Financiamento Governamental para Empresas

Who owns the company and need credit, loans or financing, currently have available a number of excellent financial products offered by government credit institutions, or agencies related to the federal government.

Government funding Financing, Government EmpresasBasta to do a little research on the internet to find accredited banks working with these financing and credit solutions, check below the terms offered, including government funding for micro businesses and operate with lower market interest rates.

BNDES AUTOMATIC
One of the most popular financial products is the Automatic BNDES, the BNDES credit line is intended solely to micro and small enterprises in the national capital controls that are located in any region of the country. The resources used are the National Bank for Economic and Social Development (BNDES) for project financing, developments in general, acquisition of industrial equipment and associated working capital.

BNDES CARD
The BNDES Card, companies acquiring this card can finance the purchase of equipment, machinery, vehicles and various goods for direct production suppliers accredited by the portal of the BNDES Card, and may even make purchases over the Internet.

FINAME
The FINAME is another federal credit line to finance new equipment on the national constants Computerized Supplier Registration (CFI) of the Special Agency of Industrial Financing (FINAME). The focus of FINAME is directed to micro and small businesses and the resources used are the National Bank for Economic and Social Development (BNDES).

PROGER
Established by CODEFAT - Deliberative Council of FAT resources as a way to encourage the generation of employment and income, PROGER Investgiro is another financing alternative for micro and small businesses. Using resources from the Fund for Workers (FAT), the PROGER finances Plans Business investment and working capital associated with up to R $ 200,000.00.

As can be seen government financing are currently available for most micro and small businesses, so you should go to accredited banks to meet all offered credit lines and become better informed of the procedures necessary to obtain them.

In Searching for Loan

Search loan in financial institutions to grow or develop projects, is part of the Brazilian national daily, especially if you need money. The funds are used to purchase machinery, to infrastructure works to increase business and to develop a new product to launch in the market etc.

In search for loan Searching for Loan In case of entrepreneurs, if you are not working capital, a good cash flow or some money invested as a way to reserve for emergencies, pay interest on loans will be the only alternative.

When really the need to check for loan is inevitable, the borrower must be very careful with the current planning and still make a projection for the future. To get a loan should be aware that it needs to be paid in long or short term, so the citizen must evaluate as much information about the conditions in the operation.

Check the impact of applied interest rates, if they are high, accessible or simply according to the charged in the market and also determine whether the conditions for the reimbursement of benefits will not affect other financial areas.

Ascertain the bank if there is other loan outside the traditional options, most banks and financial offer specific credit lines for every type of customer need and some with lower interest rates and lengthened payment terms.

Let's see an example: there are lines for companies, credit for renovations loan for the purchase of machinery and equipment, real estate financing and even buying furniture, utilities and electronics etc. In all cases, make a good research to see interest rates and payment methods can help save good money.

Moreover, credit lines is not lacking, "loan for self-employed, micro entrepreneurs and informal workers" are already easy to find in specialized institutions such as the people's bank, private credit associations, and student loans offered by government agencies, including the BNDES loan to companies that have the lowest possible interest.

Whatever the type of loan taken is essential that the acquired resource is intended for the purpose for which it was designed. It's nothing clever to use the money from the purchase of new equipment, end up paying arrears or other purposes. Surely this procedure will bring many problems ahead.

The most common for those who want to seek loans in the square is the fact that the citizen end up making use of informal loan, as in the case of overdraft, credit limit, guaranteed account or credit card. Avoid use of these financial routines. The easy money earned from these operations may even be free of red tape, but in the end, interest will make very expensive and unsatisfactory operation.

Tip: Before seeking loan or financing, make a cold analysis of the situation, detail all needs before to see if there really precision borrow.

Popular Credit, small loan from Banco Popular

You need loans for small amounts? Did you need to borrow, do not need much more money, BANCO POPULAR of Brazil provides a type of credit to facilitate the lives of those in need of microcredit through Banco Popular is possible to obtain the popular credit, a line personal credit, which can be used freely, and still has excellent interest rates, compared to the market, are the best.

The hiring of the loan is quick, easy and need not submit any warranty.

Only 18 years customers can apply for credit, can not have registration or restriction in credit protection agency, or CCF Bank, also states that the bank account in the Bank of Brazil has more than 90 days and there is a movement for finding this time by the deposit and withdrawals, transfers etc.

How not need to enter your credit destination, the loan money can be used for any purpose if the customer owns a small business the People's Bank loan money can be used with working capital to move small business or increase stock etc. even for small pay utility bills, shopping utensils or supermarkets, finally, the use is in accordance with the needs of each person.



More information on BANCO POPULAR of Brazil on the site of the Bank of Brazil.

"The BANCO POPULAR is an alternative to fight poverty, social exclusion and inclusion of the excluded to the labor market. In addition to granting credit, BANCO POPULAR, through the Credit Agent, guides the entrepreneur on business management, identifies and takes advantage of market opportunities, plans and enhances the future of the enterprise "

Small Business Loan

Getting a grant of loan such as microcredit for developing business can be one of the most important factors for the economy of a city, especially from the point of view of socio economic development.

Generally not need to wait for a medium or long period to feel the beneficial loan to companies. When the resources of the small loan business is well run, the positive impacts can be immediately seen, the reduction of informality and greater product offering in the market is almost immediate.

