends on the 5.9 million SMEs which represent 99.9% of the country’s private businesses. The ability of SMEs to quickly access finance to meet specific business needs has never been more critical.

CRIF Realtime Credit Passport® is based on a unique real-time credit rating using open banking data. It gives businesses the ability to present a more accurate picture of their financial performance and helps lenders dramatically speed up their decision-making processes. Additionally, Credit Passport® can also be used by businesses to ensure their supply chains are strong and new business partnerships are secure. In a post-Covid economy, quickly proving the resilience of businesses will be a key part of business success.

Commenting on the partnership, Glen Keller, CRIF Realtime Product Manager, said: “We are really excited about our partnership with Finpoint which we believe will help SMEs overcome current economic challenges and realize their business’ full potential. . SMEs with access to a Credit Passport® report and Finpoint’s business finance platform will be in a much stronger position to mitigate the damage caused by the pandemic and focus on future business development and growth ” .

As one of the UK’s leading business finance platforms, Finpoint Limited is an accredited delivery partner of several business bodies including the Federation of Small Businesses, Chambers of Commerce and Growth Poles. It was the first fintech to help distribute government loan programs, including CBILS and Bounce Back loans. The company is committed to helping as many SMEs as possible meet lender eligibility criteria so that they can access finance and achieve their business goals.

Guy Bridge, CEO of Finpoint Limited, said: “Our partnership with CRIF Realtime is further proof of our commitment to making a real difference in the SME sector by helping businesses access the best financing choices for their businesses. Credit Passport® is the perfect tool to underpin this commitment as it provides accurate insight into a business’s performance using real-time data, which benefits the business and helps lenders. It perfectly complements the 24/7 service we offer to SMEs as part of our corporate finance platform ”.

CRIF Realtime Ltd and Finpoint Limited both use innovative technology to deliver products that better meet the needs of SMEs. As leaders in the FinTech industry, companies recognize the importance of collaboration to ensure that SMEs can benefit from innovation in the financial services industry as quickly as possible, enabling more SMEs to access the market. financing and improve the overall performance of the company.

The Azlo and Kabbage Team on the Small Business Loan Program


Azlo, a U.S. online banking platform, and Kabbage, Inc., a cash flow technology and small business lending platform, announce the launch of Mission Street Capital, a new program that empowers small businesses access loans via Kabbage® up to $ 250,000.

Azlo focuses on simplifying banking services for businesses and does not have physical branches, allowing it to serve small businesses regardless of their location, including those in remote and underserved communities. Partnering with Kabbage, Mission Street Capital will provide Azlo customers, including businesses with thin credit files, gig economy business owners, and fast-growing small businesses, a fully digital solution that allows access to working capital when and where it is needed.

“Azlo is proud to serve small businesses today,” said Bryan Crumpler, Chief Operating Officer of Azlo. “Our mission is to enable small businesses to succeed in their mission and the partnership with Kabbage is a huge step forward in making this happen.”

Small businesses with an Azlo account can now apply to Mission Street Capital to access financing through Kabbage in minutes. Mission Street Capital is powered by Kabbage’s proprietary data platform that analyzes real-time customer banking data and other business performance data including accounting software, payment processor data, and analytics websites, to provide a fully automated funding decision.

“Azlo is helping fill a critical gap in our financial system to serve small, underbanked businesses,” said Laura Goldberg, Kabbage’s chief revenue officer. “Kabbage’s real-time lending platform enables Mission Street Capital to effectively serve any small business in any location to access the financing it needs to grow.

With a Kabbage loan, there are no fees to apply for or maintain access to finance, and small businesses are not required to withdraw funds once they qualify. It’s a hassle-free lending solution with the flexibility to meet the cash flow needs of any small business, from investment opportunities to day-to-day expenses. To date, more than 175,000 small businesses have accessed more than $ 6.5 billion through Kabbage.

How quickly will your business recover from the recession?


Now that we’re in the middle of a economic downturn, there is a lot of talk about how long it will take to start a recovery. Will the recovery curve take the form of a V (a fast recovery), a U (slower) or even the dreaded L (a long and slow recovery)? It is certainly a hot topic for all of us who own a business. The question is: how fast is your business recover from this crisis?

The good news is that we can go back over the story and past slowdowns for clues as to what might happen next in terms of an economic recovery. When you look back, you can see that economic recessions in the past fell into three categories: structural, cyclical, and event.

1. Structural (an “L” shape)

A structural slowdown is the result of something tied to a fundamental part of the economy. A good example is government regulation. One need only look back to our last recession to see how a legal or policy change by the government can inadvertently lead to an economic recession. In this case, the policy was to relax lending standards to make it easier for Americans to buy homes. It is certainly a noble cause. But what happened instead was that the banks started lending money to people who couldn’t afford the loans or the houses they were buying. Inevitably, over time, the real estate market collapsed like a house of cards, dragging the economy with it. The recovery didn’t start until those bad mortgages were finally wiped out of the system, which took years to accomplish. At the same time, the rules also had to be rewritten to ensure that lending standards are more rational in order to avoid similar crises in the future. The problem with structural slowdowns is that they can take a while to recover, which means it’s more of a cruel “L-shape” that unfolds over several years.

2. Cyclic (Recovery A “U”)

A cyclical downturn is the product of markets exhibiting “irrational exuberance”. In other words, we’ve seen cyclical patterns in the stock market where assets become overvalued to irrational levels and then drop predictably, causing a recession. Just refer to the dot-com boom and bust of 2000 where entrepreneurs with little more than a business plan could raise millions of dollars by going public. The good news is that a recovery from a cyclical event can happen relatively quickly – a shorter U shape – because it only resets market expectations instead of needing a change in regulation. Once the market is cured of its irrationality, it can go back to business.

3. Event-based (a “V” recovery)

Our third category is recessions caused by some event. One example that many of us remember is the horrific events of the September 11 terrorist attack. There was a decent huge market the day after that day. But it didn’t take long for people to overcome their fear of flying or staying in hotels, and the economy rebounded in a shark “V” shaped recovery. Things collapsed – and then picked up – very quickly.

What about the Covid-19 crisis we are currently facing? What category does it belong to? I would say it mixes two types of downturns: it includes certain elements of an event (the pandemic) with certain regulations – the resulting shutdown of the economy through quarantine.

This means that while many people hoped for a ‘V’ recovery, the fact that the virus continues to pose a threat – meaning new regulations could impact the economy and prolong the downturn. This promises to be difficult for businesses like gyms and bars which continue to be constrained by regulations and their ability to open at full capacity. Unless these organizations have the foresight to set aside cash reserves, it might be difficult for them to stay alive until the recovery finally begins fully – which might not happen as long as we do. do not have a vaccine. A national fitness chain, Gold’s Gym, for example, has already declared bankruptcy. Unfortunately, we don’t know for sure when a vaccine might arrive.

Some segments of the economy are facing something closer to an L-shaped recovery as they will need to make structural changes to their businesses and overcome the fear that will persist in the population. A prime example is the airlines, although they have reacted quickly with policies of masks and empty seats to give people space, this is not a long term solution. Their economy does not work with half-full planes. There are fundamental structural changes needed beyond those that were made before people were comfortable flying at the pace that we have done in the past.

Of course, not all businesses have been affected by the pandemic. Companies that make video conferencing, market food or face masks or, yes, toilet paper, have seen increased demand during these times. These companies have not seen a decline at all.

As you look to the future in your business, realize that we are living in unprecedented times. We were all hoping for a V-shaped recovery, but it seems that a U is more likely and in some segments of the economy they will face an L-shaped recovery. But history gives us clues as to how and when we might. bounce back – and much of it will depend on those scientists working hard to create a vaccine that will end the fear that is currently holding the economy back.

The opinions expressed here by the columnists of Inc.com are theirs and not those of Inc.com.

LoanFlight Lending is one of Tampa’s fastest growing companies


TAMPA, Florida, November 16, 2020 / PRNewswire / – TampaMortgage lender LoanFlight Lending was named one of the region’s fastest growing companies by the Tampa Bay Business Journal on its Fast 50 list.

Since its inception in 2016, LoanFlight has quietly disrupted the mortgage industry nationwide by leveraging best-in-class technology to lower mortgage costs for its clients. LoanFlight grew 85% from 2017 to 2019 and is now recognized by the Tampa Bay Business Journal as the 34th fastest growing company in the region.

Paul blaylock, owner and CEO of LoanFlight, attributes its hypergrowth to its customer-centric strategy. “Focus on your end customer. It’s easy to get carried away by your own goals,” says Blaylock, “but the capital that really matters is satisfied customers. Without them, nothing else has to do with it. ‘importance.”

LoanFlight’s customer-centric strategy begins with its laser-focused marketing philosophy. Without wasting money on “plush” advertisements such as displaying its logo at sports stadiums or purchasing Super Bowl advertisements, the company can pass the savings directly on to the customer in the form of rates. low and no lender fees.

Putting customers first allows their loan officers to help more people. “I was able to help 326 borrowers for a total loan volume of $ 119,058,548 so far this year ”, says Allen Weinzapfel, senior mortgage banker with LoanFlight. “The customer-centric LoanFlight model and cutting-edge technology allowed me to achieve this while promoting a much better work-life balance than when I was working as a retail loan officer.”

With all of the growth, LoanFlight plans to hire multiple loan officers, processors and underwriters at all experience levels over the next 12 months and expand its geographic coverage to over 15 states. The LoanFlight team enjoys a panoramic view of the city center Tampa views from the 34th floor of the PNC building, where the company recently moved to accommodate its expansion.

This year’s Tampa Bay Business Journal Fast 50 winners represent a wide variety of industries, including technology, marketing, and insurance. The Fast 50 is determined by the percentage of growth over a three-year period. The Tampa Bay Business Journal revealed the Fast 50 ranking during a virtual event on November 10, 2020.

If you would like to join the growing LoanFlight team, please visit https://www.loanflight.com/careers; to get a mortgage quote, please visit https://apply.loanflight.com/#/milestones?app_source=tbbjFast50.

SOURCE loan Flight loan

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Alternative loans market to experience huge growth by 2028


A new business intelligence report published by JCMR with Global Alternative Lending Market The report has the capacity to become the largest market in the world, as it continues to play a remarkable role in establishing progressive impacts on the universal economy. The research is derived from primary and secondary statistical sources and includes qualitative and quantitative details. Some of the key players described in the study are Lending Club, Prosper, Upstart, SoFi, OnDeck, Avant, Funding Circle, Zopa, Lendix, RateSetter, Mintos, Auxmoney, CreditEase, Lufax, Renrendai, Tuandai, maneo, Capital Float, Capital Match, SocietyOne,

During the forecast period, the report also mentions the expected CAGR of the Global Alternative Lending Market. The report provides readers with accurate historical statistics and forecasts for the future. In order to get a more in-depth view of the “Global Alternative Lending Market” is valued at $ XX million in 2020 and is expected to reach $ XX million by the end of 2029, growing at a CAGR of XX% between 2020 and 2029.

Free sample PDF copy here @: jcmarketresearch.com/report-details/1103215/sample

Geographic analysis:

• North America: United States, Canada and Mexico.

• South and Central America: Argentina, Chile and Brazil.

• Middle East & Africa: Saudi Arabia, United Arab Emirates, Turkey, Egypt and South Africa.

• Europe: United Kingdom, France, Italy, Germany, Spain and Russia.

• Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore and Australia.

Market Analysis by Types: P2P loans, crowdfunding and others

Market Analysis by Applications: Individuals, companies and others,

VSclick here and get up to 50% off Enterprise Copy & Customization available for the following regions and countries: North America, South and Central America, Middle East and Africa, Europe, Asia-Pacific

Section analysis:

The action by business category covers the two main types of goods and services, as well as end customers. Such segmentation allows for a granular view of the industry, which is important for appreciating the finer complexities.

The main manufacturers of Alternative loans Marlet: Lending Club, Prosper, Upstart, SoFi, OnDeck, Avant, Funding Circle, Zopa, Lendix, RateSetter, Mintos, Auxmoney, CreditEase, Lufax, Renrendai, Tuandai, maneo, Capital Float, Capital Match, SocietyOne,

Note: please share your budget by call / mail, we will try to meet your needs @ Telephone: +1 (925) 478-7203 / E-mail: [email protected]

Competitive landscape:

The business environment explores the emerging tactics used by different companies to improve competition and maintain their market share. The research study covers techniques such as product growth, emerging technologies, mergers and acquisitions, and joint partnerships. This will help the reader understand the rapidly growing trends. It will also inform the reader of the new pr

** The market is evaluated on the basis of the weighted average selling price (WASP) and includes the taxes applicable to the manufacturer. All currency conversions used in creating this report have been calculated using a certain 2020 average annual conversion rate.

** Values ​​marked with XX are confidential data. To learn more about the TCCA numbers, fill out your details so that our Business Development Manager can contact you.

Some of the points covered in Global Alternative loans The market research report is:

Chapter 1: Global Overview Alternative loans Market (2013-2029)

Chapter 2: Market Competition by Players / Suppliers 2013 and 2020

Chapter 3: Sales (Volume) and Revenue (Value) by Region (2013-2020)

Chapter 4, 5 and 6: Global Alternative loans Market by Type, Application and Player / Supplier Profiles (2013-2020)


Buy and get a snapshot of the full report of [email protected] jcmarketresearch.com/checkout/1103215

Note: Regional breakdown and purchase by section available. We provide pie charts to better customize reports as required.

About the Author:

The global market intelligence and research consultancy JCMR is uniquely positioned to not only identify growth opportunities, but also to empower and inspire you to create visionary growth strategies for the future, through our extraordinary depth and breadth of thought leadership, research, tools, events and experience. that help you make your goals a reality. Our understanding of the interplay between industry convergence, megatrends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can take advantage of early market entrants and achieve their ‘goals and objectives’.

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Mark Baxter (Business Development Manager)

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HAGENS BERMAN, National Trial Attorneys, warns investors in Triterras (TRIT) that deadline is fast approaching, investors with large losses should contact the firm


SAN FRANCISCO, February 05, 2021 (GLOBE NEWSWIRE) – Hagens Berman urges Triterras, Inc. (NASDAQ: TRIT) investors with significant losses at submit your losses now. A securities fraud class action lawsuit has been filed and some investors may have some interesting claims.

Class period: August 20, 2020 – December 16, 2020
Lead Applicant Deadline: February 19, 2021
Visit: www.hbsslaw.com/investor-fraud/TRIT
Contact a lawyer now: [email protected]

Triterras, Inc. (TRIT) Securities Class Action:

The complaint concerns the accuracy of statements by Triterras and senior management regarding the company’s dependence and financial condition of Rhodium Resources, a company controlled by Triterras CEO Srinivas Koneru.

Specifically, according to the complaint, the defendants made misleading statements or covered up (1) the extent to which Triterras’ revenue growth depended on Rhodium’s credentials, (2) Rhodium’s dire financial situation, and (3) that ‘As a result Rhodium was likely to refer fewer users to the business.

Investors began to learn the truth, according to the complaint, on December 17, 2020 when Triterras announced that Rhodium was seeking a moratorium to protect itself from creditors while planning to restructure its debts and continue operations. This news caused the stock price of Triterras to drop.

Most recently, January 14, 2021, Phase 2 partners published a report titled “Is Triterras (TRIT) the Wirecard of Blockchain? Among others, Phase 2 highlighted its concerns regarding (1) undisclosed related party transactions and (2) certain accounting matters Phase 2 consider them to be “red flags”. In response, the price of Triterras shares collapsed again.

