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Factors to Look for While Getting Bad Credit or No-Credit-Check Loans

Factors to Look for While Getting Bad Credit or No-Credit-Check Loans

There are still plenty of great no-credit loans out there, but it can be hard to find them when you’re looking for an easy solution. A lot of people with low credit scores get overwhelmed by the process and wind up not realizing that some banks offer better options than others in their search results or even at all.

You can get a loan without a credit check history, but it will be easier for you if your past experience with debt is positive. Here’s how to prepare and what factors may affect the process:

Customer Service Reviews

The problem with previous loans might be that they were not read thoroughly enough. You can find some unsatisfied customers, but this is most likely because you failed to look at all the terms and conditions of their agreement before signing it.

Calculate the Digits Beforehand

Loans are a great way to get the funds you need, but it’s important for borrowers to know how much money they’re requesting. The smallest loan amounts range from $250-500 and most lenders offer at least 1000 dollars up until 2000+.

Repayment Terms

The best way to avoid an interest rate hike is by paying off your loan early. The ideal repayment period begins with 30 days and most lenders offer terms between six months- seven years long, however, it’s smartest for you in the long run if possible try not wait too much later on when rates may change again.

If you want to take out a longer loan, be prepared for the higher interest rates and increased monthly payments.

Interest Rate

If you’re looking for a low-interest rate, then it’s important to know that there are several factors that will influence your interest rates. Some of these include credit score and loan amount; but also repayment term length (in months). For example, an auto purchase with no payments made yet can come at anywhere between 3% – 29%.

Try to maintain a good credit score if you want the lowest possible interest rate and the shortest repayment period.

Time Frame for Repayment

When you need cash quickly, personal loans are a great option. You can choose from various lenders based on your income level and how much they offer in incentives for using autopay or lowering the annual percentage rate (APR).

When paying your loan back, the repayment period depends on whether you prefer smaller monthly payments to make it easier for yourself or larger ones with shorter intervals.

When you have a low monthly payment with an extended repayment period, it’s important to be aware of the higher interest rates that come from such borrowing. You may think your costs won’t increase but in reality, they will when there are smaller payments per month on top of what was originally owed for debt relief-or even just straightforwardly paying off old loans earlier than planned. The ideal range is between 35% and 43%.

There are different ways to get out of debt. One way is by eliminating your mortgage, personal loan payments or car loans and replacing them with a single payment for all three items that will continue throughout the duration on their terms. This can reduce total debts significantly over time if done correctly which makes it worth considering in some situations where there’s an overwhelming amount owed towards any one particular type.

Annual Percentage Rate

The annual percentage rate is the cost to borrow money for a year and includes any fees charged by your lender. Major credit bureaus don’t charge any extra but they do require you to sign up or origination amount before approval can be given.

When you take out a loan, there is an origination fee that will be deducted from your funds. It can range anywhere between 1% and 5%, but some loans have flat rate prices for this component too.

Credit Score

Before applying for a no-credit-check loan, be sure to take an honest look at your credit report. The idea is that you should get the best deal possible and there’s nothing more satisfying than knowing you got something great without having any money upfront.

Additionally, if you have a good history of payments with an existing relationship with a bank, they may approve your loan for a favorable deal.

The speed of loan

The funds from a loan that is not backed by a credit check are available to transfer to your account the day of your application. It could be up to one week in certain instances.

If the lender asks for documentation such as W-2s and pays stubs, you’ll be able to decide the rate of your loan.

Qualification Requirements

Loans that are not based on credit generally require scores of 620 or higher. The highest debt ratio is generally set at 45 percent. The debt ratio is the amount you owe each month in comparison to how much you make.

The majority of lenders require applicants to have a steady income to satisfy their low credit rating, while other lenders prefer those with at least a certain amount of income per year to qualify to receive a loan.

Certain lenders will check your earnings and employment status to determine your capacity to repay the money while others might require additional aspects of your financial life, such as the savings accounts you have.

If you’re deemed suitable in these categories, chances are you’ll be a reliable applicant if you require an unchecked credit check but no history of debt.

In addition, many lenders require a co-signer who can get a lower rate of interest if they have high earnings and credit.

A co-signer is required in case you do default. But, this could result in a negative relationship and a damaged credit score for the co-signer. So, you should be clear about the conditions.

Costs, Penalties, and Fines

The penalties and fees are charged if you don’t repay the loan within the deadline. They can include fees for charges for origination fees, returned checks as well as prepayment fees and late fees, fees for insufficient funds as well as processing charges.

Origination fees are the charges to facilitate the loan process with the lender. However, there are a few lenders that have this charge. The ones that do, however, usually charge an interval of 1% to the range of 6% to 1%.

The penalty for prepayment could be a huge drain on the savings you have made. But, it is contingent upon the lender and is typically an amount equal to the extra interest charges from the previous month.

While some lenders might offer grace periods, however, you’re likely to be assessed late fees by nearly all lenders. The way to address the issue is to get in touch with your lender and discuss the matter before you’re already late.

Not to be forgotten is the fee for returned payments The amount can vary, but it is generally approximately $15.

Impact of Personal Loans to Credit Score

It is crucial to realize the fact that having an installment loan will not directly improve your credit rating of yours. A personal loan that is used to settle the debt you have revolving you make changes visible to your credit rating of yours.

Personal loans are categorized as installment credit while credit cards are considered credit cards that are revolving. By using these two kinds of credit, you’ll be able to increase your credit score overall.

Discussions suggest that an eclectic credit mix may not always compensate for all the losses; however when you include an installment loan it, such as an auto loan or mortgage and so on. It could improve your credit score in general.

Banks and payment companies invite more technicians to their labs | PaymentsSource


Barclays chief operating officer Mark Ashton-Rigby recently issued an open call for out-of-work tech professionals, seeking to tap into distinct recession-related opportunities.

“I firmly believe that when one door closes, another opens and adversity can create opportunity,” Ashton-Rigby said in her announcement on LinkedInwhich served as recruitment for new technology workers in banks and participants in a program for startups.

At a time Payments and more general digital bank, companies are laying off workers after a surge in hiring at the start of the pandemic. This has created a new market of available talent that lands at mature financial companiesbut also in development centers, technology labs, accelerators and other initiatives dedicated to training technology workers or detecting and developing new concepts in payments and other financial technologies.

Capital has been over-allocated to fintech and valuations have ballooned, making a correction inevitable, said Eric Grover, director of Intrepid Ventures, adding that a lot of fintech talent was being freed up as a result.

“Some of this talent will take refuge working for large banks and traditional payment processors and networks,” Grover said. “But some or a lot of it is likely to be looking to start new ventures. It’s their idea of ​​the next best mousetrap, which would be good for accelerators/hubs or incubators.”

Here is a sampling of some of the accelerators, training centers and development labs that have recently been launched or expanded.

How to Get a Credit Card Cash Advance for an Emergency


Using debit and credit cards is a quick and easy way to pay for things. But sometimes cash is preferred and when you need it on the fly, your cards can still come in handy. In particular, you can even use your credit card to get money through something called a cash advance.

By tapping into your line of credit, you can still have the benefit of borrowing money to cover an expense and still paying with physical cash if the merchant requires it.

What is a cash advance?

A cash advance is money you borrow with your credit card.

“Examples of cash advances include using your credit card at an ATM, using a cash advance check provided by a card issuer, or also using your credit card for certain cash transactions like gambling, deposits, wire transfers, travelers checks, money orders, etc.,” says Ted Rossman, senior credit card industry analyst at Bankrate.com.

Keep in mind that your credit provider may allow you to withdraw money only up to a percentage of your credit limit. For example, if your card limit is $12,000 and your cash advance limit is 20% of your line of credit, you can borrow a maximum of $2,400 for a cash advance.

How to get a cash advance with your credit card

If you need a cash advance, you can get cash out in no time in three easy steps.

1. Check your credit card agreement for cash advance details

If you must use a cash advance, you should expect high fees and interest rates. The first thing to do is therefore to read your credit card contract to understand the cost of borrowing on your line of credit.

It is also important to know that the refund will work. Typically, your monthly payments will go to your credit card balance first. Any amount in excess of your minimum payment will go to the account with the highest interest rate, which may be your cash advance balance. Consider paying the minimum amount on your credit card to ensure you reduce your cash advance balance. As a result, you can avoid these compound interest charges.

2. Determine how much funds you can withdraw

Check your credit statement to see how much you’ve already used. A good credit utilization rate is 30% or less of your total line of credit. Exceeding this limit could negatively affect your credit score. So, consider other options if you’ve exceeded 30% of your line of credit utilization ratio.

3. Get your cash advance

You don’t have to travel far or wait for approval to get a cash advance. There are three ways to get a cash advance in as little as a few minutes.

  • AT M: You can withdraw money from an ATM if your credit card has a personal identification number (PIN). Take your card to an ATM, select the cash advance option and withdraw cash. Keep in mind that you may have to pay an ATM withdrawal fee which hovers around $4.72.

  • In person: You can get a cash advance from a physical bank if you don’t have a PIN. All you will need is your credit card and ID.

  • Convenience check. A convenience check works like a personal check. However, in this case, you will get a cash advance on your credit card in the form of a check. Call your credit card issuer to request a convenience check. You can then cash the check at your bank or pay directly to a third party.

Advantages and disadvantages of cash advances

Cash advances can be useful if you need cash immediately. However, its high interest rates and fees could end up costing you dearly.


  • A credit card cash advance is a convenient solution if you need cash: If you’re short on cash and your resources are limited, a credit card cash advance might be helpful. All you have to do is go to the nearest bank or ATM, and you can withdraw cash in minutes, no questions asked.

  • You don’t need to apply for a loan to borrow money: A loan usually requires you to fill out an application and wait for approval from your bank or lender. And most lenders will do a thorough investigation of your credit report, which can impact your credit score. A credit card cash advance is a surefire way to get the money you need without the hassle.

  • The cash advance on credit card allows flexible repayments: Although an installment loan requires fixed payments, you will pay your cash advance like a credit card bill. You can pay in full, pay the minimum amount, or somewhere in between.

The inconvenients

  • A credit card cash advance usually has high fees: APR of your cash advance can range from 25% to 27%, says Mohr. Rossman also mentions that cash advances come with an additional fee of up to 5% of the advance or up to $10, whichever is greater. In contrast, the average APR for a 24-month personal loan is 10.16%, much cheaper than cash advance interest rates.

  • Credit cards usually have credit advance limits: Your credit company may only allow you to withdraw part of your line of credit in cash. If you’re buying something expensive, consider alternative options.

  • Your cash advance will start earning interest immediately: Credit cards generally have a 21-day grace period, but a credit card cash advance does not. Interest will begin to accrue on your cash advance as soon as you withdraw money. If you know it will be difficult to repay your borrowed money, you should avoid this option.

Other options to consider

A credit card cash advance may be necessary if you are in a hurry. However, alternatives are available if you want to avoid the risk of cash advances altogether.

Use your own funds: Dip into your checking or savings account to make a payment before taking a cash advance. If you don’t need the money right away, consider using the credit on your credit card instead. A cash advance should be your last resort. To avoid using cash advances in the future, create a rainy day fund in a secure, liquid savings account.

Apply for a loan: A personal loan often has lower interest rates and higher loan amounts than cash advance limits on a credit card. If you can wait to hear from your loan provider, consider applying for a personal loan.

Borrow from others. Your first instinct may be to avoid asking friends and family to lend you money. However, asking someone to help you may be cheaper than borrowing money from your credit card company. More often than not, you can avoid paying fees and interest rates as long as you promise to reimburse that person.

This story was originally featured on Fortune.com

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Small business incubator opens Saturday in Coatesville – Daily Local

COATESVILLE—The Coatesville 2nd Century Alliance is celebrating the grand opening of the Made In Coatesville Small Business Incubator on Saturday, November 25 at 11:30 a.m.

Located at 228 E. Lincoln Highway, the incubator will house seven fledgling businesses that will have regular shopping hours on Thursdays and Fridays from 4:30 p.m. to 7:30 p.m. and Saturdays from 11:30 a.m. to 4 p.m.

“The Made In Coatesville Small Business Incubator will open its doors on November 25th, known nationally as Small Business Saturday®,” says Amber Little-Turner, Downtown Director for the 2nd Century Alliance. “We’re excited to be able to introduce these businesses in time for the holiday shopping season.”

Looker Books, an independent bookstore and the incubator’s first tenant, held its grand opening in August.

“I’m thrilled to be part of this program and to have a downtown location,” said Dana Looker, store owner. “The response from the community has exceeded my expectations.”

Other incubator companies include Kissed By Noelle, Mimi’s Favorite Things, Stingy Brims Hat Company, West Branch Herbs and Teas, DLG Booking & Payroll Services, Valley Crossing Digital and Call Center Connect.

In addition to the physical location of their startups, incubator tenants will have access to business training programs and funding opportunities.

Little-Turner says, “With the recent opening of local restaurant The Record Kitchen in downtown Coatesville, it’s a great opportunity to shop and eat local. We hope everyone considers our local downtown independent businesses when shopping for their holiday gifts.

The 2nd Century Alliance was founded in 2015 when the town celebrated 100 years of incorporation, to ensure Coatesville’s “second century” economic prosperity. A public/private partnership funded in part by Chester County Commissioners and contributions from the private sector, the organization’s mission is to stimulate economic development in the town of Coatesville that enables the community to thrive.


Dakota Business Lending is excited to launch the Entrepreneur District, a transformative space located on the second floor of its headquarters in Fargo. The Entrepreneur’s Quarter will bring together ten entrepreneurs from various industries and give them access to both the office space they need and the collaboration they need to create, work and grow…all in one physical space.

As part of the Entrepreneurs’ Quarter, business owners who were once siloed now have the opportunity to grow by working collaboratively with other Entrepreneurs-in-Residence. Through this physical community of residents, the program reduces common barriers for entrepreneurs to help them better generate ideas, create efficiencies, fill gaps, and serve the community with their talents – all to develop and support their own businesses.

Those wishing to take up their position in the Entrepreneur District must have one of two objectives: the desire and potential to grow and scale their business (hire employees, own/rent their own space, expand to other cities, move from part-time to full-time business owners, increase income, etc.) or a desire to maintain their business at its current level by building a more robust and comprehensive business (product development, rationalization of services, etc.). Dakota Business Lending will provide entrepreneurs with the office space, mentorship, education, collaboration and partnerships, and capital needed to continue to advance not only their business, but themselves as entrepreneurs.

Residency at the Entrepreneur District is free for business owners who meet the following requirements:

1. Must be an active business in good standing

2. Must need physical office space

3. Must have an eagerness to collaborate and a desire to be transformed

Applications to be one of Dakota Business Lending’s ten Entrepreneurs-in-Residence will open on January 5, 2023. More information can be found at www.dakotabusinesslending.com/entrepreneur-district. For questions, contact Michaela Schell, Director of Entrepreneurial Development at [email protected] or 701-412-2928.

Founded in 1982, Dakota Business Lending is North Dakota’s oldest, largest and most experienced 504 CDC and the first North Dakota-based financing entity to be chosen by the financial institution fund of Community Development (CDFI) from the US Treasury Department to receive a new contract. Allocation of tax credit (NMTC). With staff throughout its service area, Dakota Business Lending serves North Dakota, Montana and targeted strategic areas of Minnesota. The mission of this private, not-for-profit entity is to provide small business financing solutions through collaborative partnerships in a supportive and creative environment that grows the economy and creates or maintains quality jobs. Since its inception, Dakota Business Lending has provided more than $550 million in loans, with a total project impact of over $1.2 billion, to small businesses and local economies.

Snowfall Protocol enters the DeFi market, giving Lido DAO and Bitcoin Cash a run for their money!


Snowfall Protocol (SNW) recently debuted in the DeFi space and has been attracting eyeballs for its incredible performance ever since. Analysts and investors have now started to wonder if Lido (LDO) and Bitcoin Cash (BCH) even stand a chance against this debutante.

