Thursday, December 31, 2009

“Bank Rakyat: Personal loans sector will remain strong (Business Times (Malaysia))” plus 3 more

“Bank Rakyat: Personal loans sector will remain strong (Business Times (Malaysia))” plus 3 more

Bank Rakyat: Personal loans sector will remain strong (Business Times (Malaysia))

Posted: 31 Dec 2009 09:52 AM PST

BANK Kerjasama Rakyat Bhd expects to grow its Aslah personal loans by a tenth this year as it has raised the maximum limit and lengthened the repayment period.

The Aslah Personal Financing-i now has a maximum of RM200,000 from RM150,000 before and repayment has been extended by five years to 20 years.

Its commercial banking general manager Yusof Abdul Rahman said the growth is attainable with better demand for more flexible personal loans, especially among government servants.

For 2009, Bank Rakyat has given out RM16 billion in Aslah Personal Financing-i loans, making up about 80 per cent of the co-operative bank's consumer banking portfolio.

"We expect the demand for the personal financing sector to remain strong in 2010 and the new features for Aslah personal financing would further strengthen our position," Yusof told a press conference after opening Bank Rakyat's 122th branch in Bertam Perdana Town Centre in Penang yesterday.

Yusof said the new Aslah Personal Financing-i features will be offered beginning today.

"The personal financing is our core business, as such the new features have been tailored to better suit our customers, particularly the civil servants.

"With higher financing facility and longer repayment period, we are confident of remaining strong in the personal financing market," he added.

Yusof said for 2010, Bank Rakyat plans to open nine more branches nationwide with an average investment of RM1.5 million for each branch.

"For January, we are opening new branches in Section 23 Shah Alam and Tanjung Karang in Selangor," he said.

Yusof said branch expansion is part of the bank's efforts to extend its reach into new growth areas and better serve its consu-mers.

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5 Ala. counties made eligible for disaster loans (MalaysiaNews.net)

Posted: 31 Dec 2009 12:05 PM PST

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U.S. small-business lending plan is sluggish

Ten-thousand interest-free loans are expected to be made to small businesses under a new federal program launched in June, but so far many banks are not participating.

In Maryland, for example, loans are trickling out with only a half-dozen made.

The goal of America's Recovery Capital loan program, part of the government's economic stimulus package, is to assist viable, but temporarily struggling, small businesses by offering them interest-free loans of up to $35,000 with lenient repayment terms. Banks started accepting applications for the government-backed loans on June 15.

Aide: Emergency help for farmers not likely in '09

U.S. farmers hit hard by drought, drenching rains or other disasters in 2009 shouldn't expect emergency aid from Congress this year.

Chris Gallegos, a spokesman for U.S. Sen. Thad Cochran, said the House didn't act on legislation before representatives left Washington for the holiday break - and that means the soonest a package could be approved is next year.

He said Wednesday that the urgency to secure the aid remains and Cochran, a Mississippi Republican, would work with other lawmakers "to move this forward, as soon as we can."

Florida mortgage modifications lag behind rest of U.S.

Under President Barack Obama's program to reduce foreclosures, fewer than 35,000 troubled South Floridians have had their mortgages modified, less than 5 percent of those who qualify for help.

Figures from a U.S. Treasury Department report Thursday offer little good news for the hundreds of thousands of Florida homeowners who are behind on their mortgage payments and seeking help from their lenders.

Banks and companies that service home loans are moving more slowly to renegotiate loans in Florida through the Making Home Affordable program than in the rest of the nation

Resources for small business

GENERAL INFORMATION

The Miami Herald -- MiamiHerald.com. The Miami Herald's small-business page offers articles on small-business topics, a Q&A forum, and tips on everything from hurricane prep to financing a small venture. The site is also home to videos, slide shows and other special projects of The Miami Herald business staff. To visit, go to MiamiHerald.com and click on Business, then click on Small Business.

Tell us what you think

The Miami-Dade Empowerment Trust was started to create jobs in the county's poorest neighborhoods, but the agency poured millionis into insider deals, bad loans and pet projects. What do you think about the issue?

The Associated Press

MOBILE, Ala. -- The U.S. Small Business Administration says Escambia County residents and businesses affected by storms and flooding Dec. 12 through 18 may apply for low-interest disaster loans.

SBA Administrator Karen G. Mills says the loans were made available in response to a Dec. 23 request from Gov. Bob Riley for a disaster declaration

The Press-Register reports that Mills says the declaration also covers Baldwin, Conecuh, Covington and Monroe counties, as well as the Florida counties of Escambia, Okaloosa and Santa Rosa.

Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

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Escambia, Okaloosa and Santa Rosa Counties Eligible for Disaster Loans (WJHG Panama City)

Posted: 31 Dec 2009 11:51 AM PST

The U.S. Small Business Administration says Escambia County residents and businesses affected by storms and flooding Dec. 12 through 18 may apply for low-interest disaster loans.

SBA Administrator Karen G. Mills says the loans were made available in response to a Dec. 23 request from Gov. Bob Riley for a disaster declaration

The Press-Register reports that Mills says the declaration also covers Baldwin, Conecuh, Covington and Monroe counties, as well as the Florida counties of Escambia, Okaloosa and Santa Rosa. Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

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Personal finance predictions for 2010: Your kids (Fox News)

Posted: 31 Dec 2009 07:11 AM PST

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How will young adults obtain credit in the new financial landscape?

The Credit CARD Act and its crackdown on campus card promotions will likely have a chilling effect.

"Young adults have never really been the focus of direct marketing activity, and now with more restrictions in place, there could be fewer offerings for this particular demographic," says Andrew Davidson of Mintel Comperemedia.

Even the measly 1 percent of credit card offers targeted at those under 25 have dwindled recently. Chase and Discover haven't pitched to students since 2008; Bank of America ceased its student mailings in the spring of 2009.

Davidson says efforts by the FDIC to convince major banks to offer low-dollar loans to young adults have yielded little results so far.

Renewed consumer interest in co-signed cards are seen as a way to steer students away from less desirable alternatives such as payday lenders. Davidson says prepaid cards that offer a line of credit may be another avenue for some cash-strapped young people.

Still, there are bright spots: MetaBank, the largest player in the student prepaid market, added a rewards program this year and American Express recently unveiled Zync, its new youth-oriented card with customizable rewards and a modest $25 annual fee.

"Signs are that the major card issuers are not ready to give up on the young adult market yet," says Davidson.

2010 financial countdown home: 2010 Financial Predictions

More from CreditCards.com:

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Posted by Rakhma at 4:15 PM

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