Charity fund – Wendy Foundation http://wendyfoundation.org/ Mon, 19 Sep 2022 16:01:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://wendyfoundation.org/wp-content/uploads/2021/08/cropped-icon-32x32.png Charity fund – Wendy Foundation http://wendyfoundation.org/ 32 32 Disaster loans available to help drought-affected small businesses https://wendyfoundation.org/disaster-loans-available-to-help-drought-affected-small-businesses/ Mon, 19 Sep 2022 16:01:14 +0000 https://wendyfoundation.org/disaster-loans-available-to-help-drought-affected-small-businesses/ (KNSI) – Loans from the U.S. Small Business Administration are available for agricultural cooperatives and nonprofits in Sherburne and Wright counties that suffered losses due to the drought that began in July. The Secretary of Agriculture has declared a disaster due to the dry conditions that began this summer, which opens several categories of small […]]]>

(KNSI) – Loans from the U.S. Small Business Administration are available for agricultural cooperatives and nonprofits in Sherburne and Wright counties that suffered losses due to the drought that began in July.

The Secretary of Agriculture has declared a disaster due to the dry conditions that began this summer, which opens several categories of small businesses, small agricultural cooperatives and non-profit organizations to an economic disaster loan . Agricultural producers, farmers and ranchers are not included in the program.

The worst-hit areas of the state have experienced severe drought for the past two months, a category two designation. Although not as extreme as last year’s drought, it still has significant consequences.

Loans can be up to $2 million to help cover day-to-day expenses such as rent and employee health care benefits. Interest rates vary between 1.875% and 2.935% with terms up to 30 years.

For more information on the EIDL program, visit here.

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Removal of collateral requirement for Main Street micro business loans https://wendyfoundation.org/removal-of-collateral-requirement-for-main-street-micro-business-loans/ Wed, 14 Sep 2022 17:29:52 +0000 https://wendyfoundation.org/removal-of-collateral-requirement-for-main-street-micro-business-loans/ Economic development Application for loans up to $50,000 to launch October 6 September 14, 2022 The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved a revision to the Main Street Micro-Business Loan, removing the requirement for personal guarantees from micro-business owners. The Main Street Micro Business Loan, a successor to the micro […]]]>

Economic development

Application for loans up to $50,000 to launch October 6

The New Jersey Economic Development Authority (NJEDA) Board of Directors today approved a revision to the Main Street Micro-Business Loan, removing the requirement for personal guarantees from micro-business owners.

The Main Street Micro Business Loan, a successor to the micro business loan program established by NJEDA in 2019, is offered as part of the Main Street Recovery Fund, a $150 million suite of products created or expanded under of the Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in 2021.

This pilot product will provide funding of up to $50,000 to eligible New Jersey micro-businesses with annual gross revenues of $1,500,000 or less and with 10 or fewer full-time employees at the time of application and three months before the date of the request. NJEDA will begin accepting applications for the program on Thursday, October 6 at 10:00 a.m. EDT.

Qualifying for-profit and nonprofit businesses registered to do business in New Jersey, including home-based businesses, can apply for funding from the $20 million in funds allocated by the Main Street Recovery Fund to cover only future operating expenses such as inventory, rent, payroll, equipment (which does not require installation or construction work totaling more than $1,999.99) or any other working capital to finance the company’s operating expenses. The loan will have a standard term of 10 years and the interest rate will be 2%, with no interest or payments due for the first year.

The Main Street Micro-Business Loan has a significant forgiveness component, as it helps reduce the burden on micro-business owners who already have limited access to capital. According to the rules of the program, the borrower is required to make payments from the second year to the end of the fifth year. To be eligible for loan forgiveness, the applicant must have made their loan payments as stated in their loan agreement with no more than 90 days in arrears, have no current payment defaults, be able to certify that he used the loan for approved purposes only, and that they are still open and operating as stated in the loan agreement.

To ensure equitable and inclusive access to the Main Street Micro-Business Loan, of the $20 million in total funding available, $8 million will be set aside to support eligible entities located in eligible census tracts in the Main Street area. New Jersey Opportunity.

