Money Management – Tinigard http://tinigard.info/ Fri, 28 May 2021 19:24:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://tinigard.info/wp-content/uploads/2021/05/default1-150x150.png Money Management – Tinigard http://tinigard.info/ 32 32 Car Wash Financing and Loans https://tinigard.info/5000-loan-bad-credit/ https://tinigard.info/5000-loan-bad-credit/#respond Tue, 18 May 2021 11:04:49 +0000 https://tinigard.info/?p=634 Small business owners in the car wash industry must always make sure they have enough working capital to cover day-to-day expenses as well as unexpected emergencies. When your bank account is low, car wash financing can be the stopgap you need. How a Car Wash Loan Can Help Your Car Wash Small business loans can ease […]]]>

Small business owners in the car wash industry must always make sure they have enough working capital to cover day-to-day expenses as well as unexpected emergencies. When your bank account is low, car wash financing can be the stopgap you need.

How a Car Wash Loan Can Help Your Car Wash

Small business loans can ease your stress about financial worries. You can use them for any expenses related to your car wash business, including:

  • Payroll
  • Supplies (soap, towels, printer cartridges)
  • Equipment (computers, car wash system, vacuums)
  • Working capital

Another benefit of taking out a car wash loan is that, when you pay your loan on time each month, you may actually raise your credit scores. Cash payday loans online for additional resources are easily available and avoid lengthy procedures. If down the road, you want to take out more financing, that high score may help you qualify for better interest rates.

How to Finance a Car Wash

Business owners sometimes use financing to cover expenses like those listed above, but sometimes they want to finance a new car wash. In that case, here’s what you should know.

Even if you have cash for the purchase (all or partial), it may still be a good idea to finance the purchase. That way, you still have a cash reserve, should it take longer to reach profitability or you encounter an unexpected expense.

Add up all the costs you expect your new car wash business to have for at least six months. That way, you get a loan that covers you until the business is really established. You’ll need to cover everything from the real estate to equipment to insurance and payroll.

And finally, explore your financing options. As you’ll see below, there are a variety of possibilities, and there’s likely one that’s a better fit for you.

Types of Loan Options for a Car Wash

Car wash owners have many financing options. Whether you’ve got excellent credit or poor, there’s something here for you.

Bank Loans

A term loan from a traditional bank or credit union can offer low interest rates if you qualify. You can use these loans for equipment, business expenses, or to refinance an existing loan. While you might shop with the bank you already do business with, also check offers with other lenders because you might find a better rate somewhere else.

SBA Loans

The Small Business Administration offers affordable loans that are fairly easy to qualify for. Its

7(a) loan is one of the most popular SBA loan programs, as it can be used for many expenses, from real estate to equipment or working capital.

Line of Credit

A term loan gives you all your cash at once, but if you need a little now and a little later, a line of credit is an option. You’ll be approved to access cash up to a set amount. You can borrow from that line at any time, pay it back, and borrow it again.

Equipment Financing

You can use equipment loans specifically to purchase car wash equipment. The equipment you’re buying serves as your collateral, so you don’t need to make a down payment.

Credit Cards

Sometimes you don’t need a loan but you do want to free up cash flow while being able to purchase items for your car wash. If that’s the case, you and your employees can use business credit cards to shop for the business. Most credit cards have high interest rates, so pay your balance in full each month so you don’t incur extra expenses.

Short-Term Loan

If you or your business don’t have the credit scores required for the above options but you still need financing, there are short-term lenders who look at other qualifications besides credit scores, which may make them easier for you to qualify for. These loans tend to have high interest, so get a plan to pay them off quickly.

How to Qualify for Car Wash Financing

Lenders look at different criteria to determine whether a borrower is eligible for financing or not. The biggest factor is credit. Those with excellent credit will have no problem qualifying for loans with low interest rates. For those with less good credit, there are other options, like credit cards or short-term loans.

If your business doesn’t yet have a business credit profile, focus your attention on how to establish business credit so that you can later qualify for great offers.

A lender may also consider how long you’ve been in business. If you’re opening a new car wash, you may find it more challenging to secure financing unless you have a history of running other businesses.

