The loan, which was approved by the Metropolitan Development Commission, is expected to be used for “downtown redevelopment efforts.”
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Chicago co-working company Expansive bought the landmark building on Monument Circle before the pandemic. Centier Bank says Expansive still owes $12.9M on its loan and has fallen behind on payments.
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Federal student loan borrowers haven’t been required to make loan payments since March 2020. But the grace period is almost over: Some 44 million borrowers will be required to either begin or continue making payments in September.
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The Indianapolis-based company has declared itself debt-free, but the lenders say they’re owed more than $8.5 million.
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Overall, the discouraging picture has policymakers and economists keeping a close eye on small and midsize banks, which hold about 80 percent of the overall stock of commercial mortgage loans.
The programs are intended to help central Indiana Black business owners combat long-standing challenges in securing bank loans.
The IEDC said the Legend Fund will give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses. Eligible lenders could have a portion of the loans they issue purchased by the IEDC, freeing up capital to support more entrepreneurs and small businesses.
Nearly 20% of outstanding debt on US commercial and multifamily real estate will mature this year, requiring refinancing or property sales.
Hoosiers for Responsible Lending on Wednesday hosted a press conference lauding two pieces of legislation at the Statehouse that they said would significantly improve consumer lending policy in Indiana.
Indianapolis-based DecisionRx uses technology to recommend medication decisions to physicians and pharmacists based on genetic profiles, existing medication regimes and contraindications.
The Biden administration plans to more aggressively pursue thousands of small businesses with past-due pandemic loans, reversing an earlier policy that saw the U.S. government stop short of trying to collect an estimated $30 billion in delinquent debt.
Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers.
Increasing numbers of borrowers are falling behind on their credit-card and auto-loan payments, but banking and economic experts say this is not necessarily a sign of economic troubles ahead.
Rates have risen for the pst four weeks, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.
This year’s rise in borrowing costs has made commercial real estate one of the hardest-hit areas of the economy. Property sales, especially for office buildings, have slowed to a trickle, giving landlords and lenders few markers to determine the value of certain assets.
A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year—the highest such proportion since the New York Fed began tracking the figure in 2013.
The report criticizes lenders, many of which are headquartered out of state, for taking money out of local economies and luring Hoosiers into “a debt trap.”
An Associated Press analysis found that fraudsters potentially stole more than $280 billion in COVID-19 relief funding, while another $123 billion was wasted or misspent.
Leading Federal Reserve officials are sending out stronger signals that they will forego an increase at the central bank’s next meeting, though they indicate hikes could resume later this year.
A Federal Reserve report shows that banks raised their lending standards for business and consumer loans in the aftermath of three large bank failures. It’s a trend that could slow the economy in coming months.
All over the country, small-business owners are feeling the early consequences of this spring’s banking crisis, which spanned two chaotic weeks in March and is still ricocheting through the economy.
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
The Fair Housing Center of Central Indiana and Indianapolis-based Rainbow Realty Group Inc. have announced a settlement in a legal fight over an allegedly predatory rent-to-own program.
