Trendy Outfit – Mijas Guide Fri, 11 Jun 2021 10:54:59 +0000 en-US hourly 1 Trendy Outfit – Mijas Guide 32 32 Kenya secures $ 750 million loan from World Bank to help recover from effects of COVID-19 Fri, 11 Jun 2021 09:36:00 +0000

NAIROBI (Reuters) – Kenya has received a $ 750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic, the lender said on Friday multilateral.

FILE PHOTO: FILE PHOTO: A health worker talks to his colleagues as they prepare to receive the AstraZeneca / Oxford vaccine as part of the COVAX coronavirus disease (COVID-19) program at the National Hospital Kenyatta from Nairobi, Kenya on March 5, 2021. REUTERS / Monicah Mwangi / File Photo

The Kenyan government has gone to great lengths to secure foreign funding to close a large budget deficit before its fiscal year ends at the end of this month.

The $ 750 million disbursement is part of the World Bank’s Development Policy Operations (DPO), which lends money for budget support instead of funding specific projects.

The bank said part of the funds would be used to set up an electronic procurement system for government goods and services to improve transparency.

The World Bank said the concessional loan will have an annual interest rate of 3.1%. Typically, World Bank loans have zero or very low interest rates and repayment periods of 25 to 40 years, with a grace period of five or ten years.

Finance Minister Ukur Yatani presented the 2021/22 budget to parliament on Thursday, with a deficit of 7.5% of gross domestic product, reduced by 8.7% for the current fiscal year ending this month.

The finance ministry forecasts economic growth of 6.6% this year, up from 0.6% in 2020 when sectors like tourism and related services collapsed due to restrictions imposed to curb the spread of COVID-19.

The World Bank predicts that Kenya’s economy will grow 4.5% this year and 4.7% in 2022.

President Uhuru Kenyatta, who took the helm in 2013, has overseen an increase in public borrowing. Total debt stands at 70% of GDP, up from around 45% when it took over – an increase that some politicians and economists say weighs down future generations with too much debt.

The government has defended the increase in borrowing, saying the country needs to invest in its infrastructure, including roads and railways.

Written by George Obulutsa; Editing by Simon Cameron-Moore

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These student loan borrowers are unlikely to get their student loan canceled Thu, 10 Jun 2021 16:49:40 +0000

If you have any of these student loans, they might not be canceled.

Here’s what you need to know.

Student loans

As Congress and President Joe Biden contemplate a large-scale student loan forgiveness, you may not be eligible for your student loan cancellation if the following describes you. While there are no guarantees, here is the latest on student loan cancellation based on the latest proposals:

Private student loans

If you have private student loans, don’t expect student loan cancellation. Senator Bernie Sanders (I-VT) and other members of Congress want to write off $ 1.7 trillion in student loan debt. However, the main proposal in Congress from Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) calls for the cancellation of student loans for federal student loans. So, if you have private student loans, you will need to consider other options for student loan repayment. With record interest rates, student loan refinancing is a smart option for your private student loans. With student loan refinancing, you can get a lower interest rate, get a lower monthly payment, choose a fixed or variable interest rate, and choose a student loan repayment term of 5 to 20 years.

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COVID-19 emergency aid ends soon, student loan payments begin Wed, 09 Jun 2021 22:41:02 +0000

ELMIRA, NY (WETM) – 40 million Americans will need to start paying down their debt.

When COVID-19 first occurred, the government suspended payments to banks and lenders due to the collapsing economy and labor market.

As the pandemic continued, people experienced more difficulties with their finances, which made it harder to pay off their student loans.

The Biden administration launched the COVID-19 emergency relief program in January 2021. This bill halted payments to help low-income citizens who were struggling during this time.

The economy is now returning to normal with the reopening of businesses. As a result, banks are now looking to collect debt that was once stopped due to the pandemic.

“Banks and the federal government need to be flexible and try to help people the best they can if they can’t find out, if they can prove they don’t have income. ‘they are unemployed, I mean I totally agree, “said Matthew Burr Elmira College professor,” I think we have to potentially be flexible and try to find opportunities to work with people and no you don’t know how to handcuff them with, you know, seven or eight percent interest rate and, you know, kill their credit and things like that that don’t help nobody in my opinion, it’s just okay harm the economy in the long run.

