“Disaster loans for crop damage available in 7 Minnesota counties (Pioneer Press)” plus 1 more

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Disaster loans for crop damage available in 7 Minnesota counties (Pioneer Press) Posted: 05 Dec 2009 10:03 AM PST ST. PAUL, Minn. — The federal government is offering low-interest loans to small businesses in western Minnesota, much of North Dakota and two other states to cover losses related to weather-related crop damage. Businesses in seven Minnesota counties along the state's western border can apply. The low-interest loans are available after U.S. Agriculture Secretary Tom Vilsack declared an agricultural disaster at the request of North Dakota Gov. John Hoeven. Eligible counties include 42 in North Dakota, seven each in Minnesota and Montana and one in South Dakota. Clay, Kittson, Marshall, Norman, Polk, Traverse and Wilkin counties in Minnesota are included. The Small Business Administration loans aren't available to farmers or ranchers, who can get assistance through the Farm Services Agency. This content has passed through fivefilters.org.

Easier for SMEs to get loans with new rating (AsiaOne) Posted: 04 Dec 2009 05:04 PM PST By Francis Chan SMALLER and less established firms can soon turn to a new credit rating system that will make it easier for them to get bank loans. The new scoring process will 'blend' the personal credit behaviour of the bosses with their companies' trade data, to give lenders a better picture of the firm's creditworthiness. Credit Bureau Singapore (CBS) said yesterday that it has teamed up with Fico, a United States-based business consultancy, to develop a system specifically for small and medium-sized enterprises (SMEs). Business financing has always been a major challenge, specially for SMEs, as banks traditionally avoid lending to firms with little or no track record. CBS executive director William Lim believes the SME Blended Score - what the new rating is called - could give budding entrepreneurs, who have yet to build up a credible track record, a better chance of getting bank loans. 'It will also give banks a proven risk assessment tool to assess the creditworthiness of SMEs in a reliable and consistent manner...within a shorter timeframe and at a lower cost,' said Mr Lim. 'With greater visibility and availability of credit data, lenders can also expand their small business lending, such as micro loans.' Key industry groups like the Association of Banks in Singapore (ABS), Association of Small and Medium Enterprises (Asme), Singapore Business Federation and Spring Singapore agree that the SME Blended Score was a 'positive development' that would encourage banks to lend to SMEs. ABS director Ong-Ang Ai Boon said the scoring system would be a relevant risk assessment tool, especially in today's tighter credit environment. The new score, which will be rolled out next March, leverages on CBS' existing consumer credit information. The process works by merging that consumer data with commercial or trade data from CBS' sister company Dun & Bradstreet Singapore, to produce a score between zero and 400. The higher the score, the lower the risk of a loan default by the SME. Asme president Lawrence Leow said the new rating could not have come at a better time. 'This initiative serves as a timely and comprehensive risk assessment tool for the banks and financial institutions. The availability of this solution as a review tool will be beneficial to SMEs,' said Mr Leow. This article was first published in The Straits Times. This content has passed through fivefilters.org. This posting includes an audio/video/photo media file: Download Now

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