Let’s take a closer look at what Lido (LDO), Bitcoin Cash (BCH), and Snowfall Protocol (SNW) bring to the table.

What is Lido DAO (LDO)

Lido DAO (LDO) is designed to be a liquid staking solution for Ethereum, through which users can stake ETH tokens with no minimum deposit or infrastructure maintenance. The staking rewards from these deposits can be used without blocking in the DeFi ecosystem. The Lido DAO constructs liquid staking services and is responsible for governing the direction of the Lido.

Lido DAO’s native utility token is LDO, which is used to grant DAO governance rights, manage fee settings and distribution, and govern the addition and removal of Lido DAO node operators.

What is Bitcoin Cash (BCH)

Bitcoin Cash (BCH) is a decentralized peer-to-peer electronic payment system that enables fast payments with high transaction capacity (large blocks), privacy and micro fees. Bitcoin Cash (BCH) blocks can be as large as 32MB, ensuring faster and cheaper verification of BCH transactions, even as the network continues to grow.

BCH is the native token of the Bitcoin Cash (BCH) system. Users can make Bitcoin Cash (BCH) payments directly from person to person, just like physical cash, but without any interference from centralized payment processors or banks.

What is Snowfall Protocol (SNW)

The Snowfall Protocol (SNW) is a multi-chain interoperability protocol that helps secure cross-chain transactions and asset transfers between blockchains. It is designed for fungible and non-fungible tokens. The mission of the Snowfall Protocol (SNW) is to enable easy and secure participation for everyone in the DeFi and cryptocurrency ecosystem.

The Snowfall Protocol dApp allows users to exchange assets between EVM-enabled and non-EVM-enabled chains, enabling communication with all blockchains.

The governance token of the Snowfall protocol is SNW which gives users the right to vote on improvement proposals within the Snowfall DAO. SNW also serves as a utility token, giving users access to snow bridge discounts and weekly or monthly raffles.

Which token shows more potential? LDO, BCH or SNW?

The Lido DAO (LDO) reached its all-time high price of $11 on November 16, 2022. Today, a year later, the price of the Lido DAO (LDO) has dropped drastically to $1.22, reflecting declining interest in Lido DAO’s offerings.

Bitcoin Cash (BCH) reached its all-time high of $4,355.62 on November 20, 2017. Today, five years later, the price of BCH has fallen to $102.60.

SNW was launched as a governance and utility token of the Snowfall Protocol, with 95,000,000 SNW tokens available at $0.005 per coin in the first presale stage. SNW rose by 80%, reaching a price of $0.009 and finally reaching $0.015 at the end of the first presale stage.

On November 2, 2022, SNW entered its second presale stage, selling at $0.025. This success of SNW in the first two stages should also remain constant in the third (last) stage. Based on the buying behavior of customers, the SNW price is expected to touch $0.075 by the end of the token’s final pre-sale stage.

The Snowfall protocol may be a relative newcomer to the DeFi space, but the numbers don’t lie!

Contrary to the declining performance of Lido DAO (LDO) and Bitcoin Cash (BCH), the Snowfall (SNW) protocol only shows positive growth, both in terms of token price and buyer sentiment. With the price still affordable and the protocol offering up to 5 million tokens, now is the best time to buy the success of the Snowfall protocol.

Learn more about the Snowfall Protocol (SNW):

Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin

Disclaimer: This is a press release article. Coinpedia does not endorse or is responsible for the content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any action related to the company.

8 options for borrowing money


The average person can’t pay for everything with the money they have. Some purchases are too expensive. Even if you have all the money, you might not want to empty your bank account.

Whatever the reason, loans can be useful in various circumstances. However, there are many types of loans. Some have a broader function, and others can be designed for specific purposes.

When you need a loan, choosing the right one can make a big difference. The right loan can reduce costs. You can also choose loans whose payment terms suit you best. With the wrong loan, you may end up paying too much. You could also expose yourself to the risk of default.

In this article, you’ll learn about some of the most common options for borrowing money.

Bank loans

Get a bank loan can be a great way to borrow money. Bank loans can be used for a variety of purposes and they have lower interest rates than many other consumer loan options. Loans can also have long repayment terms. This can make it easier to manage these loans because repayment is spread over a longer period. The biggest problem is that most banks have high standards for loan approvals.

Automatic loan

An auto loan is a loan for the purchase of an automobile. They are one of the most common types of loans a person will take out. The advantage of this type of loan is that it can facilitate the purchase of a vehicle. In some cases, you could get a car loan from a bank. However, it is also common for car dealerships to offer car loans. Buyers should be aware of how interest and fees can add to the purchase price and compare auto loans before making a decision.

Credit card

Credit cards are another common form of consumer debt. When you use a card to pay for a purchase, the issuer pays the merchant and you incur debt for the cost. Most credit cards also offer the option of make a cash advance from ATMs. The main advantage of a credit card is convenience. However, fees and interest can be high. If you plan to use a credit card, make sure you understand the terms before accepting the card.

Residential mortgage

The vast majority of us cannot afford to buy a home without taking out a loan. With a home loan, you have a loan for home ownership. In most cases, the buyer gets approval from a bank and the house is used as collateral to secure the loan. Most buyers need to put down at least 10%, and the term of the loan will last several years to make payments more manageable. A term of 30 years is common for mortgages.

Home Equity Loans

As you pay off your mortgage, you increase the equity in the property. The equity you have in the property is basically the value of the house minus the amount of debt remaining on the mortgage. Once the net worth reaches a certain level, lenders might be willing to let you borrow against it. However, the requirements differ depending on the lender. As an alternative, there are also home equity lines of credit (HELOCs). This offers the borrower a revolving loan backed by the equity in the home.

Reverse mortgages

A reverse mortgage is another way to tap into the equity in your home. However, they are exclusively intended for people over the age of 62. Borrowers can get lump sum payments or recurring disbursements secured by the home as collateral. According to people from reversemortgagereviews.org, there are many things consumers should learn before taking out a reverse mortgage. There are different types of loans, many different features and several providers.

Payday loans

Payday loans have become popular in recent years. They offer people a way to quickly access cash when they need it. The consumer takes out the loan and agrees to repay it the next time it is paid. This is a short-term loan that could help a person get the money they need in an emergency. That said, many would consider them a form of predatory loan. Interest rates and fees are generally much higher than other borrowing options. In many cases, people who take out these loans end up repaying exponentially more than they borrowed.

401(k) loan

It is not technically a loan since the borrower is also the lender. With this option, you withdraw money from your 401(k) retirement account. However, since it works like a loan and you pay the money back with interest, you are not subject to the high taxes that usually come with an early withdrawal. This can be a less expensive borrowing option since the interest rate is usually just above the prime rate. Beyond that, you get reimbursed, so you get that interest in your investment account.

You should not borrow lightly. Loans can be good in some situations, but you don’t want to burden yourself with debt. Additionally, you need to be careful about the types of loans you take out.

Are you tied to a real trading system


The Bitcoin Fast Profit trading system uses advanced artificial intelligence to help cryptocurrency investors of all skill levels make more money and take it home. The trading platform has been developed to precisely analyze the market and make profitable trades in response to this analysis. Bitcoin Fast Profit investors can see returns of up to eight times their initial investment, according to the authors. The platform uses a state-of-the-art tool called AI Predict to predict changing market trends and allow users to profit from this prediction. Bitcoin Fast Profit Investments is the only platform available that can promise such high rates of return.

What is Bitcoin Fast Profit?

Bitcoin Fast Profit is state-of-the-art automated trading software designed to help traders earn money with little to no time investment. Trading robots, automated systems that use AI and machine learning to analyze market circumstances and make profitable trades, are used by the platform. It has a one-of-a-kind feature called “AI Predict” which monitors the state of affairs for any potential changes. The robot will trade based on the right indicators, but it is up to the investor to decide which elements will drive the robot. The company guarantees its members a 90% success rate and rewards of $1,000 to $10,000 in a single trading day.

Trade now on Bitcoin Fast Profit

Bitcoin Fast Profit: the main features

Cryptocurrency instances

The Bitcoin Fast Profit Foundation makes it easy to trade Bitcoin, Ethereum, and other top cryptocurrencies, but trading one coin will pay less. You can get better returns by trading a portfolio of coins rather than just one. This creates countless money-making opportunities. Users can easily and quickly add cryptocurrency from an external wallet to their accounts.

Customer support

If consumers encounter any problems following the use of the site, they can always contact the helpful and accessible staff at any time of the day. Once the user completes the website contact form to report a problem, someone will contact them by phone or mail within twenty-four hours.

Verification methods

It is very easy for new users to register and start using the platform as the registration process is straightforward. The steps to be certified or make a sale on the site are simple. Before a new user’s account can be activated and used, they must fill out a form with personal information such as their name, mobile number and email address.


There are no hidden charges or costs for using the system, as this is verified multiple times by highly sophisticated metrics. Bitcoin Fast Profit does not include any hidden costs, and it is free to create an account and transact on the platform. No matter what exchange rate you use, there will always be a cost.


The trading platform offers instant payouts, with a maximum of twenty-four hours. At the close of each advance trade, the program totals the winnings and it is essential to withdraw these funds. Withdrawing daily earnings is quick and easy on the site thanks to the no-frills user interface.


Bitcoin Fast Profit is software that helps investors transact automatically, saving them time and effort. There is no daily trading volume limit and all orders are executed instantly.

Trade now on Bitcoin Fast Profit

How to Create a Bitcoin Fast Profit Account


Creating a profile on Bitcoin Fast Profit Technology starts with creating an account, a simple process that takes less than a minute. To register for Bitcoin Fast Profit, simply visit the official webpage of the site. The first step in registering is to fill out a registration form with basic information such as your name, email address, phone number and country of origin. However, many bitcoin exchange sites have strict registration requirements. In order to protect their account from potential intruders, customers will be required to enter the password, and it is strongly advised that they use a complex one. It would be helpful to keep your phone handy while completing the registration form. This is because after registration, an account manager will ask for obedience and can walk them through the necessary steps to get trading up and running.

To pay

Once your account is activated, you will be able to access your dashboard. When you make a deposit of $250, you gain access to the auto trading feature. You should start by doing at least the bare minimum, then increase it as your comfort level increases on the web. Nothing will be taken out of the user’s pocket to use the service. The Bitcoin Fast Profit site offers a description of the cryptocurrency market in addition to a host of resources, such as charts, news websites, fundamental and technical analysis, and a glossary of terms. New accounts can be funded using a wide variety of payment methods, including debit and credit cards, e-wallets like Skrill and Wordplay, and even another cryptocurrency wallet.


An option on the Bitcoin Fast Profit System control panel is a demo version of the software. With demo trading, you can gain trading experience without putting your own money at risk. Gaining a deeper understanding of the market and practicing different virtual money strategies will help you become a more successful trader and increase your income. Traders can get a feel for the market and practice navigating the trading platform using a trading simulator. Moreover, traders can get used to the functionality and interface of the trading station. To practice before putting real money on the line, it is suggested that all users, experienced or not, do so.

You can switch to live trading once you have mastered the demo mode and are comfortable with the platform. Once the initial payment has been made, trading can begin. The software allows you to limit your trading in certain ways, such as taking profits or reducing your losses. If you do not change the settings before the start of the trading class, the ones you choose will be implemented automatically. Through the configuration options of the platform, the user can choose the coin (or cryptocurrencies) with which he wishes to engage in trading. Any number of transactions can be made in a single denomination or combination of currencies. You can adjust all settings whenever you want. Now you can turn on the robot after completing all necessary setting processes. Your daily trade tracking should take about 20% of your time. When the trading is finished, the robot can be deactivated.


From our investigation and the reviews we have read, we have concluded that Bitcoin Fast Profit is indeed a simple program that can be used to participate in the cryptocurrency market. There’s no evidence that anyone can make a profit of $10,000 a day, so it’s highly unlikely anyone will. Users should exercise extreme caution when trading on this site, as the robot does not protect them from market-related losses.

Trade now on Bitcoin Fast Profit


What is Bitcoin Calculation and where can I find it?

Bitcoin Fast Profit is state-of-the-art automated trading software designed to help traders earn money with little to no time investment.

When can I anticipate financial success with Bitcoin Fast Profit?

Some investors even claimed to have made six-figure gains on their first day of trading. There is no time or effort required to start getting rich with the Bitcoin Fast Profit System. Although you can start making money from day one, it probably won’t be as much as the platforms advertise.

Can you trust Bitcoin Fast Profit?

Bitcoin Fast Profit is a legit economic trading app that provides access to market dynamics and trading tips. In this case, Blockchain Capital created the software.

Trade now on Bitcoin Fast Profit

The pros and cons of SBA small business loans (plus our alternative)

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Cash is essential for small businesses. To thrive, small businesses need financing to enable them to develop innovative new products and bring them to market.

Here’s an overview of small business loans from the US Small Business Administration (SBA), including how they work, who’s eligible, and the best way to apply. We’ll also cover the pros and cons of this type of loan, so you can make an informed decision about whether this is the right option for your business.

We’ll also share with you how you can unlock a line of credit up to $50,000 through Credit Key at Thomasnet.com®, giving you back the power to control your cash flow and get the parts you need for your little one. company.

What is an SBA Small Business Loan?

Founded in 1953 as an independent agency of the federal government, SBA helps entrepreneurs and small business owners “Chase the American Dream”. Business owners and entrepreneurs can take advantage of a loan like this to plan, start and grow their business, whether it’s covering start-up costs, investing in new real estate or to finance an expansion.

Small business loans are approved by participating lenders, most often banks, and partially guaranteed by the SBA. This means that if you were to default on a loan, the SBA would pay your lender a predetermined amount.

There are different types of SBA loans available, each with their own terms and conditions:

7(a) Loans ー Up to $5 million

This is the most frequently used loan program by the SBA, which supports small businesses with special needs. Loans are generally spent for the purchase of real estate, but can be used for supplies, furniture and fittings; short-term and long-term working capital; and to refinance existing corporate debt.

504 Loans ー Up to $5 million

This type of loan is intended for long-term, fixed-rate financing of major capital assets that support business expansion and job creation. This may include the purchase or construction of existing buildings or land, new facilities, and long-term machinery and equipment.

Microloans ー Up to $50,000

It is the smallest program offered by the SBA, with loans of up to $50,000 provided through SBA-funded intermediaries. This loan is available to small businesses as well as some non-profit child care centers to help them start up or expand. These loans are typically used for things like inventory, supplies, furniture, and fixtures.

Click on here to read more detailed information about the different types of SBA loans available.

Who is eligible for an SBA small business loan?

Eligibility criteria depend on your personal situation and how you intend to use the funding. But in general, you must:

  • Be a registered, for-profit business located and operating legally in the United States.
  • Having invested some form of capital, whether time, money or assets, in the business.
  • Clearly communicate the company’s need for financing.
  • Be a “small business” as defined by the SBA.
  • Have exhausted all other financing options.

How to Apply for an SBA Small Business Loan

After researching which SBA loan best suits your needs, you’ll need to apply for the loan directly through the lending institution, whether it’s a bank or a credit union. Once your application is received and reviewed, the lender will submit it to the SBA for a loan guarantee.

Once fully approved by the SBA, it is the lender’s responsibility to close and disburse the loan. In addition, your regular repayments, whether weekly, monthly or semi-monthly, will be paid directly to the lender.

What are the pros and cons of an SBA small business loan?

There are pros and cons to every business decision. What’s important is that you make the right choices for your business. Here are some important pros and cons to consider.


1. Competitive rates

In most cases, SBA loans have similar rates and fees to unsecured loans.

2. Fees

SBA fees are usually quite reasonable. You will pay an initial fee ー an amount generally determined by the size of your loan ー and an annual service fee.

3. Easy to qualify

Because SBA loans provide additional security for lenders, businesses that may not qualify for a typical loan ー perhaps due to poor credit ー can still receive funding.