According to EducationData.Org, about 42.9 million Americans with federal student loan debt each owe an average of $ 36,406 for their federal loans.

As of September 31, 2021, the COVID emergency relief program will no longer be in effect. The Federal Student Aid and Loan Service will contact people directly about resuming payments.

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Business News | Stock market news and stocks Wed, 09 Jun 2021 04:37:10 +0000


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Kennedy Funding closes $ 2.475 million loan for 180-acre real estate development in Bennett, Colorado Tue, 08 Jun 2021 13:55:00 +0000

ENGLEWOOD CLIFFS, NJ, June 8, 2021 / PRNewswire / – Kennedy Funding, a New Jerseydirect private lender, today announced that it has closed a $ 2.475 million ready to Colorado real estate developer Ban RE Group. The proceeds of the loan will be used for debt repayment and working capital on 180.64 acres of land in Bennett, Colorado.

The raw land is an extension of the Antelope Hills residential development, located 45 minutes east of Denver. The developer plans to build 149 new single-family homes on this new extension of the property.

“This land loan helps our borrower to refinance and access the capital necessary to continue investing in the development of Antelope Hills,” said Kevin wolfer, CEO, Kennedy Funding.

Wolfer said the borrower encountered difficulty working with a conventional lender due to difficulties with land loans.

“We bring decades of experience in making difficult, non-traditional loans, including land loans like the one we made for the Ban RE Group,” Wolfer said.

“There were a lot of challenges and so many moving parts on this loan, especially when it comes to a land loan,” added Kimmy Humphrey, Director of Capital Atlantic Solutions, Virginia Beach, Virginia, and the broker on the deal. “Kennedy Funding is one of the only lenders who can make and make this deal. They have a way to make tough deals.”

Wolfer said that an important part of closing these types of loans is the ability to see the deal more than just a request, but to see the potential of the project. The growing metropolis Denver The region, coupled with a vibrant real estate market, means that developments like Antelope Hills have great potential.

“A city like Bennett is the perfect mix of enjoying the peace of a suburban area while being right next to one of the country’s most beloved towns, ”Wolfer said. “We believe this development will be a great success. “

The Antelope Hills development is located directly off I-70, which provides direct access to the heart of the city. Bennett is also less than an hour’s drive from Denver International airport.

According to Wolfer, the demand for housing has increased in the great Denver metropolitan area due to the region’s low unemployment rate and a strong local economy. Many families are also drawn to the many natural attractions and outdoor activities the area is known for, such as hiking and biking.

“Low mortgage rates, new industries, job opportunities and outdoor recreation have sent the Denver housing market overdriven, ”Wolfer said, adding that house prices have risen dramatically in recent years. “There is a huge demand for new construction as families move to the area. There is no better time for the Ban RE Group to keep building new homes. “

According to Wolfer, many of the major employers in the greater Denver metropolitan area are in the sectors of health, finance, air transport and universities. Even with the economic blow caused by the COVID-19 pandemic, Wolfer said that Denver relatively well and that many jobs have been recovered.

“The best Denver The metropolitan area continues to grow, despite the blows inflicted by COVID-19 on the community, ”Wolfer said. “The demand for housing will continue, and together with Ban RE Group and Antelope Hills, this housing supply can continue to meet the demands of the region. “

About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for acquisition, development, reorganization, bankruptcy, and foreclosure of commercial real estate and land. Kennedy Funding has closed more than $ 3 billion in loans to date. Their expertise in creative financing makes it possible to finance up to 75% of the loan-to-value, $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and central and South America.

SOURCE Kennedy Funding

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Auto and student loans fuel US consumer loan surge in April Mon, 07 Jun 2021 19:29:46 +0000

WASHINGTON (AP) – Consumer borrowing in the United States rose $ 18.6 billion in April, fueled by a surge in auto and student loans that offset a decline in credit card use.