Lenders may also look at your annual revenues if you run an existing business.

How to Apply for Car Wash Loans

While there may be a lengthier application process if you’re applying for a bank or SBA loan over one online (and those applications can sometimes only take minutes to complete), you’ll need the same basic information, no matter where you apply.

First, you’ll be asked for information about your business. How long has it been in operation? Where is it located? What are its annual revenues?

Then, because you will be the guarantor of the loan, meaning if your business can’t pay it back, you personally will be responsible, you will need to provide personal information like your name, address, and Social Security number.

You will be asked for the loan amount you want to borrow as well.

If you are approved, you will be presented with loan terms to review. This will include the interest rate you qualified for, as well as what your monthly payment will be and how many months you will need to repay the loan.

If you agree to the terms, you’ll sign a loan agreement. The funds will be deposited into your bank account in as little as one business day.

How Nav Can Help With Car Wash Financing

While your car wash business needs access to cash, you may be overwhelmed with where to start. Nav can help by showing you the types of loan offers you qualify for in one easy place. From there, the choice is yours. See your loan offers today!

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Legal-Bay Announces Increase in Requests for Settlement Loan Funding as Courts Reopen state https://tinigard.info/legal-bay-announces-increase-in-requests-for-settlement-loan-funding-as-courts-reopen-state/ https://tinigard.info/legal-bay-announces-increase-in-requests-for-settlement-loan-funding-as-courts-reopen-state/#respond Wed, 07 Apr 2021 23:16:32 +0000 https://tinigard.info/legal-bay-announces-increase-in-requests-for-settlement-loan-funding-as-courts-reopen-state/ CALDWELL, NJ, April 6, 2021 / PRNewswire / – Legal-Bay Pre-Settlement Funding reports an increasing number of funding applications now that most of the country is returning to normal life. The entire legal system was moving at an even slower pace than usual due to the effects of Covid-19, which resulted in massive delays in […]]]>

CALDWELL, NJ, April 6, 2021 / PRNewswire / – Legal-Bay Pre-Settlement Funding reports an increasing number of funding applications now that most of the country is returning to normal life. The entire legal system was moving at an even slower pace than usual due to the effects of Covid-19, which resulted in massive delays in the courts.

Many lawsuits that were due to be tried have had to be postponed due to reduced court hours or the outright closure of courts in direct response to the coronavirus pandemic. However, now that most of the country has resumed normal operations, the stacked files are finally being processed. With renewed activity, Legal-Bay sees an increase in settlement finance loans.

Chris Janish, CEO of Legal-Bay, commented: “The industry has been hit hard as business has seriously slowed down due to Covid. But now that more and more people are on the road, we are starting to see an increase in car crashes and pre-settlement bodily injuries. While any personal injury can be devastating, Legal-Bay takes pride in helping you solve your financial problems until your affairs are back to normal. “

If you are a lawyer or a plaintiff involved in an active lawsuit and need an immediate loan in the event of a lawsuit against an impending settlement, please visit Legal-Bay HERE or call toll free at 877.571.0405.

Legal-Bay finances all types of legal loans including personal injury cases, dog bites, car and truck accidents, medical malpractice, Purdue OxyContin cases, Boy Scouts of America or clergy abuse, sex abuse at the New Hampshire Youth Center, wrongful dismissals, sex abuse convictions, discrimination, wrongful death and many more.

Legal-Bay’s pre-settlement funding programs are designed to provide immediate liquidity before an applicant’s early monetary award. Non-court loans – sometimes referred to as lawsuit loans or settlement loans – are risk-free because the money does not need to be repaid if the recipient loses their case. Therefore, the loan settlement is not really a loan, but rather a cash advance.

To apply for any of Legal-Bay’s lawsuit funding programs, please visit the company’s website HERE or call toll free at: 877.571.0405 where agents are ready to answer all of your questions regarding settlement loans.