4. Long refund terms

The added safety net of an SBA loan means that lenders are often willing to put longer repayment terms in place, reducing monthly repayments and reducing the financial strain on your business.

5. Several types of loans

Since SBA loans range from $500 to $5 million, it’s easy to find a loan that meets your unique business needs, for purchases big and small.

6. Ongoing Support

The SBA has several resource centers, including Small Business Development Centers and Women’s Business Centers, which can provide ongoing support for small businesses.

The inconvenients

1. Eligibility criteria

Businesses that have had difficulty obtaining financing can get approved for an SBA loan. However, the eligibility criteria, as stated above, are strict and will exclude certain companies.

2. Slow process

Since SBA loans involve a middleman and detailed documentation is required, getting the financing you need can take a bit longer, usually between one and three months.

3. Fees

As mentioned, SBA fees are usually very reasonable. But you will still need to pay a deposit, usually 10-20% of the total loan amount. Alternatively, you may be asked to pledge assets as collateral.

Buy Now, Pay Later with Credit Key at Thomasnet.com®

Thomas, a Xometry company, has partnered with Credit Key to bring you 30-day interest-free lines of credit up to $50,000, allowing you to buy from thousands of the most qualified Thomasnet.com® suppliers while keeping money in the bank.

The credit key difference

Credit Key is not a financed loan, nor a financial lease. Rather, it’s a line of credit that gives small businesses the flexibility to purchase parts when they need them. You can get pre-approved for a certain amount before placing your order through the Industrial Buying Engine™ on Thomasnet.com®.

Who is eligible for the Credit Key?

Although the application process is straightforward, there are a few eligibility requirements. You have to:

  • Be a U.S. citizen or permanent resident with a social security number as well as the minimum age to sign in your state.
  • Be the business owner or signatory and apply under your personal name.
  • Document the state registration of companies; a federal IEN is not required if the business is a sole proprietorship.
  • Earn a total annual business income of at least $40,000.
  • Have a FICO® score of at least 600.
  • Have a debit card or designated bank account for refunds.

How to apply for a credit key on Thomasnet.com®

Unlike many small business loans that have lengthy application processes, it only takes seconds to apply for Credit Key. Also, there is little to no waiting period. Most companies receive a response immediately.

FullHD_Thomas_CreditKey2.jpg - a few seconds ago

Image Credit: Yeexin Richelle / Shutterstock.com

Global Connector Manufacturer Introduces New Renewable Energy ProductNext story »

More trade and industry

PalmPay Achieves Nigerian Data Protection Regulation (NDPR) Compliance for Data Protection


Palm Pay

PalmPay (www.PalmPay.com), a fintech innovator aiming to make digital payment more accessible and flexible, has achieved compliance status on obligations under the Nigerian Data Protection Regulations (NDPR) for the implementation of all legal requirements.

With the significant growth of the Internet and the digital economy, the use of information raises serious privacy and data protection concerns. Any organization that wants to operate effectively needs to keep its information secure by having a data protection plan in place.

The National Information Technology Development Agency (NITDA) is mandated by the NITDA Act of 2007 to develop regulations for electronic governance and oversight of the use of information technology and electronic data. In response to concerns about the privacy and protection of personal data, as well as the serious consequences of not regulating the processing of personal data, the National Information Technology Development Agency (NITDA) has issued the Nigerian Regulations on data protection (NDPR).

The NDPR provides for the rights of data subjects, the obligations of controllers and processors, the transfer of data to a foreign territory, among others.

As data controller, PalmPay has engaged a NITDA-approved Data Protection Compliance Organization (DPCO) to perform a data protection audit. The DPCO reviewed PalmPay’s ability to provide secure financial information, personal data and entrusted information to third parties. Being NDPR compliant indicates that PalmPay meets high information security requirements.

“Data protection in the payments industry is now more important than ever, where the use of digital payments is growing rapidly and transfers between individuals have changed dramatically. Personal activities or individual behaviors can be tracked at any time. “Helping Associated Data. The security and safety of funds and data will continue to be a priority for PalmPay,” said Chika Nwosu, Managing Director of PalmPay.

“Customer first is one of our core values, and the NDPR compliance status demonstrates how serious we are about it. We remain committed to improving data protection to meet our privacy responsibilities to our users and merchants. »

Distributed by APO Group on behalf of PalmPay.

Media Contact:
PalmPay Global Communications
[email protected]

About Palm Pay:
PalmPay is a fintech innovator that aims to make digital payment more accessible and flexible for consumers and merchants. We enhance users’ digital payment experiences by offering instant financial account creation, money transfers and bill payments.

Since launching in 2019, PalmPay has quickly established itself as one of the continent’s leading and fastest growing payment providers with 10 million users and a mobile money agent network of 200,000.

PalmPay raised a US$100 million Series A funding round in August 2021, with US$140 million raised in total. The company now operates in Nigeria and Ghana, and will expand its proposition to other African markets in 2022.

Learn more about PalmPay at https://www.PalmPay.com/

Who’s Afraid of Open Banking? Answer five questions about how technology has changed the game for corporate finance


Open banking plays a crucial role in the financial sector, but few companies know how it works and the benefits it brings them.

Often, Swoop’s work begins when the bank says “no”: a business found it needed to borrow money for a project, to cover a bill, or to buy property, went to its bank and was turned down for the funds.

While everyone in the bank can agree that it’s a great use of money, the customer is good, and the business is healthy, sometimes those reasons alone aren’t enough to get the money in. in your business account.

Enter Swoop: we have access to the entire corporate finance market. How many lenders does this represent? The number keeps growing, but at the time of writing it is over a thousand. It used to be seven. No wonder businesses need a helping hand to find their way in this complex and diverse world.

What changed?

In a word, digitization. The UK financial services industry is one of the most innovative in the world and over the past decade has invested heavily in digitizing the industry. Whether that means your traditional bank (Lloyds, NatWest, etc.) has offered an app for your mobile or you’ve signed up with a digitally disruptive bank (Starling, Monzo, etc.), you’ll probably be used to performing online payments, check your balance online, and do the banking you used to go to a branch through your computer.

Open banking relies on banks storing their data on computers and sharing the information securely with each other.

What is Open Banking?

Open banking is the process of sharing banking information and data, such as account type, transactions made, standing orders and direct debits, with other entities. This information powers your online banking experience so that the things you need are presented to you while the products that are irrelevant or for which you are not qualified are hidden away. Open banking proactively adapts its offer to your profile and makes recommendations to you as a client while helping service providers to develop new services more suited to your needs.

If you use accounting software, you are already using open banking, as these platforms leverage data extracted from your business bank account.

Why is this important for SMEs?

The benefits of open banking for SMEs are that lenders are increasingly able to offer products that meet the needs of these customers. For example, the Merchant Cash Advance (MCA) is a relatively new product that meets the needs of businesses that experience strong seasonal fluctuations: the lender sets a price on the amount they lend and repayments are made as a percentage of your card credit. Received. The more business you do, the faster you repay.

The other reason SMEs need open banking is so better decisions can be made by lenders and solutions can be found. Rather than manually sifting through hundreds of lenders and thousands of products, APIs (which are the means by which two computers communicate with each other) can find the most appropriate existing product for your needs. Just because your regular bank isn’t lending you money doesn’t mean there aren’t other lenders who are hungry for your business.

Can you trust open banking?

Open banking is regulated by the FSA. This means that companies must follow strict rules and strict standards to keep your data safe.

With open banking, you share the minimum data necessary for the product or service you wish to use via a secure and encrypted digital process; consent can be withdrawn at any time.

The final layer of protection is that if something goes wrong, your bank or building society is obligated to refund your money in the event of an unauthorized payment. You are also protected by data protection laws and the Financial Ombudsman Service.

What are the advantages of open banking?

Through open banking, an institution may be able to see that you are spending a significant amount of money on rent, energy, or currency. They can then come up with deals for the customer to save them money, such as a commercial mortgage, a cheaper energy rate, or a better currency deal.

In the future, lenders may come up with more innovative products that better meet business needs than traditional unsecured business lending.

If your bank says “yes” quickly, congratulations, you’ve struck gold. But beware: there are hundreds of other lenders out there and unless you think you were lucky with the best deal the first time around, it may pay you to shop around.

Swoop uses open banking to help SMEs access financing in the form of grants, loans and equity. The company also finds better deals for customers on a range of must-have products and services.

India’s central bank spurs digital payments boom


The Central Bank of India has digitized the country’s payment process at rapid speed. The Digital Payment Index (DPI), a metric used by the Reserve Bank of India (RBI) to determine the growth of digital payments across the country, rose to 349.30 in March 2022, from 304.06 in September 2021.

The index stood at 153.47 in March 2019 and 173.49 in September 2019, showing aggressive growth in just two years.

Cash is not king; digital money is

The digitization of payment was further boosted by the country’s launch of the Unified Payment Interface (UPI). This payment system allows users to link multiple bank accounts in a single smartphone app and make fund transfers without providing an Indian Financial System Code (IFSC) code or account number.

Users only need a smartphone, an active bank account, an active mobile number linked to the bank account, and an internet connection. Consider it a one-stop solution for anyone in India who wants to make a financial transaction.

Subrata Panda reported that UPI amassed 6.28 billion transactions amounting to 1.3 billion US dollars (10.62 trillion rupees) in July 2022, a record for India’s flagship digital payment platform since its inception in 2016. He also reported that UPI had processed more than 46 billion transactions, amounting to more than US$1.04 trillion (84.17 billion), in FY22 and processed 22.28 billion transactions, amounting to $51 million (Rs 41.03 billion), in FY21.

Narendra Modi

Prime Minister Narendra Modi

Prime Minister Narendra Modi has praised UPI and the country’s fintech sector for helping the country become the world leader in digital payments.

“Today we have many success stories to show the world: UPI-BHIM, our digital payments, our compelling position in fintech. Today, globally, 40% of real-time digital financial transactions are taking place in my country. India has shown feats of innovation to the world,” Modi said at Red Fort on India’s Independence Day.

E-commerce leading the pack

The contribution to the acceleration of digital payment in the world’s seventh largest and second most populous country can be attributed to its e-commerce industry, among other factors. JP Morgan reported in its 2020 E-Commerce Payment Trends Report: India that the e-commerce market in India has seen explosive growth since 2017, growing from a total value of US$38.5 billion to US$61.1 billion in 2019.

The investment banking firm expects this growth to stabilize at a compound annual growth rate (CAGR) of 12.1% by 2023 and picks mobile commerce to outperform other e-commerce, growing at a rate of compound annual growth of 20.1% by 2023 to become a US$54 million (INR 4.412 billion) market at that time.

Nationwide implementation

Government policies are also crucial in rolling out large-scale change, especially with India’s massive population. The DigiDhan mission, first announced by the Ministry of Electronics and Information Technology during the Union budget for 2017-2018, initially targeted 2,500 crore of digital transactions in the financial year. Although it only reaches 2,071 crores (equivalent to ten million or 100 lakh in the Indian numbering system), 2018 and 2021 saw the figure rise to 5,554 crores by the end of 2021.

The department has also implemented electronic payment at the toll plaza enabled by the National Electronic Toll Collection (NETC) on the highway without stopping at the toll using RFID technology. The number of transactions on NETC more than doubled from 11,294 crores in FY19-20 to 22,762 crores in FY20-21.

Fintech innovations contribute to the cause

With a statement by Modi recently released during the Global Fintech Fest 2022, highlighting the importance of the fintech industry in India, the country has become a bedrock for more fintechs and startups as an investment hub .

In the continuity of UPI transactions, the majority of transactions via UPI are not carried out by banks but by Fintech companies such as PhonePe, Paytm and BharatPe, such as reported by Iti Mehrotra, Head of Marketing, Kotak Securities. Mehrotra also added that more than 67% of India’s more than 2,100 fintech companies were launched in the past five years, illustrating the meteoric rise and meteoric growth of fintech in recent times. Emerging fintech innovations include the Buy Now Pay Later (BNPL) model, voice-activated payments, EMI-based payment options, and fast loan services.

The official languages ​​in India are English and Hindi, but it is home to several hundred widely spoken languages. Fintech companies are localizing their services, bringing a new level of inclusiveness to India’s ethnic diversities. PhonePe is one of them, with its app capable of alerting payments in more than nine Indian languages. Paytm and Khatabook also follow suit, offering ten and thirteen languages ​​respectively.

Another sleeping giant?

The government has a flagship program, Digital India, with a vision to transform the country into a “faceless, paperless, cashless” society with digital power and a knowledge economy.

With China’s economic growth in recent years, India, being on par with China in terms of size and population, was once referred to as a sleeping giant.

Its economic potential rivals any country, and promoting cashless transactions while converting India into a less liquid society is a step in the right direction.

Featured image credit: edited from freepik and Unsplash

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How FastAF uses Web3 tools to serve merchants


“We believe that profound change happens when you provide access to something,” said Lee Hnetinka, Founder and CEO of FastAF, at the Breakpoint event. This access can be to something economic, social or physical, and we want to give users access to a good payment and delivery service, he added. FastAF is a delivery company that wants to help merchants access a multiple network of micro fulfillment centers, thereby improving fast deliveries.

Lee explained that with a customer base that included Nike and thousands of products from multiple merchants, they discovered the global payment system was down.

Describing the challenges faced in traditional delivery and payment businesses, Lee share that delivery and payment times are high, as well as the fees and commissions paid by customers when making payments.

The second aspect he pointed out is customer acquisition which involves intimidating ads like on Instagram, but these ads do not provide businesses with loyal customers.

The CEO noted that the company, FastAF, chose blockchain solutions as a remedy for the benefits offered by blockchain.

NFTs are the future credit cards

Using a crypto payment system, such as Stripe, integrated with Solana will help with faster checkout and cheaper fees, Lee pointed out. For customer acquisition, we are introducing the use of NFTs, which we see as the future of credit cards.

He additionally has revealed that the company wants to redefine customer engagement by allowing merchants to release NFTs related to certain products, thereby excluding access to holders of those NFTs. The FastAF company will use NFTs as coupons, rewards and incentives for customers.

Choose a payment solution built by Stripe on Solana It’s important to help native Web2 users of Stripe integrate into the Web3 ecosystem, which is faster, cheaper and more efficient, Lee added.

Also read;

How Stripe Makes Crypto Payment Easier

Top 10 crypto payment processors

MLNs to help protect capital and enhance return potential


With this in mind, we believe that structured investments with full downside protection at maturity, such as market-linked certificates of deposit (MLCDs) and market-linked notes (MLNs), continue to offer improved capital preservation characteristics, as well as a recovery in return compared to short-term bonds.

What are Market Linked Notes (MLN)?

Like traditional bonds, market-linked notes (MLNs) offer a return of principal at maturity. Unlike traditional bonds, MLNs do not pay a fixed rate of interest. Instead, they provide a rules-based payout, with the payout at maturity tied to the performance of a selected underlying index over a specific time horizon. Maturities of 2 to 5 years are common and MLN returns are often based on the performance of an underlying equity index.

Here are some indicative terms for an MLN available in the market at the time of writing (subject to change at any time):

  • Structure: Market related note
  • Maturity time: 5 years
  • Underlying index: Dow Jones Industrial Average (DJIA)
  • Participation in the decline: Full capital protection at maturity
  • Upside participation: 110% of the price return of the Underlying Index at maturity, subject to a cap of 70%

The benchmark for this theme is a 5-year Treasury. With a starting yield of 4.3%, we expect a held-to-maturity 5-year Treasury bond to offer a five-year yield of around 23%. The exact return will depend on the interest rate environment in which the bond coupons can be reinvested; if returns increase, this will improve the return on any reinvested income; but if they fall from here, it will reduce the total return of the treasury investment.

