Capital – Intrepid Mouse http://intrepidmouse.com/ Fri, 28 May 2021 12:46:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://intrepidmouse.com/wp-content/uploads/2021/05/default.png Capital – Intrepid Mouse http://intrepidmouse.com/ 32 32 National Advertising Division Refers Quicken Loans’ “No Registration, No Login” Claims to Federal Trade Commission for Further Review https://intrepidmouse.com/avoid-the-top-scams-when-finding-online-cash-for-money/ https://intrepidmouse.com/avoid-the-top-scams-when-finding-online-cash-for-money/#respond Thu, 20 May 2021 09:29:09 +0000 https://intrepidmouse.com/?p=646 NEW YORK, May 19, 2021 /PRNewswire/ — The National Advertising Division (NAD) of BBB National Programs has referred advertising claims made by Quicken Loans to the Federal Trade Commission (FTC) for review. Through its routine monitoring program, NAD challenged “No Registration, No Login” claims made by Quicken Loans in connection with encouraging consumers to refinance their mortgage and learn […]]]>

NEW YORK, May 19, 2021 /PRNewswire/ — The National Advertising Division (NAD) of BBB National Programs has referred advertising claims made by Quicken Loans to the Federal Trade Commission (FTC) for review. Through its routine monitoring program, NAD challenged “No Registration, No Login” claims made by Quicken Loans in connection with encouraging consumers to refinance their mortgage and learn more about its low refinancing rates. The advertiser did not respond to NAD’s request to provide substantiation for its claims. The best thing to do when looking for money is to go to https://bridgepayday.com/ and try for free.

NAD determined that the claim “No Registration, No Login” reasonably communicates the message that consumers’ personal data will not be collected or shared with third parties. However, despite this claim, NAD noted that consumers must enter a significant amount of personal information before any information about mortgage rates is provided.

Further, Quicken Loans’ Privacy Policy indicates that it shares and collects personal data. Quicken Loans identifies the types of personal data it collects, the sources of such data, as well as how and why it may share such data with third parties. NAD found that this use of personal data contradicts the reasonable takeaway from the “No Registration, No Login” claim that consumers’ personal information will not be shared with third parties.

NAD was disappointed that the advertiser did not participate in the self-regulatory process. NAD is well-equipped to assess the truth and accuracy of the challenged claims. Considering the advertiser’s failure to provide a substantive response to NAD’s request for substantiation for its claims or participate in any way in the self-regulatory process, NAD has referred the matter to the FTC for possible enforcement action.

All BBB National Programs case decision summaries can be found in the case decision library. For the full text of NAD, NARB, and CARU decisions, subscribe to the online archive.

About BBB National Programs: BBB National Programs is where businesses turn to enhance consumer trust and consumers are heard. The non-profit organization creates a fairer playing field for businesses and a better experience for consumers through the development and delivery of effective third-party accountability and dispute resolution programs. Embracing its role as an independent organization since the restructuring of the Council of Better Business Bureaus in June 2019, BBB National Programs today oversees more than a dozen leading national industry self-regulation programs, and continues to evolve its work and grow its impact by providing business guidance and fostering best practices in arenas such as advertising, child-directed marketing, and privacy. To learn more, visit bbbprograms.org.

About the National Advertising Division: The National Advertising Division (NAD) of BBB National Programs provides independent self-regulation and dispute resolution services, guiding the truthfulness of advertising across the U.S. NAD reviews national advertising in all media and its decisions set consistent standards for advertising truth and accuracy, delivering meaningful protection to consumers and leveling the playing field for business.  

SOURCE BBB National Programs

Related Links

www.bbbprograms.org

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First presentation of “Women in Business Seminar Series” Focuses on Opening New Doors of Opportunity https://intrepidmouse.com/first-presentation-of-women-in-business-seminar-series-focuses-on-opening-new-doors-of-opportunity/ https://intrepidmouse.com/first-presentation-of-women-in-business-seminar-series-focuses-on-opening-new-doors-of-opportunity/#respond Wed, 07 Apr 2021 23:16:31 +0000 https://intrepidmouse.com/first-presentation-of-women-in-business-seminar-series-focuses-on-opening-new-doors-of-opportunity/ April 3, 2021 at 11:01 a.m. HST * Updated April 4, 4:03 p.m. Over 600 people attended a webinar hosted by the Maui Economic Development Council in partnership with the Entrepreneurial Women of Color Business Center of YWCA Oʻahu’s Minority Business Development Agency. The March 24 event kicked off their Women in Business seminar series. […]]]>

April 3, 2021 at 11:01 a.m. HST
* Updated April 4, 4:03 p.m.