The loan to small businesses have become increasingly essential for entrepreneurs, this tool is essential especially for small businesses. Usually the loan proceeds used to put growth projects such as installation plans, expansion or modernization of business.

And speaking of credit for small businesses, recently the Inter-American Development Bank (IDB) and the National Bank for Economic and Social Development (BNDES) signed an agreement to guarantee loans to expand the breath of thousands of micro entrepreneurs and for years to come .
By all indications not lack resources for entrepreneurs with expansion plans, the IDB granted to BNDES a $ 3 billion loan to finance micro projects, small and medium-sized Brazilian companies. In turn, BNDES, largest investor bank in the country in small business, has to release financing, plus £ 3 billion reais in own resources, adding the values are more than $ 6 billion (or US $ 10 2 billion) for use in favor of Brazil's growth that are available to various productive sectors.

Those interested in BNDES loans for companies will have access to credit through the network of accredited financial agents of the BNDES. The estimate of the Multisectoral Programme is that in the first months more than 220,000 transfer operations benefit more than 100,000 micro-enterprises, which is the most requester.

So if you are an entrepreneur and has plans to install or expand its business for 2011, stay tuned credit offers provided by BNDES bank.

Guide to secured loans against Unsecured Loans - as secured loans are different from unsecured loans

With inflation and the unexpected fall of the market being a common thing now, can see around a lot of people who are dealing with situations of bad credit or bankruptcy.

A bad credit is something we all want to avoid, however, when people turn unemployed and things do not go the way you planned to be, unforeseen circumstances arise, and this can actually lead to sleepless nights and empty stomachs.

Of course, an option that we think in such a scenario is the personal loans. But then, I think it is possible for people with bad credit to get personal loans?

Well, the answer to this question becomes, fortunately yes. But you must remember that when you take the loan, you need to work alongside for a stable source of income, so that once the loan tenure finishes, you are still in a position to be back in their feet, and are stable enough.

A loan is an option that you can take. For this, however, you need to have something substantial, like a car or a house to act as a guarantee. If you feel you do not have anything to ensure, or whatever you are ensuring is in a state of risk, because you bought the EMI or something, then you should not go for the loan, or else it will lead to situation even worse.

In an unsecured loan, you will not really need something to act as a guarantee, as long as you realize and are ready for higher interest rates that come with it, compared to other personal loans.

Remember, take a loan is never the end of the story. What you really should aim for, or should be planning for the situation after the loan. Making ends meet can be difficult with bad credit, personal loans, but it can definitely help. However, remember that there are a lot of these days fraud companies that can hold it. Beware of these companies in their despair, and always remain calm to make sure you go to the right loan donors and not fraud.

Car pros and cons unsecured loans

The need for loan to buy a car is a fact of life for many who simply do not have the means to buy with the money, still require a vehicle for work or other reasons. Those who finance a new car with a loan will find that your new asset begins to depreciate in value from the time of purchase, thus leaving them with a potential upside down loan to pay.

Fresh expensive cars manufacturers will almost certainly require security as collateral against the loan. Those who opt for a vehicle with less prestige, or an older vehicle, are more likely to be able to secure a car loan without collateral that has certain advantages over a secured car loan.
The attraction of unsecured loans is its availability without paying guarantees. Once the loan is approved and the car purchased the car is owned outright by the new owner, no longer owned by the lender until the loan is paid in full.

Unsecured loans are advantageous as the lender does not receive immediate rights to repossess the vehicle or make a claim against another asset given as collateral, such as home. Have the car completely allows the vehicle owner to sell the car as they choose, though of course they will still be responsible for the agreed payments. If finances become tight the car owner can choose to sell the vehicle hoping to cover the cost of paying the entire loan, rather than wait for it to be recovered and thus lose the deposit.

As the lender has no right over the vehicle, there is no need to keep it in a satisfactory manner, as cars bought with secured loans should be. It is perfectly permissible to drive round in a vehicle, dirty and scratched that is a choice, answers to no one except the police style.

Command loans without guarantee greater down payments that may be a drawback for some. The terms are more stringent than those imposed on secured loans with a fixed period, relatively short repayment, making the higher monthly payments.

While this may be seen as a disadvantage of unsecured loans actually is a better tax choice. Most payment builds immediate equity in the vehicle, while a shorter repayment term reduces the risk of depreciation. When the loan is paid in the shortest time dictated by unsecured loans, then the owner can put the same amount aside each month for savings, helping to enable the shopping cart next to be made without the need of a loan.

Credit Card Debt vs. Personal Loans: Which to Pay Down First

Credit card vs. personal loan

Credit cards are more than stylish pieces of plastic. They’re symbols of credit that’s been extended to you from your bank. As a cardholder, you can charge purchases up to your allotted maximum amount. You make payments to cover your charges, and if you don’t pay off your balance within the grace period, you’ll be charged interest on what you owe.

Personal loans, on the other hand, are lump sums of money that are given to you by lenders. You pay back these usually unsecured loans (there’s no collateral) with regular, fixed payments. Despite their differences, they have one important thing in common – they’re a form of debt.

Which loan should you pay off first?

No wonder, one important question that many financial advisors often face from individuals is, when should they close their loans? "Exit strategy from the existing debts plays an important role in minimizing the interest burden on individuals. But there is need to prioritize your loan repayments because this ensures that your loans can be cleared in a systematic way to boost the available monthly surplus," says Nitin Vyakaranam, founder & CEO of ArthaYantra, an online financial planning firm.