Historically, a structured investment with the conditions described above would have generated a return of over 23% – beating the 5-year Treasury benchmark with a current yield of 4.3% to maturity – on around 63% of all rolling 5-year periods since 1926. The note would have produced an average return of 38% (6.6% per year), receiving the maximum gain (70% or 11.2% per year) on approximately 28% of all historical 5-year performance periods.

It is possible that this historical analysis underestimates the chances of the theme outperforming. The DJIA is already more than 10% off its last all-time high; historically, this would have improved the chances of a high return over the next five years. Additionally, we expect bond yields to fall over the next five years, which would slightly reduce the yield of the benchmark 5-year Treasury. Together, these factors slightly improve the likelihood of an MLN with these conditions outperforming a 5-year Treasury from here. On the other hand, the theme carries three main risks: a bear market, issuer default and liquidity risk.

We believe that MLCDs and MLNs are particularly effective as part of a bond ladder in your liquidity strategy, where assets are reserved for spending over the next 3-5 years. The liquidity strategy is designed to help you meet all portfolio cash needs for the next 3-5 years. For this portion of your wealth, the primary objective is capital preservation, with return being a secondary consideration. For more information, see Liquidity Strategy: A Rising Tide Raises All Yields.

For more information on the UBS Chief Investment Office’s implementation recommendations and details on the theme’s performance to date, please read the full report: Theme Update: Improving Liquidity Strategy Return Potential with MLCDs and MLNs.

Main contributors: Leslie Falconio, Michelle Laliberte, Daniel J. Scansaroli and Justin Waring

Read the full report Thematic Update: Enhancing Liquidity strategy return potential with MLCDs and MLNs, November 10, 2022.

This content is a product of the Chief Investment Office of UBS.

UBS Wealth Way is an approach integrating Liquidity. Longevity. Legacy. strategies that UBS Financial Services Inc. and our financial advisors can use to help clients explore and pursue their wealth management needs and goals over different time periods. This approach is not a promise or guarantee that wealth, or financial results, can or will be achieved. All investments involve the risk of loss, including the risk of loss of the entire investment. Deadlines may vary. Strategies are subject to each client’s goals, objectives and relevance.

Credit Card Fees and Penalties: Frequently Asked Questions


Credit card companies quickly charge fees for a variety of reasons. If you make a late payment, take a cash advance, or use your card in a foreign country, you may be charged a fee. Some fees and penalties are more expensive than others, but they can add up quickly, so it’s important to understand how to avoid them. As with all things credit card, sticking to your budget, making your payment promptly, and reading the fine print should keep you safe and out of trouble. Read on for our tips on how to avoid credit card charges and penalties.

How to avoid credit card charges and penalties

These guidelines will help you both avoid fees and penalties and build your credit.

  • Choose the right credit card. Look for a card with no annual fee Where no foreign transaction fees if you plan to travel abroad. You can use more than one credit card to maximize your benefits without paying fees. There is also credit cards with no balance transfer feesif it is a financial maneuver that you plan to do.
  • Pay your balance monthly. Many of the fees charged by credit card companies are related to the outstanding balance. By paying your bill in full each month, you avoid interest charges absolutely.
  • Make your minimum payment before the due date. Pay your bill in full each month to avoid interest, but when budget constraints arise, you can always avoid late fees and other penalties by make at least the minimum payment.
  • Configure alerts. Many credit card companies have recently added the ability to set up alerts in your account. You can set alerts when your payment is due, when you reach a spending threshold, or when you’re close to your credit limit. These alerts not only help you avoid late payment fees, but can also ensure that you avoid overlimit or refund fees. You can also set up automatic payment on your credit cards so you never miss a payment.
  • Beware of credit limits and spending thresholds. To avoid overlimit charges, try not to spend up to your credit limit. Credit card companies usually give a small buffer above your credit limit for emergencies. For the best effects for your credit, try to stay below 30% of your Credit limit.
  • Check that you have sufficient funds in your bank account. Finally, to avoid return payment fees, be sure to check that you have enough funds in your bank account to cover scheduled payments.

While these rules generally save you additional fees, understanding individual fees can help you shape your financial strategy. Below are the ten most common credit card fees and penalties.

  1. Late fee

A credit card late fee is charged by a credit card issuer if the minimum amount due is not received on time. Charges can go up to $28 for the first offense and up to $41 for the second offense within six monthly billing cycles. You may be charged late fees per billing cycle.

2. Purchase APR

The purchase APR is what you pay in interest when you make a purchase with your credit card. Some credit cards come with a first purchase APR, which is a lower interest rate offered for a fixed term. Once the introductory period is over, the regular purchase APR will take effect.

3. APR Penalty

A APR penalty is a higher than normal rate resulting from breaching the card’s terms of service, such as not paying your monthly bill on time. It’s costly, damaging to your credit, and usually takes months to resolve. If you make a payment 60 days or more late, your card issuer may apply an APR penalty to your account. This will generally apply to both your current balance and your future purchases, and it can significantly increase your interest rate – sometimes up to 30% APR.

4. Annual subscription

Some credit cards charge an annual fee in exchange for rewards and benefits. Annual fees can range from $39 to over $500, but there are plenty of good credit cards with no annual fee.

5. Balance Transfer Fee

A balance transfer fee is a fee charged to transfer debt from one account to another. It is usually around 3% of the total amount you transfer, but can be as high as 5%. There is usually a $5 or $10 minimum balance transfer fee.

6. Foreign Transaction Fees

A foreign transaction fees is charged by a credit card issuer for transactions made abroad, either in local currency or in US dollars. Fees can vary from card to card, but are generally around 3% of the purchase. Travel Credit Cards generally do not charge foreign transaction fees.

7. Cash advance fees

Credit card companies charge a fee for cash advances, the money you withdraw from an ATM. Fees are usually a percentage of the transaction, with a minimum of $10. Plus, interest will accrue immediately on the cash advance, which is likely to be much higher than the APR for any credit card purchases you make.

8. Returned Payment Fees

A returned payment fee is a fee charged by a bank when an electronic bill payment or electronic transfer transaction is rejected due to insufficient balance in an account, such as when a check is unpaid. This fee can be around $30 and is charged by the bank when it rejects certain transactions.

9. Overlimit Fee

Overlimit charges may occur when you charge more than your credit limit to your credit card. Credit card issuers offer account holders the option to accept over-limit charges, otherwise these charges will be declined. Without your consent, they cannot charge overlimit fees. The CARD Act of 2009 also prohibits issuers from charging more than the amount you exceed the limit.

10. Payment Fees

Credit card payment fees may be charged at checkout, whether in-store or online. These fees are charged by the merchant rather than the credit card issuer. They can be a percentage of the total purchase price or a flat fee. They may also be called surcharges.

The bottom line

If you make your payments on time and in full and choose the right credit cards for your wallet, you can potentially avoid all common credit card fees and penalties. To find the best credit carddiscover our choices for the best cash back credit cards, best credit cards with rewards and best balance transfer credit cards.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Companies “lack of a fight”; UK recession fears rise as GDP contracts

UK businesses are bracing for a tough winter amid soaring inflation and higher energy bills.

Andrew Matthews – Pa Pictures | Pa pictures | Getty Images

LONDON – The doors of The 25, a boutique bed and breakfast based in Torquay on the UK’s south west coast, are now closed for the winter period. But this season they will remain closed longer than usual.

With rising energy bills and rising costs weighing on UK businesses, owner Andy Banner-Price has postponed the reopening by a month until spring.

And while forward bookings from repeat customers remain strong, new inquiries are down 50% and bookings down 15% from previous years, giving an uncertain outlook for the year ahead.

“I suspect a lot of people have a wait-and-see approach because there’s so much uncertainty in the economy right now,” Banner-Price told CNBC.

Many (businesses) aim to ride out the Christmas rush and then close in January.

Tina McKenzie

Chair of Policy and Advocacy, Federation of Small Businesses

“It’s a cumulative effect of bad news every time you turn on the television or open a newspaper,” he said.

“I think we sometimes talk to each other about a recession,” he continued. “Negative growth will only make some people even more worried about their jobs and wary about spending money.”

The longest recession on record in the UK

The Bank of England warned last week that the UK is now heading into its longest recession since records began a century ago.

Friday’s data showed that the economy contracted by 0.2% in the third quarter of this year – likely marking the start of an official recession (defined as two consecutive quarters of negative growth).

The central bank expects GDP (gross domestic product) to continue to decline through 2023 and the first half of 2024. The projected two-year slowdown is expected to be “very difficult”, the bank said, costing around 500 000 jobs and piling the strain on already pinched businesses and households.

A woman walks past dilapidated and shuttered shops in Romford, England.

John Keble | Getty Images News | Getty Images

Tina McKenzie, chair of policy and advocacy at the Federation of Small Businesses, said many UK small and medium-sized businesses are now “attacked from a variety of sides”, citing reduced access to money and labour. work, as well as inflationary pressures.

UK consumer inflation hits 40-year high 10.1% in Septemberwhile producer input prices remained stubbornly raised to 20%. The BOE warned that interest rates, currently set at 3%will likely have to rise more than expected to bring inflation back towards its 2% target.

Still, the worst effects of a coming downturn may not show up until the first or second quarter of 2023, McKenzie said. Meanwhile, many businesses, especially those in the hospitality and retail sectors, are just biding their time.

“Businesses are under tremendous pressure. Many are aiming to push through the Christmas rush and then close doors in January,” McKenzie told CNBC via zoom call.

“Austere and frightening”

More than a third (35%) of the UK hospitality sector says it is at risk of closing early next year due to rising costs, soaring energy bills and falling spending on consumption, according to a survey of operators released last week.

“It’s stark and scary,” said David Holliday, co-founder of Norfolk, England-based brewer Moon Gazer Ale, which supplies craft ales and lagers to pubs across the country.

The Bank of England has warned that the UK is facing its longest recession since records began a century ago.

Huw Fairclough | Getty Images News | Getty Images

So far, Holliday said his company is “taking the hit” and absorbing increased production and energy costs to protect customers. But if by spring these price increases look set to continue, it will have to pass on these costs.

“We’ve shared the pain with our clients, but it won’t be lasting in six to 12 months,” Holliday said. This year alone, he estimates Moon Gazer Ale’s energy bills have risen by £25,000-30,000 ($29,000-$35,000) as costs in Europe have risen following the invasion of Ukraine by Russia.

A percentage of the industry will say, to me, there is no sequel.

David Holiday

co-founder, Moon Gazer Ale

For many, however, another cost spike could spell the end of an “uphill three-year struggle” for an industry already crippled by Covid-19 restrictions, staff shortages and inflationary pressures.

“They’re kind of short of a fight,” Holliday said. “A percentage of the industry will say, to me, there’s no sequel.”

Spending cuts, tax hikes on the horizon

Business owners will now look to the UK’s long-awaited November 17 autumn statement, in which Finance Minister Jeremy Hunt is expected to outline £60bn ($69bn) in job cuts. spending and tax hikes to fill the hole in the beaten country. Public finances.

But many fear that the Treasury is going too far in its attempts to restore the UK’s economic situation – damaged by Liz Truss’s chaotic mini-budget – that it will create new problems for struggling industries and hamper the economic growth in the future.

“Because of Liz Truss and Kwasi Kwarteng, they’ve gone to the other extreme and they’re in such a cautious mode,” McKenzie said.

Early drafts of the government’s plan contain up to £35billion in spending cuts and around £25billion in tax increases, according to the Guardian. As the BOE’s chief economist, Huw Pill warned monday that massive tax hikes and spending cuts could expose Britain to a bigger-than-expected ‘economic downturn’.

The UK Treasury said it would not comment on “speculation around tax changes” when contacted by CNBC.

“We’re worried they’ll get so extreme to please investors. And if they don’t do anything to protect the most vulnerable, they won’t get the growth,” McKenzie said, citing improved migration policies and a TVA. reduction in rates as potential areas where the government could offer support.

And while some business owners like Banner-Price are confident they will make it through as consumers return to fewer but more quality experiences and products, its fortunes and those of many others will hinge on the ability of the wider business community to weather the storm.

“Even though we are surviving well, our customers still need to visit thriving local restaurants, cafes, tourist attractions, etc. They still need to be able to shop and visit the theater, take a taxi, and use all the other small businesses,” said Banner- Price said.


This Annual Report on Form 10-K contains forward-looking statements within the
meaning of Section 21E of the Exchange Act and Section 27A of the Securities
Act. For this purpose, any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, the words "believes," "anticipates," "plans," "expects"
and similar expressions are intended to identify forward-looking statements.
Factors that could cause actual results to differ materially from those
reflected in the forward-looking statements include, but are not limited to,
those discussed in Item 1A. Risk Factors and elsewhere in this Report. For more
information, see "Forward Looking Statements." Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the date
hereof. We do not undertake any obligation to update forward-looking statements
whether as a result of new information, future events or otherwise.

The following discussion and analysis of our financial condition and results of
operations should be read together with our consolidated financial statements
and related notes included in Part II, Item 8 of this Annual Report on Form
10-K, which recasts the financial information in the Company's Annual Report on
Form 10-K for the year ended July 31, 2021 to present IWCO Direct (formerly our
Direct Marketing segment) as a discontinued operation.


SteelConnect, Inc. (the “Company”) is a holding company which operates through its wholly owned subsidiary, ModusLink Corporation (“ModusLink” or “Supply Chain”), which serves the supply chain management market.

ModusLink provides digital and physical supply chain solutions to many of the
world's leading brands across a diverse range of industries, including consumer
electronics, telecommunications, computing and storage, software and content,
consumer packaged goods, medical devices, retail and luxury and connected
devices. These solutions are delivered through a combination of industry
expertise, innovative service solutions, and integrated operations, proven
business processes, an expansive global footprint and world-class technology.
With a global footprint spanning North America, Europe and the Asia Pacific
region, the Company's solutions and services are designed to improve end-to-end
supply chains in order to drive growth, lower costs, and improve profitability.

Provision of IWCO Direct Holdings, Inc. (“IWCO Direct” or “Direct Marketing”)

Beginning in the second quarter of 2020, with the shutdown of the U.S. economy
due to the COVID-19 pandemic, IWCO Direct's business was significantly and
adversely affected by a material reduction in customer mailing activities.
Against this backdrop, the Company held, on behalf of IWCO Direct, extensive
discussions with Cerberus about amending and extending IWCO Direct's credit
facility with Cerberus under which there was approximately $361 million
outstanding as of January 31, 2022 that was to mature in December 2022. In
addition, the Company's Board of Directors considered a range of
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strategic options to address the impending maturity. In mid-January 2022, it
became apparent that it would not be possible to extend or refinance the credit
facility prior to its maturity. In addition, short-term funding under the
revolving credit facility became unavailable. IWCO Direct was in the process of
implementing the previously disclosed competitive improvement plan ("CIP")
intended to address the changing requirements of its customers and markets.
Despite initial favorable outcomes and improving prospects from the CIP, the
Company was unable to amend IWCO Direct's credit facility or identify
alternatives to refinance IWCO Direct's indebtedness given the magnitude of that
indebtedness relative to the performance of IWCO Direct's business.

In light of these developments, the Board of Directors determined that it was in
the best interests of the Company's stockholders to pursue an orderly and
consensual disposition of IWCO Direct to the Cerberus-led investor group.
Although the Board of Directors considered other alternatives for IWCO Direct,
the Board of Directors concluded that such alternatives would not be viable and
on February 25, 2022, the Company completed the disposition of IWCO Direct to
the Cerberus-led investor group (the entire transaction being referred to as the
"IWCO Direct Disposal"). The Company did not receive any cash consideration from
the Cerberus-led investor group in exchange for the disposition of IWCO Direct.