Contact: Chris Janish, CEO

E-mail: info@Legal-Bay.com

Phone: 877.571.0405

Website: www.Legal-Bay.com

Show original content to download multimedia:http://www.prnewswire.com/news-releases/legal-bay-reports-rise-in-settlement-loan-funding-applications-as-courts-reopen-301262697.html

SOURCE Legal-Bay, LLC

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Lakeland Bancorp: Bank Contributes $ 30,000,000 for Capital Spending and Refinancing to Non-Profit Multi-Site Seniors Housing Provider – April 6, 2021 https://tinigard.info/lakeland-bancorp-bank-contributes-30000000-for-capital-spending-and-refinancing-to-non-profit-multi-site-seniors-housing-provider-april-6-2021/ https://tinigard.info/lakeland-bancorp-bank-contributes-30000000-for-capital-spending-and-refinancing-to-non-profit-multi-site-seniors-housing-provider-april-6-2021/#respond Wed, 07 Apr 2021 23:16:14 +0000 https://tinigard.info/lakeland-bancorp-bank-contributes-30000000-for-capital-spending-and-refinancing-to-non-profit-multi-site-seniors-housing-provider-april-6-2021/ Oak Ridge, NJ – April 6, 2021 – Lakeland Bank was pleased to provide $ 30,000,000 to finance one of three series of bonds used to refinance the existing debt of the newly formed Obligated Group for Springpoint Senior Living, Inc. This will provide new funds for the improvement of fixed assets on several of […]]]>

Oak Ridge, NJ – April 6, 2021 – Lakeland Bank was pleased to provide $ 30,000,000 to finance one of three series of bonds used to refinance the existing debt of the newly formed Obligated Group for Springpoint Senior Living, Inc. This will provide new funds for the improvement of fixed assets on several of their campuses. Springpoint was formed in 1916 and today is one of the largest nonprofit providers of housing and senior care services with more than 27 communities in New Jersey and Delaware. Lakeland was one of two lenders working in tandem with the active public finance market to secure total funding of $ 200 million.

“ Lakeland proved to be a valuable partner in completing our transaction totaling $ 200 million, of which we placed $ 115 million in tax-exempt fixed rate bonds and $ 85 million in bonds. taxable, ” said Garrett Midgett III, senior vice president and chief financial officer. Springpoint officer. “The expertise and professionalism of Lakeland’s bankers, combined with their knowledge of our organization and the senior life industry, was essential to completing a transaction.

“Lakeland Bank is committed to working alongside the best healthcare providers in the region and Springpoint is certainly a brand name in this area. I have worked with this client many times in the past and knew their team would be up to the challenge of coordinating a fundraising effort of this size and scope, ”said Ron Krauskopf, senior vice president of health care loans. “Lakeland looks forward to forging new relationships with organizations that do so much for seniors in our communities.

Lakeland Bank Healthcare Banking experts are here to help by providing customized solutions for unique challenges in the healthcare industry. Lakeland Bank Healthcare Banking provides comprehensive loan and cash management solutions to organizations across all healthcare industries. Our experienced lenders use a relationship banking approach, which enables them to deliver value across many verticals to various businesses. We provide financial solutions to non-profit organizations, hospitals, higher education, senior residences, private equity groups, buyers of medical office buildings, real estate investment trusts, large doctor’s offices, behavioral health and outpatient / outpatient facilities.

About Springpoint

Springpoint is a nationally recognized provider of senior housing with a heritage of over 100 years serving the Mid-Atlantic region. It consists of Springpoint Senior Living and its eight full-service living plan communities and 19 affordable housing communities in New Jersey and Delaware. It also includes Springpoint at Home, which provides home care and care management services, and Springpoint Choice, a membership-based program that provides security to members. Learn more about Springpoint at springpointsl.org.

About Lakeland Bank

Lakeland Bank is the wholly owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ: LBAI), which has total assets of over $ 7.6 billion. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, NY, the Bank provides banking products and services to businesses and individuals. Business services include commercial loans and lines of credit, commercial real estate loans, loans for health services, loans on assets, equipment financing, small business loans and lines of credit, and services cash management. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as the Best State Bank by Forbes and Statista, rated 5 stars by Bauer Financial, and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.