Some experts suggest that you should pay off your debts from the highest interest rate to the lowest, as this will save you the most money over time. But there are also some other things to consider while prioritizing your loan repayments. Here we take a look at which loans should you pay off first and why:

Personal Loans

Personal loans top the priority list when it comes to paying off an existing debt. Personal loans are unsecured loans which are advanced on the basis of the borrower's credit history and ability to repay the loan from the available income sources.

"Being an unsecured loan, personal loans are often offered at a higher interest rate. A higher interest rate necessarily means higher EMI payments. Though the charges for personal loan repayments are also on a higher side, it is always advisable to close this high interest debt once an individual has enough surpluses," informs Vyakaranam.

Unproductive loans

Loan instruments such as gold loans, loan against property, loan against fixed deposits and insurance policies, loan against PF and auto loan do not attract any tax benefit. Such loans should be paid off based on the interest burden. The interest rate on gold loans and loan against property, for instance, is dependent on the pledged value and the loan amount.

For example, if an individual opts for 50% of the value of gold as loan, he/she is expected to get a better rate compared to those opting for the 80-90% of the value as loan. These loans hold a lesser interest rate compared to personal loans. Loans against fixed deposits, insurance and PF attract lower interest rates than the gold loans and loans against property.

Educational Loan

The increasing educational expenses have aided in the increased demand for educational loans. Educational loans should be given second least priority before closing off the existing debts. The reason behind it would be the tax savings one can enjoy on the educational loans. One can claim tax benefit on the interest payments being made towards educational loan availed from approved institutions. So essentially the interest payments can be offset by the tax benefit and hence one is advised to pay off educational debt only after paying off other debts.

Personal Loan Long Term

The personal loan are generally classified into two types: short-term and long-term personal loan loans.

The personal loan can be hired by anyone who has good name and in some specific cases also for those who have restrictions in the name with some limitations, of course.

The credit risk involving these two types of granting personal loans are different in Brazil long-term loan is subject to interest a little lower than in short-term loans, typically larger.

In the long-term personal loan when a person calls in order to finance the purchase of a property for own home, call it home loans, housing loan and housing loan in Portugal.

In vehicle financing (leasing and CDC) or refinancing guaranteed to purchase new and used vehicles can also check that the long-term personal loan is present. In general the deadline for loan repayment can reach up to 96 installments for cars and up to 120 months for homes and businesses, several other types of assets can be financed through long-term personal loan.

In the long run you can request a payroll loans in payroll, the rates are low and portions can be paid in up to 60 months.

The long-term loan is an appropriate financing for purchases of goods, buildings and vehicles and all types of products where the customer wants to pay for an extended period, but with immediate release of financial resources.

Currently several credit companies, financial and banks operating in the market offering long-term personal loan among them we can mention the Bank of Brazil, Caixa and BNDES operate with terms out of sight.

Loan BNDES and BNDES Financing

Your business is growing and you need to make some investments and needs capital or funding to carry out their projects, but want to pay in the long term, with affordable interest rates and in need of a grace period for the payment of principal, BNDES offers through various banks market various lines of credit, using funds from BNDES itself (National Bank for Economic and Social Development).




As the BNDES Loan Work?
The financial agent authorized by BNDES and Finame which can be a private bank or public bank pass financial resources for companies interested in expanding business, make investment priority in equipment, machinery and vehicles to load, and implementation of new growth you project and modernization of its activities, technological training, staff training professional qualification of employees.

Check out the advantages BNDES loan?
The BNDES loan has several advantages for the lines of financial transfers: interest used to finance are available, the deadline for payment is long and there is still the possibility of negotiating a grace period to pay off the principal.

If you are interested in purchasing a BNDES loan browse for more information with the relationship manager from your bank or any private bank agency or public bank. But forget, this type of BNDES financing is subject to credit approval and has regulatory rules to obtain.

Box creates account for small loans with 2% interest per month

Reporter Agency Brazil
Brasilia - The low-income population can now receive credit CEF between £ 200 and £ 600 for small businesses or for consumption, making it Easy Cash Account customer. The account can be opened at any branch of the institution, without depósito.Se the client does not have CPF (Register of Individuals), you can take right there the document, presenting identity card and proof of address. The new client will be entitled to the first credit of R $ 200, 90 days after opening the account. The loan will be granted a monthly interest of 2%. The installment can be done in the booklet, and the discharge, between 4:12 meses.Após credit first, if the citizen is not in default, you can apply for R $ 400 loan, which settled after then will entitle you to take £ 600. The president of the Box, Maria Fernanda Ramos Coelho, explained that "the division of loan through booklet was made at the behest of the customers of the institution that already takes small value loans". They're used to this system when they buy in large department stores, said Maria Fernanda told a news conference. According to her, also be the customer to have available credit on your account after 90 days of opening, like a overdraft money. In this case, to the extent that the value is being pag, the limit will return to its roof, all within the same system for loan carnê.A Account Easy Federal Savings Bank now has 4.6 million customers since 2003, when it was established the simplified bank account. The forecast of the box is that 1.5 million of these customers are already in a position to take the loans announced today. Later this year, should be borrowed by Easy Account £ 150 million. The customer must check the box and express interest in credit. After examining the request, the availability is immediate. Maria Fernanda reported that this type of loan already in the People's Bank of Brazil (system established by the Bank of Brazil) and in some private banks such as HSBC. According to her, "the decrease in bank inclusion process from 2005 through the box, there was exactly the spread of customers by other banks" .The president of the Box said that in general, the volume of credit provided by the institution has increased significantly. In the housing area, "while the forecast for 2006 was that would be financed R $ 10.2 billion, we have already reached US $ 11.1 billion, which will rise to US $ 14 billion at the end of the year." In the commercial credit, are invested R $ 52 billion for small and micro businesses, which account for 97% of loans clientele. "The box has been working for social inclusion through banking inclusion, which allows the reduction of regional inequalities," said Maria Fernanda.Entre the 4,600,000 Easy Cash Account customers, "many had never set foot inside a bank and the possibility of credit will allow seamstress, cook who makes tapioca, or the worker who knows how to make hot dog, can begin to sell their products and make money, "afirmou.O Box Easy Installment credit is in addition to other Case four loan lines to low-income people and microentrepreneurs, totaling 5.5 million loans since 2003, amounting to R $ 1.3 billion. In São Paulo, the forecast is deck will be lent £ 50 million to about 225 thousand people.