Over 600 people attended a webinar hosted by the Maui Economic Development Council in partnership with the Entrepreneurial Women of Color Business Center of YWCA Oʻahu’s Minority Business Development Agency. The March 24 event kicked off their Women in Business seminar series.

This informative webinar titled “Achieving SBA Certification as a Small Woman-Owned Business: Opening New Doors of Opportunity,” featured the presenters: Leslie Wilkin, President and CEO of MEDB; Shan Wirt, Director of the Entrepreneurial Women of Color Business Center at YWCA Oahu Minority Business Development Agency; Gary Albitz, business consultant for MEDB; and Wayne Wong, Maui Small Business Development Center.

According to Wilkins, “We chose the timing of our first webinar to celebrate Women’s History Month. According to the State of Hawaiʻi Data Book 2019, over 44,000 women-owned businesses in Hawaiʻi generate $ 7 million annually – 47% of women-owned businesses nationwide are women of color. Our panelists and their teams represent programs, technical assistance, first-hand experience, and coaching expertise available to help Hawaii entrepreneurs become certified as a SBA Woman-Owned Small Business. They are happy to share a number of resources to grow their business. “

“Women have made tremendous strides in contributing to our state’s workforce and economy,” said Wirt. “Today, there are many opportunities for small businesses owned by minority women and we are here to help level the playing field.”

Here are some of the opportunities and resources shared at the March 24 meetinge Seminar on Women in Business:

  • The Maui Economic Development Board (MEDB) offers a number of experienced consultants who can coach and guide businesses through all stages. Visit http://www.medb.org.
  • The MBDA Enterprising Women of Color Business Center at YWCA Oahu supports minority women-owned businesses with free financial and business advice, workshops, and other resources. Visit https://www.ywcaoahu.org/mbda-ewoc.
  • MBDA EWOC Certification Course (Cohort 3) – This 10-week certification aims to expand contracting opportunities for local entrepreneurs. The courses will cover the benefits and application processes of major federal government and national business certification programs. Cohort 3 applications available from May 10, 2021. Call 808-695-2627 or visit https://www.ywcaoahu.org/mbda-ewoc-programs.
  • The SBA Women’s Business Center program helps women overcome lingering barriers to success such as the Patsy T. Mink Center for Business & Leadership in Hawaii. Visit https://www.mcblhawaii.org.
  • Maui County and the State of Hawaii both have special programs for WO / MO / VO / DO. Visit the State of Hawaii Price and Advisory Data System (HANDS) website https://hands.ehawaii.gov/hands.
  • Over 2,400 grants are available on the US government website www.grants.com.
  • Small Business Innovation / Small Business Technology Transfer (SBIR / STTR) research provides opportunities for socially and economically disadvantaged small businesses (SDBs) and women-owned small businesses (WOSBs). Visit https://sbir.nih.gov/about/women-own.
  • The Office of Solar Energy Technologies (SETO) funds early-stage research and development in three technology areas: photovoltaics (PV), solar thermal concentration (CSP) and systems integration with the aim of improving accessibility, reliability and national benefits. solar technologies on the grid. Visit https://www.energy.gov/eere/solar/solar-energy-technologies-office.
ARTICLE CONTINUES BELOW AD

A full list of opportunities and resources shared during the Women in Business Seminar Kickoff Presentation is available online.

