Dive Insurance – Master Diver http://masterdiver.net/ Fri, 03 Dec 2021 16:23:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://masterdiver.net/wp-content/uploads/2021/06/icon-2-e1624424277963-150x150.png Dive Insurance – Master Diver http://masterdiver.net/ 32 32 Syracuse unveils new loan program for small urban businesses. (Some loans will be canceled) https://masterdiver.net/syracuse-unveils-new-loan-program-for-small-urban-businesses-some-loans-will-be-canceled/ Fri, 03 Dec 2021 16:23:00 +0000 https://masterdiver.net/syracuse-unveils-new-loan-program-for-small-urban-businesses-some-loans-will-be-canceled/ Syracuse, NY – Small business owners in Syracuse can apply for low-interest loans starting today through a $ 1 million program managed by the city’s economic development arm of Syracuse. Money can go fast. Applications should be submitted to the Syracuse Economic Development Corp. no later than December 31, said Mayor Ben Walsh. Walsh announces […]]]>

Syracuse, NY – Small business owners in Syracuse can apply for low-interest loans starting today through a $ 1 million program managed by the city’s economic development arm of Syracuse.

Money can go fast. Applications should be submitted to the Syracuse Economic Development Corp. no later than December 31, said Mayor Ben Walsh. Walsh announces the program at a press conference this morning.

There are three types of loans depending on the size and type of business. Loans to smaller businesses – “micro-businesses” with 10 or fewer employees – are repayable in certain circumstances. Loans can be used for a wide variety of uses including capital upgrades, purchasing supplies and inventory, and more.

Here are three basic categories:

Micro-enterprise funds: Loans of up to $ 5,000 are available at an interest rate of 1%, repayable over two years. Loans can be canceled if the business retains its employees, stays up to date on property taxes, and meets other conditions. To be eligible, a business must have 10 or fewer employees.

Small Business Assistance Fund: These loans of up to $ 25,000 are intended for businesses with 50 or fewer employees that experienced a decline in sales in 2020 or 2021 or that are located in an eligible census tract (see map). The interest rate is 1.5%, repayable over five years.

Community Impact Fund: Businesses, nonprofits, or development entities with 50 or fewer employees can claim up to $ 200,000 for building renovations or other property improvements in a qualified census tract. The interest rate is 2% for 15 years.

Areas outlined in black are census tracts eligible for special assistance under US federal bailout law. Certain real estate development projects in these areas are eligible for SEDCO loans.

Syracuse Economic Development Corp., or SEDCO, is a local development corporation created by the city. To apply for a loan, business owners must go through a two-step process:

First, complete an online questionnaire on the SEDCO website. Then a city representative will contact the company to provide an application form for the appropriate loan fund. Applications and supporting documents must be submitted by noon on December 31st.

The money for the loans comes from the $ 123 million Syracuse received this year in federal stimulus funds.

Between SEDCO and the Syracuse Industrial Development Agency, city officials had previously provided $ 1.3 million in grants and loans to businesses recovering from the Covid-19 pandemic.

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New low-interest loans granted to support business expansion and job creation in four counties in Pennsylvania https://masterdiver.net/new-low-interest-loans-granted-to-support-business-expansion-and-job-creation-in-four-counties-in-pennsylvania/ Thu, 02 Dec 2021 03:50:27 +0000 https://masterdiver.net/new-low-interest-loans-granted-to-support-business-expansion-and-job-creation-in-four-counties-in-pennsylvania/ In 2021, PIDA approved $ 42,755,382 in low-interest loans that generated $ 98,240,924 in private investment and supported 1,811 jobs created and retained full-time. “My administration remains committed to investing in companies that want to be successful here in Pennsylvania,” Governor Wolf said. “The PIDA loans approved today will help businesses grow, hire new employees […]]]>

In 2021, PIDA approved $ 42,755,382 in low-interest loans that generated $ 98,240,924 in private investment and supported 1,811 jobs created and retained full-time. “My administration remains committed to investing in companies that want to be successful here in Pennsylvania,” Governor Wolf said. “The PIDA loans approved today will help businesses grow, hire new employees and boost the economies of surrounding communities. “