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Michigan lists 139 new coronavirus outbreaks, 648 ongoing clusters in February 8 report https://tinigard.info/michigan-lists-139-new-coronavirus-outbreaks-648-ongoing-clusters-in-february-8-report/ https://tinigard.info/michigan-lists-139-new-coronavirus-outbreaks-648-ongoing-clusters-in-february-8-report/#respond Wed, 07 Apr 2021 23:15:57 +0000 https://tinigard.info/michigan-lists-139-new-coronavirus-outbreaks-648-ongoing-clusters-in-february-8-report/ The Michigan State Department of Health reported 139 new coronavirus outbreaks in the past week, including 31 related to long-term care facilities and 29 related to K-12 schools. The new outbreaks were in addition to the 648 ongoing clusters that appeared in the Department of Health and Human Services’ previous weekly outbreak reports. In total, […]]]>

The Michigan State Department of Health reported 139 new coronavirus outbreaks in the past week, including 31 related to long-term care facilities and 29 related to K-12 schools.

The new outbreaks were in addition to the 648 ongoing clusters that appeared in the Department of Health and Human Services’ previous weekly outbreak reports. In total, health officials are tracking 787 active outbreaks in total, which is a decrease of about 9% from a week ago.

An outbreak is generally defined as an instance in which two or more cases are linked by location and time, indicating shared exposure outside of a household. New outbreaks increased nearly 19% week-on-week, while total active outbreaks climbed less than 2%.

The clusters monitored by the local health services are included in the online epidemic tracker, which is updated weekly on Monday. The latest data, which is dated Thursday, February 4, was released on Monday, February 8.

With some K-12 schools and universities resuming in-person learning in recent weeks, school-related outbreaks increased 87% in two weeks, from 70 to 131 known clusters.

Related: 136 infected in 32 new coronavirus outbreaks, according to Michigan School Outbreak Report of February 8

Outside of K-12 schools and colleges, the MDHHS does not identify specific locations or the number of coronavirus cases.

However, it lists the information by the eight health district regions of the state. (Note that these regions have different numbers than the MI Safe Start plan.)

By region, the distribution of clusters:

  • Region 1 (Clinton, Eaton, Gratiot, Hillsdale, Ingham, Jackson, Lenawee, Livingston and Shiawassee counties): 129 clusters, with 22 new ones and 107 ongoing outbreaks.
  • Region 2N (Macomb, Oakland and St. Clair counties): 127 clusters, with 43 new outbreaks and 84 ongoing outbreaks.
  • Region 2S (Cities of Detroit and Monroe, Washtenaw and Wayne Counties): 109 clusters, with 16 new outbreaks and 93 ongoing outbreaks.
  • Region 3 (Saginaw, Alcona, Iosco, Ogemaw, Arenac, Gladwin, Midland, Bay, Genesee, Tuscola, Lapeer, Sanilac and Huron counties): 150 clusters, with 12 new ones and 138 ongoing outbreaks.
  • Region 5 (Allegan, Barry, Calhoun, Branch, St. Joseph, Cass, Berrien, Van Buren and Kalamazoo counties): 58 clusters, 10 new and 48 outbreaks in progress.
  • Region 6 (Clare, Ionia, Isabella, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola and Ottawa counties): 116 clusters, with 15 new ones and 101 ongoing outbreaks.
  • Region 7 (Manistee, Wexford, Missaukee, Roscommon, Benzie, Leelanau, Grand Traverse, Kalkaska, Crawford, Oscoda, Antrim, Otsego, Montmorency, Alpena, Presque Ilse, Cheboygan, Emmet and Charlevoix): clusters, with 16 new and 66 outbreaks In progress.
  • Region 8 (Upper Peninsula): 16 clusters, with five new outbreaks and 11 ongoing outbreaks.