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Ren and Stimpy back on new Comedy Central show https://intrepidmouse.com/ren-and-stimpy-back-on-new-comedy-central-show/ https://intrepidmouse.com/ren-and-stimpy-back-on-new-comedy-central-show/#respond Wed, 07 Apr 2021 23:16:10 +0000 https://intrepidmouse.com/ren-and-stimpy-back-on-new-comedy-central-show/ Ren and Stimpy make a comeback. Comedy Central will broadcast a reinvention of the cult Emmy-nominated hit, The Ren & Stimpy Show, the channel said on Wednesday. The original show starring Ren, an emotionally unstable Chihuahua, and Stimpy, a good-humored but spirited cat, originally premiered on Nickelodeon in 1991. “We are excited to reinvent this […]]]>

Ren and Stimpy make a comeback.

Comedy Central will broadcast a reinvention of the cult Emmy-nominated hit, The Ren & Stimpy Show, the channel said on Wednesday. The original show starring Ren, an emotionally unstable Chihuahua, and Stimpy, a good-humored but spirited cat, originally premiered on Nickelodeon in 1991.

“We are excited to reinvent this iconic franchise with a new creative team and our partners at Nickelodeon Animation Studio,” said Chris McCarthy, President of ViacomCBS Entertainment & Youth Group.

“Ren & Stimpy joins our rapidly expanding list of adult entertainment including South Park, Beavis & Butt-Head and Clone High, as we continue to reinvent our beloved intellectual property treasure chest for new generations. “

Nickelodeon launched the original Ren & Stimpy alongside the Rugrats and Doug where he quickly catapulted himself into pop culture thanks to his dark humor and vivid imagination.

While generally well received, the show has been criticized by some who have deemed it inappropriate for children, citing its crass jokes and sexual innuendos.

Despite this, the iconic dog and cat duo are consistently ranked among the best animated characters of all time. The original show ran for five seasons.

Comedy Central did not provide a premiere date for the new series.

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The CFPB cancels several regulatory policies https://intrepidmouse.com/the-cfpb-cancels-several-regulatory-policies/ https://intrepidmouse.com/the-cfpb-cancels-several-regulatory-policies/#respond Wed, 07 Apr 2021 23:15:53 +0000 https://intrepidmouse.com/the-cfpb-cancels-several-regulatory-policies/ The Consumer Financial Protection Bureau (CFPB) rescinded seven policy statements released last year that offered temporary flexibilities to financial institutions in consumer financial markets. As of April 1, statements provide guidance on meeting their legal and regulatory obligations. The rescinded policy statements temporarily provided financial institutions with flexibilities regarding regulatory filings or compliance with consumer […]]]>

The Consumer Financial Protection Bureau (CFPB) rescinded seven policy statements released last year that offered temporary flexibilities to financial institutions in consumer financial markets. As of April 1, statements provide guidance on meeting their legal and regulatory obligations.

The rescinded policy statements temporarily provided financial institutions with flexibilities regarding regulatory filings or compliance with consumer financial laws and regulations.

With the cancellations, the CFPB announces its intention to exercise its supervisory and enforcement authority under the Dodd-Frank Act. The CFPB is also revoking its 2018 bulletin on supervisory communications and replacing it with a revised bulletin.

“We are now over a year into the disruptive and deadly COVID-19 crisis. The virus has affected industry as well as consumers, but individuals and families have been hit hardest by the health and economic impacts of the pandemic, ”said Dave Uejio, acting director of CFPB. “Providing regulatory flexibility to businesses should not come at the expense of consumers. As many financial institutions have developed more robust remote capabilities and demonstrated improved operations, it is no longer prudent to maintain these flexibilities. Protecting consumers from harm is the first priority of the CFPB, today and always.

Rescinded policy statements include:

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3 accused after disappearance of Flint township man killed and body burned https://intrepidmouse.com/3-accused-after-disappearance-of-flint-township-man-killed-and-body-burned/ https://intrepidmouse.com/3-accused-after-disappearance-of-flint-township-man-killed-and-body-burned/#respond Wed, 07 Apr 2021 23:15:38 +0000 https://intrepidmouse.com/3-accused-after-disappearance-of-flint-township-man-killed-and-body-burned/ FLINT, MI – A man from Flint has been charged with the murder and dismemberment of a missing Flint Township man. Two other people were also accused of helping to hide and mutilate the body. Flint Township investigators found the body of Daniel Vaughn, 34, in the 1700 block of Marlowe Drive in the town […]]]>

FLINT, MI – A man from Flint has been charged with the murder and dismemberment of a missing Flint Township man. Two other people were also accused of helping to hide and mutilate the body.