“We focus on the losses of investors and prove that Triterras intentionally misled them about Rhodium’s financial position,” said Reed Kathrein, Hagens Berman’s partner leading the investigation.

If you are a Triterras investor and have significant losses or have knowledge that can help the investigation of the company, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Those with non-public information regarding Triterras should consider their options to assist with the investigation or take advantage of the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty lawyers. The firm represents investors, whistleblowers, workers and consumers in complex litigation. To learn more about the company and its successes, visit hbsslaw.com. For the latest news, visit our writing or follow us on Twitter at @classactionlaw.

Reed Kathrein, 844-916-0895

New Radicals’ Gregg Alexander on loaning his song to an advertisement to get the vote


As Biden wrote in Promise me, daddy, his 2017 book on his relationship with his son Beau, who died of a brain tumor in 2015, the former vice-president often accompanied his son to his chemotherapy treatments every other Friday. “We would always go out for breakfast afterwards, sometimes we would just walk around town or have our hair cut,” Biden writes. “I will forever cherish our time together – the many conversations we have had about life. Over breakfast, he would often play to me what I thought was his theme song, ‘You Get What You Give’ by the New Radicals. Even though Beau never stopped fighting and his will to live was stronger than most, I think he knew that day might come. ‘collapse / Everything will be fine, follow your heart. “

Alexander tells Billboard he wasn’t aware of the passage from the book – or that the song’s lyrics were recited at Beau Biden’s funeral – until a friend alerted him.

“It wasn’t until after Joe’s book came out and a friend said ‘You have to read this!’ Did I hear that Joe and his son were playing the record together on the last breakfast they had as a father and son before Beau died of cancer, “said Alexander. “In the music business it’s easy to harden up on life, but when I read this I started crying in 30 seconds because it sounded like Beau had grasped the true meaning of the song. song and used it as a fight song to never give up or let go in the face of adversity, [which is] the true message of the song despite the bells and whistles. That’s what the song is about even more now than when I wrote it 23 years ago.

Goldring, who was Alexander’s lawyer for 17 years, brought the artist into Democratic circles. “Fred is the one who dragged me to Oprah [Winfrey]’s house in 2008 to meet Obama, who was using the New Rads to warm up his crowds. It was a pleasure to see Oprah, Babyface and Stevie [Wonder] to the beat of the beat, ”he says. Goldring and Alexander also teamed up for “Forward,” a song for the Obama campaign in 2012, with Herbie Hancock, Ne-Yo and Johnny Rzeznik.

“When Fred asked me a while ago what I thought of his Coda campaign making a video to get the vote with ‘You get what you give’, of course I said yes,” continues Alexander. “Fred and I are also passionate about politics and global justice for the disenfranchised. “

For Alexander, the last use of the song is just one more chapter in the unpredictable life of “You Get What You Give”. “Lord knows that when you write a song you never know where it will go or who will hook up to it, which is also why it is such an exciting medium despite all of life’s distractions on phones, television or music. computers, ”he says. “But learning that the song was adopted by heroes like Obama, Biden and his son, or even artists I admired as a kid like Joni Mitchell or Bono, is part of the larger mystery of music – how it connects with people from different walks of life, eras or backgrounds, which inspires us as songwriters to keep trying to write the best song possible.

African Development Bank and European Investment Bank sign joint partnership action plan to accelerate development in Africa


The African Development Bank (AfDB) (www.AfDB.org) and the European Investment Bank (EIB).

The joint action plan allows the two institutions to develop a common pool of bankable projects around key complementary themes to which each institution would bring its comparative advantage.

These themes are: climate action and environmental sustainability; large-scale transformative investment in quality infrastructure; Information and Communication Technologies (TIC) infrastructure and services; financial inclusion from a gender perspective aimed at empowering girls and women; Education and formation; and the health sector.

The signing takes place in the middle of the COVID-19 pandemic which increases poverty on the African continent and threatens markets and livelihoods, increasing the urgency to act.

The agreement was signed by the African Development Bank, Acting Senior Vice President Bajabulile Swazi Tshabalala and Thomas Östros, Vice President of the European Investment Bank, in a virtual ceremony attended by more than 100 stakeholders from across Africa and Europe. The session was preceded by a short round table between the two members of senior management and representatives of the two institutions.

It is crucial that more multinational development banks and other development finance institutions commit to closer and stronger collaboration, as demonstrated by this joint action plan between the AfDB and the EIB, in order to support our regional member countries more effectively in these troubled times, ”Tshabalala said. “Sustainable economic growth and security in regions facing particular challenges, such as the Sahel and the Horn of Africa, are our top priority. “

“Partnerships are crucial to the EIB’s activities and impact, and this partnership with Africa’s Bank is crucial for Africa. The action plan signed today with the African Development Bank demonstrates the strong commitment of the European Investment Bank, the EU Bank, to making investments that make a real difference for Africa. Improving our work with the African Development Bank, Africa’s multilateral development bank, is a strategic priority for the EIB and European. Together the EIB and the AfDB will strengthen cooperation and engagement with African partners to ensure that Africa emerges from the health, social and economic challenges of COVID-19 to an even brighter 21st century, ”said Thomas Östros, European Vice-President for Investments.

The joint action plan was developed following a EIB delegation meeting with the African Development Bank in February 2020.

Shared priorities to support the transformation

The plan reflects the Bank’s High 5 priority development areas as well as the EIB’s priority areas for Africa. After COVID-19 the two institutions have allocated funding for a rapid response to meet the budgetary and health needs of countries in the region.

Build on track record of joint financial and technical support across Africa

Over the past 5 years, the joint portfolio of the two institutions has grown to reach EUR 3.4 billion, mobilizing investments totaling EUR 10.2 billion for 26 projects across the continent.

The EIB and the African Development Bank recognize the unique role of public development banks in supporting high impact and pioneering investments and mobilizing private sector finance.

Recent cooperation to increase venture capital funding for innovation and technology companies through the Boost Africa initiative and engagement in the Desert to Power program shows how public banks are accelerating funding in priority policy areas.

The unique financial and technical contribution of public banks was further demonstrated earlier this month when the EIB and AfDB Presidents confirmed increased support for biodiversity and investment across the Sahel as part of the Great Green Wall initiative confirmed at the One Planet summit hosted by French President Macron and Prince Charles.

In recent years, the EIB and the AfDB have jointly supported clean energy, water, transport and private sector projects across the continent, from Morocco to the north, Senegal to the west, Kenya to the east and Zambia in the south, and elsewhere in Africa.

In the Sahel region, the AfDB and EIB fund climate and energy initiatives such as Desert-to-Power and the Great Green Wall Initiative.

The African Development Bank Group and the European Investment Bank have a long history of cooperation, framed by their relationship as multilateral development banks and a memorandum of understanding on a strengthened strategic partnership, signed in 2005, between the EIB, the AfDB and the European Commission. They also signed a procedural framework for co-financed public sector projects.

Click on here (https://bit.ly/3bTAI3e) to read the plan and for more information.

Distributed by APO Group on behalf of the African Development Bank Group (AfDB).

Media contact:
African development bank
Amba Mpoke-Bigg
Communication and External Relations Department
Email: [email protected]

European Investment Bank
Richard Willis
[email protected]
Tel: +352 43 79 82155 / Mobile: +352 621 55 57 5

About the African Development Bank:
The African Development Bank Group (AfDB) (www.AfDB.org) is the premier development finance institution in Africa with a mandate to stimulate sustainable economic development and social progress on the continent, thereby contributing to the poverty reduction. The Bank Group achieves this objective by mobilizing and allocating resources for investment on the continent; and providing strategic advice and technical assistance to support development efforts. The authorized capital of the African Development Bank, of approximately $ 208 billion, is subscribed by 81 member countries including 54 African countries and 27 non-African countries. For more information, visit www.AfDB.org.

The European Investment Bank (EIB) (www.EIB.org) is the European Union’s long-term lending institution owned by its member states. It makes long-term funding available for sound investments in order to contribute to the political objectives of the EU.

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Africanews provides APO Group content as a service to its readers, but does not edit the articles it publishes.

Restaurant365 launches loan program to help restaurants access capital


Restaurant365, an all-in-one restaurant management platform, created R365 Capital, a program designed to help restaurants quickly access the capital they need to thrive. With this free service, restaurateurs complete a single application to access loan options for up to 75 of the nation’s leading lenders. Loan advisers advocate for restaurants and help them find the loan that’s best for their business, according to a press release from the company.

This program comes at a time when access to capital has never been more important, and for many restaurants, may be the only way to keep their doors open, said John Moody, co-founder of Restaurant365, in the communicated.

“The first round of PPP funding ran out as many restaurateurs were still trying to figure out the documentation requirements,” he said. “Other operators were reluctant to apply for the loan because of complicated loan cancellation guidelines. Many feared that if they didn’t follow the rules, they would be forced to repay the loan.”

With the recent announcement to replenish the PPP with an additional $ 310 billion and the economic disaster loan program with an additional $ 60 billion, R365 Capital aims to help restaurateurs navigate the process of acquiring the necessary funds. to stay in business, either through government assistance programs such as PPP and EIDL, or other sources.

“The global COVID-19 pandemic has taught us that restaurants are resilient. Many Restaurant365 customers have switched to a delivery and delivery only model, while some have implemented other innovative ways to generate revenue, ”Moody said. “As our customers pivot, so must we. R365 Capital is part of a larger initiative to focus on creating solutions that help restaurants in these unprecedented times and beyond. “

By partnering with Lendio, a marketplace for small business lending, R365 Capital can quickly connect restaurants to experienced lenders. Restaurant businesses do not need to be existing Restaurant365 customers to use the free program, the statement said.

HiFi Launches Fixed Rate Cryptocurrency Lending & Borrowing App


Allows a BTC collateral wrapped with a USDC loan

In the wake of its latest rebranding, Hifi stereo (formerly Mainframe), today launched its Fixed Rate Cryptocurrency Lending Protocol, which allows anyone to create fungible debt securities on the ethereum blockchain. Fixed rate loan options give investors the ability to better define finances and trading strategies. Additionally, the HiFi protocol reduces collateral requirements for cryptocurrency lending and removes barriers preventing highly volatile assets as potential collateral pairs for crypto lending and borrowing applications. Initially, HiFi offers a USDC stablecoin loan with a WBTC (wrapped Bitcoin) collateral, and the HiFi team plans to quickly add products and services to expand lending markets and collateral pairs.

“Fixed rate loans are a big step for DeFi,” said Doug Leonard, CEO of HiFi. “Investors and traders need less volatile options so that they can plan their finances, have spending predictability, and hedge their investments with certainty. With the increase in DeFi lending activity, protocols like Aave have attempted to ‘Offer loans at stable rates. However, market volatility has reduced the value of these “stable” rates, as borrowers incur fees to maintain a semi-fixed position. “

Amidst the dramatic volatility of the cryptocurrency markets, developers have struggled to maintain a balance between demands for collateral and incentives for borrowers and lenders. Yet decentralized finance (DeFi) markets have reached a valuation of over $ 40 billion. The HiFi protocol automates incentives in a perpetual balancing exercise that maximizes value for all parts of the lending process.

HiFi works by automatically adjusting the incentives between borrowers, lenders and guarantors, each representing a distinct and complementary position of economic exposure. Borrowers deposit collateral and tokens, representing a debt instrument. Lenders buy nominal debt securities, usually at a reduced price, and redeem them for their face value at maturity. Going forward, the protocol will allow guarantors to purchase collateral at a reduced price when collateral accounts do not meet the collateral requirement.

“HiFi opens up decentralized lending to a whole new world of diversified debt markets,” Leonard said. “Fixed rate loans, especially for volatile assets, allow traders to take more aggressive positions and reward all parties involved in the process with a better return on investment.”

About HiFi:

The HiFi Lending Protocol allows anyone to create fungible chain bonds economically similar to zero coupon bonds. Tokenized debt securities are backed by excess collateral that is escrowed in Ethereum smart contracts that are audited and viewable by the public. A new system of incentives, including penalties, discounts and arbitrage opportunities, protects the sub-warranty protocol. Future compatibility with other DeFi primitives will allow participants to earn revenue from multiple DeFi protocols at once. HiFi tokens align the incentives of each stakeholder, balance the participation of ecosystem members, and provide some desirable benefits within the system.

For more information, please visit: https://hifi.finance/

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See the source version on businesswire.com: https://www.businesswire.com/news/home/20210217005208/en/


Benjamin noble
RP multiplied
e: [email protected]
Phone. : 1 919 721 3590

Open Lending Signs Members of First Federal Credit Union to Lenders Protection ™ Program


Members 1st FCU partners with Open Lending to expand car loan offerings to more members

AUSTIN, Texas, Dec. 16, 2020 (GLOBE NEWSWIRE) – Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders across the States- United. They announced today that Members 1st Federal Credit Union, a $ 5.3 billion institution based in Mechanicsburg, Pa., Has signed with Open Lending to implement its Lenders Protection ™ program.

Since its inception in 1950, Members 1st has been committed to serving its members through support, empowerment and meaningful relationships. Senior Vice President, Consumer Credit, Jeff Ernst, explains, “At Members 1st, we have a vision to provide everything our members need to live well financially through all times and stages of life. Open Lending will allow us to meet the auto loan needs of more members while continuing to provide unparalleled experiences for our member-owners.

Open Lending’s flagship product, Lenders Protection ™, is a unique automatic loan activation platform. It uses proprietary data and advanced decision analytics to provide lenders with a powerful way to increase close and non-senior auto loan volumes, without adding significant risk to their auto loan portfolio. Lenders Protection ™ allows auto lenders to model their overhead and specific financing costs and set a target ROA for their insured portfolio. The result is a profitable auto loan portfolio with carefully managed pricing and risk characteristics.

“Our goal is to enable our clients to serve more members,” said Matt Roe, Director of Revenue at Open Lending. “By implementing the Lenders Protection ™ program, Members 1st will have a powerful and secure way to provide competitively priced auto loans to a wider range of members.”

About open loans
Open Lending (NASDAQ: LPRO) provides loan analysis, risk-based pricing, risk modeling, and default insurance to auto lenders across the United States. For 20 years, they have enabled financial institutions to build profitable auto loan portfolios by saying “yes” to more auto loans. For more information, please visit www.openlending.com.

Members 1st Federal Box
Membership 1st FCU serves nearly half a million members through its network of nearly 60 branches in central Pennsylvania, as well as its strong digital banking and call center channels. To learn more about Members 1st, visit www.members1st.org or call (800) 283-2328.

Media contact
Ginny Goertz | [email protected]

EU offers ‘quick fixes’ to boost bank lending during pandemic


LONDON (Reuters) – Banks are expected to curb bonuses to boost their ability to help businesses and households hit by the coronavirus crisis, the European Union executive said on Tuesday.

The European Commission has presented a new package of temporary ‘quick fixes’ offering capital relief that would support additional loans worth up to € 450 billion ($ 490 billion) to struggling businesses as they move forward. ‘a deep recession is looming.

“In the last crisis we had to support the banks, this time we are helping the banks to support households and businesses,” EU chief financial officer Valdis Dombrovskis said at a conference. hurry.

The relaxation of capital and accounting rules will be temporary, and the package must be approved by EU states and the European Parliament no later than June to have full effect, he said.

The EU executive backed statements by regulators that banks should refrain from paying dividends or repurchasing shares at a time when they are receiving capital relief.

“For banks, moderating the amount of bonuses paid to senior executives and high incomes in these difficult times is also a way of expressing their solidarity with those affected by the COVID-19 epidemic,” the Commission said.