Credit Card Debt vs. Installment Loans: Which to Pay Down First?

If one of your New Year’s resolutions is to pay down your debt, you are most likely researching ways to do just that. A question that may come to mind is which should be paid down first, your credit card debt or installment loans, which include mortgages, car loans and student loans.

Many financial experts say that credit card debt—even if that debt is on a balance transfer credit card—should be a priority over paying down an installment loan.

An installment loan is paid in equal monthly amounts. Credit card debt carries a monthly minimum payment that can fluctuate according to the outstanding balance on the account. But many consumers try to pay off their credit card balance each month, or at least make more than the minimum payment.

Focus on credit card debt first

There are several good reasons for prioritizing your credit card debt over an installment loan. The first relates to your credit score. When you pay down your credit card debt, you are reducing the amount you owe and increasing the amount of credit available to you. This translates to a higher FICO score.

While paying your installment loan on time will reflect well on your credit report, it will not have as large an impact, according to credit reporting agency Equifax. Instead, steadily paying your installment loan throughout the life of the loan will prove more beneficial, Equifax says. In addition, making monthly, on-time payments on an open account will count higher than having made payments on an account that is now closed.

In addition, if you look at your credit card statement and compare it against your mortgage or auto loan bill, one number will jump out at you—the interest rate. In general, your credit card will have a much higher interest rate than your installment loan—in many cases at least 10% higher. This is another good reason to pay down your credit card debt first.

With a mortgage installment loan you also may be eligible for a tax benefit in the form of deductible interest. You can’t earn tax benefits from your credit card debt.

Finally, if you recently transferred your debt to a 0% APR balance transfer credit card or are thinking about taking advantage of a balance transfer credit card offer, you’ll want to pay off the balance before the 0% offer expires. If you don’t, you will have lost out on the money you were saving under the 0% APR.

Alternate ending:Council looks into strengthening payday lender ordinance

Over the past several months, payday lender institutions have been a hot topic during the city council’s citizen’s forum since the council first discussed its ordinance regulating them on Oct. 20. Those that have chosen to speak out have all been in favor of the city strengthening its regulation of the businesses.

The city council continued its discussion about its regulation of the businesses during its regular work session Monday, with an emphasis on evaluating the feasibility of an ordinance developed by the Texas Municipal League (TML).

The city first adopted an ordinance regulating the location of alternative lenders in 2008.

“We were among the first in Texas to adopt limitations on [payday lenders],” said Carol Zolnerowich, deputy city manager. “The Texas Municipal League since then has developed an ordinance to limit predatory practices.”

The TML ordinance focuses on placing limitations on the amount of money that can be loaned based on the type of loan being applied for and sets limits on the amount of times loans can be extended.

“Pay day loans are limited to 20 percent of their gross monthly income,” Zolnerowich said.

The other loan limits apply to auto title loans, which are limited to 3 percent of a person’s annual income or 20 percent of the car’s value, and installment loans, which cannot exceed four payments. Lump sum loans are also limited to three renewals under the ordinance.

“Violation of the ordinance would be a Class C misdemeanor with a maximum fine of $500,” Zolnerowich said.

Zolnerowich said, based on council input in October, the city staff contacted several cities that had implemented the TML ordinance to inquire about how they are enforcing the ordinance.

“The results were disappointing,” Zolnerowich said. “There was limited value since most had recently adopted it and some had adopted it without an enforcement plan in place,” Zolnerowich said.

The city with the most experience was the city of Dallas, who told the city staff the lenders were complying with the ordinance.

For the city of Mesquite to implement the ordinance and enforce it a registration process would have to be created, with an annual audit being part of the enforcement plan, Zolnerowich told the council.

“To conduct the audits will require an accountant with audit experience. We contacted the city’s outside auditor and they estimated the annual cost at $6,800 per site,” Zolnerowich said.

Deputy Mayor Pro Tem Greg Noschese inquired as to whether it was possible to require the lenders to pay the $6,800 as part of their registration fee to the city. He was advised by the city’s legal counsel they would have to look into it since it was such a high amount.

During the discussion of the ordinance, Noschese asked the city staff to evaluate the possibility of requiring anyone applying for a loan at one of the institutions to have to attend a credit counseling session prior to the loan being completed.