The April gain reported by the Federal Reserve on Monday was the third consecutive month of strong consumer borrowing. It followed a similar increase of $ 18.6 billion in March.

The latest increase reflects a $ 20.6 billion increase in the Fed’s category that covers auto and student loans. This is the largest increase in these loans since an increase of $ 22.7 billion in June 2020.

The category that covers credit cards saw a decline of $ 2 billion. Credit card borrowing is down 12.2% since peaking in February 2020 just before the pandemic hit hard, shutting down businesses and losing 22 million jobs.

Since then, credit card use has only increased in three months, as consumers cut back on spending in favor of building savings.

Consumer borrowing is being watched closely for signals it can send about households’ willingness to finance consumer spending, which accounts for over two-thirds of economic activity.

Total borrowing in the Fed’s monthly report stood at $ 4.24 trillion in April, 0.4% above the pre-pandemic peak of $ 4.22 trillion set in February 2020.

The Fed’s monthly borrowing report does not cover real estate mortgages or any other loans secured by real estate, such as home equity loans.

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Tata Steel could pay off $ 1 billion offshore loans early as cash flow increases Mon, 07 Jun 2021 01:53:00 +0000

Tata Steel had a total debt of Rs 88,501 crore as of March 31, 2021, up from Rs 1,16,328 crore a year earlier.


The country’s largest and longest-serving steel maker has already reduced its debt by more than $ 3 billion in the past three years. Strong global demand and high steel prices since last year have increased the company’s cash flow, allowing Tata Steel to continue reducing its debt as it seeks to reduce its costs. interest and increase its future profitability.

Tata Steel plans to prepay up to $ 1 billion (7,315 crore rupees) in foreign loans, taking advantage of a commodity price super cycle that has inflated the company’s cash flow, ET told ET three people who know the subject. The country’s largest and longest-serving steel maker has already reduced its debt by more than $ 3 billion in the past three years. Strong global demand and high steel prices since last year have increased the

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Federal College PLUS loans can trap parents in debt Sun, 06 Jun 2021 09:00:13 +0000

“Things are getting really out of hand for borrowers facing repeated economic or financial ups and downs, especially when they have high interest loans like PLUS loans,” Looney said.

Join Michael Barbaro and the “The Daily” team as they celebrate students and teachers who are ending a year like no other with a special live event. Meet students from Odessa High School, which was the subject of a Times audio documentary series. We’ll even get some noise with a performance by the award-winning Odessa Marching Band Drum Line and a special celebrity opening keynote.

“For a financially secure, high-income parent who makes automatic payments,” he added, “loans work well. But if something bad happens, it’s a disaster.

Parent PLUS loans also offer less protection than other student loans. If borrowers cannot afford to pay, they usually only have access to income-based reimbursement plan, which requires borrowers to pay 20 percent of their discretionary income for 25 years; all that is left is forgiven. Like other student debt, PLUS loans are not automatically discharged through bankruptcy, but require a separate process with more stringent legal hurdles. The consequences of default are serious: the government can confiscate tax refunds and seize wages and Social Security.

While data on default rates for PLUS parent loans is limited, it is much lower than for loans taken out by undergraduates, but remains a concern, the student loan researchers said. To keep their debts manageable, parents should not borrow more than what they earn in a year – for all children, said Marc Kantrowitz, expert in financial aid.

“A significant portion of parents borrow more,” he added.

Misty Wyscarver, 55, of Caldwell, Ohio, sent her four children to college and now carries nearly $ 194,000 in parent PLUS loans for three of them. Her youngest graduated in May 2020.

“We qualified for very little student aid,” Ms. Wyscarver said. “Kids only got Pell Grants when two kids were enrolled at the same time. “

Despite the heavy load, she is perhaps one of the lucky ones. As a public servant for over 30 years, Ms. Wyscarver is eligible for the Civil Service Loan Waiver Program, which, given her salary of $ 50,000, cuts her monthly payments to around $ 250 from $ 2,000. . After 120 payments, over 10 years, any remaining balance is canceled. But to remain eligible for the remaining nine years of her youngest child’s education payments, she must continue to hold eligible employment.