Banks like UniCredit and Deutsche Bank have started reporting increased bad debt provisions as a deep recession looms after nationwide lockdowns to tackle the pandemic.

Tuesday’s package provides flexibility in how provisions are calculated and to delay their eventual impact on a bank’s capital cushion to prevent loans from turning into a trickle in the face of increased bad debts caused. by the pandemic.

The delays in repayment should not automatically lead to a more severe accounting treatment of the respective loans, the Commission said.

An EU official estimated eurozone banks could face an additional € 100 billion in loan provisioning in 2020, but capital relief on Tuesday means they will still be able to support additional loans worth up to 450 billion euros.

The European Commission has also proposed giving banks more leeway in how they calculate a measure of capital known as the leverage ratio, proposed easier treatment of small business loan capital, and speeded up a rule. which allows banks not to deduct the value of software from capital.

“These adjustments to the prudential framework would facilitate collective efforts to mitigate the impact of the pandemic and thus move towards a rapid recovery,” said the Commission.

In previous measures, EU regulators have said banks could use some of their capital buffers to keep lending to the economy, although some of the initiatives announced on Tuesday fall short of similar proposals made by banks. American regulators.

Reporting by Huw Jones; Editing by Alexander Smith, Kirsten Donovan

HSBC Appoints Head of Grande Baie Region to Capture Cross-Border Lending and Wealth Management Business


HSBC, Hong Kong’s largest bank, has announced the establishment of an office in the Greater Bay Area, to be headed by Daniel Chan Hing-yiu.

Chan, who currently heads his business and commercial banking division in the city and has worked with HSBC for 30 years, will take up his new role next month, according to a statement on Monday. He will move to the southern province of Guangdong in mainland China to set up the new office. The lender has not yet decided on a city.

Chan’s appointment comes amid a wave of activity by the city’s banks, which are preparing to tap into new cross-border lending and wealth management businesses in the development zone of the Grande Baie region. The region, which has a total population of 72 million, had a combined economy of US $ 1.7 trillion – the 11th largest economy in the world – in 2019.

Get the latest information and analysis from our Global Impact Bulletin on the great stories from China.

Last week, Bank of East Asia said Christine Lo, his personal loans manager, will lead his office in the development zone. Standard Chartered Bank created the role of managing director for the Greater Bay Area in August last year and appointed Anthony Lin, its former CEO of Taiwan, to the post in October.

“Hong Kong banks are appointing proven leaders for the Bay Area as they prepare for the soon to be launched Wealth Management Connect program,” said Tom Chan Pak-lam, president of the industry body Institute of Securities Dealers.

Daniel Chan has worked with HSBC for 30 years and will take up his new role next month. Photo: Document alt = Daniel Chan has worked with HSBC for 30 years and will take up his post next month. Photo: Handout

The program, expected this year, will allow Bay Area residents to invest in wealth management products through banks in Hong Kong and Macau, while investors in those cities will be able to invest in wealth management products offered by mainland Chinese banks.

The connection is crucial for the Development Zone, which was envisioned as encouraging the flow of talent and capital between the nine cities of Guangdong Province and the two Special Administrative Regions. In October, the authorities set a global quota 300 billion yuan ($ 45 billion) for two-way movements of funds under the connect program.

“The Greater Bay Area is a vibrant urban hub, experiencing a significant increase in demand for internationally competitive banking services,” said Diana Cesar, CEO of HSBC’s Hong Kong office. “This is a strategic priority area for HSBC, and we are investing in our digital infrastructure, our cross-border product capabilities and our talent pools.

SCMP alt charts = SCMP charts

Last month, the bank announced that it hire 100 graduates from Hong Kong interested in gaining work experience in the area. The bank has a total of 50 outlets in Guangdong province. In recent years, she has also introduced HSBC Qianhai Securities and has expanded its insurance, personal banking and wealth management services to the Greater Bay Area.

The new office will allow the bank to support more cross-border trade and investment flows, said Mark Wang Yunfeng, Chairman and CEO of HSBC China.

“Guangdong has always been at the forefront of China’s opening up and economic transformation,” he said. “The forward-looking policy developments announced in recent years will further foster economic connectivity in many different ways. “

This article was originally published in the South China Morning Post (SCMP), the most authoritative voice on China and Asia for over a century. For more SCMP stories, please explore the SCMP application or visit the SCMP Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.

TCU Financial Group digitizes corporate lending with nCino and Deloitte Canada


Fast, iterative delivery design enables credit union to quickly launch nCino

TORONTO, February 04, 2021 (GLOBE NEWSWIRE) – nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that the Saskatchewan-based company TCU Financial Group digitally upgraded its business lending processes using the nCino Bank Operating System®. The credit union worked with Deloitte successfully deploy nCino in an accelerated time frame despite all teams being totally remote due to the COVID-19 pandemic.

Recognizing the need to digitize to better meet the needs of its members, TCU Financial Group, with assets of C $ 773 million, used Deloitte’s fast and iterative delivery model to implement the Commercial banking solution, by taking advantage of the pre-defined configurations that allowed the credit union to be active on nCino quickly and efficiently. With nCino, TCU Financial Group has access to automated workflows, real-time reporting and digital document management as part of an end-to-end loan process. Employees now have more time to focus on member relations, and the flexibility of the nCino platform will allow TCU Financial Group to continue to improve the member experience while adding new features.

Svjetlana Mestrovic, Assistant Vice President of Optimization and Systems Integration at TCU Financial Group, said: “In a world of digital disruption, we knew we had to transform our services to remain a valuable partner for our businesses. members. nCino and Deloitte have helped us put the technology in place to better support members now and also create a backbone to continue to evolve our offerings in the future.

“TCU Financial Group has seen how the pandemic has increased the importance of digitization and quickly responded to this need so that they can better serve their community,” added John Wang, global digital banking partner at Deloitte. “We are proud of how the close collaboration between our three organizations has enabled us to rapidly bring value to TCU Financial Group and its members through nCino. Together, we have developed a repeatable delivery model that will enable innovative credit unions and banks to build digital capabilities in a fast and easy to digest way. “

“While the idea of ​​digital transformation may seem daunting, TCU Financial Group has proven that it doesn’t have to be, especially when broken down into smaller stages using a single platform.” , said Cam Sterrett, regional vice president and general manager. – Canada at nCino. “We are honored that TCU Financial Group has entrusted us with helping them on their journey to digitalization and we are delighted to continue working alongside them, with the help of Deloitte, as they expand their use of nCino. “

About nCino
nCino (NASDAQ: NCNO) is the global leader in cloud banking. The nCino Bank Operating System® provides financial institutions with scalable technology to help them increase revenues, increase efficiency, reduce costs and comply with regulations. In a digitally driven world, nCino’s unique digital platform enhances the employee and customer experience to enable financial institutions to more effectively onboard new customers, grant loans and manage overall loan lifecycle, and open deposits and other accounts across all lines of business and channels. . Transforming the way financial institutions operate through innovation, reputation and speed, nCino works with more than 1,200 financial institutions around the world, with assets ranging from $ 30 million to over $ 2,000 billion. For more information visit: www.ncino.com.

About TCU Financial Group
TCU Financial Group is a Saskatchewan-based credit union that has provided a full range of financial products and services to Saskatchewan residents, organizations and businesses since 1952. TCU Financial Group aims to connect people with their unique life goals by creating meaningful spaces, providing a value-added experience with expert advice and advocacy for financial literacy to foster healthier communities. For more information, please visit www.tcufinancialgroup.com.

About Deloitte
Deloitte provides audit and insurance, advisory, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four of the five Fortune Global 500® companies through a global network of member companies in more than 150 countries and territories, bringing world-class capabilities, knowledge and services to tackle clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability company, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of the companies Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please watch www.deloitte.com/ca/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Our overall goal is to have an impact that matters. At Deloitte Canada, this translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this by living our shared values ​​to lead the way, serve with integrity, care for one another, foster inclusion, and collaborate for measurable impact.

To learn more about Deloitte’s more than 312,000 professionals, more than 12,000 of whom are part of the Canadian firm, please contact us at LinkedIn, Twitter, Instagram, or Facebook.


Claire Sandstrom, nCino

Natalia Moose, nCino

+1 646.520.0710

+1 910.248.4602

[email protected]

[email protected]

This press release contains forward-looking statements within the framework of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by the ‘use of the words “believes,”, “,”, “,,”, “similar expressions. All forward-looking statements contained in this press release are based on the historical performance of nCino and its current plans, estimates and expectations, and do not constitute a representation that such plans, estimates or expectations will be realized. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may change these expectations and, except as required by law, nCino assumes no obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially. Additional risks and uncertainties that could affect nCino’s business and financial results are included in reports filed by nCino with the United States Securities and Exchange Commission (available on our website at www.ncino.com or on the SEC website at www.sec.gov). Further information on potential risks that could affect actual results will be included in other documents filed by nCino with the SEC from time to time.

Metrics implements nCino to grow its business lending business


Australian non-bank corporate lender partners with Industry & Co to help deliver project

SYDNEY, Australia, February 01, 2021 (GLOBE NEWSWIRE) – nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Metrics credit partners, one of Australia’s leading non-bank lenders, has adopted the nCino Bank Operating System® transform their business lending practices to further support sustained growth. Selected metrics Industry & Co to support project delivery.

As an organization focused on highly structured and larger business loans from A $ 10 million to A $ 150 million, Metrics needed a digital solution that would allow it to manage a wide range of borrowers, types of loans and structures with various financial and reporting clauses. With nCino’s Commercial banking solution, Metrics has access to enhanced dashboards and reports, giving them more detailed portfolio and customer information. The Metrics investment team also has a holistic view of their clients and a better understanding of the entire portfolio, which helps them improve their risk management practices. In addition, nCino Document manager allows Metrics to store and categorize all of their transaction-related files for quick identification and retrieval.

Due to the COVID-19 pandemic, the entire implementation of nCino has been executed remotely. To help deliver the nCino platform, Metrics has partnered with Industrie & Co, a technology company with extensive experience in financial services that helps institutions navigate digital transformation. Thanks to the combined efforts of teams from all three organizations, Metrics was able to quickly adopt nCino despite the remote working environment.

“NCino provides us with a scalable technology platform with our business, which is critical given our continued growth,” said Andrew Lockhart, Managing Partner at Metrics. “Of the vendors we looked at, nCino was best able to meet all of our needs, and their commitment to innovation means that we will continue to benefit from improvements over time. We had a tight schedule to start and use nCino, and Industrie & Co proved to be an agile partner with a deep understanding of financial services that served our diverse needs well.

“We were delighted to support Metrics in the implementation of nCino,” said Lukas Bower, Managing Director of Industry & Co. “The combined team was able to deliver a great result within a tight deadline, despite COVID-19. Well done for a great effort.

“Any transformation project will face its share of challenges, but none of us could have expected to have to undergo a significant technological implementation during containment due to a global pandemic,” Mark said. Bernhardi, Managing Director – APAC at nCino. “I am incredibly proud of what our three teams have been able to accomplish together. Collaboration between our organizations is a big step forward in the digitization of Australian financial services. “

About metrics
Metrics is Australia’s largest non-bank corporate lender and alternative asset manager specializing in fixed income, private credit, equity and capital markets. Metrics offers a range of debt products to borrowers across the credit risk spectrum, across capital structure and across industries. Whether working alongside banks under traditional syndicated credit facilities or working directly with borrowers to structure innovative bespoke solutions, Metrics provides a valuable source of non-bank capital in a growing market. in addition constrained. Metrics has loaned more than A $ 10 billion on more than 325 transactions since launching its first fund more than seven years ago. With significant industry experience and expertise, Metrics focuses on providing performance guarantees for its corporate borrowers and creating innovative investment products.

About nCino
nCino (NASDAQ: NCNO) is the global leader in cloud banking. The nCino Bank Operating System® provides financial institutions with scalable technology to help them increase revenues, increase efficiency, reduce costs and comply with regulations. In a digitally driven world, nCino’s unique digital platform enhances the employee and customer experience to enable financial institutions to more effectively onboard new customers, grant loans and manage overall loan lifecycle, and open deposits and other accounts across all lines of business and channels. . Transforming the way financial institutions work through innovation, reputation and speed, nCino works with more than 1,200 financial institutions around the world, with assets ranging from $ 30 million to over $ 2,000 billion . . For more information visit: www.ncino.com.


This press release contains forward-looking statements within the framework of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by the ‘use of the words “believes,”, “,”, “,,”, “similar expressions. All forward-looking statements contained in this press release are based on the historical performance of nCino and its current plans, estimates and expectations, and do not constitute a representation that such plans, estimates or expectations will be realized. . . . These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may change these expectations and, except as required by law, nCino assumes no obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties which could cause actual results to differ materially. Additional risks and uncertainties that could affect the business and financial results of nCino are included in reports filed by nCino with the United States Securities and Exchange Commission (available on our website at www.ncino.com or the SEC website at www.sec.gov). Further information on potential risks that could affect actual results will be included in other documents filed by nCino with the SEC from time to time.

here’s a way to keep house prices from rising so fast


The number of bidders is, of course, strongly influenced by migration, which took off during the pandemic. But the floodgates are open on how much money the buyers who are active in the market can auction. It depends on several factors, including accumulated savings, availability of credit, the cost of that credit, and the relative attractiveness of the property compared to other asset classes as a vehicle for investing money.


COVID has actually increased savings, thanks to generous support and fewer opportunities to spend money. Banks remain determined to lend. The Reserve Bank has cut interest rates to near zero and is buying bonds to lower other interest rates. It is no longer difficult to find mortgage loans with a “1” in front, especially at a fixed rate.

So buyers can afford to borrow more. And what do Australians generally do when credit becomes cheaper? Are we starting our own businesses? No, idiot! We invest in real estate!

Why? Because the tax system explicitly rewards us for it.

And it’s not just the ability to invest negatively in investment property and take advantage of a 50% tax exemption on capital gains. Indeed, it is not the investors who are at the origin of the increases in house prices expected today.

These are largely first-time buyers – at least the lucky ones who have savings and access to credit. These buyers know that they will pay absolutely no tax on any capital gains they realize on their home. Upon retirement, the value of their assets will be excluded from the retirement assets test. When they die, they can pass the property tax free to their children.

While other countries, like Britain, impose inheritance tax, the Australian federal government does not have such a revenue base to draw upon. As a result, Australians pay relatively higher income tax levels than other countries and our societies relatively higher tax rates (albeit with deductions for many).

Therefore, our relatively light approach to taxing accumulated wealth not only increases inequality, but also penalizes Australians who work hard in their working lives. This is madness.

There is so much we could do to stop the rapid escalation in property values. We could obviously better plan and increase the supply of new housing, especially for low-income people.

We could reduce concessions on investment properties and force Australian homeowners to dip into more of the capital accumulated in their homes to fund their retirement. We could impose taxes on the family home or inheritance to shift the burden of taxation onto wealth and not income.


But the policy is simply seen as too evil. Labor appears to have given up, convinced it cannot win the seats it needs to take over the government while pushing a program to calm property speculation.

The ultimate craziness of it all is that no one really gets richer from it all. Unless you intend to become homeless, the rising prices will only make your next home more expensive.

Of course, homeowners can use the equity in their home to put their kids on the property ladder, while the less fortunate kids in the parental lotto are hopelessly left behind. Growing home values ​​make us a nation increasingly divided between the haves and have-nots.

It’s a mess entirely of our own making. We could choose to change it, if we wanted to. But we don’t. Maybe we are secretly profiting from these price gains more than we want to admit?

Shame on us.

