newsismybusiness.com newsismybusiness.com

DDEC, SBA urge SMEs and to apply for COVID-19 recovery loans before Dec. 31

The Department of Economic Development and Commerce (DDEC, in Spanish) and the U.S. Small Business Administration are urging small and medium-sized enterprises (SMEs) and nonprofits to apply for the Economic Damage Disaster Loan if their operations have been hit by the effects of the COVID-19 pandemic before the Dec. 31 deadline. On Oct. 8, the maximum total loan increased from $500,000 to $2 million, for a 30-year with a fixed...

pymnts.com pymnts.com

First National Bank of Omaha Leverages AI Platform to Scale Personal Loan Program

First National Bank of Omaha (FNBO) has broadened its collaborative effort with artificial intelligence (AI) lending platform Upstart to expand access to its personal loan program, according to a Wednesday (Dec. 8) press release.  The expansion follows a successful pilot program with Upstart in 2019. During the trial effort, the program’s approval rates and loss rates met or surpassed expectations, the bank said in the...

pymnts.com pymnts.com

AmEx’s Kabbage Wants to Nourish Small Businesses 

The online lender Kabbage has launched a service offering small businesses lines of credit, backed by its owner, American Express.  Unveiled Wednesday (Dec. 8), Kabbage Funding offers credit lines of $1,000 to $150,000, designed to help small businesses manage their cash flow.  “Most small business owners start a company to pursue a passion, not to spend time managing their cash flow and balancing their books,” Kabbage co-founder...

houseofdebt.org houseofdebt.org

Installment Loans vs. Revolving Credit: What’s The Difference?

Before you decide to borrow money, it’s vital to know about the type of debt you are trying to take. One of the first things you need to understand is whether it’s an installment loan or a revolving credit. Both types of debt can let you borrow money, but they work differently. Installment Loans vs. Revolving Credit Installments loans come with a fixed amount that you pay back on a set period. They tend to have a fixed interest...

fourweekmba.com fourweekmba.com

What Was The Global Financial Crisis? How The 2007-8 Global Financial Crisis Affected The Business World Forever

The global financial crisis (GFC) refers to a period of extreme stress in global financial markets and banking systems between 2007 and 2009, which changed the financial system culminating in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The seeds of the global financial crisis can be traced back to the 1970s, with the Community development Act leading to the creation of a massive derivative market based on real estate...

housingwire.com housingwire.com

Mortgage rates remain flat as Omicron fears spread

Mortgage rates increased one basis point to 3.11% in the week ending Dec. 2, ignoring the volatility in the financial markets caused by the Omicron Covid variant, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.71%, according to the report published on Thursday. Mortgage rates are in a historical low level, but the expectation is that they will...