The Company deconsolidated IWCO Direct as of February 25, 2022 as it no longer
held a controlling financial interest as of that date. The results of IWCO
Direct are presented as a discontinued operation in all periods reported. Refer
to Notes 1 and 3 to the consolidated financial statements in Part II, Item 8 of
this Annual Report on Form 10-K for further information on the IWCO Direct


Historically, a limited number of key clients have accounted for a significant
percentage of the Company's revenue. For the fiscal years ended July 31, 2022
and 2021, the Company's 10 largest clients accounted for approximately 78% and
81% of consolidated net revenue from continuing operations, respectively. Two
customers accounted for approximately 31% and 12% of the Company's consolidated
net revenue from continuing operations for the fiscal year ended July 31, 2022,
and one customer accounted for 42% of the Company's consolidated net revenue
from continuing operations for the fiscal year ended July 31, 2021. No other
clients accounted for greater than 10% of the Company's consolidated net revenue
from continuing operations for the fiscal year ended July 31, 2022 and 2021.

In general, the Company does not have any agreements that obligate any client to
buy a minimum amount of services from it or designate it as an exclusive service
provider. Consequently, the Company's net revenue is subject to demand
variability by our clients. The level and timing of orders placed by the
Company's clients vary for a variety of reasons, including seasonal buying by
end-users, the introduction of new technologies and general economic conditions.
By diversifying into new markets and improving the operational support structure
for its clients, the Company expects to offset the adverse financial impact such
factors may bring about.

Impact of COVID-19

The ongoing COVID-19 pandemic (in particular, the emergence of new variants of
the virus across the globe) has caused, and continues to cause, significant
disruptions in the U.S. and global economies. For example, national and local
governments in the United States and around the world continue to implement
measures to prevent the spread of COVID-19 and its variants, including travel
bans, prohibitions on group events and gatherings, shutdowns of certain
businesses, quarantines, curfews, and recommendations to practice physical
distancing. Such measures have restricted and continue to restrict individuals'
daily activities and curtail or cease many businesses' normal operations. The
COVID-19 pandemic has adversely impacted, and is likely to further adversely
impact, nearly all aspects of our business and markets, including our workforce
and the operations of our clients, suppliers, and business partners. Beginning
in March 2020, when the World Health Organization categorized COVID-19 as a
pandemic and the President of the United States declared the COVID-19 outbreak a
national emergency, we experienced impacts to our customers' demand, facility
operations, supply chain, availability and productivity of personnel, while also
working to comply with rapidly evolving international, federal, state and local
restrictions and recommendations on travel and workplace health and safety. We
experienced disruptions to our business continuity as a result of temporary
closures of certain of ModusLink's facilities in the third and fourth quarters
of fiscal year 2020, as well as the four quarters of fiscal year 2021. However,
these temporary closures did not have a significant impact on ModusLink's

An outbreak in Mainland China forced temporary lockdown orders from March 14,
2022 to March 20, 2022 in several cities in which ModusLink operates. In April
and May 2022, there were further temporary lockdown orders which impacted
several ModusLink facilities in China; however, ModusLink was able to resume
operations on May 5, 2022 at one site and at another site on May 31, 2022. In
July 2022, there were further temporary lockdown orders which impacted one
ModusLink facility in China. In September and October 2022, there were further
temporary lockdown order which impacted several ModusLink facilities in China.
The lockdowns in China have not had a significant impact to ModusLink's
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through the filing of this Annual Report on Form 10-K. If the situation
continues at this level or worsens, however, it could result in a potential
adverse impact on our business, results of operations and financial condition.
We will evaluate further actions if circumstances warrant.

Beginning in the second quarter of 2020, with the shutdown of the U.S. economy
due to the COVID-19 pandemic, IWCO Direct's business was also significantly and
adversely affected by a material reduction in customer mailing activities.
Additionally, although IWCO Direct operated as an essential business, it had
reduced operating levels and labor shifts due to lower sales volume during the
third quarter of fiscal year 2020.

To help combat these impacts and mitigate the financial impact of the COVID-19
pandemic on our business, during fiscal year 2020 we took proactive measures by
initiating cost reduction actions, including the waiver of board fees, hiring
freezes, staffing and force reductions, company-wide salary reductions, bonus
payment deferrals and temporary 401(k) match suspension. The temporary waiver of
board fees and company-wide salary reduction actions taken in the prior fiscal
year were fully restored prior to the beginning of fiscal year 2021, and the
majority of salary reductions were repaid prior to the fiscal quarter ended
January 31, 2021.

Additionally, against the backdrop of the reduction in IWCO Direct's business,
the Company held extensive discussions with Cerberus about amending and
extending IWCO Direct's credit facility with Cerberus under which there was
approximately $361.3 million outstanding as of January 31, 2022 that was to
mature in December 2022. These discussions ultimately resulted in the
disposition of IWCO Direct. For more information, see "Disposition of IWCO
Direct" above and
Note 3 below. We continue our focus on cash management and liquidity, which
includes aggressive working capital management.

We continue to closely monitor the impact of COVID-19 on all aspects of our
business and geographies, including its impact on our clients, employees,
suppliers, vendors, business partners and distribution channels. We believe that
such impacts could include, the continued disruption to the demand for our
businesses' products and services; disruptions in or closures of our business
operations or those of our customers or suppliers; the impact of the global
business and economic environment on liquidity and the availability of capital;
increased costs and delays in payments of outstanding receivables beyond normal
payment terms; supply chain disruptions; uncertain demand; and the effect of any
initiatives or programs that we may undertake to address financial and
operational challenges faced by our customers. Despite indications of economic
recovery, the severity of the impact of the COVID-19 pandemic on the Company's
business in the fiscal year ending July 31, 2022 and beyond is difficult to
predict and will depend on a number of uncertain factors and trends. Such
factors and trends include, but are not limited to: the duration and severity of
the virus and its current variants; the emergence of new variant strains; the
availability and widespread use of vaccines; the impact of the global business
and economic environment on liquidity and the availability of capital; the
extent and severity of the impact on our customers and suppliers; and U.S. and
foreign government actions that have been taken, or may be taken in the future,
to mitigate adverse economic or other impacts or to mitigate the spread of the
virus and its variants. The Company continues to monitor for any developments or
updates to COVID-19 guidelines from public health and governmental authorities,
as well as the protection of the health and safety of its personnel, and is
continuously working to ensure that its health and safety protocols, business
continuity plans and crisis management protocols are in place to help mitigate
any negative impacts of the COVID-19 pandemic on the Company's employees,
business or operations.


Merger project with Steel assets

On June 12, 2022, the Company, Steel Partners Holdings L.P. ("Steel Holdings")
and SP Merger Sub, Inc., a wholly-owned subsidiary of Steel Holdings ("Merger
Sub"), entered into an agreement and plan of merger (the "Merger Agreement"),
pursuant to which Merger Sub will merge with and into the Company (the
"Merger"), with the Company surviving the Merger as a wholly-owned subsidiary of
Steel Holdings. The Merger Agreement provides that each share of the Company's
common stock issued and outstanding immediately prior to the effective time of
the Merger (other than dissenting shares and shares owned by the Company, Steel
Holdings or any of their respective subsidiaries) will, subject to the terms and
conditions set forth in the Merger Agreement, be converted into the right to
receive (i) $1.35 in cash, without interest and (ii) one contingent value right
to receive a pro rata share of the proceeds received by the Company, Steel
Holdings or any of their affiliates with respect to the sale, transfer or other
disposition of all or any portion of the assets currently owned by ModusLink
within two years of the Merger's closing date, to the extent such proceeds
exceed $80 million plus certain related costs and expenses. Steel Holdings and
certain of its affiliates have also entered into a Voting and Support Agreement
pursuant to which, among other things, they have agreed to vote all shares of
common stock and Series C Preferred Stock beneficially owned by them in favor of
the adoption of the Merger Agreement and the Merger and any alternative
acquisition agreement approved by the Company's Board of Directors (acting on
the recommendation of the special committee (the "Special Committee") of
independent and disinterested directors formed to consider and negotiate the
terms and conditions of the Merger and to make a recommendation to our Board of

————————————————– ——————————


The Merger Agreement includes a "go-shop" period that expired at 11:59 p.m.
Eastern time on July 12, 2022, during which the Company was authorized to
actively solicit and consider alternative acquisition proposals. Although the
Company's financial advisor contacted or held discussions with numerous parties,
no offers were received during the go shop period.

The closing of the Merger is conditioned upon receipt of approval of the Merger
from (i) the holders of a majority in voting power of the outstanding shares of
common stock and Series C Preferred Stock of the Company (voting on an as
converted to shares of common stock basis), voting together as a single class,
(ii) a majority of the outstanding shares of common stock of the Company not
owned, directly or indirectly, by Steel Holdings and its affiliates and related
parties, and any other officers or directors of the Company, and (iii) the
holders of a majority of the outstanding shares of Series C Preferred Stock of
the Company, voting as a separate class, as well as other customary closing
conditions. Accordingly, there can be no assurance that the Company will be able
to complete the Merger on the expected timeline or at all. See "Part I, Item 1A.
Risk Factors" included in this Annual Report on Form 10-K.

Our Board of Directors, acting on the unanimous recommendation of the Special
Committee, and the Board of Directors of Steel Partner Holdings GP Inc., the
general partner of Steel Holdings, approved the Merger Agreement and the
transactions contemplated by the Merger Agreement (such transactions,
collectively, the "Transactions") and resolved to recommend the stockholders
adopt the Merger Agreement and approve the Transactions. The Special Committee,
which is comprised solely of independent and disinterested directors of the
Company who are unaffiliated with Steel Holdings, exclusively negotiated the
terms of the Merger Agreement with Steel Holdings, with the assistance of its
independent financial and legal advisors.

Subject to the satisfaction of all of the conditions to closing, including the
receipt of the requisite stockholder approvals, the Merger is expected to close
in the last quarter of calendar 2022.

Operating results

Unless otherwise stated, this analysis of operating results relates to our continuing operations.

Fiscal 2022 vs. Fiscal 2021

                                               Fiscal Year Ended        Fiscal Year Ended
                                                 July 31, 2022            July 31, 2021           $ Change1             % Change1
                                                                                   (In thousands)
Net revenue                                    $    203,272             $    226,256             $ (22,984)                   (10.2) %
Cost of revenue                                    (161,736)                (178,552)               16,816                      9.4  %
Gross profit                                         41,536                   47,704                (6,168)                   (12.9) %
Gross margin percentage                                20.4     %               21.1     %
Selling, general and administrative                 (40,373)                 (49,274)                8,901                     18.1  %
Interest expense                                     (3,120)                  (2,615)                 (505)                   (19.3) %
Other gains, net                                      4,089                    1,187                 2,902                    244.5  %
Income (loss) from continuing operations
before income taxes                                   2,132                   (2,998)                5,130                    171.1  %
Income tax expense                                  (11,388)                  (8,837)               (2,551)                   (28.9) %
Net loss from continuing operations                  (9,256)                 (11,835)                2,579                     21.8  %
Net loss from discontinued operations                (1,712)                 (32,556)               30,844                     94.7  %

1 favorable (unfavourable) change

Net revenue:

Consolidated net revenue from continuing operations, for the fiscal year ended
July 31, 2022, decreased by approximately $23.0 million, as compared to the
fiscal year ended July 31, 2021. This decrease in net revenue was primarily
driven by lower volume associated with clients in the computing and consumer
electronics markets which have been negatively impacted by global market
shortage of semiconductor and other electrical component supplies. Fluctuations
in foreign currency exchange rates had an insignificant impact on the net
revenue for the fiscal year ended July 31, 2022, as compared to the same period
in the prior year.

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Cost of Revenue:

Consolidated cost of revenue from continuing operations consists primarily of
expenses related to the cost of materials purchased in connection with the
provision of supply chain management services as well as costs for salaries and
benefits, contract labor, consulting, fulfillment and shipping, and applicable
facilities costs. Supply Chain's cost of revenue decreased by $16.8 million for
the fiscal year ended July 31, 2022, as compared to the prior year, primarily
due to a $17.0 million decrease in materials procured on behalf of clients.
Supply Chain's gross margin percentage for the fiscal year ended July 31, 2022
decreased 70 basis points to 20.4% from 21.1% in the fiscal year ended July 31,
2021, primarily due to lower revenues and higher labor costs. Fluctuations in
foreign currency exchange rates had an insignificant impact on Supply Chain's
gross margin for the fiscal year ended July 31, 2022, as compared to the same
period in the prior year.

Selling, general and administrative expenses:

Consolidated selling, general and administrative expenses ("SG&A") from
continuing operations consist primarily of compensation and employee-related
costs, sales commissions and incentive plans, information technology expenses,
travel expenses, facilities costs, consulting fees, fees for professional
services, depreciation expense, marketing expenses, share-based compensation
expense, transaction costs, restructuring and public reporting costs. SG&A
expenses for the fiscal year ended July 31, 2022 decreased by approximately $8.9
million, as compared to the same period in the prior year. Supply Chain's SG&A
expenses decreased by $10.7 million primarily due to lower costs associated with
the information technology function for the Supply Chain segment.
Corporate-level activity increased by $1.8 million, primarily due to an increase
in professional fees. Fluctuations in foreign currency exchange rates had an
insignificant impact on SG&A expenses for the fiscal year ended July 31, 2022.

Interest charges:

Total interest expense, net, for the year ended July 31, 2022 increased by about $0.5 million mainly due to the higher interest expense related to the increase in the discount on the SPHG note.

Other earnings, net:

Other gains, net for the fiscal year ended July 31, 2022 were approximately $4.1
million. Other gains, net included gains of $0.9 million from the derecognition
of accrued pricing liabilities in the Supply Chain segment, net realized and
unrealized foreign exchange gains of $2.4 million, and $0.7 million of sublease
income in the Supply Chain segment.

Other gains, net for the fiscal year ended July 31, 2021 were approximately $1.2
million. Other gains, net included gains of $3.2 million from the derecognition
of accrued pricing liabilities in the Supply Chain segment, partially offset by
net realized and unrealized foreign exchange losses of $1.9 million in the
Supply Chain segment.

The income tax charge:

Company recorded income tax expense of approximately $11.4 million and $8.8
million for the fiscal years ended July 31, 2022 and 2021, respectively. The
increase in income tax expenses for the year ended July 31, 2022 is primarily
due to the income tax expense associated with an increase in the valuation
allowance recorded on deferred tax assets as a result of the IWCO Direct

Net loss from continuing operations:

Net loss from continuing operations for the year ended July 31, 2022 decreased
$2.6 million, as compared to the same period in the prior year. The decrease in
net loss from continuing operations is primarily due an increase in foreign
exchange gains and an increase in operating income, partially offset by an
increase in income taxes.

Net loss from discontinued operations:

Net loss from discontinued operations for the year ended July 31, 2022 and 2021
were $1.7 million and $32.6 million, respectively, and reflects the net loss for
IWCO Direct. See Note 3 to the Consolidated Financial Statements in "Part II,
Item 8. Financial Statements and Supplementary Data" included in this Annual
Report on Form 10-K.

Cash and capital resources

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Anticipated Sources and Uses of Cash Flow

Historically, the Company has financed its operations and met its capital
requirements primarily through funds generated from operations, the sale of its
securities, borrowings from lending institutions and sale of facilities that
were not fully utilized. The Company believes it has access to adequate
resources to meet its needs for normal operating costs, debt obligations and
working capital for at least the next twelve months. The following table
summarizes our liquidity:

                                                                   July 31,
                                                                (In thousands)
Cash and cash equivalents                                      $        53,142
Readily available borrowing capacity under Umpqua Revolver              11,890
                                                               $        65,032

Due to the changes reflected in the U.S. Tax Cuts and Jobs Act in December 2017
("U.S. Tax Reform"), there is no U.S. tax payable upon repatriating the
undistributed earnings of foreign subsidiaries considered not subject to
permanent investment. Foreign withholding taxes would range from 0% to 10% on
any repatriated funds. For the Company, earnings and profits have been
calculated at each subsidiary. The Company's foreign subsidiaries are in an
overall net deficit for earnings and profits purposes. As such, no adjustment
was made to U.S. taxable income in the fiscal year ended July 31, 2022 relating
to this aspect of the U.S. Tax Reform. In future years, the Company believes
that it will be able to repatriate its foreign earnings without incurring
additional U.S. tax as a result of a 100% dividends received deduction. The
Company believes that any future withholding taxes or state taxes associated
with such a repatriation would be minor. However, foreign laws may delay or add
cost to any repatriation of cash from outside the U.S., which costs or delays
may be significant.