Berks CountyVan Industries Inc., through the Greater Berks Development Fund, received approval for a 10-year loan of $ 795,175 at a fixed interest rate of 2.5% for the purchase of a new high speed fiber optic laser cutting device to meet increasing customer demand. The new laser cutter will allow the company to increase production and significantly improve productivity and efficiency compared to the obsolete laser cutter currently in use by the company. The company offers metal fabrication, welding, laser cutting, CNC precision engineering, powder and ceramic coatings, and abrasive cleaning services. The total cost of the project is $ 1,590,350 and Van Industries Inc. has committed to creating five new full-time jobs and retaining 25 existing positions within three years.

The approved projects are as follows:

Lawrence County The Regional Industrial Development Corporation (RIDC) Southwestern PA Growth Fund, through RIDC of Southwestern PA, has been approved for a $ 2.25 million 15-year loan at a rate 2.5 percent fixed interest to acquire 247 acres for the development of an industrial park located at Highway 422 and Baird Road, Mahoning Township, Lawrence County. Additional costs include those related to infrastructure / redevelopment, including new roads, utilities, stormwater management, earthworks, fine and coarse grading, and the establishment of road controls. erosion and sediment. The total cost of the project is $ 3 million.

A very active promoter in the Pittsburgh metropolitan area, the RIDC Southwestern PA Growth Fund has already obtained approval for 23 PIDA loans for industrial parks.

Luzerne County The Greater Hazleton Community Area New Development Organization, Inc. (CAN DO) has been approved for a 15-year, $ 2 million loan at a 1.5% variable interest rate to build a manufacturing plant in Sole tenant of 47,000 square feet on 12.83 acres at 128 Corporate Drive, Drums, Butler Township, Luzerne County. Construction is expected to be completed by the end of summer 2022, with sole tenant Amapharm, LLC occupying the facility by September 2022. Formed in August 2021, the Pennsylvania-based company is a US subsidiary of the company German pharmaceutical Amapharm GmBh. The total cost of the CAN DO project is $ 7,228,793. Amapharm will create 50 full-time jobs within three years.

CAN DO, which has fostered economic activity in the region as a developer, builder, owner, enabler and utility provider, has benefited from seven previous PIDA loans.

For more information on the Pennsylvania Industrial Development Authority and other DCED initiatives, visit dced.pa.gov.

Westmoreland County Wyatt Inc., through Economic Growth Connection of Westmoreland, has received approval for a 15-year, $ 2 million loan at an interest rate of 1.5% for the construction of a 132,053 square foot manufacturing facility on approximately 20 acres located on Lot # 18 Industrial Park I-70, 1172 Glacier Drive, Smithton, South Huntingdon Township, Westmoreland County. The one-story manufacturing building, which will be adaptable to a number of light industrial uses, will include 7,000 square feet of office space as well as a 125,053 square foot production and warehouse area. The facility will be used for the fabrication of exterior wall panels and architectural joinery. There will also be several lean-tos which will house a spray booth, a finishing workshop, tool storage and a maintenance area. The total cost of the project is $ 13,058,500 and Wyatt Inc. is committed to creating 15 new full-time jobs and retaining 85 existing positions within three years.

News Business Highlights

  • New low-interest loans granted to support business expansion and job creation in four counties in Pennsylvania
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Caution on foreign loans with “toxic” clauses https://masterdiver.net/caution-on-foreign-loans-with-toxic-clauses/ Sun, 28 Nov 2021 11:47:52 +0000 https://masterdiver.net/caution-on-foreign-loans-with-toxic-clauses/ By Louis Kalumbia Dar es Salaam. Economic experts yesterday warned the government to carefully manage foreign loans to avoid acquiring facilities and resources once it fails to meet its contractual obligations. But, the Tanzanian government has allayed fears, saying the government has not and will never use the facilities as collateral to access foreign funding. […]]]>

By Louis Kalumbia

Dar es Salaam. Economic experts yesterday warned the government to carefully manage foreign loans to avoid acquiring facilities and resources once it fails to meet its contractual obligations.