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Challenger Outperforms Six Opponents In East Palo Alto City Council Race By Lending Money To His Own Campaign | New


With Election Day quickly approaching, Webster Lincoln, one of four newcomers vying for a seat on East Palo Alto City Council, leads the way for campaign contributions from his six opponents, collecting 18,005, $ 69 as of Oct. 17, according to the latest financial information.

Documents show that $ 13,872.69, or more than 75% of his campaign funds, came from Lincoln’s own pocket. The remainder of his funds, $ 4,133, came from individual donations, ranging from $ 100 to $ 500.

Contributions include $ 500 from his mother, Niambi Lincoln, current director of the Palo Alto Park Mutual Water Company; $ 500 from Katherine Loudd, Lincoln’s grandmother and former director of the water company; $ 500 from William Treseder, senior vice president of products at Palo Alto technology company BMNT; and $ 250 from Catherine Burton, a teacher from the Sequoia Union High School District.

Behind Lincoln, newcomer Antonio Lopez raised $ 16,451.79. Most of Lopez’s funds came from individual donations ranging from $ 100 to $ 500. As of October 17, his campaign had raised $ 14,540.

The 26-year-old Stanford University doctoral student in literature has received a large sum of donations from staff, faculty and colleagues at his alma maters, local schools and other educational institutions. Several contributions came from various faculty members at Menlo School, including a donation of $ 104 from school principal Than Healy.

The documents also show contributions from donors in the publishing and writing arena, including San Mateo County Poet Laureate, Aileen Cassinetto, and real estate investment firms, including Harvest Properties partner Blair Volckmann. , the Oakland-based developer who purchased 17 acres near Bay Road and Weeks Street last year, according to the San Francisco Business Times.

While the majority of contributions, nearly 70%, arrived in a single month, from September 18 to October 17, the rest of the money came from Lopez, who loaned $ 2,365 to his campaign.

Larry Moody, the former mayor and vice-mayor who is running for a third term on council, has received support from local politicians, real estate agents and investors, technical staff and the East Palo Alto Police Officers Association , according to documents.

In total, the longtime East Palo Alto resident raised $ 14,755 for his campaign, through donations alone.

Contributions include $ 500 from San Mateo County Supervisor Warren Slocum; $ 500 from John Pimentel, District Board candidate for San Mateo County Community College; $ 250 from Santa Clara County Supervisor Joe Simitian; $ 250 from Pat Burt, a former mayor who wants to return to Palo Alto city council this fall; $ 200 from State Senate candidate Josh Becker; and $ 100 from Gisell Hale, a candidate for Redwood City council.

Moody has also received several contributions from employees related to the tech industry, including $ 200 from Juan Salazar, public policy manager at Facebook. A few donations have also come from real estate agents and investors, such as a $ 250 contribution from Michael Kramer, Managing Director of Sand Hill Property Company, who has some investments in the city.

The campaigns of outgoing Lisa Gauthier and Juan Mendez, the youngest candidate in the race, raised significantly less money.

Gauthier’s campaign raised $ 4,205 through donations and loans.

Contributions to the former mayor’s re-election efforts include donations of $ 100 to $ 500 from some of the same people who also supported Moody’s campaign – Becker, Burt, Pimentel and Salazar.

Leigh Morgan, former director of operations for the Bill and Melinda Gates Foundation, who lives in Seattle, also donated $ 250 to Gauthier’s campaign, as did Azalée Renfield, community services manager in the city manager’s office, who donated $ 500.

Documents submitted on October 30 show that Mendez’s campaign received $ 2,357.63 and came mainly from two sources: a pool of smaller contributions under $ 100 – meaning Mendez’s campaign did not. to disclose credentials about those donors or the dollar amount they donated – and founding CEO of Silicon Valley Bank Roger Smith, who donated $ 500 to the campaign. There were a few other contributions in the range of $ 190 to $ 400, including one from former San Jose City Council candidate Jenny Higgins.

Stewart Hyland, organizing director of the San Mateo County Housing Leadership Council, initially had no intention of raising more than $ 2,000 for his campaign, but a recent cash transfer of $ 198 put him at- above the $ 2,000 limit. Documents disclosing campaign contributions had yet to be filed Friday afternoon, October 30, he said.

Carlos Romero, the affordable housing consultant seeking a third term on the board, was not required to disclose campaign funding information as he did not intend to raise more than 2,000 $ in campaign contributions.

Romero said he did not want to accept donations to avoid “undue influence from donors” and decided to self-fund his campaign.

Mnuchin Ends Some Pandemic Loan Programs Fed Deems Critical


(Reuters) – US Treasury Secretary Steven Mnuchin said on Thursday that the Federal Reserve’s main pandemic loan programs would expire on December 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy as President-elect Joe Biden arranges his administration.

FILE PHOTO: Steven T. Mnuchin, Secretary, Department of the Treasury at the Senate Committee on Banking, Housing and Urban Affairs hearing reviewing the CARES Act Quarterly Report to Congress, in Washington, DC, U.S., on September 24, 2020. Toni L Sandys / Pool via REUTERS

In a letter to Fed Chairman Jerome Powell, Mnuchin said the $ 455 billion allocated to the Treasury under the CARES Act last spring, much of which was set aside to support Fed loans to businesses , nonprofits and local governments, should instead be available for Congress to reassign them.

The move comes as data shows the rapid recovery from a historic plunge in the economy is fading, with more than 10 million people who had jobs in January still out of work

“I demand that the Federal Reserve return the unused funds to the Treasury,” Mnuchin said in a letter to Powell, refusing to expand programs which the central bank said were essential to ensure that credit flowed to all parts of the country. economy during the worst economic times. slowdown in a century.

The announcement was not expected by Fed officials, who said this week the programs should be extended, and told Mnuchin immediately after his ruling was made public.

In an emailed statement, the Fed said it “would prefer that all of the emergency facilities put in place during the coronavirus pandemic continue to play their important role in supporting our still strained and vulnerable economy.” .

“I think given the state of the economy and there are still so many uncertainties, it’s safe to keep these things open,” Atlanta Fed Chairman Raphael Bostic said in an interview with Bloomberg Television. Bostic is on the shortlist to be Biden’s Secretary of the Treasury.

The announcement could signal potential problems for the incoming Biden administration. Although the programs were not widely used, Fed officials believed their presence reassured financial markets and investors that credit would remain available to help businesses, local agencies and even non-profit organizations. lucrative during the downturn of the pandemic.

“A surprise termination… prematurely and unnecessarily ties the hands of the incoming administration and closes the door to important liquidity options for businesses when they need it most,” said Neil Bradley, director of policy at the United States Chamber of Commerce.

“For about three weeks in January, the markets will operate without the support they have had since the spring,” JPMorgan analyst Michael Feroli said, referring to the delay between the expiration of the Fed’s programs and the inauguration of Biden, a Democrat, whose treasury secretary could reopen programs.

The announcement lowered US Treasury benchmark yields and stock index futures.

The yield on 10-year treasury bills US10YT = RR slipped 2 basis points and was the lowest in 10 days at 0.83%. Emini futures on the S&P 500 index ESv1 fell 0.7% after reopening at 6:00 p.m. EST (2300 GMT) for the overnight trading session.

Mnuchin authorized a 90-day extension to a group of other programs that provide liquidity to major financial markets, including those for short-term business credit.

But Fed officials have stressed in recent days that the wider economy has not yet come out of the woods, with the pandemic spreading, millions of unemployed and major industries suffering from downturns. depression.

In his letter to Powell, Mnuchin said that in the “unlikely event” that the lending programs were needed again, the Fed could ask the Treasury to reinstate them with funding from the Treasury’s own stability fund or with cash. new congressional money.

The programs, particularly the “Main Street” and local government landing programs, raised the possibility that trillions of dollars in central bank credit would flow into an economy that had been partially shut down in the spring of July. due to the pandemic.

As of Thursday, the Fed had only granted $ 5.4 billion in loans on Main Street, according to data released Thursday. The municipal liquidity facility had issued only about $ 1.7 billion in loans.

But the programs were seen as an important part of the pandemic response, expanded at the behest of lawmakers who wanted the central bank’s lender of last resort powers, usually limited to financial institutions, to be open to all. economy due to the dramatic impact of the pandemic. on trade.

U.S. Democratic Representative James Clyburn, chairman of the House Select Committee on the coronavirus crisis, said there was “absolutely no justification” for Mnuchin to suspend Fed lending programs amid the health crisis, and asked him to reverse the decision.


Some Republicans in Congress believe it is time for the Fed to pull back, however, even with coronavirus infections at record levels and a vaccine rollout likely months later.

Pat Toomey, a Republican senator willing to lead the banking committee if Republicans hold the Senate, applauded the Treasury’s actions.

“These facilities (…) have successfully achieved their objective,” he said. “With liquidity restored, they are expected to expire, as Congress intended and the law requires, by December 31, 2020.”

Others were not convinced.

“The Fed has been one of the only sources of stability in Washington and withdrawing its latitude to offer support in a faltering recovery is just nonsense,” said Isaac Boltansky, director of policy research at Compass Point Research & Trading , based in Washington.

“This is a painful development that injects uncertainty and instability into the markets in completely unnecessary ways. How many times will Washington stumble on its shoals in response to this crisis?

Reporting by Howard Schneider and Ann Saphir; Additional reporting by Jonnelle Marte, Pete Schroeder and Radhika Anilkumar; Editing by Cynthia Osterman and Peter Cooney

Open Lending CEO and CFO Explain Why Auto Lending Fintech Keeps Working


President and CEO of Open Lending John Flynn, CFO and COO Ross Jessup

Through John jannarone

The COVID crisis may have stalled demand for auto loans, but investors watching it closely will see it picking up again – and the fintech behind it matters more than ever. Open Lending technology that helps lenders grant more auto loans to people with a wider range of credit scores has remained critical even during the height of the coronavirus pandemic, thanks to credit unions continuing to grant loans and a strong demand for refinancing. That’s according to Open Lending President and CEO John Flynn, as well as CFO and COO Ross Jessup, who spoke to IPO Edge during an interview before the official listing of the company. The company, which serves hundreds of lenders by providing analysis and linking it to loan default insurance, is made public through a merger with Nebula Acquisition Corporation (ticker: NEBU), subject to a final vote on June 9. Assuming the deal goes through, shares of NEBU will become shares of the merged company and will trade under a new ticker symbol.

MM. Flynn and Jessup also said car purchases were aided by a move away from public transportation services, as well as Uber Technologies, Inc. and Lyft, Inc. due to social distancing protocols. Looking ahead, they said the company can benefit from geographic expansion as well as loans backed by other assets such as boats.

IPO Edge: Can you tell us about the importance of credit unions as lenders and the role they play in a recessionary environment?

MM. Flynn and Jessup: Credit unions, our main customers, have the lowest cost of capital and are traditionally viewed more favorably by consumers. As a result, many credit unions eventually increased their share of auto loans in the previous cycle, which we would expect to see in another economic downturn. While this would ultimately increase our existing customer base, there is also additional white space in the credit union market that we can enter. Credit unions finance about 20% of the cars financed annually, and we only signed 7% of the credit union market. Our unique product with our insurance partners and the ability to protect some of the downside risk will allow our community banks and credit unions to continue to provide loans while others may contract. In addition, automobiles are considered non-discretionary for work and life in general. Specifically, our primary focus is on used cars, which tend to be more stable in a recession environment. Interest rate cuts and other stimulus can also impact volumes. Thus, the need for auto financing solutions will only increase with the revival of economic activity.

IPO Edge: How did lower interest rates help maintain business volume? Is refinancing important and will it remain so?

MM. Flynn and Jessup: Lower interest rates result in considerable refinancing interest from consumers, which should lead to additional certificates. In most cases, refinances can be done by consumers without entering a physical banking location. This is a channel that we are focusing on in the future.

We have several loan service companies as partners. These companies generate requests for refinancing and buying money from a number of sources. They have the ability to speed up edits very quickly. Many of their lead sources are web-based and therefore less impacted by quarantine or shelters in place. Our account managers proactively solicit our lenders to adopt the services of these companies in order to increase their arrangements. This channel also has the advantage of risk arbitrage as they are direct consumer loans with a much lower risk of default than our indirect distribution channel.

IPO Edge: What is the competitive advantage of Open Lending and will it maintain it in the future?

MM. Flynn and Jessup: We don’t have any competitors doing what we do – offering risk-based pricing combined with premium auto default insurance. It took many years to build our economic model and gain the trust of ecosystem players.

  1. We have worked with credit unions for years and John Flynn was previously the CEO of a credit union. Earning the trust of credit unions takes time and someone who knows them.

  2. We must integrate into each of the LOS systems used by our lender client. It took years to integrate into the 20+ LOS systems we use today.

  3. We have earned the trust of our insurance partners with a proven history. It took a long time to build and is not easy to develop.

  4. Our data feeds into our models and has been accumulated over more than 15 years – there are only a handful of lenders with a database like ours that includes our combination of LTV and near premium terms. Our data also covers the Great Recession.

IPO Edge: Why Do OEM Financing Services Need Your Help Making Credit Decisions?

MM. Flynn and Jessup: We help OEMs facilitate new car sales by extending credit to near-prime consumers where they are not competitive today and support the value of cars by increasing the availability of used vehicle financing.

We also help them develop brand loyalty by increasing the number of repeat buyers by keeping customers in the captive customer ecosystem, capitalizing on loan life milestones to locate the customer.

Finally, after working with KPMG, we now know that banks and OEM captives can get full credit for CECL relief, i.e. income statement neutral, when using our product. The net effect is an approximately 80% reduction in CECL’s loan loss provisions. This represents a major relief of capital for banks and OEM captives. In this time of risk aversion and uncertainty, we believe this creates a major opportunity to acquire larger lender clients, including super regional and regional banks and other OEM captives in the future.

IPO Edge: What do you think of the trend of ‘travel as a service’ with Ubers and Lyfts around the world and the impact on car ownership?

MM. Flynn and Jessup: We observed positive trends in our certification volumes during the second half of April and continued throughout May. We believe this recent success is due to low interest rates, the pullback of traditional lenders and the abandonment of public transportation by commuters. According to recent data from JD Power, wholesale vehicle prices have recovered from their mid-April lows, with the weekly wholesale auction price index now only down 1.9 % compared to pre-coronavirus estimates.

IPO Edge: What are the future growth paths? Should investors expect to see other asset classes and geographies?

MM. Flynn and Jessup: In the near term, we continue to expect growth from a combination of the arrival of new lenders and net growth in the existing base. I think our pipeline is as strong as it has ever been with several of the top 50 credit unions signed and expected to start in the next few months or at advanced stages of the pipeline. We have also had phenomenal success with the two OEMs that have been launched to date that have several leading OEMs, similar to the two that have been commissioned, in our pipeline that are not reflected in our financial projections.

Going forward, we see many adjacent opportunities with our existing lenders – leasing, primary decision making, hub and spoke. Also, we looked at a lot of geographic and product expansions, but the opportunity was so great in automotive and in the US that we just didn’t have the capacity, although there are multiple markets. which we have been thinking about for a few years now and could look to in the years to come.


John Jannarone, Editor-in-Chief

[email protected]


[email protected]

Twitter: @IPOEdge

Instagram: @IPOEdge

Mortgages designed for speed


As mortgage lenders struggle to keep pace with the growing wave of refinancing and buying activity driven by historically low interest rates, technology is assuming unprecedented importance.

Before the pandemic, many lenders were interested in a more digitized mortgage process – they recognized that technology could help them close loans faster, increase operational efficiency and margins, and improve the lending experience. ‘borrower. Current economic and market conditions have accelerated the need for these automated solutions. These digital solutions are quickly becoming table stakes in the increasingly competitive mortgage market.