Flint Township investigators found the body of Daniel Vaughn, 34, in the 1700 block of Marlowe Drive in the town of Flint on the evening of Tuesday, February 16.

Beinville Alexander III, 31, faces 10 charges related to Vaughn’s shooting death, according to Genesee County Prosecutor David Leyton. Maranda Ide, 29, and Trevyan Harris, 31, were also charged with helping to burn and hide Vaughn’s body.

Alexander believed Vaughn was seeing the same woman he was seeing, Leyton said. Alexander arranged to meet with Vaughn to sell him marijuana, he said.

“When they met, Mr. Alexander, due to his belief that he and Mr. Vaughn were seeing the same woman, shot (Vaughn) and then attempted to burn and hide his body,” Leyton said.

Alexander is charged with open murder, firearm, second degree arson, dismemberment of a corpse, concealing the death of an individual, carrying a concealed weapon, felon in possession firearm, preparing to burn property, tampering with evidence and conspiring to mutilate a corpse. He was arraigned on Saturday February 20 and is being held without bond in the Genesee County Jail, court documents show.

Related: Missing Flint-area man found dead, suspects in custody

Ide is charged with five counts, including conspiracy to mutilate a corpse, incidental after the fact, tampering with evidence, concealing the death of an individual and mutilation of a corpse.

Harris is charged with seven counts, including incidental afterthought, dismemberment of a corpse, concealing an individual’s death, tampering with evidence, aiding and abetting second degree arson, aiding and abetting to prepare to burn property and plot to mutilate a corpse. .

Ide and Harris were also arraigned on Saturday February 20, according to court documents. Ide’s cash bond was set at $ 10,000. Harris’ cash bond was set at $ 15,000.

Alexander and Ide live together in Flint. Harris, a friend, lived in Flint Township.

“They are all innocent until proven guilty,” Leyton said.

All three are scheduled for probable cause conferences on Thursday, March 4 in the courtroom of Judge Christopher Odette, according to court documents.

Learn more about MLive:

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3 arrested during a home invasion in Burton which left 1 intruder dead, 2 injured at home

Man dies after snowmobile collides with tree in Lapeer County

Police investigate Genesee Township house fire that left man injured and displaced

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Durst refinances Midtown office towers with $ 1.1 billion CMBS loan https://intrepidmouse.com/durst-refinances-midtown-office-towers-with-1-1-billion-cmbs-loan/ https://intrepidmouse.com/durst-refinances-midtown-office-towers-with-1-1-billion-cmbs-loan/#respond Wed, 07 Apr 2021 23:15:38 +0000 https://intrepidmouse.com/durst-refinances-midtown-office-towers-with-1-1-billion-cmbs-loan/ Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty) The Durst Organization has secured $ 1.1 billion in debt to refinance the office buildings at 1133 Sixth Avenue and 114 West 47th Street. According to the Commercial Observer, the 10-year fixed-rate, interest-only CMBS loans came from Bank […]]]>

Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)

The Durst Organization has secured $ 1.1 billion in debt to refinance the office buildings at 1133 Sixth Avenue and 114 West 47th Street.

According to the Commercial Observer, the 10-year fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo. They are withdrawing $ 800 million in debt provided by Citi and Ladder Capital on the two office buildings and covering closing costs.

The properties are located near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million square foot Sixth Avenue building opened in 1970.

In February, properties are approximately 95% leased to 45 tenants, more than half of whom are good quality or creditworthy. Durst has invested around $ 69.3 million in the Sixth Avenue property and $ 23.3 million in the West 47th Street building over the past decade, Commercial Observer reported.

Durst sued Amazon for a rental contract scuttled on the Sixth Avenue property, seeking $ 21 million in damages after keeping 310,000 square feet vacant for Amazon and making changes, only to see Amazon’s lease from Vornado Realty Trust elsewhere.