“We could partner with a local nonprofit and require the lenders to keep a certificate on file that shows they completed the counseling,” Noschese said.

Councilwoman Shirley Roberts, who owns a real estate business, said there is a similar counseling program being offered for home buyers that have bad credit.

“They have to go to counseling for six to eight weeks, where they show them how to save money for their down payment. If they are willing to do it, they can still buy a house,” Roberts said.

Councilman Bruce Archer was in favor of passing the TML ordinance as it was presented.

“Even with counseling, some folks are still going to get taken advantage of,” Archer said. “If [the ordinance] helps just a few families, it’s worth doing it.”

The council will discuss its options for strengthening the ordinance, currently in place, again during a future council work session.

Payday lender in Marion, Ill., loses license

The state of Illinois on Thursday revoked the license of a Marion payday lender in a dispute over an unanswered subpoena and the arrest of a borrower.

The state’s Department of Financial and Professional Regulation canceled the license of Marion Quick Cash Inc.

The dispute began in 2010 with a complaint from a customer who claimed to have been arrested for failing to make a payment on a $300 loan from Marion. The borrower, who wasn’t named in the state’s revocation order, said he was released on $300 bail, and the money was turned over to Marion Quick Cash.

The state issued a subpoena for Quick Cash records, asserting investigators’ belief that other customers had also been arrested. Quick Cash never supplied the documents, the department asserts, and so its license was revoked.

Controversy over the arrest of payday debtors led to a change in Illinois law in 2012. Such arrests take place after the lender gets a court judgment, then summons the debtor to court for questioning about the debtors’ savings and employment.

If the debtor fails to appear, the court would issue an arrest order.

Consumer advocates claimed that debtors are summoned repeatedly until they fail to appear, and that courts usually turn bail money over to the payday lenders. In some cases, debtors had never received the summons, advocates said.

Under a reform passed in 2012, debtors who miss one court date are given a second chance before being arrested, and creditor can’t repeatedly summon a debtor unless they have evidence that the debtors’ circumstances changed.

Marion Quick Cash did not respond to a request for comment on the revocation.

Thai Union Frozen to buy U.S. tuna firm Bumble Bee for $1.5 billion

(Reuters) - Thai Union Frozen Products (TUF.BK), the world's largest canned tuna producer, is buying U.S. tuna major Bumble Bee Seafoods for $1.5 billion from a private equity firm as part of a plan to double revenue to $8 billion by 2020 through overseas purchases.

Thai Union, which makes "Chicken of the Sea" brand tuna and counts Wal-Mart Stores Inc (WMT.N) and Costco Wholesale Corp (COST.O) among its clients, said on Friday its biggest-ever purchase will give it North America's largest seafood brands like Bumble Bee, Brunswick and Sweet Sue.

The deal will boost revenue by a quarter and will be funded by domestic short-term loans, the company said in a statement. Thai Union Frozen's shares rose as much as 2.7 percent in early trading on Friday, before giving up the gains to be down 0.8 percent by 0400 GMT (11:00 p.m. EST).

The transaction is subject to approval from the United States antitrust authorities and is expected to completed in the second half of 2015, Thai Union said.

Bumble Bee is the third acquisition deal this year of Thai Union after it bought Norwegian seafood firm King Oscar and French smoked salmon supplier MerAlliance.

Thai Union has operated in the United States, the world's second largest seafood market, for over 17 years. The company has targeted $5 billion in sales next year versus an expected $4 billion this year.

"The deal is the largest acquisition in the history of our company and one of the most exciting external growth propositions," Thai Union's president and CEO Thiraphong Chansiri said in the statement.

Bumble Bee, the largest canned tuna and sardine producer in North America, is privately owned by a Pan-Atlantic private equity firm, Lion Capital. It has annual sales of about $1 billion and estimated EBITDA of $145 million in 2014.

UBS acted as adviser for Thai Union, while Morgan Stanley and Rothschild advised Bumble Bee.

Bangkok Bank PCL (BBL.BK) and Siam Commercial Bank (SCB) (SCB.BK) will offer one-year bridge loan to Thai Union to finance the purchase, executives from the two banks said.

(Editing by Muralikumar Anantharaman)

First Mid dubs Trimble loan officer in Sullivan

MATTOON -- First Mid-Illinois Bank and Trust recently announced the appointment of Travis Trimble as ag and commercial loan officer, according to a press release.

Trimble will provide a full range of commercial lending services to Sullivan and the surrounding area. In his position as ag/commercial lender, he will assist business and agricultural customers in achieving their financial goals, from short-term financing for annual operations to long-term real estate loans. He will be based out of the First Mid banking center at 200 South Hamilton in Sullivan.

Larry Stenger, regional community president, said, “We are excited to have Travis join our First Mid lending team. His addition is a reflection of our commitment in mentoring talented professionals to serve the needs of our local communities."

He received his bachelor of science degree in finance from Eastern Illinois University in May 2013. After graduation, he joined First Mid, where he was responsible for ensuring compliance with regulation, internal policies and procedures, as well as loan processing and the input of consumer and commercial loans.

Trimble has been active in the community, volunteering for various projects on campus and in his hometown of Windsor.

Scranton approves seeking short-term loan to cover early 2015

Two Scranton city councilmen Thursday expressed alarm and shock at revelations about the city’s distressed pension system reported by The Times-Tribune this week, and called for immediate review of pension ordinances and revisions where applicable.