Eligibility requirements for micro-enterprises interested in applying for this program include:

  • Must have less than $1.5 million in annual gross revenue for the most recent fiscal year (as long as the business has annual revenue)
  • Must have no more than 10 full-time employees at the time of application and three months prior to application
  • Must be legally registered to do business in New Jersey, with a business location (including a home office) in New Jersey
  • Must have been trained at least six months prior to application date.
  • Must be in good standing with the New Jersey Department of Labor and Workforce Development (LWD) and the NJ Department of Environmental Protection at the time of application
  • Must provide a current tax clearance certificate prior to approval to demonstrate that the applicant is in good standing with the NJ Division of Taxation

The Main Street micro business loan will not require collateral as the underwriting criteria will be based solely on credit rating. Only not-for-profit organizations will need to be fully underwritten and required to meet a debt service coverage ratio of 1.0. For all other for-profit entities, at least one owner must have a credit score of 600 or higher to be considered eligible. The personal guarantees of the owners or principals are not required.

Main Street micro business loan applications will be considered on a first come, first served basis based on the date/time the Authority receives the completed application. Former recipients of the Micro Business Loan Program are eligible to apply for the Main Street Micro Business Loan. Due to the favorable conditions of this product, only one application per EIN is allowed.

NJEDA will host a Main Street Micro-Business Lending Information Session on Monday, September 26 at 2:00 p.m. EDT. To register for this online session, click here.

To access more business news, visit NJB News Now.

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Business women ready to get low interest loans from SME Bank https://wendyfoundation.org/business-women-ready-to-get-low-interest-loans-from-sme-bank/ Mon, 12 Sep 2022 06:39:23 +0000 https://wendyfoundation.org/business-women-ready-to-get-low-interest-loans-from-sme-bank/ CWEA Chairman Keo Mom and SME Bank CEO Lim Aun shake hands after signing a memorandum of understanding on September 9. EMS BANK Businesswomen in the Cambodia Women Entrepreneurs Association (CWEA) will be able to access loans at annual interest rates “0.25 percentage points below market” from the Small and Medium Enterprise Bank of Cambodia […]]]>

CWEA Chairman Keo Mom and SME Bank CEO Lim Aun shake hands after signing a memorandum of understanding on September 9. EMS BANK

Businesswomen in the Cambodia Women Entrepreneurs Association (CWEA) will be able to access loans at annual interest rates “0.25 percentage points below market” from the Small and Medium Enterprise Bank of Cambodia Plc (SME Bank), state-owned. Head of CWEA.

CWEA Chairman Keo Mom confirmed the figure to The Post after signing a Memorandum of Understanding (MoU) to that effect with SME Bank CEO Lim Aun on September 9.

Mom, who is also CEO of Ly Ly Food Industry Co Ltd, one of the largest food processing companies in the Kingdom, told The Post that the main objective of the MoU was to establish long-term cooperation. term between CWEA and SME Bank to create and support financial arrangements for women entrepreneurs and promote the growth of small and medium-sized enterprises (SMEs) in the Kingdom.

She said the 0.25 percentage point rebate would give women entrepreneurs access to finance to grow and grow their businesses.

Speaking at the signing ceremony on September 9, Aun of SME Bank also said that the MoU would provide SMEs within CWEA with favorable credit terms to grow and ensure smooth and sustainable operations. .

Meanwhile, SME Bank reported that 148 businesses involved in the tourism value chain – all SMEs – had received $19.86 million in loans under the Tourism Recovery Co-financing Scheme (TRCS) in the country. August 31, or 13.24% of the $150 million budget. . Of that amount, 41%, or just over $8 million, went to women-owned businesses.

Broken down by category, hotels accounted for the most funds, at 25%, followed by guesthouses (23%), restaurants (40%) and other businesses (12%).

The TRCS was rolled out on May 17 to provide a lifeline to businesses involved in the tourism value chain that are considered to have been significantly impacted by the Covid-19 crisis, and is currently being implemented with the support of 19 Participating Financial Institutions (PFIs) . The program’s loan rules and procedures were officially established on July 1, which opened the door to loan applications.

The program was financed by a matching fund between the government and financial institutions, with $75 million from the national budget to be disbursed in the form of loans issued by SME Bank, and the remaining $75 million in the form of loans. granted through PFIs, which include commercial loans. banks and microfinance institutions (MFIs).

The main offers of the project include a maximum interest rate of 6.5% per annum, a grace period of 16 months on principal repayments, a loan term of up to seven years, a loan amount of up to reach $400,000 and the option to receive funds in either riel or US dollars.