The best technology mortgage services go far beyond mobile and online apps to include digital valuation, title and closing services. While much of the industry currently allows consumers to apply for mortgages electronically, subsequent activity is often taken offline and in a more traditional and time-consuming process. While this may have been acceptable to homebuyers back in the days when it was the only game in town, consumers expect more advanced options today. They seek a fast, easy and fluid experience that meets their needs while respecting their personal space.

Social distancing guidelines have created a need for virtual closures. Even before the emergence of COVID-19, consumers expressed a desire for electronic shutdown. A recent survey by Javelin Strategy and Research at the behest of ServiceLink found that one of the main consumer complaints about the mortgage process was the number of physical forms that must be signed at close.

The investigation also revealed that:

  • 89 percent of consumers agreed that electronic signatures are easy and convenient
  • 88% agreed that electronic signatures save time on important transactions like getting a mortgage
  • 79 percent expressed interest in using electronic signatures specifically for mortgage loan applications

This interest in electronic signatures has turned into a real demand for virtual closures, social distancing having become our reality.

As millennials emerge as the primary mortgage market, expectations for speed, control and transparency continue to rise. Millennials have taken control of virtually every aspect of their lives through technology; they expect no less from their mortgage experience.

“Consumers are seeing how other industries are using technology to dramatically simplify the shopping experience, even for big ticket items,” says Kiran vattem, Executive Vice President and Chief Digital Officer at ServiceLink. “In the market for a Tesla? You can customize, order and finance your car, and have it delivered to your home within three weeks. Or pick one from inventory and get it in four days. Consumers want buying or refinancing a home just as quick and painless.

The sheer volume of refinances and purchases places a high demand on lenders. As activity increases, mortgage lenders are racing against time to lock in buyers and process their loans.

Fortunately for lenders, they don’t have to invest huge amounts of financial or human capital in developing and implementing the technology to get up to speed quickly. Technology-driven settlement services partners specialize in digital mortgage solutions that remove hassle and friction for consumers.

For example, consumer planning technology automates appraisal and closing processes to reduce days in the loan cycle while providing convenience and transparency to the borrower. Where appraisers and closing agents previously spent days emailing or playing on the phone with homebuyers or their agents to schedule appointments, easy-to-use apps now allow the borrower choose from available agents, dates and times, and schedule appointments immediately. The time of assessors and closing officers can also be allocated more efficiently.

Virtual home inspections also offer a cutting edge opportunity for digitization and modernization. Lenders can use self-inspection apps, which in some cases include geolocation and coin identification to prevent fraud, to streamline a variety of loan and service processes, including equity loans. and portfolio management.

Some closure requests also include a virtual signature to address social distancing issues. The agent and the borrower meet in a video session and use remote online notarization in which the borrower electronically signs and the notary electronically notarizes the closing documents.

Lenders have a huge opportunity to operate more efficiently and cost effectively, and to create a differentiated consumer experience by fully digitizing their mortgage process. The key is to identify a settlement service partner with solutions that meet customer needs and improve mortgage delivery.

Dave steinmetz is division president for origination services at ServiceLink.

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TD Bank Ranks # 1 in SBA Loans for Fourth Consecutive Year in Maine-Florida Footprint


CHERRY HILL, NJ, November 16, 2020 / PRNewswire / – TD Bank, America’s Most Convenient Bank®, today announced that for the fourth consecutive year, TD has ranked first in total loan units approved by the U.S. Small Business Administration (SBA) in its Maine-at-Florida SBA’s FY2020 footprint, supporting more than 1,500 businesses through two SBA loan products: 7 (a) and 504 loans.

America’s Most Convenient Bank. (PRNewsFoto / TD Bank)

TD was also ranked first for the total amount of 504 dollars (about $ 146 million) in its imprint. Despite the challenges associated with the COVID-19 pandemic, TD has remained committed to SBA loans and ranked in the top four in the country after lending. $ 370.1 million and approve a total of 1,560 SBA 7 (a) and 504 loans combined.

In addition to SBA 7 (a) and 504 loans, TD Bank is proud to have provided approximately 86,000 Paycheck Protection Program (P3) loans for over $ 8.7 billion in funding from April to August under the special SBA program established by the Coronavirus Aid, Relief and Economic Security Act (CARES). The bank was a leader in PPPs, ranking sixth nationally in terms of loan value and volume.

“This has been an eventful year for small businesses due to COVID-19 and our team has tackled these challenges head-on by using our SBA Preferred Lender status to not only provide financial relief through P3 loans, but to continue providing 7 (a)) and 504 SBA loans, ”said Chris Giamo, Head of Commercial Bank, TD Bank. “TD recognizes the important role small businesses play in our local communities and in the economy, and we support these businesses by providing them with the financing they need, both in good and tough times.

SBA loan services remained a priority in 2020

In the wake of COVID-19, thousands of businesses have requested additional funding through SBA programs such as the 504 and 7 (a) loans. However, due to the economic impact of the pandemic, many organizations are focusing more on keeping their doors open than on strategic growth priorities, which has led to the huge number of PPP loans.

“In addition to providing 7 (a) and 504 offers, the bank worked around the clock for months to process PPP loans and approved over 25 times the number of SBA loans we did approve in the past. ‘a typical year,’ said Tom Jolie, Head of SBA Loans, TD Bank. “TD Bank and our SBA Lending Group are proud to support our small business clients to provide important lending services, including more than 7 (a) loans than any other bank in our footprint, and financial aid offerings. to help them emerge from the pandemic in a strong position. “

About TD Bank, America’s Most Convenient Bank®

TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the United States, providing more than 9.5 million customers with a full range of personal, small business and business banking products and services in over 1,220 convenient locations in the Northeast, Mid-Atlantic, Metro DC, the Carolinas and Florida. In addition, TD Bank and its subsidiaries provide personalized private banking and wealth management services through TD Wealth Management.®, as well as vehicle financing and dealer business services through TD Auto Finance. TD Bank is headquartered at Cherry Hill, New Jersey To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.

TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, one of the top 10 financial services companies in North America. The Toronto-Dominion Bank trades on the new York and Toronto exchanges under the symbol “TD”. To learn more, visit www.td.com/us.



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Senior Manager of Product Marketing, Financial Loans / Services – Realtor.com


We are looking for a Senior Product Marketing Manager to help lead Product and Go-to-Market (GTM) Strategy for our Lender / Financial Services business. The ideal candidate is a decisive leader who leverages both data and creative problem solving to drive product adoption, revenue growth, and go-to-market strategies. We are looking for someone who thrives in the combination of evaluating pipeline and revenue trends, defining addressable markets, evaluating pricing models, identifying areas for growth and creating sticky value propositions. You will report to the Senior Director of Product Marketing while working in partnership with our Finance, Marketing, Sales, Analytics and Product teams to lead GTM planning and influence roadmaps for a highly visible portfolio.


  • Evaluate growth opportunities in new and existing market segments
  • Develop and refine the vision, strategy, sizing and plans of the portfolio
  • Take the lead in the development of pricing strategies for new product launches and recommend structural price changes for existing offerings.
  • Provide ideas / contributions to product management to help continuously improve the product and keep the company informed of customer feedback and data collected from the field
  • Conduct market and competition analyzes to inform positioning and strategy
  • Quickly become an expert on realtor.com buyer personas, real estate industry trends, and messages and hooks that drive pipeline and revenue
  • Become the Subject Matter Expert in realtor.com’s Managed Services Platform and Competitive Landscape
  • Develop and improve product positioning and messaging and effectively communicate value propositions to equip sales and marketing
  • Identify different use cases as our product capabilities evolve, build underlying messaging frameworks articulating those use cases for customers, leads, and internal teams.
  • Provide information and guidance, gather feedback, and laterally influence stakeholders in all functional areas to ensure cross-functional alignment and effective implementation of the go-to-market strategy


  • The ability to thrive in a rapidly changing and ever-changing environment is a must
  • 7+ years of professional experience in B2B technology including at least 3 years in product marketing, product strategy or management consulting
  • Preferred MBA
  • Prior SaaS experience preferred (understanding of value drivers in SaaS subscription / recurring revenue business models)
  • Excellent communication and presentation skills
  • Strong analytical skills: comfortable with data analysis, modeling and presenting quantitative information
  • Attention to detail and organization is paramount with a continuous desire to learn and improve
  • Proven track record of delivering on time and delivering results
  • No relocation is planned for this position, local candidates are preferred. Must be eligible to work in the United States for any employer

No relocation is planned for this position, local candidates are preferred. Must be eligible to work in the United States for any employer.

AT realtor.com®, we believe that everyone deserves a home. We are a community of nearly 2,000 employees who work hard to ensure that from the moment someone starts dreaming of a new home, until the moment they walk in the door and beyond, we’re here to give it a hand. Each month, 70 million people tell us about their return journey by visiting our site and mobile apps, and we would love to have you join our team to help us.

We have great offices across Canada and the United States and many great jobs to choose from, so we hope you will join us on our journey to make buying and selling homes easier and more rewarding for everyone.

Let’s make a difference, together. For real.

Diversity is important to us, therefore, realtor.com is an equal opportunity employer, regardless of age, color, national origin, race, religion, beliefs, sex, gender, sexual orientation, identity and / or gender expression, marital status, disabled veteran and / or Vietnamese-era veteran status or any other characteristic protected by federal, state or local law. More, realtor.com provide reasonable accommodation for otherwise qualified persons with disabilities.

How technology is fueling digital lending in India


Read the article

By Karthikeyan Krishnaswamy, CTO, KreditBee

India’s lending industry is transforming rapidly due to digitization, the complex and tedious loan application processes of yesteryear being upgraded to deliver a faster, safer and more seamless borrowing experience to meet expectations changing customers. Traditional financial institutions like banks and new-age fintech players are riding the wave of digitalization to deliver attractive, low-cost digital lending solutions.

The digitalization of traditional lending predates the Covid-19 pandemic, which increased the preference for digital lending over in-person interactions among borrowers due to hygiene, convenience and peace of mind . The post-pandemic world will see greater demand for credit online.

At the heart of this digital lending boom is technology, which is playing a central role in revolutionizing the Indian credit ecosystem by creating alternative lending channels that offer significant benefits to both lenders and borrowers. Lenders enjoy the benefits of lower operating costs, better risk assessment, access to new markets, revenue growth, better customer experience and increased customer loyalty. customer base. Borrowers can enjoy near instant credit with reduced paperwork.

But the most important benefit of digital lending is to help traditionally unserved and underserved customer segments access affordable credit.

The digital loan: Promoter of financial inclusion
Individuals in the formal financial ecosystem benefit from existing credit histories, but those without adequate credit history find it difficult to obtain low-cost credit. From first-time borrowers like millennials and millennials to borrowers from low-income backgrounds and / or unbanked / underbanked areas, accessing finance is a major challenge. For MSMEs and entrepreneurs with insufficient collateral and a lack of documentation, obtaining formal loans becomes a painful experience and a hindrance to their growth. Conventional lending channels require formal documents such as credit score, bank statements, tax returns for credit risk assessment and loan disbursement. In the absence of documentation, they either offer loans at very high interest rates or require adequate collateral, putting start-ups at a disadvantage. To serve these clients, lenders must go beyond standard documentation and consider their digital footprints.

Technology: a game-changer in digital lending
Technology can help overcome these challenges and level the playing field for micro-borrowers – individuals and MSMEs. Digital lending creates seamless customer onboarding and credit disbursement processes with technology-enabled platforms and mobile devices that can replace physical interactions with remote loan applications.

With AI / ML models, big data analysis, lenders can study online behavior patterns and other digital data of potential borrowers for a more comprehensive risk assessment. This helps lenders reduce the risk of their loan portfolio and reduce APNs. Even traditionally risk-averse lenders have either started building their own digital lending platforms or partnering with fintech players to roll out the best services.

While embracing digitization, lenders need to understand that digital lending is more than just the credit application process. This involves digitizing the entire end-to-end process – from loan application to subscription, disbursement and repayment.

Various technological services help automate the processes, making them safer and more efficient. Video KYC facilitates a low-cost, paperless solution for remote customer onboarding – essential for a future where more and more customers prefer contactless services. e-Sign can further assist lenders in acquiring clients’ signatures on critical documents in a completely contactless manner via digital platforms / applications.

Mature technologies such as face matching, liveliness detection, and more, are helping to improve fraud detection and borrower authentication, making digital KYC verification processes more robust. Optical Character Recognition (OCR) technology helps APIs to scan and read identity documents like Aadhar, PAN card and extract data digitally, reducing the likelihood of human error and saving time. Continued attention is needed to improve these technologies with improved models to increase the accuracy and speed of the processes. Additionally, smart investments in emerging voice technologies such as call center automation can help lenders reap dividends down the road by ensuring greater customer satisfaction and retention.

eNACH (Electronic National Automated Clearing House), a system introduced by the NPCI, helps lenders automatically receive recurring payments from borrowers, faster and without the need for paperwork or manual intervention. This digitizes loan repayment processes and further reduces operational costs. New Era Digitap.ai entities are leveraging AI and ML technologies to deliver these services and create better lending infrastructure.

Geography is becoming less of a barrier, as borrowers can have capital at their fingertips, from the comfort of their own homes, without arduous paperwork, long waiting hours and uncertainties.

While loan digitization is unfolding at an unprecedented rate, we’ve barely scratched the surface. Technologies like Blockchain, better AI / ML models, and cloud infrastructure can help FIs unlock limitless possibilities. For example, lenders can harness the power of blockchain to create a decentralized P2P lending ecosystem where they can interact directly with borrowers without the need for an intermediary. Blockchain can help create a more robust borrower risk profile and fraud detection mechanism, and reduce reliance on physical documentation by effectively digitizing record keeping. By embracing blockchain marketing, lenders can reduce ad fraud and deliver better targeted ads to the right customers. Result? More trust and transparency, better loan compliance, better risk management, lower APM risk, reduced marketing spend, and improved customer experience.

With the adoption of technology, legacy financial institutions and fintech players can create a truly future-ready lending model that strengthens India’s digital economy and promotes financial inclusion.

If you have an interesting article / experience / case study to share, please contact us at [email protected]

Starling Bank considers acquisition to increase lending to SMEs


Starling Bank will “likely” acquire a lending platform within a year or two, its chief executive has revealed, as the challenger bank seeks to expand its loan issuance to small and medium-sized enterprises (SMEs).

Speaking at the LendIt Fintech Europe 2020 virtual conference in October, Managing Director Anne Boden said Starling Bank is rapidly expanding the SME side of its business and SME lending is now the largest segment of its overall portfolio. .

Read more: Analyst speculates Metro Bank could become acquisition target

“We grew up really fast,” she said. “And despite the fact that we are developing our own origins, we will always be looking for something to acquire and we will probably acquire something within the next two years.”

She also pointed out that Starling currently has around £ 3.6bn in trust funds, thanks to this growing customer base.

“We make our own loans and we give government backed loans, but we also fund other organizations both in the non-bank sector and in the peer-to-peer sector,” she said.

Read more: Sell ​​your platform or your portfolio?

“And in these sectors, there is a real lack of funding at the moment. But we have an appetite for it and we have some very nifty processes to actually work with these organizations, provide them with funding, take those assets off our books and then together we can serve the market more effectively.

“You have stress in the P2P market, but as a bank that has access to funding, government programs and liquidity, that’s a huge advantage. “

Starling already has existing partnerships with P2P lenders Funding Circle and Zopa.

