| If traditional lending route doesn't work, try nonprofit
Q: I have been unable to get a loan from my bank because my credit is weak. I only need a few thousand dollars for working capital. Are there any lenders out there who are willing to take more of a risk than my bank? A: You might look at Acción Texas, a nonprofit lender whose mission is to help microentrepreneurs strengthen their businesses. Acción operates only in Texas and deals with small businesses like yours that fall just beneath bank guidelines and so are unable to obtain conventional bank financing. Acción is willing to work with businesses that have weak credit, limited experience or poor financial records. That does not mean, however, that there are no requirements for borrowers. Depending on the type of loan you want, you will have to put up collateral, show a good payment history with creditors such as landlords and suppliers, and demonstrate that you'll be able to repay the loan.
Never a lender or a borrower be
Something thats changing is the way people lend money in South Africa - the new National Credit Act arrives on 1 June 2007 and promises to help prevent people becoming over-indebted. Classic Business Day gets Credit Information Ombudsman Manie van Schalkwyk on the line
LINDSAY WILLIAMS: No more high charges hidden in credit agreements as the new National Credit Act (NCA) designed to protect the consumer comes into full effect in June. Manie, weve been building up to this for quite a while - is the NCA really going to protect the consumer?
MANIE VAN SCHALKWYK: Yes, I think we are entering a good era - an absolutely new era for credit where consumers can expect debt protection in various ways. To prevent over-indebtedness for the first time in history the credit granter is being made responsible to ensure that consumers can afford the loans or the goods before granting credit.
First Data Corp. buyout by KKR approved
Brussels, Belgium - Credit- card transaction processor First Data Corp. won European Union regulatory permission Tuesday to be acquired by private-equity firm Kohlberg Kravis Roberts & Co. for about $27 billion in cash. The European Commission cleared the deal automatically after identifying no antitrust problems and receiving no complaints from rivals. The deal comes amid a flurry of public-company buyouts orchestrated by private-equity groups. The First Data deal would rank behind a proposed $32 billion buyout of the Texas utility TXU Corp. by a group including KKR and Texas Pacific Group. If that deal is completed, it would be the largest private takeover of a public firm in U.S. corporate history. First Data, based in Greenwood Village, was formed in June 1971. In 1980, American Express Information Services Corp.
Union Bank $150000 Commitment to Operation Hope Will Fund "Silver ...
LOS ANGELES, CA -- (MARKET WIRE) -- 06/04/07 -- Operation HOPE (HOPE) announced today that Union Bank of California reaffirmed its commitment to support HOPE's Silver Rights Movement to eradicate poverty as we know it and empower underserved communities throughout California. A $150,000 grant from the Union Bank of California Foundation will be used to offer free credit counseling and financial education programs through HOPE's Banking on Our Future Program that has already educated over 225,000 youth nationwide on financial literacy. The bank was also a sponsor of HOPE's 15th Anniversary Celebration and the biggest Bankers Bus Tour in the organization's history. "We commend the Union Bank Foundation for its commitment to empowering people with the knowledge to make the right decisions about their finances.
Muliaga family had history of payment problems - PM
The Prime Minister says she's shocked Mercury Energy did not act to help the Muliaga family despite the fact they had a long history of problems paying their power bills. The Government is considering regulating the industry to force power companies to treat vulnerable consumers humanely, following the death of Mrs Folole Muliaga, 45. The power to her home was disconnected last Tuesday due to an unpaid bill of $168.40. Helen Clark told Morning Report the family had quite a history of not paying the bills, although for relatively small amounts. Earlier she said the family had had many warnings for overdue bills over the past seven years. Miss Clark says Mercury Energy has admitted that despite this, it failed refer the Muliagas to a social agency for assistance because it didn't have to - which she says is not good enough.
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