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Student Loan Forgiveness in the United States: A Well-Intended Band-Aid https://wendyfoundation.org/student-loan-forgiveness-in-the-united-states-a-well-intended-band-aid/ Mon, 12 Sep 2022 04:49:08 +0000 https://wendyfoundation.org/student-loan-forgiveness-in-the-united-states-a-well-intended-band-aid/ President Biden’s recently announced college loan forgiveness policy is a well-intentioned response to an appalling and ongoing crisis for the millions of American citizens who now owe $1.7 trillion in US student loans. Just for perspective, that’s slightly more than the current Australian annual GDP. The recent major disruption in labor markets internationally due to […]]]>

President Biden’s recently announced college loan forgiveness policy is a well-intentioned response to an appalling and ongoing crisis for the millions of American citizens who now owe $1.7 trillion in US student loans. Just for perspective, that’s slightly more than the current Australian annual GDP.

The recent major disruption in labor markets internationally due to the effects of COVID-19, including for new graduates, as well as the extraordinary increases in US debt per student, have demanded a policy response.

But are the reforms of the Biden administration sufficient to deal with the scale of the crisis?

The Biden reforms cancel up to $20,000 in loans for people earning $125,000 a year or less and an additional $10,000 for other borrowers from low-income backgrounds. The plan would erase the debts of around 50% of borrowers, all of whom currently earn relatively low incomes.

The advantages are quite clear: it prevents debtors who now have great difficulty repaying their debt from defaulting on their student loans. A formal default on a US student loan is a major calamity in someone’s life. This can hurt their credit scores, which can limit access to future loans, including home financing. Currently, there are at least nine million American student borrowers with the unenviable and harmful tag of “credit risk” that comes with default.

The Biden policy is also aimed at those who need the most help: low-income people. A holistic approach to debt cancellation would unfairly help many who have high debts, but also have lives of high earning power and career success. Think of doctors, lawyers and business leaders. These people in general really don’t need debt relief and it would be like taking on all taxpayers, including those on low incomes, to cancel the debt of high-paying people.

But while this policy helps those who need it most in times of crisis, ultimately the policy focus is misplaced. Biden’s forgiveness strategy is just a band-aid. It’s because the whole catch in the system – how debts are paid off – is ignored.

The fundamental flaw in the US student loan system, indeed the student loan systems of most countries in the world, is in the nature of debt repayments. The problem is that university credits are collected on the basis of time, the usual duration being 10 years of repayment, where the monthly dues are identical and unwavering.

This means that if a former student is unemployed, ill, or caring for an elderly parent or newborn, they owe the same amount per month. And bearing in mind that about 40% of student debtors are undergraduates, even many of those in full-time employment will struggle to repay their debts.

This means that even if Biden’s loan forgiveness policy is well-targeted and minimizes trauma for a cohort of debtors right now, what about next year and all the years after? Will it have to be done again and again, even permanently ad hoc base?

Thousands of bandages will be needed year after year, crisis after crisis, to cover an open wound. It’s only cosmetic, a temporary disguise of a permanent problem.

There is a solution available to anyone looking beyond the borders of the United States. For 33 years in Australia, 30 years in New Zealand, 25 years in the UK, “income contingent loans” have supported the higher education systems of these countries. To avoid a US-style loan crisis, students in these countries only need to repay when they have the financial capacity to do so.

What if a student is unemployed? Their reimbursements are suspended. If their income drops because they are raising a child or caring for a sick family member? Refunds are suspended. On top of that, there is no way they can damage their credit score.

There are some forms of income-contingent student loan repayment in the United States, but they do little to address the current problem. These types of loans have limited coverage, are very difficult to navigate, and loans are collected based on last year’s revenue, not current, which adds to the collection burden on the US government. (In the countries above, employers simply take the amount of the loan repayment from wages – a much more efficient approach.)

A longtime advocate of the United States’ adoption of a variation of the Australian/British loan system, Harvard economist Professor Susan Dynarski recently wrote: “Loan forgiveness is not just justified; That’s right: government policy has done harm, and it’s government policy that should help reverse it.

True, but until the United States turns to comprehensive remedies abroad, it will not treat the wound that has long healed in other countries.


READ MORE:

Australia has a new online-only private school

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Top 5 Benefits of an Instant Loan from Paysense Partners https://wendyfoundation.org/top-5-benefits-of-an-instant-loan-from-paysense-partners/ Sun, 11 Sep 2022 08:08:00 +0000 https://wendyfoundation.org/top-5-benefits-of-an-instant-loan-from-paysense-partners/ Nowadays, instant personal loans are very popular among professionals and self-employed people. This is a short term personal loan with no end use restrictions. This means you can use it to meet all your personal and financial needs. Paysense partners are involved in offering this loan. Mentioned below are the Paysense personal loan benefits they […]]]>

Nowadays, instant personal loans are very popular among professionals and self-employed people. This is a short term personal loan with no end use restrictions. This means you can use it to meet all your personal and financial needs. Paysense partners are involved in offering this loan. Mentioned below are the Paysense personal loan benefits they offer.