By category, the households total:

  • 330 clusters (31 new and 299 ongoing) in long-term care facilities, which include skilled nursing facilities and assisted living facilities, adult day care centers and group homes. This is a decrease of 15% compared to the previous week.
  • 131 clusters (32 new and 99 ongoing) were linked to K-12 schools or college communities. A total of 120 outbreaks were in K-12 schools, and the rest were on or around college campuses. Total school outbreaks are up almost 25% from last week.
  • 93 clusters (21 new and 72 ongoing) were related to manufacturing or construction sites.
  • 52 groups (14 new and 38 ongoing) were in health care centers, which would include hospitals, doctor’s and dental offices, dialysis centers and other facilities providing health services.
  • 37 clusters (three new and 34 ongoing) involved retail businesses. This is a decrease of 36% compared to the previous week.
  • 25 clusters (seven new and 18 ongoing) in office environments.
  • 24 clusters (10 new and 14 ongoing) occurred in daycares or non-school youth programs.
  • 15 groups (five new and 10 ongoing) related to private social gatherings, such as a wedding, funeral or party.
  • 15 clusters (three new, 12 ongoing) in migrant camps or other agricultural workplaces, such as food processing factories.
  • 11 groups (two new and nine ongoing) associated with religious services.
  • Seven clusters (two new and five ongoing) were linked to shelters or facilities that provide services to people who are homeless.
  • Three clusters (two new and one ongoing) were linked to bars or restaurants. All cases were associated with employees.
  • Two groups were linked to indoor community events, such as meetings or concerts.
  • One current group was related to personal services, such as a hair and / or nail salon, or a spa or gym.

Outbreaks will be removed from the database if there are no additional cases in a 14-day period, MDHHS officials said.

State officials note that the graph does not provide a full picture of outbreaks in Michigan, and that an absence of an outbreak identified in a particular setting does not prove that the setting is not experiencing outbreaks.

“Many factors, including the lack of the ability to perform effective contact tracing in certain settings, can lead to significant underreporting of outbreaks,” the state’s website read.

Below is an interactive map showing the new and ongoing school outbreaks listed in the February 8 report. You can hover your cursor over a point to see the underlying data.

To find a testing site near you, visit the state online test search, here, email COVID19@michigan.gov or call 888-535-6136 between 8 a.m. and 5 p.m. on weekdays.

Learn more about MLive:

Violators of on-site eating ban and mask warrant obtain suspension of food licenses

New rules give schools flexibility over fan limits for winter sports

Judge dismisses charges against Michigan hairdressers who defied Gov. Gretchen Whitmer’s orders against coronavirus

Michigan reports 1,769 new coronavirus cases, 11 deaths for Sunday and Monday February 7-8

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Vaccine diplomacy in Latin America: why Russia and China intervened https://tinigard.info/vaccine-diplomacy-in-latin-america-why-russia-and-china-intervened/ https://tinigard.info/vaccine-diplomacy-in-latin-america-why-russia-and-china-intervened/#respond Wed, 07 Apr 2021 23:15:52 +0000 https://tinigard.info/vaccine-diplomacy-in-latin-america-why-russia-and-china-intervened/ Russia and China have spent decades trying to make economic and diplomatic inroads in Latin America. Could 2021 be the year their hard work begins to bear fruit? So far, Moscow and Beijing have delivered vaccines to the hard-hit region faster than its northern neighbor. This could have lasting geopolitical effects in countries long considered […]]]>

Russia and China have spent decades trying to make economic and diplomatic inroads in Latin America. Could 2021 be the year their hard work begins to bear fruit?

So far, Moscow and Beijing have delivered vaccines to the hard-hit region faster than its northern neighbor. This could have lasting geopolitical effects in countries long considered dependent on the United States for their international leadership. The long-term benefits for China and Russia could go beyond strengthening trade ties, to greater soft power in the region and support in bodies like the United Nations – at a time when the two countries are doing so. in the face of criticism of human rights.

Why we wrote this

Latin America has long been seen as a de facto ally of its northern neighbor. But could pandemic aid from Russia and China challenge the status quo?

“Nobody [receiving doses] is currently worried about violations of human rights or democracy in these countries, ”said Andrés Serbin, president of a regional think tank. “What is clear and will be remembered is that they came to help before the United States or the EU. It is the perception of the people. “

“The United States should see this as a red flag that they are losing influence,” said José María Ramos, professor at the Mexican Northern Frontier College. “He needs to rethink his approach.”

Mexico

Governments in Latin America – hard hit by the coronavirus – have thanked the international community in recent weeks. But one nation was notably absent from their thanks: the United States.

“Who would have guessed that … the only vaccines that we would receive are Russian and Chinese? Argentinian Vice-President Cristina Fernández de Kirchner mused last week.