But, the Tanzanian government has allayed fears, saying the government has not and will never use the facilities as collateral to access foreign funding.

The experts’ observations come as Uganda faces the risk of ceding Entebbe International Airport to China on a loan acquired from the Export-Import Bank (Exim) of China on March 31, 2015.

Entebbe’s efforts to renegotiate the “toxic clauses” of the $ 200 million loan (Shs713b) chosen six years ago were recently rejected by authorities in Beijing.

The “toxic clause” of the contract includes the exposure of Uganda’s sovereign assets to foreclosures and takeover in arbitral awards in Beijing.

China announced similar measures to the Zambian government in 2018 when it threatened to take over the Kenneth Kaunda International Airport, the power company, the national broadcasting network and major road projects over failure to reimburse. a loan of $ 8.7 billion.

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But yesterday Repoa Executive Director Dr Donald Mmari said the government should conduct full feasibility studies to confirm beyond a reasonable doubt that a certain project can be implemented in a timely manner and make financial feasibility.

“Projects without economic benefits should not be aligned for implementation. Contracts with clauses requiring sovereign assets or resources such as minerals and gas pledged as collateral should be avoided altogether, ”he said.

According to him, the decline in the value of resources on the world market reduces the country’s ability to service the loan and therefore puts it in danger of acquisition.

Dr Mmari was seconded by senior economist Professor Samuel Wangwe, who said the country’s negotiators should only sign contracts with terms that can be implemented and reject those with questionable terms.

“The government should make better use of local experts on these issues. In addition, domestic banks should cooperate with foreign financial institutions to mobilize under friendly conditions, ”he said.

Professor Wangwe said that despite having no concerns about contracts for development projects implemented in the country, following what is reported elsewhere on the continent, the Tanzanian government should increase its caution and do an analysis to identify the things that were missing in the country and get loans at reduced rates.

But, Deputy Finance and Planning Minister Hamad Yussuf Masauni said Tanzanians had no reason to worry, noting that President Samia Suluhu Hassan’s leadership was prudently handling financial matters.

“There is no place where the government has used the country’s resources as collateral in order to obtain loans and there is no plan to do so, even for ongoing development projects,” he said. -he declares.

He said the country secures loans in accordance with the provisions of the law, in preference to those that will boost the country’s economy and make a significant contribution to the country’s gross domestic product (GDP).

“President Hassan asked us to seek concessional loans in order to benefit from a long grace period, subsidy elements equivalent to 35% and low interest rates,” he said.

He said the 1,300 billion shillings loan from the International Monetary Fund (IMF) fell into this category, however saying that there were concessional loans with difficult terms requiring solid negotiations in the interest of the nation.

“It’s only when we don’t have an alternative that we switch to commercial loans. This is done whenever we are looking for funds to implement the most viable projects like Standard Gauge Railway (SGR), ”he said.

Mr. Masauni, who is also the MP for Kikwajuni in Zanzibar, said President Hassan is working hard to improve the country’s diplomatic relations with the international community, which will reduce the processes of obtaining concessional loans and maintain the viability of the country. the national debt.

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Deadline approaches for SBA disaster loans for property damage from contraband fire https://masterdiver.net/deadline-approaches-for-sba-disaster-loans-for-property-damage-from-contraband-fire/ Sat, 27 Nov 2021 01:59:00 +0000 https://masterdiver.net/deadline-approaches-for-sba-disaster-loans-for-property-damage-from-contraband-fire/ SACRAMENTO, California – December 27, 2021 is the deadline to apply for a federal SBA disaster loan for property damage from the Bootleg fire in Klamath County. That’s according to Director Tanya N. Garfield of the US Small Business Administration’s Midwest Field Disaster Operations. The loans are aimed at both businesses and residents. The fire […]]]>

SACRAMENTO, California – December 27, 2021 is the deadline to apply for a federal SBA disaster loan for property damage from the Bootleg fire in Klamath County. That’s according to Director Tanya N. Garfield of the US Small Business Administration’s Midwest Field Disaster Operations. The loans are aimed at both businesses and residents. The fire broke out from July 6 to August 15, 2021.