5 advantages offered by Paysense Partners Instant Loan

Here are the benefits of Paysense Partners instant loan:

  • Affordable interest rates

    Loan repayment includes interest rates that applicants must decide before a personal loan transaction takes place. A Paysense short term instant personal loan alleviates the problem of paying high interest rates. Thus, you will get a reasonable Paysense interest rate.

    Plus, your chances of getting loan approval will increase significantly if you maintain a good credit rating. Therefore, you must pay your dues to have a proper credit rating.

  • Credit without guarantee

    Personal loans are unsecured and do not require collateral. You will receive sufficient funds to meet your financial and personal needs without having to secure any property or assets. Therefore, the Paysense personal loan is much easier to obtain than a secured loan. The lenders will ensure that you get the credit amount without keeping any mortgage. Thus, a personal loan is more practical and simple.

  • Flexibility

    By opting for a personal loan, you will be able to use the credit amount as you wish. Moreover, these loans have no end use restrictions. Thus, it is a great financing option for almost anyone.

  • Minimum documentation

    While opting for the Paysense personal loan, applicants can avoid the tedious documentation involved while taking out a loan. This loan offers an adequate portion of credit and less paperwork. All you have to do is visit the lender’s website, check the essential documents and upload them accurately. Typically, it includes proof of identity, proof of income, and proof of address.

  • Quick process

    You can easily opt for a personal loan due to its fast application and approval process. Being unsecured, a personal loan requires no collateral from you. To apply for this loan, you just need to visit the lender’s website, check the guidelines, upload the necessary documents and wait for their approval. Usually your loan will be approved within 24 or 48 hours.

  • Help in case of emergency

    No one can tell when you will encounter an emergency. Therefore, it is essential to be prepared. However, some situations destroy all your plans and preparations. In such circumstances, you can opt for a personal loan from Paysense to meet possible emergency expenses.

Eligibility Criteria for Paysense Personal Loan

Here are the eligibility criteria for a Paysense personal loan:

  • The borrower must be an Indian citizen
  • Must be employed or self-employed
  • The age range must be between 21 and 70 years old
  • The salary should be Rs. 18,000 and Rs 20,000 per month for employees and self-employed respectively.
  • Must maintain a CIBIL score of 750 or higher

Documents Required for Paysense Personal Loan

Here is the list of documents required for a personal loan:

  • For employees
  • Photo ID Proof (includes PAN Card, Passport, Aadhaar Card, Driving License)
  • Proof of Address (includes Ration Card, Aadhaar Card, Driving License)
  • Proof of income (includes payslips for the last 3 months and bank statements for the last 6 months)
  • Proof of residence ownership (includes ownership documents, utility bill)
  • Proof of continuity of employment (employment certificate, letter of appointment)
  • Proof of investment (includes fixed deposits, stocks and fixed assets)

For the independents

  • Proof of Identity (includes PAN Card, Aadhaar Card, Passport, Voter ID Card or Driving License)
  • Proof of address (includes Aadhaar card, driver’s license or ration card)
  • Proof of residence ownership (contains ownership documents, maintenance bill, electricity bill)
  • Proof of office address (includes ownership documents, electricity bill, etc.)
  • Proof of office ownership (includes ownership papers, maintenance invoice and more)
  • Proof of business existence (includes registration license, start-up certificate, etc.)
  • Proof of income (includes tax returns, audit report, balance sheet, etc.)
  • Bank statement (includes savings and recent bank statement)

How to apply for a Paysense personal loan?

Here are the steps to apply for a Paysense personal loan:

Step 1: Visit the website and click on the “Apply Now” option

2nd step: Check conditions and eligibility

Step 3: Check interest rates and other fees

Step 4: Calculate EMI

Step 5: Fill out the request form

Step 6: Upload required documents

Step 7: Wait for approval

Nowadays, the Paysense personal loan has become an ideal financial instrument that helps many working professionals. If you want to take out this loan, make sure you go through all its necessary conditions and guidelines, as well as the necessary documents before applying for it.