Councilman Wayne Evans found the newspaper articles “both enlightening and disturbing.” He restated various pension reforms that he has been calling for since Nov. 20, including: that new hires go into a hybrid pension plan similar to a 401(k); transfer of all nonunion employees into a hybrid plan; and that future payments of the landmark arbitration court award overdue to police and fire unions go into their pension funds.

The newspaper’s finding included that: around 50 percent of the city’s police and fire retirees are on disability pensions, as compared with a fraction of that percentage for comparable cities; the city pension ordinance does not preclude disabled retirees from taking other jobs, even ones similar to the position from which they were deemed to be permanently disabled; the ordinance does not allow the city to re-examine disabled retirees to ensure they remain disabled; and the city does not enforce an ordinance that allows it to reduce pensions of certain disabled retirees who become re-employed.

“We have a systemic problem that must be fixed immediately through ordinance,” Mr. Evans said. “After thoroughly reading the information presented (in The Times-Tribune series), if anything it is my goal that we can finally agree the goose that laid the golden egg, like Elvis, has left the building. Only drastic, radical change in the way we do business will change our future.”

Mr. Evans continued: “We are paying $5.2 million (a year) toward the disability pensions and comparable cities are paying approximately 10 percent or less of that amount is absolutely shocking. I would hope to see an ordinance from the administration that addresses and corrects the deficiencies in the current system, and must include among other things a re-examination clause.”

Councilman Bill Gaughan said council and its solicitor should immediately review all policies, protocols and ordinances to identify any revisions that can be implemented. Council then should present its revisions to the mayor to get them enacted.

“I am extremely alarmed and concerned over decisions and abuses in the past that have greatly contributed to our pension distress. It is very clear that we must act immediately to reform our pension ordinances,” Mr. Gaughan said. “Stringent safeguards must be put in place to avoid cases of fraud and abuse.”

In other matters:

• Council unanimously adopted, on an emergency basis, an ordinance authorizing the city’s borrowing of a $13 million tax-anticipation note for 2015. Because the loan proceeds are needed to fund payrolls in January, and Thursday was council’s final regular meeting of 2014, council introduced, advanced and adopted the TAN ordinance all at Thursday’s meeting, instead of handling the ordinance the usual way through three separate meetings. Council President Bob McGoff and members Joe Wechsler, Pat Rogan, Mr. Evans, and Mr. Gaughan all voted in favor of the TAN ordinance during each step of the process. In a caucus before council’s regular meeting, city Business Administrator David Bulzoni explained that the TAN from Amalgamated Bank of New York has better terms than last year’s TAN from capital markets firm IFS Securities of Atlanta. The total cost of the 2015 TAN to the city will be $471,685, as compared to the total costs of the 2014 TAN of $787,149, he said. That means the city will be paying $315,464 less in costs for the 2015 TAN, a sign of improvement, said Mr. Bulzoni and council members. Council members noted that city solictor Jason Shrive and council solicitor Amil Minora also will not receive fees from TAN proceeds. Former city and council solicitors received fees from two prior recent TANs.

• Mr. Gaughan also asked council to go on record with the state Department of Environmental Protection opposing the proposed 47-year expansion of Keystone Sanitary Landfill straddling Dunmore and Throop. Council members agreed to send a letter from council stating its opposition to the landfill’s proposed expansion.

• Council voted 4-1 to adopt an ordinance rezoning the former Audubon school to benefit Geisinger Community Medical Center that’s buying the property from Scranton School District. Mr. Evans cast the lone dissent, because he believes the rezoning is akin to spot zoning. Residents Ozzie Quinn and Bob Bolus agreed. Mr. Rogan said the property is better off developed than vacant, and Mr. McGoff noted the school had never been residential. Council initially approved the rezoning in May, but GCMC sought a do-over to correct a city deficiency of public notices posted too late for that prior rezoning. Before council’s regular meeting Thursday, council held a public hearing on the rezoning, and this time had posted notices on the property in a timely manner. Resident Edmund Scacchitti who lives near the school and opposed the rezoning in May restated his opposition, calling the rezoning a city “giveaway” expansion of hospital’s footprint. Downton resident Paul Narcoonis also opposed the rezoning and expressed concern about nonprofits expanding in city.

• Council voted 4-0-1, with Mr. Gaughan abstaining, to adopt an ordinance to sell for $2,500 a tax-delinquent, vacant, nonbuildable property at 94 Crane St. in Minooka to Mr. Gaughan’s parents, John and Marie Gaughan of 99 Crane St. The lot is assessed at $1,800 and was appraised at a fair market value of $2,500. The tax-delinquent property was involved in a city treasurer’s tax sale in 2012, and its sale to the nearby residents comes under a mechanism known as the Pittsburgh Plan for getting such lots back on the tax rolls.

In other matters, council voted 5-0 on each of the following:

• To adopt a “quality of life” ticketing ordinance regarding property maintenance nuisances, such as littering, unmowed lawns, using indoor furniture outdoors and junk and abandoned vehicles, to name a few. Residents Marie Schumacher, Dave Dobrzyn and Tom Ungvarsky expressed various concerns about this ordinance and urged council to table it for further review. Council members noted that the violations covered in the ordinance already exist and it only streamlines enforcement. The ordinance will allow for the equivalent of a parking ticket for nuisances, instead of the lengthier citation process.