Disposal of IWCO Direct

As a result of the IWCO Direct Disposal, the Company has no debt outstanding
under the Cerberus Credit Facility (as defined below) as of July 31, 2022.
Additionally, the CIP, which had estimated future cash outflows remaining of
approximately $44 million, is no longer a future cash outflow of the Company.

Consolidated net working capital was $26.0 million at July 31, 2022, compared
with $22.3 million at July 31, 2021. Included in net working capital were cash
and cash equivalents of $53.1 million at July 31, 2022 and $58.1 million at
July 31, 2021. The improvement in net working capital was primarily related to
an increase in accounts receivable of $3.5 million from the fiscal year ended
July 31, 2021.

Sources and uses of cash for the year ended July 31, 2022compared to the year ended July 31, 2021are the following:

                                                    Fiscal Year Ended
                                                        July 31,
                                             2022          2021        Change
                                                     (In thousands)
Net cash used in operating activities     $ (3,134)     $ (8,110)     $ 4,976
Net cash used in investing activities       (1,485)       (1,035)        (450)
Net cash used in financing activities       (2,297)       (2,195)        (102)

Operating Activities: Net cash used in operating activities was $3.1 million for
the fiscal year ended July 31, 2022, compared to $8.1 million for the fiscal
year ended July 31, 2021. The Company's future cash flows related to operating
activities are dependent on several factors, including profitability, accounts
receivable collections, effective inventory management practices and
optimization of the credit terms of certain vendors of the Company, and overall
performance of the technology sector impacting the Supply Chain segment. The
decrease in cash used as compared to the prior fiscal year was primarily due to
an increase in working capital of $3.8 million.

Investing Activities: Net cash used in investing activities was $1.5 million and
$1.0 million for the fiscal year ended July 31, 2022 and 2021, respectively, and
was primarily comprised of capital expenditures. The increase in capital
expenditures in the fiscal year ended July 31, 2022 is primarily due to reduced
capital spending in the prior year as a result of the COVID-19 pandemic.


————————————————– ——————————

Table of Contents Fundraising Activities: The $2.3 million and $2.2 million cash used in financing activities during the year ended July 31, 2022 and 2021, respectively, was mainly due to $2.1 million in payment of preferential dividends during each period.

Below is a summary of the Company’s outstanding debt and financing arrangements and preferred stock. Refer to notes 7 and 19 of our consolidated financial statements for more information.

7.50% Convertible Senior Note

On February 28, 2019, the Company entered into that certain 7.50% Convertible
Senior Note Due 2024 Purchase Agreement with SPHG Holdings whereby SPHG Holdings
loaned the Company $14.9 million in exchange for a 7.50% Convertible Senior Note
due 2024 (the "SPHG Note"). The SPHG Note bears interest at the fixed rate of
7.50% per year, payable semi-annually in arrears on March 1 and September 1 of
each year, beginning on September 1, 2019. The SPHG Note will mature on March 1,
2024 (the "SPHG Note Maturity Date"), unless earlier repurchased by the Company
or converted by the holder in accordance with its terms prior to such maturity

At its election, the Company may pay some or all of the interest due on each
interest payment date by increasing the principal amount of the SPHG Note in the
amount of such interest due or any portion thereof (such payment of interest by
increasing the principal amount of the SPHG Note referred to as "PIK Interest"),
with the remaining portion of the interest due on such interest payment date
(or, at the Company's election, the entire amount of interest then due) to be
paid in cash by the Company. Following an increase in the principal amount of
the SPHG Note as a result of a payment of PIK Interest, the SPHG Note will bear
interest on such increased principal amount from and after the date of such
payment of PIK Interest. SPHG Holdings has the right to require the Company to
repurchase the SPHG Note upon the occurrence of certain fundamental changes,
subject to certain conditions, at a repurchase price equal to 100% of the
principal amount of the SPHG Note plus accrued and unpaid interest. The Company
will have the right to elect to cause the mandatory conversion of the SPHG Note
in whole, and not in part, at any time on or after March 6, 2022, subject to
certain conditions including that the stock price of the Company exceeds a
certain threshold. SPHG Holdings has the right, at its option, prior to the
close of business on the business day immediately preceding the SPHG Note
Maturity Date, to convert the SPHG Note or a portion thereof that is $1,000 or
an integral multiple thereof, into shares of common stock (if the Company has
not received a required stockholder approval) or cash, shares of common stock or
a combination of cash and shares of common stock, as applicable (if the Company
has received a required stockholder approval), at an initial conversion rate of
421.2655 shares of common stock, which is equivalent to an initial conversion
price of approximately $2.37 per share (subject to adjustment as provided in the
SPHG Note) per $1,000 principal amount of the SPHG Note (the "Conversion Rate"),
subject to, and in accordance with, the settlement provisions of the SPHG Note.
For any conversion of the SPHG Note, if the Company is required to obtain and
has not received approval from its stockholders in accordance with Nasdaq Stock
Market Rule 5635 to issue 20% or more of the total shares of common stock
outstanding upon conversion (including upon any mandatory conversion) of the
SPHG Note prior to the relevant conversion date (or, if earlier, the 45th
scheduled trading day immediately preceding the SPHG Note Maturity Date), the
Company shall deliver to the converting holder, in respect of each $1,000
principal amount of the SPHG Note being converted, a number of shares of common
stock determined by reference to the Conversion Rate, together with a cash
payment, if applicable, in lieu of delivering any fractional share of common
stock based on the volume weighted average price (VWAP) of its common stock on
the relevant conversion date, on the third business day immediately following
the relevant conversion date. As of July 31, 2022 and 2021, outstanding debt in
both periods consisted of the $14.9 million 7.50% Convertible Senior Note due
March 1, 2024. As of July 31, 2022 and July 31, 2021, the net carrying value of
the SPHG Note was $11.0 million, and $9.3 million, respectively.

Umpqua Revolver

On March 16, 2022, ModusLink, as borrower, submitted a notice of termination to
MidCap Financial Trust for its $12.5
million revolving credit facility (the "MidCap Credit Facility"), and entered
into a new credit agreement with Umpqua Bank (the "Umpqua Revolver"), as lender
and as agent. There was no balance outstanding on the Midcap Credit Facility of
at the time of its termination. The Umpqua Revolver provides for a maximum
credit commitment of $12.5 million and a sublimit of $5.0 million for letters of
credit and expires on March 16, 2024. Steel Connect, Inc. ("Parent") is not a
borrower or a guarantor under the Umpqua Revolver. Under the Umpqua Revolver,
ModusLink is permitted to make distributions to the Parent, in an aggregate
amount not to exceed $10.0 million in any fiscal year.

From July 31, 2022, Modus Link was in compliance with Umpqua Revolver’s covenants, and believes that it will remain in compliance with Umpqua Revolver’s covenants for the next twelve months. From July 31, 2022, Modus Link had a borrowing capacity of $11.9 million and there was $0.6 million
outstanding for letters of credit.

Cerberus Credit Facility

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The Cerberus Credit Facility consisted of a term loan facility (the "Cerberus
Term Loan") and a $25 million revolving credit facility (the "Revolving
Facility") (together the "Cerberus Credit Facility") which was to mature on
December 15, 2022. On February 25, 2022, the Company transferred all of its
interests in IWCO Direct and the financial obligations of the Cerberus Credit
Facility as part of the IWCO Direct Disposal. As a result, the Company has no
debt or access to future borrowings under the Cerberus Credit Facility.

Favorite stock

On December 15, 2017, the Company entered into a Preferred Stock Purchase
Agreement (the "Purchase Agreement") with SPHG Holdings, pursuant to which the
Company issued 35,000 shares of the Company's newly created Series C Convertible
Preferred Stock, par value $0.01 per shares, or the Preferred Stock, to SPHG
Holdings at a price of $1,000 per share, for an aggregate purchase consideration
of $35.0 million (the "Preferred Stock Transaction"). The terms, rights,
obligations and preferences of the Preferred Stock are set forth in a
Certificate of Designations, Preferences and Rights of Series C Convertible
Preferred Stock of the Company (the "Series C Certificate of Designations"),
which has been filed with the Secretary of State of the State of Delaware.

Under the Series C Certificate of Designations, each share of Preferred Stock
can be converted into shares of the Company's Common Stock at an initial
conversion price equal to $1.96 per share, subject to appropriate adjustments
for any stock dividend, stock split, stock combination, reclassification or
similar transaction. Holders of the Preferred Stock will also receive dividends
at 6% per annum payable, at the Company's option, in cash or Common Stock. If at
any time the closing bid price of the Company's Common Stock exceeds 170% of the
conversion price for at least five consecutive trading days (subject to
appropriate adjustments for any stock dividend, stock split, stock combination,
reclassification or similar transaction), the Company has the right to require
each holder of Preferred Stock to convert all, or any whole number, of shares of
the Preferred Stock into Common Stock.

Upon the occurrence of certain triggering events such as a liquidation,
dissolution or winding up of the Company, either voluntary or involuntary, or
the merger or consolidation of the Company or significant subsidiary, or the
sale of substantially all of the assets or capital stock of the Company or a
significant subsidiary, the holders of the Preferred Stock are entitled to
receive, prior and in preference to any distribution of any of the assets or
funds of the Company to the holders of other equity or equity equivalent
securities of the Company other than the Preferred Stock by reason of their
ownership thereof, an amount per share in cash equal to the sum of (i) 100% of
the stated value per share of Preferred Stock (initially $1,000 per share) then
held by them (as adjusted for any stock dividend, stock split, stock
combination, reclassification or other similar transactions with respect to the
Preferred Stock), plus (ii) 100% of all declared but unpaid dividends, and all
accrued but unpaid dividends on each such share of Preferred Stock, in each case
as the date of the triggering event.

On or after December 15, 2022, each holder of Preferred Stock can also require
the Company to redeem its Preferred Stock in cash at a price equal to the
Liquidation Preference (as defined in the Series C Certificate of Designations),
or approximately $35.2 million. If holders of the Preferred Stock exercise this
right to require the Company to redeem all the Preferred Stock, the Company may
have insufficient liquidity to pay the redemption price, or the Company's
payment of the redemption price would likely adversely impact the Company's
liquidity and ability to finance its operations.

SteelConnect, Inc.(as parent company, the “Mother”)

The Parent believes it has access to adequate resources to meet its needs for
normal operating costs, debt obligations and working capital for at least the
next twelve months. Upon a redemption request of the Preferred Stock (as
discussed above), the Parent believes it is probable that it has access to
adequate resources, including cash on hand and potential dividends from
ModusLink, to pay the redemption price and continue its operations.

ModusLink believes that if dividends to the Parent are required, it would have
access to adequate resources to meet its operating needs while remaining in
compliance with the Umpqua Revolver's covenants over the next twelve months.
However, there can be no assurances that ModusLink will continue to have access
to its line of credit if its financial performance does not satisfy the
financial covenants set forth in its financing agreement, which could also
result in the acceleration of its debt obligations by its lender, adversely
affecting liquidity.

Contractual obligations

Our principal uses of cash will be to provide working capital, meet debt service
requirements, fund capital expenditures and execute management's strategic plans
including the IWCO Direct CIP. As of July 31, 2022, we had contractual cash

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                                             Less than 1
                                                 year            2-3 years           4-5 years           More than 5 years            Total
                                                                                      (In thousands)
Debt(1)                                      $       -          $  14,940          $        -          $                -          $ 14,940
Interest payments(2)                             1,136              1,139                   -                           -             2,275
Operating lease liabilities                      7,151              7,941               4,819                           -            19,911
Financing lease liabilities                         38                  -                   -                           -                38
Preferred dividend payments                      2,100              4,200               4,200                              †         10,500
                                             $  10,425          $  28,220          $    9,019          $                -          $ 47,664

(1) Represents principal amount of debt and only includes scheduled principal
(2) Represents expected interest payments on debt. Interest payments based on
variable interest rates were determined using the interest rate in effect as of
July 31, 2022.
† Holders of the Preferred Stock receive dividends at 6% per annum. In addition,
beginning December 15, 2022, each holder of the Preferred Stock can require the
Company to redeem its Preferred Stock in cash at a price equal to the
Liquidation Preference (as defined in Series C Certificate of Designations).

Critical accounting policies

Our significant accounting policies are discussed in Note 2 to our audited
consolidated financial statements. The discussion and analysis of our financial
condition and results of operations are based on our consolidated financial
statements, which have been prepared in accordance with accounting principles
generally accepted in the United States of America. The preparation of these
financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting
period. The most significant of these estimates and assumptions relate to: (1)
revenue recognition; (2) valuation allowances for trade and other receivables
and inventories; (3) the valuation of long-lived assets; (4) contingencies,
including litigation reserves; (5) restructuring charges and related severance
expenses; (6) litigation reserves; (7) pension obligations; (8) going concern
assumptions; (9) accrued pricing and tax related liabilities and; (10)
incremental borrowing rate to determine present value of lease payments. Of the
accounting estimates we routinely make relating to our critical accounting
policies, those estimates made in the process of: recognition of revenue;
determining the valuation of inventory and related reserves; accounting for
impairment of long-lived assets; and establishing income tax valuation
allowances and liabilities are the estimates most likely to have a material
impact on our financial position and results of operations. The Company bases
its estimates on historical experience and on various other assumptions that are
believed to be reasonable under the circumstances. Changes in estimates are
reflected in the periods in which they become known. However, because these
estimates inherently involve judgments and uncertainties, there can be no
assurance that actual results will not differ materially from those estimates.

We believe that our critical accounting estimates have the following attributes:
(1) we are required to make assumptions about matters that are uncertain and
require judgment at the time of the estimate; (2) use of reasonably different
assumptions could have changed our estimates, particularly with respect to
recoverability of assets; and (3) changes in the estimate could have a material
effect on our financial condition or results of operations. We believe the
critical accounting policies below contain the more significant judgments and
estimates used in the preparation of our financial statements:

•Revenue recognition
•Accounting for impairment of long-lived assets
•Income taxes

Revenue Recognition

The Company recognizes revenue from its contracts with customers primarily from
the sale of supply chain management services. Revenue is recognized when control
of the promised goods or services is transferred to a customer, in an amount
that reflects the consideration the Company expects to be entitled to in
exchange for those goods or services. For ModusLink's supply chain management
services arrangements, the services are considered to be transferred over time
as they are performed. Taxes assessed by a governmental authority that are both
imposed on and concurrent with a specific revenue-producing transaction, that
are collected by the Company from a customer, are excluded from revenue.

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Supply chain management services.

ModusLink's revenue primarily comes from the sale of supply chain management
services to its clients. Amounts billed to customers under these arrangements
include revenue attributable to the services performed as well as for materials
procured on the customer's behalf as part of its service to them. The majority
of these arrangements consist of two distinct performance obligations (i.e,
warehousing/inventory management service and a separate
kitting/packaging/assembly service), revenue related to each of which is
recognized over time as services are performed using an input method based on
the level of efforts expended.


Other revenue consists of cloud-based software subscriptions, software
maintenance and support service contracts, fees for professional services and
fees for the sale of perpetual software licenses in ModusLink's e-Business
operations. Except for perpetual software licenses, revenue related to these
arrangements is recognized on a straight-line basis over the term of the
agreement or over the term of the agreement in proportion to the costs incurred
in satisfying the obligations under the contract. Revenue from the sale of
perpetual licenses is recognized at a point in time upon execution of the
relevant license agreement and when delivery has taken place.