According to Garfield, businesses of all sizes, most private nonprofits, landlords and tenants can apply for federal disaster loans from the SBA to repair or replace property damaged by the disaster. The SBA may also lend additional funds to help cover the cost of improvements to protect, prevent, or minimize the same type of damage from a disaster in the future.

These low interest federal disaster loans are available in Deschutes, Douglas, Jackson, Klamath, Lake and Lane counties in Oregon; and the counties of Modoc and Siskiyou in California.

Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

In addition, the SBA provides economic disaster loans to small businesses, small farmer cooperatives, small aquaculture businesses, and most private non-profit organizations of any size to help meet working capital needs. caused by the disaster. Aid for economic damage is available whether the business has suffered material damage or not. The deadline to apply for an SBA Economic Disaster Loan is July 28, 2022.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 2.88% for businesses, 2% for private non-profit organizations, and 1.625% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants can apply online, receive additional information on disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email astercustomerservice@sba.gov for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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5 key things to consider when obtaining home loans https://masterdiver.net/5-key-things-to-consider-when-obtaining-home-loans/ Thu, 25 Nov 2021 06:04:00 +0000 https://masterdiver.net/5-key-things-to-consider-when-obtaining-home-loans/ Buying a home is one of the most cherished dreams of a large part of the population and without a doubt one of the most important financial decisions of their lives. More often than not, the whole family is invested financially and emotionally in the decision making. This makes it even more important for the […]]]>
Buying a home is one of the most cherished dreams of a large part of the population and without a doubt one of the most important financial decisions of their lives. More often than not, the whole family is invested financially and emotionally in the decision making. This makes it even more important for the buyer to diligently examine every aspect related to this great decision. Once you have finalized the property, the next big task is to identify the bank or financial institution for the home loan.

Before you move out, you need to do some prep work and some groundwork to avoid the hassle in your home loan process.

Here are some factors you should consider:

Advance payment:

Only part of the value of the asset is offered for loan by the financing institution. The owner must bear the rest on his own. Banks / institutions typically finance 75-90% of the cost of the property depending on the eligibility of the applicant, among other factors.

Potential applicants need to be careful about how much they want to receive as a loan and what they want to pay out of their savings to the builder or seller. A large down payment improves the chances of being eligible for a home loan. Hence, if at all possible, individuals can opt for a higher down payment. It will also reduce their repayment charge.
Credit score: A healthy credit score, preferably above 750, would help a potential candidate get a low interest loan. Thus, it is advisable for a potential candidate to check their credit score before applying for a home loan. It’s wise to clear all dues and look for ways to build a good credit rating in the months before getting a home loan.

Associated costs: Besides the outgoing interest, the borrower has to pay other fees like processing fees, late penalties and foreclosure fees etc. which must be taken into account when applying for a mortgage. It is in the applicant’s interest to sort them out with the lender beforehand.

Individuals may also note that foreclosure or prepayment charges only apply to fixed rate home loans. Therefore, this is also a factor to consider when choosing between a fixed rate and a variable rate, as prepayment is one of the ways to reduce the tenure period and save costs. lakhs.

Type of interest rate: One of the most important choices to make when obtaining a home loan is to carefully choose between the two types of interest rate plans provided in the market as below:

Floating – Floating interest rates are subject to change over time, depending on changes in the RBI base rate and general market conditions. Variable rates are typically 1% to 2% lower than fixed rates, resulting in savings in the long run. This option is suitable in the event of an expected drop in the interest rate in the near future.

Fixed – Fixed rates, as the term suggests, do not change over time. This option is suitable when economic conditions indicate an increase in interest rates.

For a short-term loan (less than 7 years), it is advisable to opt for a fixed interest rate. If the tenure is longer than 15 years, it is advisable to take out a variable rate loan because you cannot predict the changes over such a long period. Ultimately, the applicant has to choose between floating and fixed interest rates depending on his convenience.

