Were you able to get a loan from the Small Business Lending Fund? We didn’t think so. The program aimed at helping small businesses get their hands on cash ended this week — with a thud. The news comes as small business owners complain that they cannot grow or hire because they lack access to credit. Some say the program went bust because banks were reluctant to lend to the sector because of the lack of creditworthy candidates. Trouble getting a loan – call United Capital Source today at 855-WE-FUND-U.
So now the banks are going to charge us for using our debit cards? Many banks, including Bank of America, plan to charge customers a $5 monthly fee for access to their own cash. Does it make more sense to start using our credit cards again? Just when society has started paying down credit debt, the banks are going to push us back to swiping credit cards. Soon we will need to take loans out to pay the banks back. Sheesh!
Slumping economy. Check. Lowering Unemployment. Check. The Fed or Fed Chairman Bernake is trying to lower interest rates to boost the U.S. out of this stagnant slump. The Fed has offered a bleak outlook. At its August meeting, it said the economy will likely struggle for at least two more years. It could reduce the 0.25% interest the Fed pays banks on reserves it holds. Doing so would reduce the banks’ incentive to keep money at the Fed and might make them more likely to lend. Maybe then you would be able to get a small business loan?
The Middle Class hasn’t been doing so well. While the earnings of middle-income Americans have barely budged since the mid 1970s, the new data showed that from 2000 to 2010, they actually regressed. Over the 10-year period, their income is down 7%. According to the census data, losses disproportionately hit the lowest 60% of Americans, while the richest 40% actually gained wealth, relative to the entire U.S. economy. Have bad credit funding a problem? Give us a call at United Capital and we will help you get back on your feet.
A rough 10 years for the middle class.
Fixed mortgage rates fell this week to the lowest levels in six decades. But only 40% of U.S. households have the necessary credit scores to get a prime mortgage rate. Just half of Americans say they’ll ever be able to save enough money for any type of down payment. Nearly a third of homeowners have nearly zero equity in their homes or are underwater on their mortgage, owing more than the house is now worth. Mortgage loan, anyone?
Mortgage rates fall to lowest level since 1950s, few qualify.
One of the biggest arrests in Medicare task force history just went down. Federal investigators announced Wednesday they charged 91 people in eight cities with attempting to bilk Medicare out of $295 million. Billing for services never provided, money laundering, medical supply funding fraud and providing kickbacks were the main areas of illegal activity.
Medicare fraud sting results in 91 arrests nationwide.
An emerging trend in the restaurant business is causing quite a stir. The number of businesses approved to accept food stamps grew by a third from 2005 to 2010. In four states, restaurants can accept food stamps for meals and thereby add to their profits. But there are many support groups to the underprivileged that disagree with the restaurants prepared, not always healthy, fast-food offerings.
More restaurants are targeting customers who use food stamps.
Retailers are hoping that selling their products on a mobile device that people carry around all day can encourage everyone to spend money during an economic downturn in which they’re making fewer impulse buys. But that’s not the case. Mostly people are using their phones to locate a store or compare prices and not buying. Unfortunately people say that its too hard to shop on the tiny screens and they don’t quite think it’s safe to input their credit card information into their phone.
Mobile shopping: More buzz than buy so far.
Travel was suspended on the East Coast in anticipation of Hurricane Irene. Now that the storm has blown through when will the transportation system be up and running? The subway, buses and trains are back online in NYC, but many flights are still suspended. It was estimated that some 10,000 flights were canceled this weekend causing many headaches for travelers and airlines alike. Major airlines are focusing on bringing airplanes back to the East coast – checking equipment, clearing debris from the runways and rescheduling flights.
Irene leaves transportation headache for some.