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VEDA Forgivable Loan Program Opens September 15 https://wendyfoundation.org/veda-forgivable-loan-program-opens-september-15/ Thu, 08 Sep 2022 18:14:43 +0000 https://wendyfoundation.org/veda-forgivable-loan-program-opens-september-15/ Vermont Business Magazine VEDA (Vermont Economic Development Authority) will open applications for its short-term forgivable loan program on September 15, 2022. The VEDA short-term forgivable loan program will provide financial assistance to businesses that continue to experience current and ongoing damage due to the COVID-19 pandemic. . Similar to the 2020 PPP loans, this program […]]]>

Vermont Business Magazine VEDA (Vermont Economic Development Authority) will open applications for its short-term forgivable loan program on September 15, 2022. The VEDA short-term forgivable loan program will provide financial assistance to businesses that continue to experience current and ongoing damage due to the COVID-19 pandemic. .

Similar to the 2020 PPP loans, this program will provide 100% loan forgiveness for funds used for approved expenses which include, but are not limited to, payroll, utilities, loan interest and rent.

To qualify for the first round, your business must:

  • Be part of the following industries: travel and tourism, restaurants and catering establishments, accommodation, child care, agriculture, or be a business owned by BIPOC
  • Have been established before March 13, 2020 or have taken substantial steps towards opening
  • Be able to demonstrate a decline in net operating income of 22.5% in calendar years 2020 and 2021 compared to 2019.

Other industries will be allowed to apply in future rounds.

For more information about the program and to use their tool to calculate eligibility and potential loan amounts, visit the program’s website.

The LCIEDC is there to help companies navigate the program. We will be holding a Zoom session to skim the schedule on Wednesday, September 14 at noon which you can join here. If you have any questions in the meantime, please don’t hesitate to call us at 802-372-8400 or email our Executive Director Andy Julow at andy@champlainislands.com or our Deputy Director Donna Boumil at donna@champlainislands. .com

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Should you take out a loan from your 401(k)? https://wendyfoundation.org/should-you-take-out-a-loan-from-your-401k/ Fri, 02 Sep 2022 15:58:00 +0000 https://wendyfoundation.org/should-you-take-out-a-loan-from-your-401k/ When we moved to Pennsylvania in 1996, I wanted to buy an old house. After months of searching we found a stone farmhouse close to my new job and in a good school district. There was just one problem: we didn’t know if we could afford it. We hadn’t been able to sell our house […]]]>

When we moved to Pennsylvania in 1996, I wanted to buy an old house. After months of searching we found a stone farmhouse close to my new job and in a good school district. There was just one problem: we didn’t know if we could afford it.

We hadn’t been able to sell our house in Maryland, so we had no real estate capital to bring to the table. When our real estate agent saw the asking price, she refused to show us the place because it was out of our price range. She wasn’t wrong.

We went to see anyway. It was a stone house with large mature trees. A light snowfall made the property look like a Currier & Ives print. Our children ran around the yard, jumping into the creek ahead. We had to drive home to put our 7 year old son in dry clothes. But within minutes we had fallen in love with the place.

From the visit I got an idea of ​​how we could afford the property. There was a small cottage, separate from the main house, which could provide rental income which we could then use to cover the mortgage. However, we still needed a large down payment. But I also had an idea of ​​where to find this money. I would borrow from myself.

Lily: The United States gains 315,000 jobs in August. The labor market remains solid but shows signs of slowing down.

First, I incorporated an IRA into my new 401(k) plan at work. Once it was transferred, I borrowed the maximum allowed from the plan, which was $50,000. I would have five years to repay the loan through automatic payroll deductions. The interest rate was prime plus 1%, if I remember correctly.

Plan loans are the most popular 401(k) feature, that is, after employer correspondence. At any one time, one in eight workers has a 401(k) outstanding. Because you’re borrowing from your own savings, you don’t need a bank’s approval. It is also easy to apply. Often, all you need to do is fill out an online form or speak with a representative over the phone.

There remained, however, a snag. Borrowing from the 401(k) went against the advice of my new employer, Vanguard Group. It was not a strict ban. Vanguard allows loans from its 401(k) plan. But the company’s stated position was that money saved for retirement should only be used for retirement.

Lily: I took Social Security at 62 and now I regret it. Is there a way to increase my Social Security benefits?

This argument has real merit. It’s hard enough for many Americans to save enough for their retirement. We tend to start saving later in our careers. Many workers don’t save enough each month. Why withdraw money from an account that may already be too small?

I knew I was a good saver, contributing as much as possible to the scheme. At the rate I was going, I didn’t think there would be a shortfall in retirement. I didn’t want to miss any more goals. Buying a nice house in a good school district would make my job more rewarding.