Performance obligations and autonomous selling price

The Company's contracts with customers may include promises to transfer multiple
products and services to a customer. Determining whether products and services
are considered distinct performance obligations that should be accounted for
separately versus together may require certain judgment. For arrangements with
multiple performance obligations, the Company allocates revenue to each
performance obligation based on its relative standalone selling price. Judgment
is required to determine the standalone selling price for each distinct
performance obligation. The Company generally determines standalone selling
prices based on the prices charged to customers and uses a range of amounts to
estimate standalone selling prices when we sell each of the products and
services separately and need to determine whether there is a discount that needs
to be allocated based on the relative standalone selling prices of the various
products and services. The Company typically has more than one range of
standalone selling prices for individual products and services due to the
stratification of those products and services by customers and circumstances. In
these instances, the Company may use information such as the type of customer
and geographic region in determining the range of standalone selling prices.

Variable Consideration

The Company may provide credits or incentives to customers, which are accounted
for as variable consideration when estimating the transaction price of the
contract and amounts of revenue to recognize. The amount of variable
consideration to include in the transaction price is estimated at contract
inception using either the estimated value method or the most likely amount
method based on the nature of the variable consideration. These estimates are
updated at the end of each reporting period as additional information becomes
available and revenue is recognized only to the extent that it is probable that
a significant reversal of any amounts of variable consideration included in the
transaction price will not occur.

Recognition of Principal vs. Agent Revenue

For revenue generated from contracts with customers involving another party, the
Company considers whether it maintains control of the specified goods or
services before they are transferred to the customer, as well as other
indicators such as the party primarily responsible for fulfillment and
discretion in establishing price. Revenues are recognized on a gross basis if
the Company is acting in the capacity of a principal and on a net basis if it's
acting in the capacity of an agent.

Accounting for impairment of long-lived assets

Our long-lived assets include property, plant and equipment, capitalized software development costs for software to be sold, leased or otherwise marketed, and certain long-term investments. From July 31, 2022the consolidated book values ​​of our property, plant and equipment have been $3.5 million, which represented 2.6% of total assets. We examine the valuation of our

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long-lived assets whenever events or changes in circumstances indicate that the
carrying amount of these assets may not be recoverable. An impairment loss is
recognized when the carrying amount of a long-lived asset exceeds its fair value
or net realizable value expected to result from the asset's use and eventual
disposition. We use a variety of factors to assess valuation, depending upon the
asset. Long-lived assets are evaluated based upon the expected period the asset
will be utilized and other factors depending on the asset, including estimated
future sales, profits and related cash flows. Changes in estimates and judgments
on any of these factors could have a material impact on our results of
operations and financial position.

Income taxes

The Company has net operating loss carryforwards for federal and state tax
purposes of approximately $2.2 billion and $153.7 million, respectively, as of
July 31, 2022. Income taxes are accounted for under the provisions of ASC 740,
Income Taxes, using the asset and liability method whereby deferred tax assets
and liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax
assets and liabilities are measured using enacted tax rates in effect for the
year in which those temporary differences are expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the enactment date.
Deferred tax assets are reduced by a valuation allowance, if based on the weight
of available evidence, it is more likely than not that some portion or all of
the recorded deferred tax assets will not be realized in future periods. This
methodology is subjective and requires significant estimates and judgments in
the determination of the recoverability of deferred tax assets and in the
calculation of certain tax liabilities. As of July 31, 2022 and 2021, a
valuation allowance has been recorded against the deferred tax asset in the U.S.
and certain of its foreign subsidiaries since management believes that after
considering all the available objective evidence, both positive and negative,
historical and prospective, with greater weight given to historical evidence, it
is more likely than not that these assets will not be realized. In each
reporting period, we evaluate the adequacy of our valuation allowance on our
deferred tax assets. In the future, if the Company is able to demonstrate a
consistent trend of pre-tax income, then at that time management may reduce its
valuation allowance accordingly. The Company also performs a valuation allowance
scheduling exercise based on the deferred tax assets and liabilities as of July
31, 2022.

In addition, the calculation of the Company's tax liabilities involves dealing
with uncertainties in the application of complex tax regulations in several tax
jurisdictions. The Company is periodically reviewed by domestic and foreign tax
authorities regarding the amount of taxes due. These reviews include questions
regarding the timing and amount of deductions and the allocation of income among
various tax jurisdictions. In evaluating the exposure associated with various
filing positions, we record estimated reserves for exposures. Based on our
evaluation of current tax positions, the Company believes it has appropriately
accrued for exposures as of July 31, 2022.


In order to calculate the operating ROU asset and operating lease liability for
a lease, a lessee is required to apply a discount rate equal to the rate
implicit in the lease whenever that rate is readily determinable. The Company's
lease agreements generally do not provide a readily determinable implicit rate,
nor is the rate available to the Company from its lessors and, therefore, the
Company determines an incremental borrowing rate to determine the present value
of the lease payments. The incremental borrowing rate represents the rate of
interest the Company would have to pay to borrow on a collateralized basis over
a similar lease term to obtain an asset of similar value.

Recent accounting pronouncements

For a discussion of new or recently adopted accounting pronouncements by the Company, see Note 2 to the consolidated financial statements found elsewhere in this Form 10-K.

Tax Benefit Preservation Plan

Our past operations generated significant net operating losses, or NOLs. On
March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act was
enacted in response to the COVID-19 pandemic which among, other things, amends
the treatment of NOLs. Under federal tax laws, for NOLs arising in tax years
beginning before January 1, 2018, we generally can use any such NOLs and certain
related tax credits to reduce ordinary income tax paid in our prior two tax
years or on our future taxable income for up to 20 years, at which point they
"expire" for such purposes. Until they expire, we can "carry forward" NOLs and
certain related tax credits that we do not use in any particular year to offset
taxable income in future years. For NOLs arising in tax years beginning after
December 31, 2017 and before January 1, 2021, we are allowed to carryback such
NOLs to each of the five taxable years preceding the taxable year of such losses
and generally can use any such NOLs and certain related tax credits to reduce
ordinary income tax paid on our future taxable income indefinitely; however,
except for NOLs generated
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in tax years beginning after December 31, 2017 and prior to January 1, 2021
(which can be carried back to reduce taxable income for the prior five tax
years), any such NOLs cannot be used to reduce ordinary income tax paid in prior
tax years. In addition, the deduction for NOLs arising in tax years beginning
after December 31, 2020 is limited to 80% of our taxable income for any tax year
(computed without regard to the NOL deduction). NOLs arising in tax years
beginning before January 1, 2018, are referred to herein as "Current NOLs." The
Company had net NOL carryforwards for federal and state tax purposes of
approximately $2.2 billion and $153..7 million, respectively, at July 31, 2022,
$2.02 billion of the federal NOL arose in tax years ending before January 1,
2018 and $138 million arose post January 1, 2018. We cannot estimate the exact
amount of NOLs that we will be able use to reduce future income tax liability
because we cannot predict the amount and timing of our future taxable income.
For more information, see "Part I, Item 1A. Risk Factors-Risks Related to
Taxation-We may be unable to realize the benefits of our net operating loss
carry-forwards and other tax benefits (collectively, the 'NOLs' or 'Tax

In early 2018, Company's board of directors adopted the Protective Amendment and
Tax Plan, each designed to preserve the Company's ability to utilize its NOLs,
by preventing an "ownership change" within the meaning of Section 382 of the
Internal Revenue Code that would impair the Company's ability to utilize its
NOLs. Later that year, the stockholders of Steel Connect approved the Protective
Amendment and Tax Plan.

The federal net operating losses will expire from fiscal year 2023 through 2038,
and the state net operating losses will expire from fiscal year 2023 through
2041. The Company's ability to use its Tax Benefits would be substantially
limited if the Company undergoes an Ownership Change. The Protective Amendment
and Tax Plan are intended to prevent an Ownership Change of the Company that
would impair the Company's ability to utilize its Tax Benefits.

The Protective Amendment generally restricts any direct or indirect transfer if
the effect would be to (i) increase the direct, indirect or constructive
ownership of any stockholder from less than 4.99% to 4.99% or more of the shares
of common stock then outstanding or (ii) increase the direct, indirect or
constructive ownership of any stockholder owning or deemed to own 4.99% or more
of the shares of common stock then outstanding. Pursuant to the Protective
Amendment, any direct or indirect transfer attempted in violation of the
Protective Amendment would be void as of the date of the prohibited transfer as
to the purported transferee (or, in the case of an indirect transfer, the
ownership of the direct owner of the shares would terminate simultaneously with
the transfer), and the purported transferee (or in the case of any indirect
transfer, the direct owner) would not be recognized as the owner of the shares
owned in violation of the Protective Amendment (the "excess stock") for any
purpose, including for purposes of voting and receiving dividends or other
distributions in respect of such shares, or in the case of options, receiving
shares in respect of their exercise. In addition to a prohibited transfer being
void as of the date it is attempted, upon demand, the purported transferee must
transfer the excess stock to an agent of the Company along with any dividends or
other distributions paid with respect to such excess stock. The agent is
required to sell such excess stock in an arm's-length transaction (or series of
transactions) that would not constitute a violation under the Protective

As part of the Tax Plan, the Board declared a dividend of one right (a "Right")
for each share of common stock then outstanding. The dividend was payable to
holders of record as of the close of business on January 29, 2018. Any shares of
common stock issued after January 29, 2018, will be issued together with the
Rights. Each Right initially represents the right to purchase one one-thousandth
of a share of newly created Series D Junior Participating Preferred Stock.

Initially, the Rights will be attached to all certificates representing shares
of common stock then outstanding, and no separate rights certificates will be
distributed. In the case of book entry shares, the Rights will be evidenced by
notations in the book entry accounts. Subject to certain exceptions specified in
the Tax Plan, the Rights will separate from the common stock and a distribution
date (the "Distribution Date") will occur upon the earlier of (i) ten (10)
business days following a public announcement that a stockholder (or group) has
become a beneficial owner of 4.99% or more of the shares of common stock then
outstanding or (ii) ten (10) business days (or such later date as the Board
determines) following the commencement of a tender offer or exchange offer that
would result in a person or group becoming a 4.99% stockholder.

Pursuant to the Tax Plan and subject to certain exceptions, if a stockholder (or
group) becomes a new 4.99% stockholder after adoption of the Tax Plan, the
Rights would generally become exercisable and entitle stockholders (other than
the new 4.99% stockholder or group) to purchase additional shares of the Company
at a significant discount, resulting in substantial dilution in the economic
interest and voting power of the 4.99% stockholder (or group). In addition,
under certain circumstances in which the Company is acquired in a merger or
other business combination after a non-exempt stockholder (or group) becomes a
4.99% stockholder, each holder of the Right (other than the 4.99% stockholder or
group) would then be entitled to purchase shares of the acquiring company's
common stock at a discount.


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The Protective Amendment does not expire. The Rights are not exercisable until
the Distribution Date and will expire at 11:59 p.m., on January 18, 2024, unless
the Rights are earlier redeemed or exchanged as provided in the Tax Plan or the
Board of Directors earlier determines that the Tax Plan is no longer necessary
or desirable for the preservation of the Tax Benefits. For more information, see
"Part I, Item 1A. Risk Factors-Risks Related to Taxation-We may be unable to
realize the benefits of our net operating loss carry-forwards and other tax
benefits (collectively, the 'NOLs' or 'Tax Benefits')."

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Forward-looking statements

The matters discussed in this report, as well as in future oral and written
statements by management of Newtek Business Services Corp., that are
forward-looking statements are based on current management expectations that
involve substantial risks and uncertainties which could cause actual results to
differ materially from the results expressed in, or implied by, these
forward-looking statements. Forward-looking statements relate to future events
or our future financial performance. We generally identify forward-looking
statements by terminology such as "may," "will," "should," "expects," "plans,"
"anticipates," "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or the negative
of these terms or other similar expressions. Important assumptions include our
ability to originate new investments, achieve certain margins and levels of
profitability, the availability of additional capital, and the ability to
maintain certain debt to asset ratios. In light of these and other
uncertainties, including the impact of the COVID-19 pandemic, the inclusion of a
projection or forward-looking statement in this report should not be regarded as
a representation by us that our plans or objectives will be achieved. The
forward-looking statements contained in this report include statements as to:
•our future operating results;
•our business prospects and the prospects of our prospective portfolio
companies, including our and their ability to achieve our respective objectives
as a result of the ongoing COVID-19 pandemic, changes in base interest rates,
rising inflation, significant market volatility, and supply chain disruptions;
•the impact of investments that we expect to make;
•our informal relationships with third parties;
•the dependence of our future success on the general economy and its impact on
the industries in which we invest;
•our ability to access debt markets and equity markets;
•our ability to consummate the transactions contemplated by the Stock Purchase
•our receipt of certain Regulatory Approvals to operate as a bank holding
company and acquire NBNYC;
•our management's ability to operate as a bank holding company;
•our intended operations and structure as a bank holding company;
•our tax and accounting treatment as a C Corporation if we convert to a bank
holding company;
•the decrease in our dividend payout due to no longer operating as a BDC and RIC
if we discontinue our election as a BDC and the transaction with NBNYC is
•our expected financings and investments;
•our regulatory structure and tax status;
•our ability to operate as a BDC and a RIC;
•the timing of the discontinuance of our election to be a BDC and our status as
a RIC;
•NSBF's ability to maintain its license and PLP status under the SBA 7(a)
•NSBF's ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•the adequacy of our cash resources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio
•the impact of inflation on our business prospects and the prospects of our
portfolio companies;
•the timing, form and amount of any dividend distributions;
•the impact of fluctuations in interest rates on our business including as a
result of the decommissioning of LIBOR and implementation of alternatives to
•the impact of inflation, rising interest rates and the risk of recession on our
business prospects and the prospects of our portfolio companies;
•the impact of the ongoing war between Russia and Ukraine and general
uncertainty surrounding the political stability of the United States, the United
Kingdom, the European Union and China;
•the valuation of any investments in portfolio companies, particularly those
having no liquid trading market; and
•our ability to recover unrealized losses;
•NSBF's ability to issue SBA 7(a) guaranteed loans;
•the effect of legal, tax and regulatory changes, including the recently
announced Inflation Reduction Act of 2022;
•the ability of our SBA 7(a) borrowers to pay principal and interest, including
after any deferment period granted by NSBF; and
•the ability to enter into and/or maintain joint ventures or other financing

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The following discussion should be read in conjunction with our condensed
consolidated financial statements and related notes and other financial
information appearing elsewhere in this report. In addition to historical
information, the following discussion and other parts of this report contain
forward-looking information that involves risks and uncertainties. Our actual
results could differ materially from those anticipated by such forward-looking
information due to the factors discussed under Item 1A-"Risk Factors" of Part II
of this quarterly report on Form 10-Q and the Company's Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, filed with
the SEC on May 9, 2022, and August 8, 2022, respectively, Item 1A-"Risk Factors"
of our Annual Report on Form 10-K for the year ended December 31, 2021, filed
with the SEC on March 1, 2022, and under "Forward-Looking Statements" of this
Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio
companies under the Newtek® brand (our "controlled portfolio companies," as
defined below) that provide a wide range of business and financial solutions to
SMBs. Newtek's and its portfolio companies' business and financial solutions
include: Business Lending, including origination of SBA 7(a), SBA 504, and
non-conforming (non SBA) conventional loans, as well as PPP loans in the second
and third quarters of 2020, as well as the first quarter of 2021, Electronic
Payment Processing, Managed Technology Solutions (Cloud Computing), Technology
Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and
commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval,
and Payroll and Benefits Solutions to SMB accounts nationwide across all
industries. We believe that we have an established and reliable platform that is
not limited by client size, industry type, or location. As a result, we believe
we have a strong and diversified client base across every state in the United
States and across a variety of different industries. In addition, we have
developed a financial and technology enabled business model that allows us and
our controlled portfolio companies to acquire and process our SMB clients in a
very cost effective manner. This capability is supported in large part by
NewTracker®, our patented prospect management technology software, which is
similar to, but we believe better suited for our needs than, the system
popularized by Salesforce.com. We believe that this technology and business
model distinguishes us from our competitors.