About 2.7 million doses arrived in Mexico City from the United States this week. For the most part, however, Russia and China delivered faster than the United States and Europe. This could have lasting geopolitical effects in a region long seen as relying on its giant neighbor to the North for international leadership.

Why we wrote this

Latin America has long been seen as a de facto ally of its northern neighbor. But could pandemic aid from Russia and China challenge the status quo?

Russia and China have spent decades trying to make economic and diplomatic inroads in Latin America – through Spanish media coverage, arms sales, and commerce – with varying success. But observers say prioritizing Latin America now could have long-term payoffs, ranging from support from bodies like the United Nations to stronger trade deals and economic relations.

“It’s very clear that it’s not just about vaccine diplomacy, but vaccine geopolitics,” says Andrés Serbin, president of CRIES, a regional think tank dedicated to social and economic issues based in Argentina. “In Latin America, we are often seen as peripheral [in global affairs] but we suddenly became a goal for countries to strengthen their own interests through a stronger presence – whether economic or strategic. “

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Dime Community Bancshares, Inc. provides status update on https://tinigard.info/dime-community-bancshares-inc-provides-status-update-on/ https://tinigard.info/dime-community-bancshares-inc-provides-status-update-on/#respond Wed, 07 Apr 2021 23:15:26 +0000 https://tinigard.info/dime-community-bancshares-inc-provides-status-update-on/ BROOKLYN, NY, January 12, 2021 (GLOBE NEWSWIRE) – Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank (the “Bank” ), today announced an update on the status of loan deferrals within its portfolio. The company is seeing positive trends as loans continue to come out […]]]>

BROOKLYN, NY, January 12, 2021 (GLOBE NEWSWIRE) – Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime” or “its”), the parent company of Dime Community Bank (the “Bank” ), today announced an update on the status of loan deferrals within its portfolio. The company is seeing positive trends as loans continue to come out of carry.

As at December 31, 2020, principal and interest deferrals (“P&I”) have decreased to $ 37.1 million or 0.7% of the total loan portfolio. Another 3.4% of our portfolio is made up of loans that bear interest and escrow in full and only defer principal repayment.

Mr. Kenneth J. Mahon, Chief Executive Officer (“CEO”) of the Company said, “We are encouraged by the positive trends we are seeing in our loan portfolio. The decrease in our deferrals is the result of our ability to work closely with our borrowers to reach reasonable resolutions. ”

ABOUT DIME COMMUNITY BANCSHARES, INC.
The company had $ 6.62 billion in consolidated assets as of September 30, 2020. The bank was founded in 1864, is headquartered in Brooklyn, New York, and currently has 28 retail branches located in Brooklyn counties , Queens, Bronx, Nassau and Suffolk, New York. More information about the company and the bank can be found on Dime’s website at www.dime.com.

Contact Person: Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 ext 5909

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Typical wealth for blacks vs. White millennials https://tinigard.info/typical-wealth-for-blacks-vs-white-millennials/ https://tinigard.info/typical-wealth-for-blacks-vs-white-millennials/#respond Wed, 07 Apr 2021 23:15:26 +0000 https://tinigard.info/typical-wealth-for-blacks-vs-white-millennials/ Older millennials born in the 1980s are make a return of wealth, but there is a vast racial richness chasm lurking beneath this advancement. In 2016, the wealth levels of older millennials were 34% lower than older generations at similar ages, according to a 2018 study by the Federal Reserve Bank of St. Louis. Within […]]]>

Older millennials born in the 1980s are make a return of wealth, but there is a vast racial richness chasm lurking beneath this advancement.

In 2016, the wealth levels of older millennials were 34% lower than older generations at similar ages, according to a 2018 study by the Federal Reserve Bank of St. Louis. Within three years, the first part of a new Saint-Louis Fed Study found, they had reduced this wealth deficit to 11%.

However, the second part of the Fed’s study reveals that these strides are quite different when broken down by race. While white and Hispanic families saw improvement in wealth creation, according to the study, black families experienced the opposite, as they fell further below wealth expectations between 2007 and 2019.