[CO] – Sasha Jones

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Bondi’s Island landfill fire in Agawam could burn for days https://intrepidmouse.com/bondis-island-landfill-fire-in-agawam-could-burn-for-days/ https://intrepidmouse.com/bondis-island-landfill-fire-in-agawam-could-burn-for-days/#respond Wed, 07 Apr 2021 23:15:38 +0000 https://intrepidmouse.com/bondis-island-landfill-fire-in-agawam-could-burn-for-days/ AGAWAM – A fire on Bondi Island that has blanketed the area in thick smoke and ash could burn over the weekend. “This will be a long-running event that could last for several days,” West Springfield Fire Department officials said on Facebook. Fire erupted around 1 p.m. Thursday in the Bondi Island landfill area. There […]]]>

AGAWAM – A fire on Bondi Island that has blanketed the area in thick smoke and ash could burn over the weekend.

“This will be a long-running event that could last for several days,” West Springfield Fire Department officials said on Facebook.

Fire erupted around 1 p.m. Thursday in the Bondi Island landfill area. There are piles of brush, compost and trash at the landfill; officials did not say what is burning.

“There is a major fire at the Bondi’s Island landfill. Several fire department crews are on the scene and are working to put it out. Heavy smoke is in the area and is blowing further away due to the windy conditions, ”Agawam police posted on their Facebook page.

Due to firefighting efforts, Route 5 between Memorial Bridge and South End Bridge has been reduced to one lane. Traffic is expected to be slow and drivers are advised to take an alternate route, especially during busy commuting hours, to facilitate firefighting, police said.

Agawam firefighters remain on the scene and were not available for updates.

The state hazardous materials team also responded to the fire and monitored air quality as a precaution. “We don’t expect there to be an air quality issue,” West Springfield Fire officials said.

Residents near the fire are warned to keep their windows closed. High winds made it more difficult to fight the blaze and blanketed much of West Springfield, Agawam and downtown Springfield in thick, thick smoke. The smoke has spread to Chicopee, West Springfield Fire officials said.

West Springfield firefighters were the first to be called in to help Agawam firefighters with the blaze. On Thursday evening, several others joined them, including Springfield and Chicopee.

The Westover Air Reserve Base Fire Department, which provided a foam truck along with several other crews and devices, was among those who answered the call. The foam is designed to extinguish fuel fires, but it cuts off all the oxygen in a fire and may be more effective than water at fighting fires, officials said.

Springfield officials also announced that the landfill will be closed to residents depositing yard waste Friday and Saturday due to the fire.

Related content:

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Funding secured for the redevelopment of the former Daily Item building in Lynn https://intrepidmouse.com/funding-secured-for-the-redevelopment-of-the-former-daily-item-building-in-lynn/ https://intrepidmouse.com/funding-secured-for-the-redevelopment-of-the-former-daily-item-building-in-lynn/#respond Wed, 07 Apr 2021 23:15:38 +0000 https://intrepidmouse.com/funding-secured-for-the-redevelopment-of-the-former-daily-item-building-in-lynn/ You have 2 free items left this month. Provided as part of a partnership between MassDevelopment and Newburyport Bank, the funding will allow the development team to convert the old newspaper building into 31 rental units at market rates and commercial space that would accommodate seven tenants. first floor. “It’s an important building. It’s in […]]]>

Provided as part of a partnership between MassDevelopment and Newburyport Bank, the funding will allow the development team to convert the old newspaper building into 31 rental units at market rates and commercial space that would accommodate seven tenants. first floor.

“It’s an important building. It’s in the middle of the arts and culture district, within walking distance of the train, ”said James Cowdell, executive director of the Lynn Economic and Industrial Development Corporation (EDIC / Lynn). “We believe it will be a success once completed.”

“Everything went well,” said Hourmat Abdul, director of ARC Realty. Rauf, of construction, which started in December 2020. “We are very lucky and grateful that Newburyport and MassDevelopment have come together to fund the project. We can’t wait to open in October. “

The project was originally scheduled to start in 2018, but stalled due to the slower-than-expected funding process.