Adequate insurance: A lot of people don’t give the same importance to insurance when buying a property. It is considered an unnecessary addition to the home loan. By availing such life and / or health insurance, in the event of a medical emergency, the applicant does not have to worry about organizing the money for the medical emergencies. In the event of accidental death, the family will not at least worry about other expenses as there is a policy amount to take care of the rest in the absence of the claimant. It is therefore advisable to take out insurance while considering taking out a mortgage.

Finally, individuals should also check the required documents and read the loan agreement carefully. Taking out a mortgage is an important decision that can impact your financial health for years to come. Therefore, it is essential to know all the aspects and to benefit from a loan in total adequacy with the financial interests of the borrower.

The author, Ashish Jain, is Managing Director of Star HFL. Opinions expressed are personal

(Edited by : Anshul)

First publication: STI

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Kisan Credit Card Scheme, low interest loans to fishermen: MoS Murugan https://masterdiver.net/kisan-credit-card-scheme-low-interest-loans-to-fishermen-mos-murugan/ Tue, 23 Nov 2021 07:42:00 +0000 https://masterdiver.net/kisan-credit-card-scheme-low-interest-loans-to-fishermen-mos-murugan/ L Murugan, Union Minister of State for Fisheries, Livestock and Dairy Products, said the Kisan credit card program will be extended to fishermen to provide low-interest loans. The minister said the central government’s commitment to fishermen was evident in the fact that it created a separate department for fisheries and set aside 20,000 crore rupees […]]]>

L Murugan, Union Minister of State for Fisheries, Livestock and Dairy Products, said the Kisan credit card program will be extended to fishermen to provide low-interest loans. The minister said the central government’s commitment to fishermen was evident in the fact that it created a separate department for fisheries and set aside 20,000 crore rupees for the Aatmanirbhar Bharat campaign. He was speaking at a “Fishermen’s Convention” organized by the Kerala Pradesh Fishermen Group (BMS) in Munambam in Kochi on Monday 22 November.

The Defense Ministry said: “For the first time in independent India, Prime Minister Narendra Modi has sanctioned 20,000 crore rupees for the fishermen of the Atmanirbhar Bharat project.”

Kisan Credit Card System for Providing Low Interest Loans: MoS L Murugan

The minister went on to say that the government had set aside 7.5 crore rupees to build integrated fishing communities with schools, health care and other amenities. He further stated that the fuel subsidy for fishermen will continue, adding that the Union government has sanctioned Rs 246 crore over the past five years for Kerala fishermen only. According to MoS Murugan, the government’s goal is to develop all Indian fishing ports.

Kisan Credit Card System (KCC)

The Kisan Credit Card (KCC) is a credit card program launched by Indian banks in August 1998. The National Bank for Agriculture and Rural Development (NABARD) developed this model plan to provide term loans for agricultural needs based on the suggestions of RV GUPTA. Committee. Its aim is to provide financial assistance to farmers to meet the overall credit requirements of the agricultural sector, as well as fisheries and livestock, by 2019. All commercial banks, regional rural banks and banks state cooperatives are among the participants.

Short-term credit limits for crops, as well as term loans, are part of the system. Personal accident insurance covers KCC credit card holders up to $ 50,000 for death and permanent disability, and up to $ 25,000 for other risks. The premium is split equally between the bank and the borrower. The period of validity is five years, with the possibility of an additional three-year extension. The Kisan Finance Card (KCC) offers farmers two types of credit: cash credit and installment credit. Long-term loans are intended for related activities such as pump units, land development, plantations, drip irrigation.

With contributions from ANI

(IMAGE: ANI / PTI / REPRESENTATIVE IMAGE)

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MCCI charges low interest rate for loans – Business & Finance https://masterdiver.net/mcci-charges-low-interest-rate-for-loans-business-finance/ Mon, 22 Nov 2021 00:32:10 +0000 https://masterdiver.net/mcci-charges-low-interest-rate-for-loans-business-finance/ MULTAN: The Multan Chamber of Commerce and Industry (MCCI) on Sunday expressed concerns about the significant increase in interest rates by the SBP and stressed the need to increase exports instead of reducing imports. In a statement released here, MCCI Chairman Khawaja Muhammad Hussain observed that raising interest rates from 1.5 percent to 8.75 percent […]]]>

MULTAN: The Multan Chamber of Commerce and Industry (MCCI) on Sunday expressed concerns about the significant increase in interest rates by the SBP and stressed the need to increase exports instead of reducing imports.