From 2016 to 2019, white families in this older millennial cohort saw wealth levels drop from 40% to 5% below what they should be. This wealth deficit doubles to 10% for Hispanic families, but it’s still less than their 2016 wealth deficit of 15%. The deficit is skyrocketing for black families, who were 52% below wealth expectations in 2019 – a significant increase from 39% three years earlier.

These differences seem equally astounding when expressed as median wealth for the same year. For older white millennial families, that’s $ 88,000 – four times the median wealth of $ 22,000 for Hispanic families and about 17 times the median wealth of $ 5,000 for black families.

The report does not take into account the effects of the coronavirus

recession
because full data for this period is not yet available.

Black millennials bear a greater burden of student debt

Despite these differences in wealth, the St. Louis Fed found that all three groups had income levels in line with expectations, indicating that income did not prevent wealth accumulation.

The report suggests that one of the reasons older black millennials are falling increasingly below wealth expectations is because of their massive student loan debt.

Black Students Bear Heavier Debt Burden Than White Peers: About 87% of black students attending four-year colleges take out student loans against about 60% of white students. They also owe $ 7,400 more on average than their white peers after graduation, according to the Brookings Institute.

Black borrowers under 40 were also more likely to be late on payments in 2019 than white or Hispanic borrowers, according to the Federal Reserve. Black graduates are almost five times more likely to default on their loans than their white peers.

The racial wealth gap is why some politicians and lawmakers advocate for the cancellation of student debt. Several experts previously told Insider that communities of color would be one of the groups that will benefit the most from student debt cancellation plans.

Right now, it looks like this socio-economic divide is not about to narrow anytime soon. As the authors of the St. Louis Fed report, Ana Hernández Kent and Lowell Ricketts, wrote: “Given the large wealth gap and negative trend, disparities among older black millennials may persist. as these families age, preventing their full participation in the economy.

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Clear Vision Impact Fund to distribute $ 100 million in loans to black businesses https://tinigard.info/clear-vision-impact-fund-to-distribute-100-million-in-loans-to-black-businesses/ https://tinigard.info/clear-vision-impact-fund-to-distribute-100-million-in-loans-to-black-businesses/#respond Wed, 07 Apr 2021 23:15:26 +0000 https://tinigard.info/clear-vision-impact-fund-to-distribute-100-million-in-loans-to-black-businesses/ As Black and brown business owners across the country continue to face the lingering effects of the pandemic, several initiatives have been created to provide relief. Among them is an effort led by the full-service investment banking and financial services firm. Siebert Williams Shank & Co. The racial barriers faced by entrepreneurs of color have […]]]>

As Black and brown business owners across the country continue to face the lingering effects of the pandemic, several initiatives have been created to provide relief. Among them is an effort led by the full-service investment banking and financial services firm. Siebert Williams Shank & Co.

The racial barriers faced by entrepreneurs of color have been exacerbated by the pandemic. Research revealed in the early cycles of the Paycheck Protection Program, although black-owned businesses were hit the hardest, they received fewer loans. CNBC reported Amid the public health crisis, 41% of black-owned businesses closed between February and April 2020.

Aware of the staggering statistics and racial inequalities, Siebert Williams Shank & Co. wanted to develop a solution that would prevent further closures. The company – which has been recognized as one of the leading investment firms run by women and led by women – has unveiled an initiative dubbed the Clear Vision Impact Fund. Through this fund, which was launched in August 2020, the company aims to provide more than $ 250 million in loans to small businesses run by Blacks and Maroons that employ and train people of color and support underserved communities. . The fund raised more than $ 100 million in capital commitments, closing its first round with backing from investors such as Microsoft Corporation, eBay, Comcast Corporation, Constellation Brands and Apple. The pledges are part of larger efforts by these companies that focus on racial equity.

Christopher J. Williams, Chairman of Siebert Williams Shank & Co., said the fund will help reverse the alarming trend surrounding closures of Black and Maroon owned businesses by providing economic resources. “The Siebert Williams Shank and Clear Vision Impact Fund team members are pleased to have received the support and trust of these leading corporate partners who made this important mission possible,” he said in a statement. “We look forward to improving the economic outlook for the diverse members of the community who will benefit from the economic growth made possible by this critically important investment initiative.” The company is expected to begin distributing the loans soon.