Mass development, the State funding and development agency, provided ARC with a $ 2.8 million permanent construction loan, in coordination with a $ 2.8 million loan from Newburyport Bank, as well as a 920,000 construction bridging loan dollars.

“Redevelop and revitalize first-rate urban spaces, like the old Daily article building, is integral to our work to stimulate economic growth in Gateway Cities and other Commonwealth Towns and Inner Towns, ”said Housing and Economic Development Secretary Mike Kennealy, who chairs the board of directors of MassDevelopment.

“The Baker-Polito administration is pleased that this treasured piece of Lynn’s history is once again a vital part of downtown.”

The 119-year-old building is undergoing a complete restoration, which includes a new roof and windows, a refurbishment of the original 1900s hardwood and a restructuring of its interior design. The apartments, intended for young professionals, would cost between $ 1,800 and $ 2,000 for one-bedroom units.

Cowdell said that EDIC, which also provided a $ 150,000 loan for the project, will work with ARC Realty to find tenants for the retail space that would be created.

“I would love to see a shared kitchen space there,” he says. “Something that will draw people to this neighborhood. We want to make it a noisy and lively neighborhood.”

Rauf said a few potential tenants have already expressed interest in the retail space, including two restaurants and a cafe operator.

The building was previously owned by the Hastings & Sons publishing company, and had a printing press on the first floor and a newsroom and management offices on the first floor. The building has been vacant since 2014, when the newspaper was sold to Essex Media Group and moved its offices to 110 Munroe St.

ARC purchased the 35,000-square-foot building at 38-54 Exchange St. for $ 1.4 million in December 2018 from Be Developer Group, an Atlanta-based company, according to real estate records.

Construction on the project is underway and is expected to be completed by October 2021, Rauf said.

“The old one Lynn object The building is a historic asset to our community that will now be transformed into a cornerstone of the Exchange Street corridor and serve as the gateway to Lynn’s revitalized downtown area, ”said Mayor Thomas M. McGee. “This mixed-use, transit-oriented development will be another important piece of the puzzle located next to the commuter rail station and provide easy access to our downtown within walking distance.

“I would like to thank MassDevelopment and Newburyport Bank for their support for this redevelopment project for a building that has been vacant for several years.”

Guthrie Scrimgeour can be contacted at gscrimgeour@itemlive.com.

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British ministers reject request for rescue of Sanjeev Gupta – FT https://intrepidmouse.com/british-ministers-reject-request-for-rescue-of-sanjeev-gupta-ft/ https://intrepidmouse.com/british-ministers-reject-request-for-rescue-of-sanjeev-gupta-ft/#respond Wed, 07 Apr 2021 23:15:36 +0000 https://intrepidmouse.com/british-ministers-reject-request-for-rescue-of-sanjeev-gupta-ft/ FILE PHOTO: Sanjeev Gupta of Liberty Steel smiles outside the company’s Liberty Steel processing plant in Dalzell, Scotland, Britain April 8, 2016. REUTERS / Russell Cheyne (Reuters) – British ministers have rejected a request by mining tycoon Sanjeev Gupta for an emergency loan of 170 million pounds to prevent his group, GFG Alliance, from collapsing, […]]]>

FILE PHOTO: Sanjeev Gupta of Liberty Steel smiles outside the company’s Liberty Steel processing plant in Dalzell, Scotland, Britain April 8, 2016. REUTERS / Russell Cheyne

(Reuters) – British ministers have rejected a request by mining tycoon Sanjeev Gupta for an emergency loan of 170 million pounds to prevent his group, GFG Alliance, from collapsing, the Financial Times reported on Sunday.

The FT said Gupta was working on plans to secure new loans against parts of the group outside the UK, adding that it also aimed to generate cash through an accelerated sale of goods.

GFG, a holding company for Gupta’s assets, has been the biggest recipient of funding from Greensill, a UK finance company that filed for insolvency this month.

The UK government responded to Gupta to formally reject the request last week over multiple concerns, the FT reported, citing people familiar with the situation.

GFG and the government did not immediately respond to a Reuters request for comment on the report.

The conglomerate was in talks with directors of its former backer Greensill over a so-called standstill deal.

