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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A veteran of a specialty auto-industry sector called floor-plan financing has launched a lending company that promises independent car dealers funding wherever they buy vehicles.
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With travel and convention business continuing to stagnate and COVID-19 cases on a steep rise, many properties find themselves scrambling for long-term loan solutions and pleading for help from lenders.
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But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
Read MoreSigns of a possible credit crunch in the United States had begun to emerge even before Silicon Valley Bank collapsed on March 10, raising worries about the stability of the financial system.
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.
Credit card debt is rising at its fastest clip in more than 20 years, according to the Federal Reserve Bank of New York. Overall, Americans owe $887 billion on their credit cards, a 13 percent increase from a year ago.
Democratic state Rep. Rep. Greg Porter of Indianapolis condemned the policy in a statement Tuesday and said he was drafting legislation to retroactively eliminate state income tax on debt relief.
Banks aren’t reporting signs of trouble in their loan portfolios, but, at the same time, many that were reducing their reserves last year are now building them back up.
The SBA’s Office of the Inspector General has estimated that at least $80 billion distributed from the $400 billion Economic Injury Disaster Loan program could have been fraudulent, much of it in scams using stolen identities.
The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches.
Economists and investors foresee the fastest pace of Federal Reserve rate increases since 1989. The result could be much higher borrowing costs for households well into the future.
WesBanco, a mid-sized bank based in Wheeling, West Virginia, said it has hired two people so far to staff a new loan production office in Indianapolis that will focus on both commercial and mortgage lending.
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
Only about 30% of businesses that applied for financing last year got the full amount that they asked for, down from about half in 2019.
With inflation raging at four-decade highs, economists and investors expect the central bank to enact the fastest pace of rate hikes since 2005. That would mean higher borrowing rates well into the future.
In some of the cases, suspects wrongfully obtained federal loans to bolster companies that didn’t actually exist. In others, large, transnational crime syndicates stole workers’ identities to receive generous unemployment benefits under someone else’s name.
German American, which has 78 locations in 33 Indiana and Kentucky counties, said it plans to open a loan production office in Greenwood this quarter. It will be the bank’s first physical presence in this market.
Indiana bankers cite federal COVID-19 relief measures as a big reason—but not the only one.
Indianapolis is making preparations for its first Black-led Community Development Financial Institution, which will aim to offer businesses in economically disadvantaged communities access to capital and other help.
The five former directors and employees of the now-defunct Westfield firm were found guilty on fraud and conspiracy charges. Prosecutors say the five submitted false information in order to get more than $10 million in ineligible loans approved by the Small Business Administration.
Federal Reserve officials said the $35.3 billion seasonally adjusted increase in May was the largest one-month gain on records that go back to 1943.
Congress on Thursday overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.
The program, Build Fund, helps small businesses that are not ready for traditional bank loans receive affordable funding.