In a statement released here, MCCI Chairman Khawaja Muhammad Hussain observed that raising interest rates from 1.5 percent to 8.75 percent would hurt the economy. The domestic industry was facing difficulties due to high production costs, he noted.

In such a scenario, a sudden 1.5% increase in interest rates would lead to a further increase in production costs. The community expected monetary policy easing, but an unexpected decision by the SBP had raised concerns among industry.

Khawaja Muhammad Hussain argued that increasing exports was essential for the recovery of the economy. Low interest rate loans are very important to the industry. The government should guarantee such loans for the export sector in order to increase exports, increase foreign exchange reserves and strengthen the value of the dollar.

He called on the government to cut interest rates to 8 percent so that loans are cheaper and small and medium-sized businesses continue to use their full potential.

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Small farmers do not benefit from agricultural loans https://masterdiver.net/small-farmers-do-not-benefit-from-agricultural-loans/ Sat, 20 Nov 2021 06:44:30 +0000 https://masterdiver.net/small-farmers-do-not-benefit-from-agricultural-loans/ If he wanted to persist in getting the loan, he would have to hire a broker and spend another 2,000 to 3,000 Tk. Millions of small farmers, like Saddam, feed the people of Bangladesh by keeping agriculture alive. But they could not take advantage of the government’s initiative to borrow from banks at lower interest […]]]>

If he wanted to persist in getting the loan, he would have to hire a broker and spend another 2,000 to 3,000 Tk.

Millions of small farmers, like Saddam, feed the people of Bangladesh by keeping agriculture alive. But they could not take advantage of the government’s initiative to borrow from banks at lower interest rates. Rather, the advantages of such housing benefit large farmers and traders.

Fakir Mahitul Islam, president of the Bagerhat Shrimp Farmers’ Association, told bdnews24.com that those who need a loan of TK 50,000 or TK 100,000 do not get it. But in Bagerhat, most of the farmers are small sharecroppers who need small loans.

Farmers work in the fields of Sadar Upazila in Gaibandha during the foggy winter morning of Sunday, January 31, 2021.

Mithu Chakraborty, a farmer from Kachua in Bagerhat, alleged that corruption and bureaucracy were rampant in the agricultural lending industry.

“After I received training from Youth Development, they offered me a loan of TK 50,000,” he said. “For this they asked for a bribe of 5,000 TK. I did not take this loan.”

The Bangladesh Bank has ordered the interest rate on agricultural loans to remain 1% lower than on other loans, prioritizing the agricultural sector. As a result, the maximum interest rate on any loan other than credit cards is 9 percent, so the interest rate on the farm loan has been set at 8 percent.

However, private banks can disburse 70 percent of total agricultural credit through other channels if they wish. Banks take this opportunity to disburse agricultural loans through microfinance institutions.

And small farmers pay the price because microfinance institutions charge interest up to three times the interest rate set by the government. But small farmers, who are unable to finance themselves from the banks, have no choice but to turn to them.

Montu Chandra, a farmer from Kanura village in Kalmakanda of Netrokona, said: “Banks don’t lend small amounts of money, so we don’t go to the bank. If we need money, we take loans from NGOs.

Farmers work in the bean fields at Kalatia in Keraniganj in Dhaka. Photo: Kazi Salahuddin Razu

Dulu Mia, a farmer from Itakhola in Nilphamari Sadar, said: “Big farmers get loans from banks, not us. If we need money, we take loans from NGOs like ASA, BRAC.

But due to weak central bank policies and reckless audits, small farmers have to pay interest at a maximum rate of 25 percent, while the maximum interest rate on bank loans is 9 percent. .

