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Posts Tagged ‘bank financing’

Fed Holds Rates, Retains ‘Extended Period’ Timeframe

The Federal Reserve left short-term interest rates untouched following the Federal Open Market Committee’s (FOMC) second meeting of 2010.

The FOMC left the fed funds rate at 0% to 0.25%, where it has been since December 2008. As it has said since March 2009, the committee repeated that the rate would probably remain “exceptionally low” for “an extended period.”

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CNN reports on the greedy credit card market. Between the banks and the credit card companies, most of us affected by the sins of those exact companies, find ourselves struggling just to pay the fees and bills. By passing reform but giving the companies 10 months to figure out how to continue to screw us. They’ve done just that. Go back over your statements in the last 10 months. If you are like most people, you found your credit lines decreased(for no reason- though if you called the company they always say your credit changed.) After intense arguing and showing them proof that it hadn’t, as I did, some actually would raise the limit back up. Most wouldn’t. Then, interest rate hikes, once again for no reason. But if you contacted them they always had a reason for that too. You’d have to be a credit expert to even understand what they were and are doing.
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Most people are disgusted and frustrated with the apparent lack of any ethics in the credit card industry. While people are struggling to survive and feed their families in this economic nightmare, Credit card companies have decreased credit lines for people, even when the person’s credit situation hasn’t changed. This happened to me. What did they do then?
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Many businesses are asking this same question. The problem is complex but can be answered as simply. Banks DO NOT have to lend to make money. They can sit on their deposits and shore up their resources to make more profits. Simple. They DON”T have to lend and they are not right now.
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Feb. 2 (Bloomberg) — President Barack Obama will propose providing community banks with $30 billion to spur lending to small businesses, administration officials said.

Under the lending plan being announced today, which would use money transferred from Troubled Asset Relief Program and require congressional approval, banks with assets from $1 billion to $10 billion could borrow as much as 3 percent of their risk-weighted assets, while banks with less than $1 billion in assets would get up to 5 percent of their holdings.
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ELFF: Confidence Slowly Returning to Equipment Finance Sector Monday, January 25, 2010 The Equipment Leasing & Finance Foundation released its Monthly Confidence Index for January, showing the industry’s own outlook on the sector remains essentially flat. Overall, confidence in the equipment finance market is 58.7, virtually the same as the December 2009 index of 58.8.
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The first point you most note not all lenders have the same loans available. Some are more willing to lend than others. Some have less credit criteria. The most important thing is if you are declined at one bank do not give up. You may want to consider a consultant if you are a new business or a growing business. Consultants research and stay in tune with which banks are lending are what programs you may qualify for. www.pfcfinance.com has advice on lending or stay tuned to this blog.

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