Read more: Waterfall buys alternative credit investments for £ 639million

The first big test for the alternative lending industry


Let’s tackle the elephant in the room: Peer-to-peer (P2P) home loans have had a turbulent 2019. While some platforms have performed very well and delivered great returns on investment for lenders, others have gotten bad press and unfortunately had to shut down.

Many people, lenders and borrowers alike, viewed P2P mortgage lending as a great tool for borrowers to unlock finance while still giving lenders access to a wide variety of offers that provide higher returns than cash deposits and volatility. lower than that of equity investments.

But many people have argued that the P2P home loan has yet to undergo its first test that would allow the market to gauge the strength of its business model.

When Covid-19 struck in early 2020, it quickly became clear that the pandemic would test the industry and provide it with a unique opportunity to prove its worth.

Fast forward six months since the lockdown began, we can now say that it was indeed a tough test for the industry, a test that has seen some P2P mortgage platforms gain strength as many other platforms have had to downsize or shut down.

At Blend Network, we had our biggest loan volumes in June and July. Our underwriting team made an average of almost £ 100million in loans per month between May and August.

Ability to lend

There is a simple reason for the observed strength which goes back to the purpose for which P2P mortgage platforms were created in the first place: traditional lenders had neither the capacity nor the appetite to lend and their absence has was quickly filled by dynamic lenders willing to step in and lend.

According to P2PMarketData, 14 P2P lending platforms in the UK have so far funded £ 16bn and almost £ 700m in the past 90 days.

According to these data, the P2P home loan platform Mixing network was the UK platform with the highest growth in loans over a 90-day comparison, an astonishing increase of 503%. Seven of the 14 UK platforms tracked have seen growth rates above 100% in the past 90 days.

Covid-19 has been an unprecedented period that has seen many lenders withdraw from the market, but provided an opportunity for P2P home loan platforms, which have remained open to increase their lending.

It was not only an opportunity to help new borrowers left behind by their lenders’ withdrawal, but it was also an opportunity to build relationships with new borrowers who valued the platforms that remained stuck with them. in difficult times.

He illustrated a key advantage of P2P mortgage lending platforms: the unparalleled quality of their customer relationships.

As a young and dynamic company that is on track to achieve 100% year-over-year growth in loans this year, we firmly believe that in the event of a crisis, it is paramount to be aware dangers but also to recognize the available opportunities.

In summary, Covid-19 provided a test for P2P lending and illustrated how the industry can and should be part of the solution and sowed the seeds of larger portfolio allocations to the asset class.

The pandemic has made P2P loans part of the solution and help the government deploy capital for SMEs.

Roxana Mohammadian-Molina is Strategy Director for a London-based mortgage lender Mixing network and sits on the Board of Directors of Women in Finance 2020

Pintek launches rapid loan product to help finance education during pandemic – business


Eisya A. Eloksari (The Jakarta Post)

Jakarta ●
Thu 15 October 2020

Pintek, start-up, Education, pandemic, COVID-19

Education-focused peer-to-peer lender Pintek on Thursday launched a quick loan product to help students and parents raise funds during the pandemic.

The product, called Pintek Instant, allows borrowers to access loans of up to 5 million rupees ($ 339) with an approval time of one hour and repayment over a period of up to three months.

Company CEO Tommy Yuwono said the COVID-19 pandemic had resulted in pay cuts or time off for parents, making it difficult for them to pay for their children’s school needs.

“This product is intended to help students pay for tuition, books, gadgets, and phone credit, among other things, to help them learn from home during the pandemic,” he said during the pandemic. ‘a press briefing.

He went on to say that the company aims to have 5,000 new borrowers using the product over the next six months.

However, Tommy said the product can only go to partner schools because Pintek will transfer the money directly to the educational institution.

“We don’t want Indonesian students to be left behind in school because of this pandemic, which is why we want to ease payments for education,” he said.

The company said it has disbursed Rs 70 billion in loans to more than 3,000 borrowers since its inception in 2018.

In September, Pintek said its non-performing loan (NPL) ratio was around 0.1%, well below NPL’s overall ratio in the fintech industry, which fell to 7.99% in July due to lower borrower income.

Read also: Regulators and FinTech Companies Strive to Balance Innovation and Regulation

Tommy went on to say that Pintek had tightened its credit scoring system and proposed a loan restructuring to avoid bad debts. So far, less than 10 borrowers have requested the restructuring, he added.

Tiar Sidabutar, head of legal and compliance management of the Indonesian Peer-to-Peer Funding Association (AFPI), said as the NPL increased, the number of lender transactions increased by 12 million as of July through August, signaling market confidence in P2P lending. .

“There are still only a few fintech players for the education sector, I hope we will see more companies enter the scene and more borrowers will discover this type of financial service,” he said. -he declares.

Generate Launches Credit Platform to Extend Sustainable Infrastructure Lending

Generate Launches Credit Platform to Extend Sustainable Infrastructure Lending

Produce, a sustainable infrastructure company, has launched a dedicated lending business called Generate Credit to provide financing solutions to technology companies and project developers at the forefront of the infrastructure revolution. Alfred Griffin, founding president of NY Green Bank, joined Generate to lead the new division.

“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are excited to expand access to this important tool that we have used to support our partners since its inception.” , Scott Jacobs, CEO and Co-Founder. to Generate, said. “Generate has been a pioneer in electric bus rental, renewable energy development loans and fleet financing for electric and hydrogen mobility, in addition to our core business of building, owning and operating assets. Our partners ask us to play an additional role in funding, developing and deploying proven solutions to some of the world’s most pressing problems. We are delighted to bring Alfred on board to accelerate this endeavor. ” This lender bridgepayday.com offers more options of loans.

Griffin has 25 years of experience in banking and finance. At NY Green Bank, a New York State sponsored specialty finance company, he led the organization from concept to loan of over $ 1 billion to support sustainable infrastructure projects in areas such as renewable energy production and energy efficiency. Prior to NY Green Bank, Griffin held positions in investment banking, capital markets and risk management at Citigroup Global Markets.

“Generate has been the clear market leader in funding the deployment of innovative and high impact clean energy technology and business models through its dedicated expertise and keen focus on sustainability,” said Griffin. “I am delighted to join Generate to expand its lending platform for sustainable infrastructure and to work with this industry-leading team. Our fight against climate change demands quick results and it is imperative that we deliver the right kind of capital at the right time to the projects and businesses that are driving the infrastructure revolution.

Generate Credit will focus on Generate’s core markets including renewable energy, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, waste management and sustainable agriculture. Generate has made over $ 600 million in similar clean energy loans since its inception.

Named “Best Global Business Lending Company” in 2021 FinTech Breakthrough Awards Program | New


BOSTON, March 16, 2021 / PRNewswire-PRWeb / – Numbered, the fast-growing fintech leading the digitalization of business lending to banks and credit unions, has been selected as the winner of the ‘Best Global Business Lending Company’ award under the fifth annual program of the FinTech Breakthrough Awards. The prize is awarded by FinTech breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in today’s global FinTech market.

Numerated facilitates business loans for financial institutions and their corporate clients using data. Its award-winning digital lending solution extracts data at every stage of loan granting, including pre-populating requests for borrowers, aggregating data to speed up reviews and offers, and building credit packages. ready-to-run documents for fully digital fencing. To date, over 400,000 businesses have used Numerated’s digital app and borrowing experience to process $ 50 billion loan.

In 2020, Numerated’s innovation took center stage as lenders embraced digitization during the COVID-19 pandemic. Since the launch of the Paycheck Protection Program (PPP), Numerated has become a strategic partner for institutions of all sizes, working to distribute more than 40 billion dollars relief funds in the hands of small businesses. The platform treated $ 400 million per hour at peak demand for PPP loans, reducing the time it takes for financial institutions to process loans from an average of 15 hours to less than two.

Today, more than 140 banks and credit unions totaling 1000 billion dollars in Combined Assets, use Numerated to create award-winning digital borrowing and account opening experiences for businesses.

“In an age where every hour, minute and second counts, our platform brings the speed and efficiency necessary for lenders to better meet the needs of their corporate clients, whatever the circumstances,” said Dan O’Malley, co-founder and CEO of Numerated. “Being recognized this year by FinTech Breakthrough as ‘Best Business Loan Company’ is an important milestone for us and I consider it a testament to the hard work and innovative approach taken by the entire Numerated team and to customers. “

“Numerated is once again breaking into the fintech space this year by expanding its technology to even more areas of merchant banking and innovating rapidly to help banks and credit unions cope with the COVID-19 pandemic” , said James johnson, Managing Director, FinTech Breakthrough. “The company has demonstrated an incredibly high level of innovation and we are delighted to be named ‘Best Global Business Lending Company’ in the 2021 FinTech Breakthrough Awards program. “

The FinTech Breakthrough Awards are the premier awards program founded to recognize FinTech innovators, leaders and visionaries around the world in various categories including Digital Banking, Personal Finance, Loans, Payments, Investments, RegTech, InsurTech and many others. The 2021 FinTech Breakthrough Award program has attracted more than 3,850 nominations from around the world.


About numbered

Numerated is a fast growing fintech that makes it easy to get business loans and account open using data. Financial institutions use Numerated’s platform to meet corporate clients’ expectations for digital convenience, including easy-to-launch digital app, digital lending and digital account opening solutions. Over 400,000 businesses have trusted Numerated to handle $ 50 billion in loans through 140 financial institutions, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, Montecito Bank & Trust, People’s United Bank, Pinnacle Bank, etc. The company was recently recognized as one of the 250 Best FinTechs of 2020 by CB Insights and the Most Innovative Industry Partner of 2020 by Barlow Research Associates.

About FinTech Breakthrough

Part of Tech Breakthrough, a leading market intelligence and recognition platform for technological innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in business and product technologies and financial services. The FinTech Breakthrough Awards publicly recognize the achievements of FinTech companies and products in categories such as Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

Media contact

Sal Trifilio, Numbered, +1 2019837022, [email protected]


SOURCE Numbered

Loan as a destination


Credit is at the heart of what we do as fintech investors. But our approach to investing in credit startups has changed over the years, incorporating lessons from the past to bet on the winners of the future.

Looking at the last five to ten years of credit innovation, a number of highly publicized product and business models in the early stages of development have ended up failing to reach their full potential, or not be recognized by public markets for the value they thought they could achieve.

  • We have witnessed the stagnation of P2P platforms, as they have been subjected to a “glass ceiling” which has relegated them to niche players with rather insignificant market shares. What was initially seen as the “biggest disruption in banking industry history” in the early 2010s ended more or less in the same place in most of the world’s major markets.

  • We have seen self-proclaimed “tech first” lenders punished by the market because over time investing in customer and portfolio growth has overtaken the technology agenda. Many of them have ended up crowding the “specialty lenders” category of your favorite online financial portal, a far cry from their tech peers (and sales multiples) with which they started their innovation journey.

  • We’ve seen too many lenders forget the need to interact effectively with capital markets and build that much-needed part of businesses too late in their growth trajectory, resulting in more business resources than most founders would have. wish. Too often, access to capital markets has become the “break or succeed” factor that hinders the real scale.

  • We have also seen how, when the technology and innovation of the early days wears off, many neolenders are “just another credit provider” in the eyes of their customers; the memory of the “glorious days of past technology shine” is long gone.

Overall, lending innovation has been marked by this tension between being (and staying) a tech company (and keeping that recognition from customers and the public) and ending up building “yet another good one.” former incumbent operator ”.

So where does that leave us as fintech investors?

We have accepted one thing: lenders are lenders. And, as such, they have to face immutable truths. No matter how cool they are, they’ll need to say ‘no’ to customers every now and then (this is called the ‘acceptance rate’). No matter how innovative they are, they will have to “shorten” their language to equalize and be understood by the capital market operators who will need to fund them – and who are not particularly innovative. And, no matter how aggressive they are, their VC investors will need to understand that in order to build a new lender, VC money may not be used with the same efficiency as in other industries at all times (yes , the money can get trapped in a junior tranche of a debt structure).

With that in mind, how can new lenders still achieve “tech” status over time? In our opinion, it is about turning the loan from an unnamed “good to have” (as necessary as that may be) into a destination in itself. Thinking of the loan as a destination is:

  • Think about utility rather than economy: customers don’t (always / only) care about APR, interest rates, fees. They of course want to know that they are not getting ripped off, but if not, they care more about the utility credit (and, indeed, any financial product) given to them. “Will I be able to buy this or that?” “” Will I be prepared to face a peak in demand? “If things don’t go as planned, will I have a lifeline to keep my business or my family afloat? This is something that is very prevalent in the world of microfinance, where sometimes the lack of financial knowledge would only leave financial products to be understood in terms of causal empowerment, a kind of IFTTT for financial planning. These basic human behaviors apply to many other types of customers, even the most sophisticated …

  • Adapt rather than impose: Banks are not good at creating products that adapt to rapidly changing customer needs. With integration processes taking up to a few weeks for SMEs, a rating based on “last year’s balance sheet” or “at least three years of operation” and so on. , an e-merchant with high seasonality, a content producer who has just stood out, …, find what they need at all times? New lenders should focus on fitting in and amplifying their customer journey, not hindering it. It starts with being ‘data-intelligent’ during integration, creating data structures that allow the lender to be one step ahead of customer needs, and to think of underwriting and disbursement in terms. speed, frequency and availability.

  • Build part of the mind to fight irrelevance: A lender who wants to be a tech company must first think about the “product”. Even more, the ambition should be to become a central element (even a brand element) of the financial and operational life of clients. It requires rethinking product / market fit beyond basic lending considerations, and creating features that enhance the user experience beyond the credit cycle – even better, features that have utility. autonomous while improving the lending experience. A key question in this regard is how much of the experience should be verticalized – but that’s for another article!

For investors, it’s about building more resilient businesses (and Covid has shown how vulnerable loans can be). This involves supplementing net interest margin income with countercyclical income streams. It’s about embedding SaaS dynamics into a loan product and focusing on NPS, product usage metrics, etc. as much as on the APR and the NPL. At the end of the day, it’s about making sure that we don’t pay “technology multiples” on the investment and only get the “book-to-value” back on exit.

We believe that there are a few new selected lenders who are breaking new ground in this direction. Check out our portfolio for our own bets there!

Generate announces the launch of the Generate credit platform to expand sustainable infrastructure lending


SAN FRANCISCO – () – Generate, a leading sustainable infrastructure company, today announced the launch of a dedicated lending business to provide flexible financing solutions to cutting-edge technology companies and project developers. infrastructure revolution. Alfred Griffin, founding president of NY Green Bank, has joined Generate to lead the new Generate Credit division.

Today’s announcement represents a significant expansion of Generate’s franchise, where its core business of financing, building, owning and operating sustainable infrastructure has made Generate the only ‘one-stop-shop’ for customers. pioneers of sustainable infrastructure.

“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are excited to expand access to this important tool that we have used to support our partners since its inception.” said Scott Jacobs, CEO and co-founder of Generate. “Generate has been a pioneer in electric bus rental, renewable energy development loans and fleet financing for electric and hydrogen mobility, in addition to our core business of building, owning and operating assets. Our partners ask us to play an additional role in funding, developing and deploying proven solutions to some of the world’s most pressing problems. We are delighted to bring Alfred on board to accelerate this endeavor. ”

Griffin, a leading national figure in renewable energy, brings 25 years of banking and financial experience to Generate. At NY Green Bank, a New York State sponsored specialty finance company, he led the organization from concept to loan of over $ 1 billion to support sustainable infrastructure projects in areas such as renewable energy production and energy efficiency. Prior to Green Bank, Griffin held positions in investment banking, capital markets and risk management at Citigroup Global Markets Inc.