Vanguard had other more specific reasons for advising workers against borrowing. The money would be “out of the market” until it was repaid. This meant that I would miss out on gains if there was a spike in stock prices. But at the same time, I could avoid a loss if the stock price fell while I had an outstanding loan. It was a bit of a tossup because it depended on the timing.

Vanguard’s strongest argument was that some borrowers can’t repay their loans, usually because they lose their jobs. This can trigger a financial avalanche. Any remaining balance is due in full, usually within 60-90 days, depending on plan rules. If the borrower cannot make the lump sum payment, the outstanding balance is subtracted from the borrower’s retirement savings. This is reported to the IRS as a taxable distribution, subject to income tax and usually a 10% early withdrawal penalty.

In this worst-case scenario, you could lose your job, default on the loan, lose some of your savings, and then owe the IRS money. About $6 billion in 401(k) savings are lost each year this way, according to a 2015 estimate by researchers at Peking University, the Wharton School, and the University of Pennsylvania’s Vanguard. Their estimate was higher than that found in previous studies.

I could imagine a black swan event like this happening, but not for me. Like most people, I had faith in “recency” – that the current conditions I enjoyed would unfold seamlessly into the future. I trusted that my job was safe and that my health would remain good.

It doesn’t always happen, of course, but it worked out well for us. Looking back I realize I had taken a big bet which luckily turned out OK. Still, I would probably do the same thing again under the same circumstances. Like the idea of ​​borrowing from your 401(k)? Here are four suggestions to make these loans less risky:

Rarely borrow. I’ve only taken out one loan from my 401(k) in my career. If you are borrowing, do it for something vital, not for a luxury purchase or vacation.

One at a time. Some 401(k) plans allow workers to have more than one loan outstanding at any given time. Those who take out two or more loans have a higher default rate. They often borrow from Peter to pay Paul.

Not an emergency fund. Workers who borrow from the 401(k) to pay rent or make car payments could benefit from credit counseling. People who treat their 401(k) as an emergency fund are living too close to the edge.

Make sure your work is secure. Before borrowing, think carefully about your employer’s financial situation and your relationship with your boss. By far the most important thing is not to lose your job while you have an outstanding loan. If you can avoid this, things tend to go well. More than 90% of the plan’s loans are repaid on time.

Learn how to shake up your financial routine at the Best New Ideas in Money Festival on September 21-22 in New York City. Join Carrie Schwab, President of the Charles Schwab Foundation.

This column first appeared on Humble Dollar. It has been republished with permission.

Greg Spears is HumbleDollar’s associate editor. Greg also holds a Certified Financial Planner certificate.

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Hoping for an IMF loan, the Sri Lankan president is preparing to present his first budget https://wendyfoundation.org/hoping-for-an-imf-loan-the-sri-lankan-president-is-preparing-to-present-his-first-budget/ Tue, 30 Aug 2022 04:53:25 +0000 https://wendyfoundation.org/hoping-for-an-imf-loan-the-sri-lankan-president-is-preparing-to-present-his-first-budget/ Reuters, Colombo Tue Aug 30 2022 10:53 AM Last updated on: Tue Aug 30 2022 11:00 AM Sri Lankan President Ranil Wickremesinghe looks on during an interview with Reuters at the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, August 18, 2022. Photo: Reuters “> Sri Lankan President Ranil Wickremesinghe looks on […]]]>

Sri Lankan President Ranil Wickremesinghe looks on during an interview with Reuters at the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, August 18, 2022. Photo: Reuters

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Sri Lankan President Ranil Wickremesinghe looks on during an interview with Reuters at the presidential secretariat, amid the country’s economic crisis, in Colombo, Sri Lanka, August 18, 2022. Photo: Reuters

Sri Lankan President Ranil Wickremesinghe will cut defense and other spending on Tuesday in a bid to win support from the International Monetary Fund (IMF) as he presents his first budget since taking over as leader of his troubled country .

Officials hope the interim budget for the rest of the year will be followed by a staff-level agreement on extending much-needed IMF assistance to Sri Lanka to deal with its worst economic crisis since independence from Britain in 1948.

For all the latest news, follow the Daily Star’s Google News channel.

Covid-19 has battered the island’s tourism-dependent economy and reduced remittances from overseas workers. The damage has been compounded by rising oil prices, populist tax cuts and a seven-month ban on the import of chemical fertilizers last year that devastated agriculture.