• To adopt an ordinance dedicating the greenway along Leggett’s Creek in North Scranton to be known as “Donald and Edith McLane Leggett’s Creek Greenway.”

• To adopt an ordinance amending a prior ordinance on dog licenses, to increase the dog license fee from $20 to $35, and keeping the fee at $20 for senior citizens age 65 and older.

• To adopt an ordinance amending a prior ordinance on contractor permits and fees, increasing permit fees under a new fee schedule.

• To advance on second reading and then adopt an ordinance to increase annual license and test fees.

• To adopt a resolution authorizing the city to contract with Valero Fleet Services for the purchase of gasoline and diesel fuel for city vehicles during 2015.

• To adopt a resolution authorizing the city to contract with Santarelli and Sons Oil Co. Inc. for the purchase of low-sulfur diesel fuel for the Department of Public Works on Poplar Street during 2015.

4 Reasons to Consider a Bad Credit Credit Card

People get sick. Jobs come and go. The roof leaks. Life happens, and sometimes that means you end up with a low credit score.

Credit cards for people with bad credit can make a big difference when you’re getting your finances back in shape. Here are some reasons you might want to consider applying for a bad credit credit card.

1. Applying for lots of credit cards hurts your score.

Every time you apply for a credit card, your score slips about five points. If your score is high, five points is just a blip. But if your score is low — anything below 630 is considered bad credit — you can’t afford to do anything that causes it to go down even further. So if you’ve been applying for the best credit cards out there without success, stop now. Get realistic and apply for a card that’s geared toward people in your situation. The card issuers will be more sympathetic to your plight, and you won’t keep bringing your score down even further by applying for cards without getting approved. And don’t worry — when your score improves, you’ll be able to apply for any card you want.

2. You’re responsible, but you need a chance to prove it.

The best credit cards for people with poor credit are often secured cards. With secured cards, you pay the card issuer a refundable deposit so they feel more confident you’ll pay back what you borrow. Getting a secured credit card gives you a chance to build up a positive credit history. To take advantage of the opportunity, make sure you pay on time, every time, and keep your overall balances as low as possible, and definitely below 30% of your available credit at all times during the month.

3. They’re not necessarily a bad deal.

It’s true — many financial products for people with few options have high, exploitative fees, like payday loans and some prepaid debit cards. But many of have annual fees comparable to other credit cards, and the Credit CARD Act of 2009 prevents credit card companies from jacking up the fees higher than 25% of your credit limit in the first year you have the card.

4. Bad credit credit cards build your score — debit cards don’t.

It’s pretty hard to get through life without plastic these days, so many people with poor credit (or even no credit history at all) get a prepaid debit card. While these are useful, they don’t report to the credit bureaus, so they don’t build your score and you’re never able to move up to a better card. Choose an option that will bring your score up if at all possible.

A good credit score makes it easier to find a place to live, get a job and get insurance — all things that will improve your sense of security and your quality of life. Make this the last credit card for poor credit you ever apply for. Use it as a tool for rebuilding your credit, and put good financial habits in place to ensure you’re never in this position again.

One Month Left To Apply For SBA Disaster Loans

SACRAMENTO, Calif. – Michael Ricks, Director of the U. S. Small Business Administration’s (SBA) Louisiana District Office, today reminded residents and business owners of the January 20, 2015, deadline to apply for an SBA federal disaster loan for property damage caused by the severe weather and tornadoes that occurred on October 13, 2014.

According to Ricks, homeowners, renters, businesses of all sizes and private nonprofit organizations may apply for SBA federal disaster loans to repair or replace disaster-damaged property.  SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.  

These low-interest federal disaster loans are available in Ouachita Parish and the neighboring parishes of Caldwell, Jackson, Lincoln, Morehouse, Richland and Union.

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

Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

In addition, SBA offers Economic Injury Disaster Loans (EIDLs) to small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any property damage.  The deadline to apply for an SBA economic injury disaster loan is August 18, 2015.

Interest rates can be as low as 2.063 percent for homeowners and renters, 2.625 percent for private nonprofit organizations and 4 percent for businesses, with terms up to 30 years.  Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site athttps://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing disastercustomerservice@sba.gov.  Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.  For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.

The Truth About Fair Credit and Balance Transfer Credit Cards

If you have fair credit and need a balance transfer credit card, you’re probably having a tough time finding one. The fact is, there just aren’t many 0% credit card offers for fair credit on the market these days.

So why is this, and what should you do if you have average credit and want to refinance your debt? The Nerds will help you sort through these questions in the details below.

Balance transfer credit cards for fair credit: It’s slim pickings

The truth hurts, but in this case it needs to be told: Unless you have good or excellent credit, it’s going to be very tough to find a 0% balance transfer offer.

Here’s why: Credit card issuers use 0% promotions to bring in new business, and they’re only interested in targeting people with high FICO scores. Remember, credit cards are a somewhat risky product for banks. Because they’re unsecured, issuers like to see a good or very good credit profile before doling out the plastic. This increases their confidence that they’ll get repaid.

With fair credit, you’re perceived as a chancy borrower. Until your FICO score improves, there’s no big incentive on the issuer’s end to bring you on board. As a result, primo balance transfer offers simply don’t exist for folks with sub-optimal credit.