Last week, Reuters reported that GFG secured a loan from Trafigura in 2018 by entering into a six-year deal to sell aluminum to the commodities trader at below market prices.

Reporting by Derek Francis and Vivek Vishal in Bengaluru; Editing by Alex Richardson and Philippa Fletcher

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British Business Bank reports 1.63 million loans provided £ 75.1 billion to businesses affected by COVID-19 https://intrepidmouse.com/british-business-bank-reports-1-63-million-loans-provided-75-1-billion-to-businesses-affected-by-covid-19/ https://intrepidmouse.com/british-business-bank-reports-1-63-million-loans-provided-75-1-billion-to-businesses-affected-by-covid-19/#respond Wed, 07 Apr 2021 23:15:36 +0000 https://intrepidmouse.com/british-business-bank-reports-1-63-million-loans-provided-75-1-billion-to-businesses-affected-by-covid-19/ Last week the British Investment Bank update on progress on loans to UK businesses affected by the current COVID-19 health crisis. Launched as part of several government programs designed to support businesses during a difficult time, the Bank said 1,630,155 government guaranteed loans worth £ 75.1 billion had been made to businesses in difficulty during […]]]>

Last week the British Investment Bank update on progress on loans to UK businesses affected by the current COVID-19 health crisis. Launched as part of several government programs designed to support businesses during a difficult time, the Bank said 1,630,155 government guaranteed loans worth £ 75.1 billion had been made to businesses in difficulty during the economic challenge.

The British Business Bank said the amount includes 1,531,095 Bounce back loans (BBLS) worth £ 46.5 billion, 98,344 loans worth £ 23.3 billion Coronavirus Business Interruption Loan Program (CBILS) and 716 loans worth £ 5.3 billion under the Large Business Coronavirus Interrupt Loan Programe (CLBILS). The rebound loan program top-ups issued 101,666 loans which were approved for a value of £ 900 million.

The UK government has determined that CBILS, CLBILS and BBLS will all close on March 31, 2021. The new Recovery loan program open for applications on April 6, 2021.

The program designed to support start-up businesses that may not be eligible for a loan, the Future Fund, has now issued £ 1.2 billion in convertible loans to 1,236 companies since the fund opened on May 20.

This was matched by at least the same amount from third party investors, including crowdfunding platforms like Seedrs and Crowdcube. The Future Fund closed on January 31, 2021. Regarding other lending programs, traditional financial firms and fintechs have participated in providing loans to affected businesses.

A brief description of the loan programs is presented below.


Bounce Loan Program (BBLS)

BBLS is a demand-driven loan program that targets small and micro businesses, providing loans ranging from £ 2,000 to 25% of business turnover with a maximum loan of £ 50,000. Providing lenders with 100% government guaranteed collateral and standardizing the application form has led to a faster process, with many loans becoming available within days. The Bounce Back Loan Scheme allows businesses to obtain a six-year term loan at a government-set interest rate of 2.5% per annum. The government will cover the interest payable in the first year. The program will be open until March 31, 2021.

Coronavirus Business Interruption Loan Program (CBILS)

CBILS is a demand-driven program providing loans to small businesses with turnover of up to £ 45million. Bill finance and asset finance facilities are available from £ 1,000 to £ 5 million, while term loans and revolving credit facilities are available from £ 50,000 to £ 5 million. The government makes a payment to cover interest and fees collected by lenders under CBILS for the first 12 months. The program will be open until March 31, 2021.

Large Business Coronavirus Disruption of Service Loan Program (CLBILS)

CLBILS is a demand-driven program for large companies with turnover over £ 45million. CLBILS can be used to support term loans, revolving credit facilities, bill finance facilities and asset finance facilities. The maximum amount available through CLBILS for a borrower and their group is £ 200 million. Term loans and revolving credit facilities in excess of £ 50 million are offered by CLBILS lenders who have obtained additional accreditation. The maximum size of the invoice finance facilities and asset finance facilities is £ 50 million. Companies borrowing more than £ 50million through CLBILS are subject to further restrictions on dividend payments, senior salaries and share buybacks during the life of the loan. The program will be open until March 31, 2021.


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