“Generate has been the undisputed market leader in financing the deployment of innovative and high impact clean energy technology and business models, with its dedicated expertise and keen focus on sustainability,” said Griffin. “I am delighted to join Generate to expand its lending platform for sustainable infrastructure and to work with this industry-leading team. Our fight against climate change demands quick results, and it is imperative that we deliver the right kind of capital at the right time to the projects and businesses that are driving the infrastructure revolution.

Generate Credit will focus on the same areas of the infrastructure revolution that have been Generate’s main markets since its inception, including renewables, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, waste management and sustainable agriculture. Generate has made over $ 600 million in similar clean energy loans since its inception.

With broad financing capabilities, a continuously capitalized balance sheet, and a leading operating platform for distributed assets, Generate offers project developers and technology companies the most comprehensive and comprehensive range of financial and operational solutions. more flexible in the world. The new lending business will build on the company’s track record, targeting new lending that broadens the market for sustainable infrastructure deployment.

About Generate

Generate Capital, Inc. is one of the leading sustainable infrastructure companies driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with more than 35 technology and project developers and owns and operates more than 2,000 assets worldwide. Generate is the one-stop-shop offering pioneers of the infrastructure revolution the tailor-made financing and support needed to build projects. Our infrastructure as a service model provides affordable, reliable and sustainable resources to more than 1,000 customers, businesses, communities, school districts and universities. Together we are rebuilding the world. For more information, please visit www.generatecapital.com.

Act fast if you have a stroke, urge the best sprinter


Ireland’s fastest woman is urging people to call an ambulance immediately if they have a stroke.

International sprinter Phil Healy is lending his voice to an Irish Heart Foundation campaign, as it appears nearly half of the people would not.

An Ipsos MRBI survey, commissioned by the Irish Heart Foundation and the government, shows that only 55% would immediately dial 999 or 112.

Phil Healy at the launch of the Act FAST campaign. Photo: Robbie Reynolds / PA

A new Act FAST campaign (Face, Arm, Speech, Time) warns stroke patients how crucial early hospital treatment is to limit long-term damage.

Chris Macey, advocacy manager for the Irish Heart Foundation, said the minutes were important.

“On average, 21 people will have a stroke every day, but 10 of them don’t know they need to get to the hospital as quickly as possible,” he said.

“A stroke kills two million brain cells every minute – and every 60 seconds saved between a stroke and effective treatment saves a healthy week of life for a patient. “

Survey of just over 1,000 people aged 15 and over shows that calling an ambulance is the first thing 55% of people would do in a stroke, with women more likely than men to do.

The registry shows a worrying trend with 59% of people going to the hospital within four hours, compared to previous results in 2015, with 56% getting there within three hours.

Another 26 percent would tell a family member or friend, while 5 percent would contact their GP as their first port of call.

And 2% of those surveyed would wait and see, try to relax, or ignore symptoms, with men more likely to have given this answer.

Mr Macey said that although stroke treatments have improved dramatically, they still depend on getting people to hospital as soon as possible.

“One of these treatments must be given within four and a half hours of the stroke, but the HSE’s most recent stroke registry shows that about four in ten stroke victims do not surrender. to the hospital quickly enough to receive it, ”he said.

“The registry shows a worrying trend, with 59% of people going to hospital within four hours, compared to previous results in 2015, 56% got there within three hours.”

Ms Healy of Cork, holder of the Irish 100m and 200m sprint records, is an Act FAST campaign ambassador.

“Stroke is one of the few conditions where your own actions and the speed of your response can determine your outcome,” she said.

“As a runner speed is essential for me and every millisecond makes a difference.

“I was also trained in nursing, so I am all too aware of the need to act quickly in the event of a stroke, in order to have the best chance of recovery. “

Health Minister Stephen Donnelly praised the campaign. Photo: Julien Behal Photography / PA

Health Minister Stephen Donnelly praised the launch of the campaign.

“Stroke doesn’t stop during a pandemic and it’s more important than ever that if you or someone you know has a stroke, you immediately call 112 or 999,” he said. declared.

“The sooner you get to the hospital, the better your recovery will be. Our acute care hospitals in Ireland are open and operate safely. “

The Ipsos MRBI survey also found that a majority of people cite slurred speech as one of the main warning signs of a stroke, followed by facial weakness, overall FAST message, and weakness. on one side of the body.

A total of 44 percent consider smoking the number one risk factor for stroke, with excess weight, lack of exercise and poor diet being the other main risks.

The Irish Heart Foundation’s Act FAST campaign begins Monday.

For more details see www.irishheart.ie.

Government accelerates new protections against loan sharks


Hon Kris Faafoi
Minister of Commerce and Consumer Affairs

Government accelerates new protections against loan sharks due to COVID-19

The government is accelerating measures to protect people in financial difficulty against high cost loans that trap them in debt.

“Amendments to the Law Amending the Law on Credit Agreements aimed at strengthening protections for vulnerable borrowers were scheduled to begin on June 1, 2020. However, due to the disruption and financial problems caused by COVID-19, the government has moved forward. the introduction of certain measures, ”said Minister of Trade and Consumer Affairs Kris Faafoi.

The early introduction of certain protections is part of the COVID-19 Response (Taxation and Other Urgent Regulatory Measures) Bill that is before Parliament today.

The enhanced protections will apply as of the day after Royal Assent of the urgent legislation and mean that:

• people who borrow from high-cost lenders will never have to repay more than 100% of the loan principal,

• compound interest on high cost loans will be prohibited, and

• default charges will be limited to $ 30 (unless the lender can demonstrate that the higher amount reflects its costs).

“These are times of financial stress for many whanau and families in New Zealand. I urge anyone facing financial difficulties to explore other options before taking out new loans. They can discuss other repayment terms with their lender, contact Work and Income for financial assistance, contact Good Shepherd about an interest-free loan, or call the MoneyTalks helpline.

“COVID-19 is putting financial pressure on many New Zealanders and some may have to resort to high-cost short-term loans. The government wants to do everything possible to ensure that vulnerable borrowers do not find themselves trapped in debt spirals.

“The goal is to put in place further consumer credit reforms, including new affordability regulations and new requirements for lenders to meet the fit and appropriate person thresholds in place. from October 1, 2021, “said Kris Faafoi.

Information on support for people in financial difficulty due to the pandemic is available on the site COVID-19 website.

© Scoop Media

Retail collapses as auto industry accelerates


Why have the auto industry and dealers been able to pivot and not retail?

Thinking back to before COVID-19, I think it’s safe to say that buying a car was perhaps one of the most archaic experiences around.


While much of retailing has gone more digital over the past two decades, with the exception of the ability to search for cars online, much of the buying of cars was still done ‘home’. ‘old’: in person, from shopping to test drives. funding.

At the onset of the pandemic, many car dealerships closed and car buying paused, forcing the hand of many dealers who had been slow to integrate digital options for customers. A McKinsey report found that in April, in the United States, car purchases had fallen by 47%.

However, in the months that followed, cars began to matter even more to consumers than before COVID-19, as drivers said they extended their use to travel in order to “connect with the outside world in a safe manner. “, according to the study.

AXIOS reported US factory orders rose 6.2% in June, after gaining 7.7% in May, more than expected and spurred by a surge in demand for motor vehicles. Used car sales have also exploded, with JD Power report car dealers sold 2.1 million used vehicles in May and June, 9% more than in the same two months in 2019. Edmunds found that franchised car dealers sold 1.2 million used cars and trucks in June alone, which was more than in any month since. 2007.

The nature of consumer expectations in the pandemic world has prompted dealers to quickly embrace a digital, socially distanced, and contactless approach in order not only to survive, but also to thrive. In this second in a series of articles on how COVID-19 has fueled innovations, I will examine the approaches taken by online and physical car dealerships to shed light on what retailers need to do better.

In my last itemI noted that despite a similar growing demand in digital retail during COVID-19, there has been very little innovation when it comes to targeting and personalizing experiences for customers who have been driven by line out of necessity. In contrast, car dealerships and online car sales websites have embraced the new kind of buyer and found ways to meet their short and long term expectations.

Paul Hennessy, CEO of Vroom, an online car sales platform, caught it best when it mentionned that serving consumers digitally goes beyond just having a website, and that auto dealers need to “break out of their old paradigm of thinking about profitability first and starting by understanding end-to-end omnichannel journeys. bout their customers to buy cars ”.


Invest in upgrading online research

The coronavirus has fueled a shift in the desire to buy vehicles online. While online sales still represent only about 1% of the roughly $ 840 billion Americans spend on used cars annually, a investigation by CarGurus Inc, an online marketplace for new and used cars, found that 61% of people buying cars were ready to buy online. This compares to 32% before the pandemic. According to at Dealer.com 82% of car buyers interact with search results on a dealership’s website.

In response to the changing needs of consumers due to the pandemic, online marketplaces have invested to make the process faster, easier, and more intuitive, while expanding inventory. Dealer.com recently ad an improved search experience that better guides buyers through inventory with autocomplete suggestions, larger photos, responsive listings and personalized pageviews, making it easier for buyers to find the car they want. ‘they search, from any device, anywhere. Rival Vroum ad it had spent around $ 1 billion on its online platform and inventory so far, and plans to sell auto parts or insurance, or serve as a marketplace for small auto retailers. Carvana has spent $ 2 billion since 2013 to roll out its digital network which includes technology for valuing trade-in vehicles, financing auto loans, changing car titles in U.S. states, storing and delivering thousands. vehicles to customers’ homes.

Use data to personalize experiences

Personalization is the future of not only automotive retail, but retail as a whole. An UNLOCK key engages customers throughout the entire lifecycle of your product – from inception to checkout. Matthew Gold, chief strategy officer for Cars.com, noted in a interview with McKinsey that as the industry progresses over the next 10 years, the time that customers spend buying a car will decrease, with algorithms doing much of their research, based on data provided by the customer. This will inspire better search engine recommendations and the experience will be personalized for an individual shopper.


Customer service switches to AI Chat

With many resellers downsizing, chatbots are starting to gain momentum. Cars.com noted in a recent Release that Dealer Inspire has seen significant increases in its AI-powered chat tool, Conversations. According to the article, the chatbot answers basic questions like opening a dealership, how to make an appointment, and even offers vehicle trade-in values ​​before turning the conversation over to a dealership employee for questions. more detailed information. On a month-over-month basis, online chat conversations between buyers and resellers increased 23% in April and 38% in May, and the company expects increased demand from buyers for instant and real-time communication tools that allow them to collect the necessary information at home and on the move. faster and deeper into the buying process in a simplified and frictionless way. the The key point to remember now is to ELEVATE your employees by leveraging technology to perform repetitive heavy lifting.

Social distancing road tests

Cars have become another form of PPE, allowing homeowners to get out of the house safely. However, that meant finding new ways to provide buyers with a positive experience while meeting safety requirements. According to this CNBC history, dealerships began bringing cars to potential buyers at no cost so they could take a test drive from their homes, clean the car before the driver entered, and socialize. CarMax, the # 1 used car retail chain, has launched “contactless” curbside pickup during the pandemic, a popular choice for online shoppers. It also offers free home delivery up to 60 miles (97 km) from a dealership. But home delivery can be expensive, and some state regulations don’t allow it, according to at CarMax.

Perhaps this is the reason why more and more dealers have started offering virtual tours and test drives online. According to at Automotive News, through virtual tours and test drives, dealers are embracing a single point of connection with buyers, adding an interactive element to online research. Panoramic videos allow viewers to navigate the booths on their mobile devices or computers during presentations and gain insight into how technologies such as adaptive cruise control work in real conditions.


Make an offer and online financing

The pandemic has also changed the sales process for buying a car. What was once an in-person process starting with a price haggling and ending with a lengthy finance conversation, endless paperwork, and approvals that could keep you at the dealership for hours, is moving all online. .

Karl Brauer, executive editor for Autotrader and Kelley Blue Book, recently Explain at CNBC that once a car buyer has the market value range in mind, it is entirely possible to reach out to the dealers who have the car you are interested in and are offering the price they want. “As long as you’re clear on the price you want to pay, it doesn’t really matter how you communicate: you can email them, you can text them, you can call them.” Your conversation can be as simple as, “I know the market value of this car is $ 28,700. I’m talking to a few dealers. I am prepared to pay $ 27,000, ”he explains.

He noted that when it comes to buying the car, much, if not all, of the transaction can be done online. A buyer can now apply for financing online and even go through the trade-in process online if they are considering trading in their old car. Depending on state laws, you may still need to physically sign some documents, but because a car can be delivered directly to a buyer’s home, the documents can be completed at that time as needed.


The car buying experience is still a retail experience defined by touchpoints. Unlike traditional retailers, pandemic lockdowns have forced car dealerships to adapt to the convenience, speed, safety and personalization of the car buying experience, integrating new digital technologies.

Like auto retailers, retailers as a whole need to understand customers’ expectations for the shopping experience and invest in new technologies that give them better control in a convenient, intuitive, frictionless and, in a way. a predictable, more secure future.

12 Michigan abortion quick facts


A total of 26,716 abortions were reported in Michigan in 2018, an increase of 0.5% from 2017, according to the Michigan Department of Health and Human Services.

Michigan residents obtained 96% of abortions performed in the state in 2018, according to the state’s annual abortion report. The 2018 report was released this month.

Below are 12 quick facts about abortions in Michigan.

Wayne County has the highest abortion rate in the state

Wayne County, which includes Detroit, has the highest abortion rate in the state – 28.9 abortions per 1,000 women ages 15 to 44. The lowest rate in Dickinson was 2.5 abortions per 1,000 women. Counties where no rate has been calculated: Algiers, Baraga, Gogebic, Kalkaska, Keweenaw, Ontonagon and Oscoda.

Statewide, the rate was 13.6 in 2018, down slightly from 13.7 in 2017.

The map below shows the abortion rate by county. This is the number of abortions in 2018 per 1,000 women aged 15 to 44. (There are several rural counties where rates were not available due to the small population and low number of abortions.)

Detroit residents accounted for 23% of Michigan abortions in 2018

Women who live in Detroit obtained 23% of abortions performed in Michigan in 2018.

Of Michigan women aged 15 to 44, 7% live in Detroit. The city’s abortion rate is more than three times the state average.

Women in metro Detroit – Wayne, Oakland and Macomb counties – account for 60% of abortions in Michigan, although they are 39% of Michigan women aged 15 to 44.

On the other end of the spectrum, residents of the Upper Peninsula – which represent 2.6% of Michigan women of childbearing age – account for 0.9% of Michigan abortions.

The online database below allows readers to research the number of abortions from 2008 to 2018 by county. Figures are based on where patients live, not where the abortions were performed. You can click on a bar in the graph to see the number.

You can click on a bar in the graph to see the number.

Abortions Down 46% From 1987 Peak

Abortions in Michigan are down 46% from the peak in 1987 when 49,098 abortions were reported to the state.

The increase between 2012 and 2013 is largely the result of a state law that enhanced reporting requirements.

Half of all abortion patients in 2017 have had an abortion

In 2018, 51% of Michigan’s who had an abortion had never had an induced abortion, while 26% had had an abortion and 23% had had two or more abortions.

The percentage of women reporting two or more abortions rose from 15% in 1985 to 25% in 2012, and has fallen to 23% in recent years.

The proportion of women who have never had an abortion has generally declined, from 60% in 1985 to 51% in 2018, according to the report.

One in eight women who have an abortion are married

In 2018, 87% of Michigan women who got an abortion were not married. This compares to 82% in 1985 and 89% in 2017.