Other ideas for refinancing your debt

If you’re trying to refinance high-interest credit card debt with fair credit, all is not lost. You might not be able to qualify for a 0% balance transfer offer, but there are other options. These include:

Applying for a personal loan at a local bank or credit union. Personal loans are a great option for reducing the cost of credit card debt, but with fair credit you likely won’t qualify for one on good terms with a major bank or online P2P (peer-to-peer) lender. But a smaller institution might be more sensitive to your financial situation – do some shopping around to find out.

Borrowing from a loved one. If you’re really in a bind, asking a friend or family member for a loan is a route to consider. This can be tricky, though; if you find someone who’s willing to oblige, be sure to communicate clearly about repayment expectations.

Finding a cosigner. If no one you know is willing or able to lend you money directly, asking a loved one to cosign on a personal loan or balance transfer card might be just the ticket. You’ll want to pick someone with good or excellent credit to increase your chances of getting approved. And if you do, make paying on time and in full a top financial priority. Otherwise, your cosigner’s credit could suffer.

Tips for improving your credit

Fair credit is standing in between you and a 0% balance transfer offer, so it’s time to focus on improving your FICO score. Here are the Nerds’ top tips:

• Pay your bills on time, every time. No excuses!
• Keep the balances on all of your credit cards below 30% of your available credit at all times during the month.
• Use your credit card consistently, and don’t charge more than you can afford to pay off in one month.
• Only apply for credit you actually need, and limit credit card applications to once or twice per year.
• Check your credit reports every year at AnnualCreditReport.com. If you find an error, take steps to have it corrected.

With all this information in hand, you should be on your way to better credit – and better credit card offers – in no time flat!

How to Get an Installment Loan With No Credit

Nowadays, loans and credit are so interdependent that it seems you simply can’t get one without the other. But there’s still hope for those who have no credit and are in need of an installment loan. You just have to know where to look.

What is an installment loan?

In an installment loan agreement, borrowers receive a loan from a lender for a specific amount of money and pay back this figure over a predetermined period of time, typically ranging from months to years. The loan is repaid in fixed payments, plus interest. These types of loans are commonly used to pay for substantial purchases, such as homes (mortgages) and cars (auto loans), but they can also be taken out for smaller amounts. Unfortunately, as with many other types of credit, installment loans can be difficult to secure for those with no credit.

What are your options?

The news isn’t all bad though. There are still ways to work toward attaining an installment loan, even if you don’t have credit. Here’s how:

1. Consider a cosigner. Lenders may not be willing to take a chance on you by yourself, but if you can find a cosigner who has good credit, they might. Cosigners agree to be responsible for the loan’s payments in the event that you can’t make them.
2. Look local. You may have a better shot at an installment loan if you apply at a local bank or credit union, particularly if you already have a relationship with the institution. In general, local banks and credit unions are more willing to work with people who don’t necessarily have stellar credit.
3. Shop around. Don’t let the fact that you don’t have credit keep you from at least trying. Look online to see what installment loans you may be able to qualify for, as lenders may be more willing to give loans to those with no credit than those with bad credit. Also, remember to do your rate shopping within a 30-day window. Concentrated inquiries will be viewed on your credit report as a request for a single loan, rather than several new types of credit. This will help protect your credit score from dropping as much as it would otherwise.
4. Start after college. Try to find a loan that fits you. If you’re a recent college graduate, you may be able to secure a personal loan through Upstart’s peer-to-peer lending. This particular platform links investors with borrowers and is ideal for those who are still in the beginning stages of creating their credit history.
5. Build credit. Finally, if you have some time before you need your installment loan, work on establishing your credit history before you apply. Start building your score by opening up a credit card for those with no credit, making your payments on time and keeping your debt low.

AvantCredit, an Online Lender, Raises New Financing

AvantCredit, an online lending start-up that has raised a large amount of financing from investors this year, has come back for more.

The lender, which was founded in late 2012, announced early Thursday that it had raised $225 million in financing led by Tiger Global Management, an existing investor. New investors in the financing round included Peter Thiel, the PayPal co-founder turned venture capitalist, and the private equity giant Kohlberg Kravis Roberts.

In addition, AvantCredit announced that it recently secured a $300 million credit facility from Victory Park Capital, an investment firm that had previously provided debt financing. Together, the new deals bring AvantCredit’s total equity and debt raised to over $1 billion.

Investors are betting on the success of AvantCredit’s lending model, which is seemingly old-fashioned compared with some other lending start-ups. Unlike peer-to-peer lenders, which help borrowers connect with lenders online, AvantCredit makes personal loans from its own capital. It says its competitive advantage stems in part from its technology for analyzing borrowers.

Interest rates on the company’s loans can be quite high. AvantCredit says that the average annual rate is 36 percent, and that loans can have a duration of several years. But the company says the loans have no hidden fees.

The start-up appears to be catching on among consumers. The total value of the loans it has made reached $500 million recently, and its number of customers has surpassed 100,000, according to the company.

This year, AvantCredit raised a $75 million round of equity financing and two credit facilities totaling $400 million.

AvantCredit is benefiting from shifts in the banking landscape since the financial crisis, said Randy Glein, a managing director at DFJ Growth, which participated in the latest financing round. Banks are moving away from personal loans, especially to borrowers with tarnished credit scores, he said.

Referring to AvantCredit, Mr. Glein said, “We saw them emerging as one of the clear leaders in this market.”