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Federal government says trucking business owner bought house and cars with P3 loan Sat, 05 Jun 2021 15:28:19 +0000

Pennsylvania trucking company owner faces wire-fraud and money laundering charges after federal prosecutors claim he used $ 467,000 of funds obtained through US Small Business Administration. Paycheque Protection Program (PPP) to buy residential property, two vehicles and stock market investments.

Federal prosecutors say Keith McConnell, 43, of Carlisle, Pa., Submitted fraudulent PPP loan applications and forged documents on behalf of his now defunct Carlisle-based trucking company KB Transportation LLC, the Department of Justice said. Justice in a press release. declaration Friday.

Atlanta-based Kabbage Inc. approved McConnell’s first PPP loan application for $ 312,000 in June 2020. McConnell claimed his trucking company had 26 employees and had monthly salary expenses of nearly $ 125,000. However, prosecutors say McConnell’s trucking business did not operate in 2019 or 2020 and had no employees or payroll charges.

After receiving his PPP loan, prosecutors allege he embarked on a personal spending spree, buying a house, two vehicles and investing in the stock market.

“Covid rescue fraud is a high priority for our office and the Department of Justice,” Acting US Attorney Bruce D. Brandler said. “These funds were intended to help small businesses survive the pandemic, not fraudsters to support an affluent lifestyle.”

Seven months after receiving his first round of PPP funds, McConnell applied for a second PPP loan of $ 155,200 in January 2021. However, those funds were never disbursed, according to the DOJ.

McConnell faces up to 30 years in prison.

Forgivable loans through PPP, administered by the Small Business Administration, started with $ 350 billion in the CARES law signed by former President Donald Trump at the end of March 2020 and was relaunched in April 2020 with an additional $ 320 billion . The third round of financing, $ 284 billion in PPP loans repayable through the SBA, was opened to lenders in January.

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Trucking Company Owner Charged With PPP Loan Fraud, Ponzi Scheme

Click for more articles from Clarissa Hawes.

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San Diego East County Water Recycling Project Receives $ 388 Million EPA Loan Fri, 04 Jun 2021 21:17:57 +0000

A wastewater recycling project in East County will receive a large injection of federal funds, officials said on Friday.

The U.S. Environmental Protection Agency has provided a low-interest $ 388 million loan to help fund the East County Advanced Water Purification Program, a partnership between the county of San Diego, El Cajon, Helix Water District and Padre Dam Municipal Water District.

the water recycling project is expected to cost around $ 640 million and create around 2,500 local jobs. It is expected to go live in 2025, providing up to 30% of the drinking water supply in Eastern County, from Santee to La Mesa and El Cajon, as well as unincorporated communities such as Spring Valley. , Lakeside and Alpine.

“The EPA is proud to be associated with this project, which uses proven technology to boost the supply of drinking water in this climate-stressed region,” the federal agency’s deputy senior deputy administrator said on Friday. for water, Radhika Fox, in a press release. “Water infrastructure is one of the best investments we can make to improve public health and the environment, create jobs and address the urgent challenges facing our communities.

The cash injection was one of 51 federal loans granted by the EPA under the Infrastructure Finance and Innovation Act. The agency approved a total of $ 21 billion in projects across the country.

The East County recycling effort will use a reverse osmosis purification process, mixing supplies at Jennings Lake before being processed again at a Helix Water District facility. The program is expected to produce approximately 11.5 million gallons per day of purified wastewater from municipal sewer systems.

“The low cost loan is essential to make this important program financially meaningful to achieve these goals for the residents and communities we serve,” said El Cajon City Councilor Steve Gobel.

The water recycling program aims to protect the region from future droughts and reduce the discharge of partially treated wastewater into the Pacific Ocean. While the cost of the project could increase tariffs in the short term, managers believe the investment will pay off in the years to come, as climate change is expected to have a dramatic impact on the supply of imported water from Sierra Nevada and of the Colorado River.

The project “will stabilize the drinking water and wastewater levels in East County while protecting our future generations,” said Allen Carlisle, CEO and General Manager of the Padre Dam Municipal Water District.

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