According to data from the Bangladesh Bank, in the first quarter of fiscal year 2021-22 (July-September), a total of TK 52.12 billion in agricultural and rural loans were disbursed in Bangladesh, or 11, 23% more than the same period in the last fiscal year.

And in fiscal year 2020-2021, banks disbursed a total of Tk 255.11 billion in agricultural and rural loans in the country, which is 97.03% of the total target.

The disbursement of this loan is Tk 27.62 billion, or 12.4% more than the previous fiscal year 2019-2020.

Regarding the increase in disbursement of agricultural loans, Syed Mahbubur Rahman, managing director of Mutual Trust Bank, said some banks failed to meet the target last year. They did their best to increase the distribution of agricultural loans to avoid sanctions.

In addition, micro-credit institutions were particularly dependent on an increase in agricultural credit this time around, the banker said.

Bean blossoms are blooming in the fields of Kalatia in Keraniganj in Dhaka, raising hopes of farmers for profit as winter approaches. Photo: Kazi Salahuddin Razu

It is clear from the words of the former head of the Association of Bankers Bangladesh (ABB), an organization of bank managers, that small farmers do not benefit from loans directly from the bank at low interest rates, even if the distribution of agricultural credits increases.

According to the central bank, in fiscal year 2019-2020, 40 private banks disbursed Tk 116.54 billion in agricultural loans, of which 63 percent was disbursed through microcredit institutions.

Although government banks disburse most of their agricultural loans through their own channels, private banks do not. There are allegations that some private banks do not even follow instructions to disburse at least 30% of agricultural loans through their own channels.

However, Ali Reza Iftekhar, chairman of ABB and managing director of Eastern Bank, is reluctant to accept claims that marginal farmers have not received agricultural loans from banks.

“Marginal farmers get loans from banks,” he said. “However, banks that do not have branches in remote areas provide loans through microfinance institutions.”

Sirajul Islam, spokesperson and executive director of the Bangladesh Bank, agreed.

“Marginal farmers get money from banks,” he said. “However, where there is no bank branch, the money is paid via microcredit.

“The interest rate for microcredit is a bit higher. We aim to ensure that farmers get money at low interest rates, ”he added.

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Online lender Well Home Loans takes variable mortgage rates to new lows https://masterdiver.net/online-lender-well-home-loans-takes-variable-mortgage-rates-to-new-lows/ Tue, 16 Nov 2021 21:02:12 +0000 https://masterdiver.net/online-lender-well-home-loans-takes-variable-mortgage-rates-to-new-lows/ Well Home Loans took pole position as the mortgage lender with the lowest variable mortgage rate (80% LVR) tracked in the Mozo database after a rate cut last Friday. The online lender has reduced the variable interest rate on its well-balanced home loan by 14 basis points which is available to new homeowner clients with […]]]>

Well Home Loans took pole position as the mortgage lender with the lowest variable mortgage rate (80% LVR) tracked in the Mozo database after a rate cut last Friday.

The online lender has reduced the variable interest rate on its well-balanced home loan by 14 basis points which is available to new homeowner clients with a loan-to-value ratio (LVR) of 80% or less.

The reduction means the new rate is now only 1.85% pa (comparison rate 1.88% pa *) – the lowest currently in our database at the 80% LVR level.

Well Home Loans has also reduced the variable rate on its Equity Plus home loan for mortgage holders with accumulated equity of 5bp, meaning homeowners with an LVR of 60% and below can now access a rate. of 1.82% pa (comparison 1.85% pa rate *) with the loan.

Here’s how the Well-Balanced Rate compares to some of the other lower variable rates in the Mozo database.

Lowest Variable Rates (Homeowner, <80% LVR) - Mozo Database, November 16, 2021

The changes to Well Home Loans come amid a series of variable rate cuts over the past few weeks, which will no doubt be good news for borrowers considering a new home loan or for existing borrowers seeking to refinance.

In the past week alone, ANZ, Bendigo Bank, HSBC and ING have all lowered variable rates on a number of their home loans, further intensifying the rivalry in an already fiercely competitive space.

For context, at the time of writing this article, 12 lenders tracked in our database offer at least one home loan with an overall rate starting with a “1”.