The result was chronic commodity shortages, exorbitant prices and mass protests that forced President Gotabaya Rajapaksa to flee the country, leaving his successor, Wickremesinghe, to manage the restructuring of billions of dollars of debt to China. and other countries while seeking a bailout. of the IMF.

Six-time Prime Minister Wickremesinghe, who holds the finance portfolio, told Reuters this month that spending would be cut by “a few hundred billion” rupees, including on defence, in the budget he will present to the parliament.

Sri Lanka targeted 3.9 trillion rupees ($11 billion) in spending in its latest budget, presented in November.

Wickremesinghe is also expected to outline measures to support low-income communities hardest hit by the crisis and announce new taxes to reduce its budget deficit.

The deficit target is expected to be cut from around 12% of gross domestic product to 9.9% in the interim budget, but analysts warn this is an ambitious target as the economy is expected to contract d about 8% this year.

“A long-standing problem is that budgets are falling short of revenue and deficit targets, so this budget will really need to focus on proper revenue-based fiscal consolidation,” said Shehan Cooray, head of research at Acuity Stockbrokers.

“Key elements will be fiscal deficit and primary deficit targets, which will be in line with an IMF plan.”

The nation of 22 million missed interest payments due on June 3, June 28 and July 18, and a principal payment due on July 25, according to rating agency S&P Global.

An IMF team that arrived last week wraps up its visit on Wednesday, and Sri Lankan officials hope to have a staff-level deal in place to advance talks for an emergency loan of around $3 billion.

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White House tops Twitter trolling GOP over loan forgiveness https://wendyfoundation.org/white-house-tops-twitter-trolling-gop-over-loan-forgiveness/ Sat, 27 Aug 2022 16:25:38 +0000 https://wendyfoundation.org/white-house-tops-twitter-trolling-gop-over-loan-forgiveness/ Topline The White House marked the most popular tweet of the week with a sarcastic thread applauding congressional Republicans who criticized President Joe Biden’s student loan cancellation plan despite canceling business relief loans in the event pandemic, a rare viral win for a major institutional account on the platform. Joe Biden laughs while speaking at […]]]>

Topline

The White House marked the most popular tweet of the week with a sarcastic thread applauding congressional Republicans who criticized President Joe Biden’s student loan cancellation plan despite canceling business relief loans in the event pandemic, a rare viral win for a major institutional account on the platform.

Highlights

The tweet starting the thread, which targeted Rep. Marjorie Taylor Greene (R-Ga.), was the most popular on Twitter this week, according to data collected by social media tracking firm NewsWhip.

On Saturday morning, the tweet drew nearly 1.1 million interactions, including more than 275,000 retweets and nearly 800,000 likes.

The White House Post tweeted a video in which Greene called the student loan forgiveness unfair, adding a message that simply read, “Congresswoman Marjorie Taylor Greene got $183,504 in forgiven PPP loans.”

The White House Twitter account went on to highlight how many Paycheck Protection Program loans had been canceled for five other Republican congressmen: Reps. Vern Buchanan (Florida), Markwayne Mullin (Okla.), Kevin Hern (Okla.), Mike Kelly (Penn.) and Matt Gaetz (Florida).

Greene’s $183,504 in forgiven loans was the lowest of the cohort, according to the White House, while Buchanan led the way with $2.3 million in forgiven debt.

What we don’t know

The White House did not respond to a request for comment from Forbes regarding the idea of ​​who was to do the tweet thread, but the Washington Post reported that there had been a push among White House officials for a braver social media presence. The newspaper noted that a recent recruit to the Office of Digital Strategy is Megan Coyne, who was known for tweeting zingers while managing the New Jersey state government Twitter account.

Key Context

Biden announced his long-awaited student loan relief plan on Wednesday, which will globally provide $10,000 in loan forgiveness to borrowers earning less than $125,000 a year and $20,000 to those in the income threshold and who received Pell Grants to go to college. Republican lawmakers were quick to denounce the plan, with Senate Majority Leader Mitch McConnell (Ky.) calling it “a slap in the face to every family who has sacrificed to save for college” in a statement.

To monitor

Loan forgiveness applications will be available in early October, according to the White House, with borrower balances reduced about a month after the application is submitted. Repayments of required federal student loans will resume in January.

Contra

The PPP loan program was created at the start of the Covid-19 pandemic to provide small businesses with funds to keep employees on the payroll during a period of widespread closures and layoffs. PPP loans were largely issued with the intention of being forgiven, unlike federal student loans.

