SBA enhances disaster loan program citing Delta variant challenges

The Small Business Administration on Thursday announced improvements to its disaster loan program in an effort to help more small businesses access financial support from the government as the Delta variant of COVID-19 continues to trip up business operations nationwide. 

For one, the SBA is raising loan limits in its Economic Injury Disaster Loan program — low-interest loans to be paid back over 30 years — from $500,000 to $2 million. Funds may be used for any operating expenses, including purchasing equipment and making payments on debt.

The SBA is also deferring repayment of the loans for two years after

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China plans to break up Ant’s Alipay and force creation of separate loans app – FT

Sept 12 (Reuters) – Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business, the Financial Times reported on Sunday.

The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process.

State-backed firms are set to take a sizeable stake in Ant’s credit-scoring joint venture for the first time, three people told Reuters last week.

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Solar Loans 101: How to Get Low Interest Rates

Many homeowners can benefit from
installing solar panels, harnessing the sun’s energy to help reduce or even eliminate their dependence on traditional utilities. Although solar panels can be expensive, solar loans make residential systems more accessible to homeowners.

Indeed, if you live in an area that gets consistent year-round exposure to the sun, solar panels can be an effective way to lower your home’s energy costs while minimizing your environmental footprint. The biggest obstacle to solar adoption is the initial
cost of solar panels.

All in, solar panel installation costs typically range from $10,000 to $35,000. In this article, we’ll

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5-year personal loan rates tumble, 3-year rates hit highest point since June

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The latest trends in interest rates for personal loans from the Credible marketplace, updated weekly. (iStock)

Borrowers with good credit seeking personal loans during the week of Sept. 6, 2021 prequalified for rates that rose for 3-year terms and fell for 5-year terms compared to the previous week’s fixed-rate

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Don’t Overpay For Model 3 Or Model Y

If you’re in the market for an electric car, there’s a good chance you’re considering a Tesla Model 3, or perhaps even a Tesla Model Y. These cars aren’t cheap, and they’ll make a nice dent in your monthly budget, though you’ll save money on fuel and maintenance over a gas car. You can choose to lease them, which will bring down the monthly payment and impact your budget less. However, in the end, leasing will cost you extra.

Tesla offers all of its vehicles for purchase and for lease. Currently, its financing rate is advertised at 2.49 percent for

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Small Business Can Get up to $2 Million in Pandemic Disaster Loans

  • The SBA raised the cap on Economic Injury Disaster Loans (EIDL) to $2 million. 
  • Businesses may use funds to cover business expenses such as payroll and rent.
  • The SBA will begin approving loans greater than $500,000 on October 8.

The Small Business Administration has raised the cap on COVID-19 related loans from $500,000 to $2 million, to help small businesses recover from the COVID-19 pandemic. 

Business owners may use the funds the Economic Injury Disaster Loans (EIDL) towards operating expenses over 24 months such as payroll, rent, buying equipment and materials, or paying off debt. Funds

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Interest rates on 5-year, fixed-rate personal loans have fallen. Is a personal loan right for you?

MarketWatch has highlighted these products and services because we think readers will find them useful. We may earn a commission if you buy products through our links, but our recommendations are independent of any compensation that we may receive.

The average interest rate on a 5-year, fixed rate personal loan fell from 16.51% the week of Aug. 30 to 15.3% the week of Sept. 6, according to the latest rates data from Credible. However, the average rate on a 3-year-fixed rate personal loan rose slightly from 11.72%, to 11.97%.  That said, the rate you’ll personally get on a personal loan

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For Military Families, V.A. Loans Are a Lifeline, but With a Catch

The O’Farrells paid $290,000 for their current home, more than $40,000 above the original listing price. Mr. O’Farrell believes he overpaid, but had no other choice.

“A lot of veterans are being left out of the process, because they can’t compete,” said Deonte Cole, a retired Marine Corps veteran who now works as a broker in Tampa, Fla. “We’ve got a surplus of ready and willing veterans who aren’t able to find homes right now. Sellers are trying to get the best offers they can and they don’t see the V.A. loan as competitive.”

There is a growing civilian-military divide

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Libor replacement reaches Wall Street’s leveraged loan market

Libor transition updates

Bank of America has started marketing the first leveraged loan tied to the interest rate that is set to replace Libor, in a milestone for the industry as it transitions away from the disgraced lending benchmark.

The US bank has helped tee up a $3.25bn financing package that includes a $750m syndicated loan based on Sofr — the secured overnight financing rate — to fund the $4.5bn takeover of chicken producer Sanderson Farms by Cargill and Continental Grain, according to people

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Racial disparity in home loan rates for Des Moines’ Black applicants

When George Floyd was murdered last year by a white Minneapolis police officer, Mena Jones was taking classes to become a real estate agent. 

She took a few days off to join protests, but mentally and physically exhausted, figured she should set her sights on a different way to make change. Her goal? Help Black residents in the Des Moines metro become homeowners. 

“Being a homeowner in this country means so much to your credit, it means so much to the way people see you and look at you,” said Jones, now a Realtor with RE/MAX Concepts in Windsor Heights.

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