RELATED: Several lenders offer $ 3,000 cash back to refinance your home loan

Interested in taking a closer look at some of the low rate mortgages currently offered by Well Home Loans? Check out the two mini reviews below.

Well-balanced home loans
  • Variable rates as low as 1.85% pa (comparison rate 1.88% pa *)
  • Compensation account
  • Make additional refunds (free)

With five 2021 Mozo Experts Choice Awards ^ to its name, the Well Balanced has certainly impressed our judges this year, and with competitive variable pricing and a stack of useful features, it’s not hard to see why. Available to both homeowners and investors, the loan offers variable rates as low as 1.85% per annum (comparison rate of 1.88% pa *) for homeowners with an LVR of 80% or less. It also comes with a clearing account, an online withdrawal feature, and the ability for borrowers to make additional repayments for their loan. While there are no ongoing service fees to worry about, there are one-time ($ 250), legal ($ 385), settlement ($ 150), and discharge ($ 300) fees to be paid. consider.

Well Home Loans – Equity Plus
  • 1.82% pa variable interest rate (1.85% pa comparison rate *)
  • Additional refunds and withdrawals available
  • Counterpart account included

Are you looking to make the most of the equity you’ve already built up? Well, Home Loans Equity Plus Loan might be worth a closer look as it is designed for borrowers with lower loan to value ratio. Qualifying homeowners with an LVR of 60% or less will be able to take advantage of a variable interest rate of just 1.82% per annum (comparison rate of 1.85% per annum *), and they will be able to profit to the maximum features like additional refunds, draws, and even a matching account. As with the well-balanced loan, there are a few one-time fees to weigh, including application ($ 250), legal ($ 385), settlement ($ 150), and discharge ($ 300) fees, but there are no fees. There are also no ongoing service charges.

Want to see how these two mortgages stack up against even more deals? Start today by comparing a range of loans in one place on our variable rate home loans platform.

* CAUTION: This comparison rate only applies to the example (s) given. Different amounts and conditions will result in different compare rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is that of a guaranteed loan with monthly repayment of principal and interest of $ 150,000 over 25 years.

** The initial monthly repayment figures are only estimates, based on the advertised rate, loan amount and term entered. The rates, fees and charges and therefore the total cost of the loan can vary depending on the amount of your loan, the length of the loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See information on the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs, and we do not recommend any specific product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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Business booms as Nebraska small business loans break records | News from local businesses https://masterdiver.net/business-booms-as-nebraska-small-business-loans-break-records-news-from-local-businesses/ Mon, 15 Nov 2021 02:00:00 +0000 https://masterdiver.net/business-booms-as-nebraska-small-business-loans-break-records-news-from-local-businesses/ Employee Daryl Poppe works on a car at Wayne’s Body Shop. Craig Johnson works in the renovated offices of Wayne Body Shop. A loan from the Small Business Administration helped the business grow this year. Craig Johnson (left) works in the renovated offices of Wayne Body Shop. A loan from the Small Business Administration helped […]]]>

Craig Johnson got a small business loan 21 years ago when he bought his business, Wayne’s Body Shop.

But when it came time to expand one of his sites last year, he didn’t consider applying for another loan from the Small Business Administration.

“I thought it was more for start-ups,” Johnson said.

His bank, Cornhusker Bank, however thought such a loan would be perfect for him, so they referred him to the Nebraska Economic Development Corp., a Small Business Association lender that specializes in so called 504 loans, which allow businesses to buy large equipment or build, buy or expand buildings.

Johnson secured a 20-year fixed interest rate loan that allowed him to expand his College View location at 4731 Cooper Ave.

He said getting the SBA loan was more complicated than getting a regular bank loan and required more paperwork, but getting the low fixed interest rate was worth it.

“It’s pretty big, so it’s worth the extra work to do it,” said Johnson, who now has a bigger and more modernized space to work on newer vehicles.

Johnson’s loan was one of dozens that the Nebraska Economic Development Corp. made in fiscal 2021, making it by far the most active small business lender in the state.

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