Further reading

White House slams Republicans who criticized student debt relief but received PPP loans (Forbes)

Progressives praise Biden’s student debt cancellation as GOP, moderate voice concern (Forbes)

Biden’s Student Loan Forgiveness Plan: Here’s Who Benefits Most and Least (Forbes)

Biden’s White House gets fiery on Twitter (Washington Post)

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Tata Capital offers small business loans to help businesses stay afloat https://wendyfoundation.org/tata-capital-offers-small-business-loans-to-help-businesses-stay-afloat/ Wed, 24 Aug 2022 10:02:02 +0000 https://wendyfoundation.org/tata-capital-offers-small-business-loans-to-help-businesses-stay-afloat/ Bombay, Maharashtra, India: Tata Capital, a leading finance provider, offers instant small business loans at attractive interest rates and structured EMI plans. Establishing and running a successful business is by no means an easy task, funds are needed at every stage of the process – from initial operations to expansion. As small and medium-sized […]]]>

Bombay, Maharashtra, India:
Tata Capital, a leading finance provider, offers instant small business loans at attractive interest rates and structured EMI plans. Establishing and running a successful business is by no means an easy task, funds are needed at every stage of the process – from initial operations to expansion. As small and medium-sized businesses continue to contribute to the country’s GDP growth, several lending institutions are offering affordable business loans to help these businesses stay afloat.

In fact, 2021 has seen a 30% year-on-year growth in corporate lending by public and private banks. Additionally, digital lending platforms have simplified the loan approval and disbursement process. There is no doubt that fast and affordable business loans allow companies to strengthen their presence in the market.



What is a small business loan

A small business loan is an exclusive product designed specifically for the self-employed to help them meet their short-term business needs. Tata Capital’s small business loans give new and existing businesses the confidence to manage their business financial needs without ever dipping into their savings or resorting to other forms of credit.

Small business loans come with unlimited end use. One can use the funds however one wishes – whether one wants to introduce additional working capital, buy the latest equipment, invest in inventory or take on a new project for the business. With a loan amount ranging from Rs. 40,000 to Rs. 1.5 lakhs, one can ensure a quick infusion of funds to their businesses for smooth running.



Key Features of Tata Capital Small Business Loans



Digital application
To provide maximum convenience to its customers, Tata Capital offers a digital platform where one can apply for a small business loan. Every individual must visit the website and avail a small business loan in simple steps. Moreover, there is no need to worry about cumbersome business documentation to get the loan. They ask for minimal paperwork, that too, digitally.



Loan without guarantee
For most businesses, getting an affordable business loan can sometimes be difficult, as it requires putting a tangible asset as collateral for the loan. Not to mention that lenders require clear title to the collateral offered (in the case of property), which means additional paperwork and legal formalities to verify said property.

However, with Tata Capital, there is no need to pledge collateral to qualify for an online small business loan. They offer simple eligibility criteria to help you get a loan instantly.



Fast processing and disbursement
Digital lending platforms have not only simplified the loan application process. But they have also reduced the time it takes to approve and disburse a business loan. With Tata Capital’s digital loan processing, one can get a small business loan approved within minutes of applying.

Additionally, due to minimal paperwork and verification, loan processing is fast and funds are disbursed within days. Hence, people do not have to wait too long to meet their business financial needs.



Affordable
One of the best features of small business loans is that they come with affordable interest rates. Additionally, one can obtain a loan for a nominal processing fee and no hidden fees, making small business loans a convenient source of financing.



Flexible EMI structure
Most companies are characterized by a time gap between when they issue an invoice and when it is paid. Any delay in receiving the money can strain the company’s cash flow and affect loan repayments. However, small business loans come with flexible repayment, ranging from 18 to 36 months.

Thus, one can choose a convenient loan term according to his business cash flow and ensure smooth repayment of the loan.



Documents required for a small business loan
All you need to do is digitally submit your KYC and a few business documents. Also, no income documentation is required for loan amount up to 1.5 lakhs.

Once the documents have been verified and the loan approved, the funds will be received directly in the bank account.



How to register

Visit the Tata Capital website to start the digital application process.

 

  • Enter mobile number (linked to Aadhaar card)
  • Choose a professional loan offer adapted to the needs of individuals
  • Fill in all the details and complete the digital KYC process



Once one confirms the details on the screen, the lender will start processing the application and one will also receive the loan agreement.

With a simple application process, fast disbursement, and tailored offers with no end-use restrictions, a small business loan is the best way to meet the changing financial needs of businesses. For details, visit the Tata Capital website https://www.tatacapital.com/.

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