Two-thirds of abortion patients have at least one child

About 65% of Michigan women who had an abortion in 2018 have had a full term pregnancy, and 38% have given birth at least twice.

Among married abortion patients, 85% had already had a full term pregnancy and 62% had given birth to at least two children.

In 1985, 48% of abortions were obtained by women who had already given birth.

61% of abortion patients in 2018 were in their 20s

Women aged 25 to 29 were the group most likely to have an abortion in 2018.

About 9% of abortions in 2018 were performed on adolescent girls; 61% of women in their twenties and 30% were obtained by women aged 30 and over.

Major change in abortions by age group

In 1985, 65% of abortions were obtained by women under the age of 25. That dynamic has now been reversed: in 2018, women over 25 had 62% of abortions in Michigan.

Black women were five times more likely to have an abortion

About 50% of abortions performed on Michigan residents in 2018 were obtained by African-American women.

This translates to a rate of 39.8 abortions per 1,000 black women aged 15 to 44, compared to a rate of 7.4 for white women.

87% of abortions were performed before the 13th week of pregnancy

Two-thirds of Michigan’s 2018 abortions occurred before the ninth week of pregnancy, 87% by the 13th week, and 96% by the 17th week.

There were 358 abortions performed between the 21st and 24th week of gestation; six performed between the 25th and 28th weeks and one after the 28th week.

Majority of abortions involve D&C aspiration

The most common abortion method in 2018, around 55%, was D&C suction, in which the fetus is sucked and a tool is used to scrape the lining of the uterus.

The second most common method, around 38%, was a medical or non-surgical abortion, in which the abortion is induced by drugs.

About 7% of abortions involved dilation and evacuation, which is typically used in abortions after the 14th week of pregnancy. It is a combination of suction and manual withdrawal of the fetus.

Lucro Deploys Small Business Lending App to Accelerate COVID-19 Relief Lending


BOSTON–() –OutSystems announced today that the client Lucro Business Solutions, a leading credit union service organization (CUSO), deployed an app in less than a week to help small businesses apply for critical pandemic relief loans through the Check Protection Program government payroll (PPP).

Lucro executives realized shortly after the government opened calls for PPP loan applications that they would need to improve their own processes for responding to loan demand. They created an app on the OutSystems low-code development platform to resolve the issue quickly. The app, delivered in less than a week, made it easier for borrowers to complete complicated forms. It has also streamlined the P3 underwriting, maintenance and documentation services that Lucro provides to credit unions and community lenders, allowing it to compete directly with the largest lenders in the government’s lending program.

Since Lucro deployed the app, he has processed 4,000 PPP loan applications and funded $ 30 million in loans. Loans made through Lucro and its partner organizations have benefited small community businesses, providing an average loan volume of $ 60,000 to nearly 600 businesses.

“We were stalling Paycheck Protection Program loans in our conventional workflows and falling behind,” said Cori Schmidt-Zdrazil, COO at Lucro Commercial Solutions. “Creating an automated system on the fly, as the program rolled out, allowed us to keep pace and help a group of underserved customers at a time when they needed assistance. The platform also gives us the ability to compete with much larger institutions with a lot more resources. ”

Lucro developed the new app with help from a global digital solutions provider True wind, an Elite level partner of OutSystems. In less than a week, a pair of Truewind developers took charge of Lucro and delivered an extension to the Digital Business Lending Center (DBLC) that the company created for Lucro in 2019. DBLC provided lending institutions with an easily configurable turnkey online solution capable of reducing loan application time from 30 hours to 30 minutes.

The DBLC expansion allowed Lucro to create a separate and streamlined workflow for PPP applications, bypassing conventional procedures and directly meeting the requirements of the Small Business Association program itself. An online assistant guides the borrower through the loan application process, saving them time and creating a more positive user experience. Lenders also benefit from a streamlined process, allowing them to package loan documents faster and eliminate process errors quickly.

“Around the world, we see inspiring examples of technologies playing an active role in solving business problems in such a challenging environment,” said Carlos Alves, director of customer service at OutSystems. “Lucro and Truewind are to be commended for the vision they have shown in using a low-code platform to deliver a impactful business solution so quickly, when customers need it most. ”

About Lucro Commercial Solutions – Lucro Commercial Solutions (Lucro) is a service organization founded in 2003 with a desire to help credit unions and community lenders thrive by maximizing one of their most lucrative lines of business … commercial services . Lucro serves partner credit unions and community lenders across the country, ranging in size from $ 5 million to over $ 4 billion in assets with their business lending needs. Lucro is the exclusive property of Corporate One Federal Credit Union.

About OutSystems – Thousands of customers around the world trust OutSystems, the global leader in low-code application development. Engineers with an obsessive attention to detail designed every aspect of the OutSystems Platform to help organizations build professional-looking applications and transform their businesses faster. OutSystems is the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire applications that easily integrate with existing systems. Visit us at www.outsystems.com or follow us on Twitter @OutSystems or LinkedIn at https://www.linkedin.com/company/outsystems.

Stuck on ship in Kuwait, Indian sailors quickly demand pending wages


Sixteen sailors from different parts of India have been on the MV ULA vessel for 15 months and have not been paid for almost a year.

For nine months, Santhosh *, a sailor from Srikakulam in Andhra Pradesh, has been stuck in limbo with 18 other crew members aboard the vessel MV ULA. For reasons beyond their control, they have remained anchored at the port of Shuaiba in Kuwait since March 2020. However, they had stopped receiving their wages even before that. Santhosh was promised a monthly salary of US $ 400, which he has not received for 11 months, since February. Some of his teammates haven’t been paid for 14 months.

Annoyed by the delay in bureaucratic procedures and worried for their families whose financial difficulties have worsened over the months, the crew members have been on hunger strike for 18 days, despite the fatigue of being on the ship since. more than a year. They claimed their pending wages for the entire time they were on board, before leaving the ship.

Events leading up to the strike

Crew members say they had been suffering from medical problems on board the ship since October 2019, after the ship began its voyage from Oman, due to a lack of medicine, fresh water and provisions on board, in apart from prolonged power outages. As their demands for wages and pending provisions grew stronger, in February they reached an agreement with the shipowner. Provisions were sent and pending salaries were paid to some of them. Tired of the working conditions, some crew members sought to leave the ship after reaching the port of Shuaiba in Kuwait, once the crew had been changed and their positions replaced.

Due to the coronavirus pandemic, the crew could not be changed. This was followed by complications with the ship’s cargo (clinker). Eventually there was no buyer for the cargo and in August 2020 the vessel was disowned or abandoned by its owner. By this time, some crew members had terminated their contracts with the company for various reasons, and 19 crew members remained on board. Sixteen of them are from India, one from Turkey, one from Azerbaijan and one from Bangladesh. Despite personal tragedies in some of their lives, such as the loss of loved ones at home, they were unable to return home, Santhosh explains.

The Kuwait Ports Authority (KPA) then took control of the vessel, and since then the crew has received provisions, drinking water and electricity from the Kuwaiti authorities. But they still did not receive a salary, and for most of them, who had already taken out loans to pay the agents who found them work, more and more loans were piling up at home, and their financial situation has worsened.

“We couldn’t send money to our families. Many of our family members have borrowed money from banks or taken out personal loans. Our families are waiting for us to pay these loans. We want our wages on hold, otherwise our lives will be miserable when we return home, ”said one of the crew, who has been on hunger strike for 18 days. He went on to say that it seemed like a better option for them to end their days on the ship than to go home empty-handed. “The lenders will not spare us because the loans are pending for 14 months. We will not disembark and sign until we have received our pending salaries, ”he said.

While the ship has been in Shuaiba port for nearly nine months, crew members say there has been talk of late that port authorities might sell the cargo, after which the crew would be sent home. However, the crew members are adamant not to come back empty-handed. With a growing sense of hopelessness and helplessness, the 19 crew members went on a hunger strike on January 7 to demand pending wages. They say they only survived on water and ORS (oral rehydration solution) for 18 days. “As our families are starving at home, we don’t want to eat either,” said a crew member.

On the other hand, there are also a few crew members who were ready to sign earlier, but were unable to do so due to the ship’s minimum security manning requirement. In this case, the certificate requires that at least 12 crew members performing certain tasks must be on board, according to one crew member, and in the absence of a replacement crew, they were forced to stay on board.

What awaits us

Manoj Joy, community development manager at the Sailors’ Society, a UK-based maritime charity that supports sailors and their families, explains that usually in such cases of abandoned ships, it is the responsibility of the P&I (clubs protection insurance and compensation, a form of maritime mutual insurance) to ensure the repatriation of seafarers.

According to the International Labor Organization (ILO) database on sailors abandoned on ULA, the ship’s insurer is not part of the mutual insurers of the International Group of P&I Clubs (IGP & I). The IGP & I said it therefore could not intervene in the seafarer issue, saying the issue “is entirely in the hands of the flag administration”.

Another option, Manoj says, is that the crew members could take the matter to court on this matter, ending with the auction of the ship, the proceeds of which could be used to pay their wages. “But it’s a long process. First, they would have to find a lawyer in an unknown foreign country who would help them. And then you have to find a suitable buyer, which can take a long time, ”he says.

The vessel was sailing under the flag of the Republic of Palau, an island country where the vessel was registered. Palau ended the vessel’s registration in September 2020, after its registration certificates expired, rendering it flagless. The IGP & I had previously suggested that Palau revise its list of licensed insurers, if they have reason to believe that the ULA insurer has evaded its obligations under the ILO Maritime Labor Convention. .

“A ship is like an island in the country where it is registered, but it becomes very easy to abandon it in such situations,” Manoj explains.

According to the ILO, as of January 6, the Indian government said that once Kuwaiti authorities resumed the visa application process that had been suspended due to the pandemic, Indian recruitment and placement agencies registered (RPS ) who had hired the crew would ensure that they were disembarked from the ship and repatriated, with their wages fully paid. The Directorate General of Navigation said it had asked the Kuwaiti authorities to seize the Kuwait Port Authority for the payment of wages and the early repatriation of Indian seafarers, and also to intervene with the owners of the vessel for the settlement of unpaid wages. .

Manoj says that although most ports are not very favorable, Kuwait’s port authorities have been helpful to the sailors, providing them with basic necessities. However, they are not responsible for paying their wages, he adds. “But here, since there is freight, the port may be able to take care of it after its sale. However, once the sailors are disconnected and leave the ship, there is no guarantee that they will receive their pay later, ”he said.

With their financial situation exacerbated by the pandemic, the sailors are in desperate need of their wages, as they have not been paid for almost a year.

Holding the shipowner accountable in such situations is extremely difficult, according to Manoj. “It’s even hard to find them. From the registered address of the vessel there is a chain to the final owner which can be difficult to trace, ”he says. According to the ILO database, the Qatari government said it had taken action against the president of the company that previously owned the vessel. He also said that several arrest warrants had already been issued against the president and that the company had been blacklisted since February 2017. However, as of October 2020, authorities were unable to capture the president.

Manoj says incidents like these should serve as a wake-up call to the ILO and other maritime stakeholders to close gaps in the implementation of maritime labor laws. “Often unscrupulous shipowners and exploitative agents who help them hire sailors get away with it quite easily. It is the crew members who are the most vulnerable and the most penalized, ”he said.

Shaheen Sayeed, an activist who has worked with stranded sailors on several occasions, notes that becoming a sailor involves a huge investment. “To be a sailor, you have to spend around Rs 5-6 lakh on education. Agents who promise lucrative foreign jobs to Indian sailors also collect around Rs 3-4 lakh for a job. After spending so much money, very few succeed, while some, as in the case of ULA, are stuck in abandoned ships without pay for more than a year. Sailors complain that what they are experiencing is modern day slavery, ”she said.

However, there is still hope in this case, says Manoj, than in many other much more distressing episodes. “Right now, at least, there is a possibility that the cargo will be sold and the sailors will be repatriated on partial wages,” he said.

* Name changed

The best career advice in two words that will help you progress quickly


Have you ever had the lingering feeling that it’s time to quit a job, even though, on paper, the job looks fantastic?

Stop me if this sounds familiar:

  • Have you always dreamed of becoming a (fill in the blank), but haven’t actively pursued it because it’s impractical, it’s too late, or you’re thinking that what you’re doing now is good enough ( when in fact you feel deep in your bones that you don’t).
  • When you talk about (fill in the blank), you are lively and excited; when you talk about what you’re doing now, you’re not.
  • You are doing well professionally, maybe even exceptionally well, but you always feel like something is missing.
  • Your life is good by most standards, but you are still not satisfied.

If any of the above rings true, it’s time I shared with you the best two-word career advice I’ve ever received: Stop hiding.

Since my childhood, I knew that I was born a designer. I was that local kid who always painted, drew and wrote stories about the world, expressing herself through color, emotion and words.

But as I got older and prepared to enter the workforce, I began to suppress my real self, settling for “creative adjoining” roles, like an advertising account manager instead of a copywriter.

Because I really like and work well with people and intuitively understand both strategy and creativity, becoming an Account Manager was a given. I was excellent at it, so naturally I progressed in this area. But the more I managed projects, budgets and people, the less I could express myself and contribute creatively.

Playing it safe, “Account Amy” killed him in his career – and “Creative Amy” along with it.

It wasn’t until years later that a friend called me about this. He noticed that I had unconsciously placed myself on the periphery, but wanted to jump out of the shadows and jump into the action.

He told me it was time to stop hiding.

This two-word career advice opened my eyes and forced me to face what I had neglected for decades: recognize, embrace and put my talents to their best and best use.

And maybe it’s time for you to stop hiding too; Here’s how:

1. Be clear about what you want

If like me, you have passed years of doing the same thing over and over again, suppressing your desires, you must allow yourself the space and grace to revisit a long forgotten dream. Take the time to think and aha a moment or two for clarity.

And even if you already have a good idea of ​​what you want, it helps to seek advice from a trusted friend or mentor. Those who know us best see us through completely different lenses than the ones we see ourselves, and (spoiler alert) are often much nicer and more honest. If you’re not sure what your next step is, confide in someone who can walk you through the disconnect between where you are now and where you want to be. They’ll likely be part cheerleader and part master builder, reminding you to be honest with yourself about what you want.

2. Overcome your fear by changing the narrative

Why are we hiding? Because it’s less risky than exposing yourself.

We are afraid of being vulnerable or of being ridiculed. We wonder why we have the audacity to think that we could get what we really want, plagued by “impostor syndrome”, foolishly believing that we are not good enough. Or somewhere along the way, well-meaning individuals sowed doubt in our minds, convincing us that pursuing what we wanted was a bad idea because it was too late or impractical. These negative stories resonate in our heads, stagnating our growth and preventing us from pursuing our dreams.

To overcome your fear you have to change the narrative, and that starts with the stories you tell yourself. For example, when you switch from “I could never be one (whatever you want)” to “I am one (whatever you want)”, you replace the self-sabotage discourse with an affirmation discourse of self, helping you let go of limiting beliefs and adopt a growth mindset.

Words have power, especially the ones you say – or don’t say – to yourself.

3. Take action to stand out

When you clearly know what you want and change the way you talk about yourself, the next (and most important) step is to step out of the shadows and take action.

For me that meant introducing myself as a writer. When I stopped hiding, amazing things started to happen. People “saw” me – the right people. And I’m not just talking about clients who trust my creative abilities or those who have engaged with my content. The most important person who finally saw me as “Creative Amy” was the woman who looked at me in the mirror.

Real change happens when you align your attention with your intention and then take action. Because action breeds more action, and when you finally heed the advice to stop hiding, your career path will change for the better.