Amid the pandemic, businesses, organizations and individuals have stepped up to support entrepreneurs in need. Last August, NBA legend and mogul Earvin “Magic” Johnson associates with Carver Federal Savings Bank and MBE Partners for the creation of a paycheck protection program designed for minority and women owned businesses.

SEE ALSO:

Magic Johnson gets $ 325 million to support minority-owned businesses

Beyoncé donates $ 1 million to support black entrepreneurs

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Chicago suburbs approve landmark plan to pay repairs to black residents https://tinigard.info/chicago-suburbs-approve-landmark-plan-to-pay-repairs-to-black-residents/ https://tinigard.info/chicago-suburbs-approve-landmark-plan-to-pay-repairs-to-black-residents/#respond Wed, 07 Apr 2021 23:15:26 +0000 https://tinigard.info/chicago-suburbs-approve-landmark-plan-to-pay-repairs-to-black-residents/ CHICAGO (Reuters) – The Chicago suburb of Evanston has become the first U.S. city to offer restitution allowances to black residents whose families have suffered lasting damage due to decades of segregation and discriminatory practices. City council voted 8-1 Monday to begin distributing $ 400,000 to eligible black residents through grants of $ 25,000 for […]]]>

CHICAGO (Reuters) – The Chicago suburb of Evanston has become the first U.S. city to offer restitution allowances to black residents whose families have suffered lasting damage due to decades of segregation and discriminatory practices.

City council voted 8-1 Monday to begin distributing $ 400,000 to eligible black residents through grants of $ 25,000 for home repairs, down payments or mortgage payments in a nod to the fight. historically racist housing policies.

“I am proud of our community for taking this bold and courageous action to begin the process of correcting the racial disparities that have plagued our black community for decades,” Alderman Ann Rainey said in a statement.

In November 2019, Evanston City Council committed $ 10 million over a decade to the effort to redress a new legalized marijuana tax. City council members said the housing plan is just the first of what they hope will be in a series of programs to tackle past discriminatory practices in areas such as education and economic development. .

The effort in Evanston, where about 16% of the 75,000 residents are black, could become a model for other cities and states considering whether to pursue their own redress initiatives.

The burgeoning national movement gained traction as a means of accounting for racial inequalities after the police murder of George Floyd and other black Americans last year.

Under the Evanston plan, a limited number of black residents are entitled to $ 25,000 each if they, or their ancestors, lived in the town between 1919 and 1969 or if they can show they suffered a discrimination in housing due to city policies.

Like everywhere in the United States, blacks in Evanston were subjected to redlining, a practice in which banks refused to grant housing loans in predominantly black neighborhoods. This prevented black residents from owning homeowners, a vital source of wealth.

The practicality of implementing reparation programs, especially at the national level, is still a matter of debate.

Some opponents ask if taxpayers can afford to pay what could be billions, if not trillions of dollars, and wonder how eligibility would be determined.

Evanston Rejects Racist Reparations, an opposition group, noted that upfront payments from the town’s housing program will only cover 16 households. The group is also opposed to limiting the money only to housing needs.

Reporting by Brendan O’Brien in Chicago; Edited by Colleen Jenkins and Matthew Lewis

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Tyler Perry’s birthday present was a $ 7 million island in the Bahamas https://tinigard.info/tyler-perrys-birthday-present-was-a-7-million-island-in-the-bahamas/ https://tinigard.info/tyler-perrys-birthday-present-was-a-7-million-island-in-the-bahamas/#respond Wed, 07 Apr 2021 23:15:26 +0000 https://tinigard.info/tyler-perrys-birthday-present-was-a-7-million-island-in-the-bahamas/ When Tyler perry was starting his career, he struggled so much that at one point he was living in his car. Today he has made his mark in the world as an actor, producer, director and playwright. He is so far from where he started that today he lends its throw to royalty. And for […]]]>

When Tyler perry was starting his career, he struggled so much that at one point he was living in his car.

Today he has made his mark in the world as an actor, producer, director and playwright. He is so far from where he started that today he lends its throw to royalty. And for a birthday, he gave himself a rather grandiose gift.

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