On August 2, 2021, the Company entered into the Stock Purchase Agreement to
acquire all of the issued and outstanding stock of NBNYC (the Acquisition). This
Acquisition is part of a plan to reposition the Company as a bank holding
company that intends to elect financial holding company status, and is subject
to Regulatory Approvals. In connection with this plan, on June 1, 2022, the
Company held a special meeting of shareholders, at which the Company's
shareholders approved a proposal to authorize the Company's Board of Directors
to discontinue the Company's election to be regulated under the Investment
Company Act of 1940, subject to Regulatory Approvals and other conditions
described in the proxy statement filed with the SEC on May 2, 2022. Subsequent
to the approval of this proposal, which was required under the 1940 Act, the
Company may choose to discontinue its election as a BDC; however, the Company's
Board of Directors will not seek to discontinue the Company's election as a BDC
until after the Company receives the required Regulatory Approvals and after
certain of the Acquisition closing conditions are met. The final decision on the
timing of the Company's discontinuance from regulation as a BDC will be made by
the Board of Directors based on such factors deemed appropriate by the Board of
Directors, including the then current status of the Acquisition and discussions
with applicable regulatory authorities; the Company currently intends to
maintain its status as a BDC and RIC in the near term. The consideration payable
by the Company at closing of the Acquisition will be $20.0 million in cash,
subject to certain adjustments. In addition, the Stock Purchase Agreement
contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC
will dividend to the NBNYC selling shareholders ("Sellers") both NBNYC's owned
property in Flushing, New York and cash in the amount equal to the excess, if
any, of NBNYC's tangible common equity as of the closing date over $20.0
million. The Stock Purchase Agreement contains certain customary representations
and warranties made by each party. The Company and the Sellers have the right to
terminate the Stock Purchase Agreement under certain circumstances, including if
the purchase has not occurred on or prior to January 3, 2023 or if the requisite
applications and Regulatory Approvals have been denied. We anticipate receiving
the required Regulatory Approvals during the fourth quarter of 2022. If the
Stock Purchase Agreement is terminated in certain circumstances specified
therein, the Company may be required to pay NBNYC a fee of $0.2 million.

Following the closing of the Acquisition, the Company intends to operate as a
bank holding company, subject to certain Regulatory Approvals. Specifically, the
Company intends to contribute certain of its wholly-owned lending portfolio
companies to NBNYC, and to provide centralized lending operations through NBNYC.
The Company intends to further develop the Company's current patented
technology, which the Company anticipates will complement its proposed banking
offerings, subject to Regulatory Approvals. The Company also intends to retain
its current board of directors and management, as supplemental by additional
personnel with banking experience. However, there can be no assurances that the
Company will close the Acquisition, receive the required Regulatory Approvals,
or that the Company will be able to successfully operate as a bank holding

If the Company obtains the required Regulatory Approvals and subsequently
discontinues its election to be treated as a BDC and converts to a bank holding
company, the Company will no longer be subject to the 1940 Act, and the Company
would lose its ability to be taxed on a pass-through basis as a RIC.
Additionally, as a bank holding company, the Company would be
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subject to regulation and supervision that may be different from its current
regulation and supervision, and would be required to comply with accounting and
financial reporting requirements that may be different from its current
reporting requirements. Moreover, converting to a bank holding company may make
it more difficult for the Company to be acquired. For information on the risks
of converting to a bank holding company, see "Item 1A. Risk Factors - Risk
Related to Converting to a Financial Holding Company" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on
March 1, 2022.

We consolidate the following wholly owned subsidiaries:

Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.1
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.1
Newtek Commercial Lending, Inc.1
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.1 (surviving entity of January 2021 merger with
Newtek Business Services Holdco 2, Inc.)

Newtek Business Services Holdco 3, Inc.1
Newtek Business Services Holdco 4, Inc.1
Newtek Business Services Holdco 5, Inc.1 (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.1

(1) Taxable subsidiaries

We are an internally-managed, closed-end, non-diversified investment company
that has elected to be regulated as a BDC under the 1940 Act. In addition, for
U.S. federal income tax purposes, we have elected to be treated as a RIC under
the Code beginning with our 2015 tax year. As a BDC and a RIC, we are also
subject to certain constraints, including limitations imposed by the 1940 Act
and the Code. As a result, previously consolidated subsidiaries are now recorded
as investments in controlled portfolio companies at fair value. NSBF is a
consolidated subsidiary and originates loans under the SBA's 7(a) loan program.
However, as part of our plan to reposition ourself as a bank holding company
that intends to elect financial holding company status, if we discontinue the
Company's election as a business development company under the 1940 Act, we will
no longer be subject to the investment restrictions under the 1940 Act, and no
longer qualify as a RIC under the Code. See "Item 1A. Risk Factors - Risks
Related to Converting to a Financial Holding Company" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on
March 1, 2022.

Our common stock is currently listed on the Nasdaq Global Market under the symbol “NEWT”.

NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan
program, has been granted PLP status and originates, sells and services SBA 7(a)
loans and is authorized to place SBA guarantees on loans without seeking prior
SBA review and approval. Being a national lender with PLP status allows NSBF to
expedite the origination of loans since NSBF is not required to present
applications to the SBA for concurrent review and approval. The loss of PLP
status would adversely impact our marketing efforts and ultimately our loan
origination volume, which would negatively impact our results of operations.

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As a BDC, our investment objective is to generate both current income and
capital appreciation primarily through loans originated by our business finance
ecosystem and our equity investments in certain portfolio companies that we

We target our debt investments, which are principally made through our business
finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime
plus 2.25% to 3.00% which enables us to generate rapid sales of guaranteed
portions of SBA 7(a) loans in the secondary market. We typically structure our
debt investments with the maximum seniority and collateral along with personal
guarantees from portfolio company owners, in many cases collateralized by other
assets including real estate. In most cases, our debt investment will be
collateralized by a first lien on the assets of the portfolio company and a
first or second lien on assets of guarantors, in both cases primarily real
estate. All SBA loans are made with personal guarantees from any owner(s) of 20%
or more of the portfolio company's equity. The amount of new debt investments,
particularly SBA 7(a) loans that we originate, will directly impact future
investment income. In addition, future amounts of unrealized appreciation or
depreciation on our investments, as well as the amount of realized gains or
losses, will also fluctuate depending upon economic conditions and the
performance of our investment portfolio. The changes in realized gains and
losses and unrealized appreciation or depreciation could have a material impact
on our operating results.

We typically structure our debt investments to include non-financial covenants
that seek to minimize our risk of capital loss such as lien protection and
prohibitions against change of control. Our debt investments have what we
believe are strong protections, including default penalties, information rights
and, in some cases, board observation rights and affirmative, negative and
financial covenants. Debt investments in portfolio companies, including the
controlled portfolio companies, have historically and are expected to continue
to comprise the majority of our overall investments in number and dollar volume.

While the vast majority of our investments have been structured as debt, we have
in the past and expect in the future to make selective equity investments
primarily as either strategic investments to enhance the integrated operating
platform or, to a lesser degree, under the Capco programs. For investments in
our controlled portfolio companies, we focus more on tailoring them to the long
term growth needs of the companies than to return. Our objectives with these
companies is to foster the development of the businesses as a part of the
integrated operational platform of serving the SMB market, so we may reduce the
burden on these companies to enable them to grow faster than they would
otherwise and as another means of supporting their development.

We regularly engage in discussions with third parties with respect to various
potential transactions. We may acquire an investment or a portfolio of
investments or an entire company or sell a portion of our portfolio on an
opportunistic basis. We, our subsidiaries, or our affiliates may also agree to
manage certain other funds that invest in debt, equity or provide other
financing or services to companies in a variety of industries for which we may
earn management or other fees for our services. We may also invest in the equity
of these funds, along with other third parties, from which we would seek to earn
a return and/or future incentive allocations. We may enter into new joint
venture partnerships to create additional third-party capital to originate
loans. Some of these transactions could be material to our business.
Consummation of any such transaction will be subject to completion of due
diligence, finalization of key business and financial terms (including price)
and negotiation of final definitive documentation as well as a number of other
factors and conditions including, without limitation, the approval of our board
of directors and required regulatory or third-party consents and, in certain
cases, the approval of our shareholders. Accordingly, there can be no assurance
that any such transaction would be consummated. Any of these transactions or
funds may require significant management resources either during the transaction
phase or on an ongoing basis depending on the terms of the transaction.

On March 27, 2020, the CARES Act was signed into law in response to the COVID-19
pandemic and established the PPP. NSBF participated in the PPP and funded the
balance of its PPP loans in July 2021. Income earned in connection with the PPP
should not be viewed as recurring.

Economic Developments and COVID-19

We have observed and continue to observe supply chain interruptions, significant
labor and resource shortages, commodity inflation, rising interest rates,
economic sanctions as a result of the ongoing war between Russia and Ukraine and
elements of economic and financial market instability in the United States, the
United Kingdom, the European Union and China. One or more of these factors may
contribute to increased market volatility, may have long term effects in the
United States and worldwide financial markets, and may cause economic
uncertainties or deterioration in the United States and worldwide. Additionally,
in the event that the U.S. economy enters into a protracted recession, it is
possible that the results of some of the companies similar to those in which we
invest could experience deterioration, which could ultimately lead to difficulty
in meeting debt service requirements and an increase in defaults. While we are
not seeing signs of an overall, broad deterioration in our portfolio company
results at this time, there can be no assurance that the performance of certain
of our portfolio companies will not be negatively impacted by economic
conditions, which could have a negative impact on our future results.

————————————————– ——————————


Over two years after COVID-19 was recognized as a pandemic by the World Health
Organization, its continued persistence in the United States and worldwide and
the magnitude of the economic impact of the outbreak continue to create an
uncertain environment in which we and our portfolio companies operate. The
preventative measures taken to contain or mitigate the spread of COVID-19 have
caused, and may in the future cause, business shutdowns, cancellations of events
and other travel disruptions. We continue to closely monitor our portfolio
companies; however, we are unable to predict the duration of any business and
supply-chain disruptions and resource shortages, the extent to which COVID-19 or
economic conditions will negatively affect our portfolio companies' operating
results or the impact that such disruptions may have on our results of
operations and financial condition.

Common stock price range

Our common stock is traded on the Nasdaq Global Market under the symbol "NEWT."
High and low prices for the common stock over the previous two years are set
forth below, based on the highest and lowest intraday sales price per share
during that period.

                                                                                                Premium of High          Premium of Low Sales
                                               Price Range                     NAV1           Sales Price to NAV2           Price to NAV2
                                        High                  Low

Third Quarter                          $20.50               $16.73            $15.41                  33%                         9%
Fourth Quarter                         $19.82               $16.24            $15.70                  26%                         3%

First Quarter                          $28.63               $18.77            $16.28                  76%                        15%
Second Quarter                         $38.78               $26.41            $16.38                  137%                       61%
Third Quarter                          $36.41               $24.07            $16.23                  124%                       48%
Fourth Quarter                         $32.38               $25.63            $16.72                  94%                        53%

First Quarter                          $28.70               $24.00            $16.49                  74%                        46%
Second Quarter                         $27.18               $17.65            $16.31                  67%                         8%
Third Quarter                          $23.11               $15.65            $16.04                  44%                        (2)%

(1) Net asset value per share is determined as of the last day in the relevant
quarter and therefore may not reflect the net asset value per share on the date
of the high and low sales prices. The values reflect net asset value per share
and are based on outstanding shares at the end of each period.

(2) Calculated as the respective higher or lower selling price divided by the net asset value and subtracting 1.


We generate revenue in the form of interest, dividend, servicing and other fee
income on debt and equity investments. Our debt investments typically have terms
of 10 to 25 years and bear interest at prime plus a margin. In some instances,
we receive payments on our debt investments based on scheduled amortization of
the outstanding balances. In addition, we receive repayments of some of our debt
investments prior to their scheduled maturity date. The frequency or volume of
these repayments fluctuates significantly from period to period. Our portfolio
activity also reflects the proceeds of sales of securities. We receive servicing
income related to the guaranteed portions of SBA investments which we originate
and sell into the secondary market. These recurring fees are earned daily and
recorded when earned. In addition, we may generate revenue in the form of
packaging, prepayment, legal and late fees. We record such fees related to loans
as other income. Dividends are recorded as dividend income on an accrual basis
to the extent that such amounts are payable by the portfolio company and are
expected to be collected. Dividend income is recorded at the time dividends are
declared. Distributions of earnings from portfolio companies are evaluated to
determine if the distribution is income, return of capital or realized gain. In
addition, under
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the PPP that began in the second quarter of 2020 and concluded during the third
quarter of 2021, the SBA reimbursed the Company for originating loans and such
SBA reimbursements are included as interest income on PPP loans. Income earned
in connection with the PPP should not be viewed as recurring. NSBF funded the
balance of its PPP loans by the end of July 2021. NSBF has redeployed resources
used to generate PPP loans to the origination of SBA 7(a) loans.
We recognize realized gains or losses on investments based on the difference
between the net proceeds from the disposition and the cost basis of the
investment without regard to unrealized gains or losses previously recognized.
We record current period changes in fair value of investments and assets that
are measured at fair value as a component of the net change in unrealized
appreciation (depreciation) on investments or servicing assets, as appropriate,
in the consolidated statements of operations.


Our primary operating expenses are salaries and benefits, interest expense,
origination and servicing and other general and administrative costs, such as
professional fees, marketing, referral fees, servicing costs and rent. Since we
are an internally-managed BDC with no outside adviser or management company, the
BDC incurs all the related costs to operate the Company.


The Company is a guarantor on the Receivable and Inventory Facility at NBC.
Maximum borrowings under the Receivable and Inventory Facility are $12.0 million
and will be reduced until the facility matures in May 2023. At September 30,
2022, total principal owed by NBC was $10.3 million. In addition, the Company
deposited $0.75 million to collateralize the guarantee. At September 30, 2022,
the Company determined that it is not probable that payments would be required
to be made under the guarantee.

The Company is a guarantor on the NBL Capital One Facility, NBL Deutsche Bank
Facility and NBL One Florida Bank Facility. Maximum borrowings under the NBL
Capital One Facility are $75.0 million with an accordion feature to increase
maximum borrowings to $150.0 million. The lenders' commitments terminate in
November 2022, with all amounts due under the NBL Capital One Facility maturing
in November 2023. Maximum borrowings under the NBL Deutsche Bank facility $100.0
million with a maturity date in March 2023. Maximum borrowings under the NBL One
Florida Bank facility are $20.0 million with a maturity date in September 2024.
At September 30, 2022, total principal owed by NBL under these facilities was
$37.1 million. At September 30, 2022, the Company determined that it is not
probable that payments would be required to be made under these guarantees.

The Company is a guarantor on the Webster Facility, a term loan facility between
NMS with Webster Bank with an aggregate principal amount up to $50.0 million.
The Webster Facility matures in November 2023. At September 30, 2022, total
principal outstanding was $21.9 million. At September 30, 2022, the Company
determined that it is not probable that payments would be required to be made
under the guarantee.

The Company’s Non-Conforming Conventional Commercial Loan Program

NCL: We established a 50/50 joint venture, NCL, between Newtek Commercial
Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP
Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital
Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and
industrial term loans to U.S. middle-market companies and small businesses. NCL
ceased funding new loans during 2020. On January 28, 2022, NCL closed a
conventional commercial loan securitization with the sale of $56.3 million Class
A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series
2022-1, secured by a segregated asset pool consisting primarily of NCL's
portfolio of conventional commercial business loans, including loans secured by
liens on commercial or residential mortgaged properties, originated by NCL and
NBL. The Notes were rated "A" (sf) by DBRS Morningstar. The Notes were priced at
a yield of 3.209%. The proceeds of the securitization were used, in part, to
repay the Deutsche Bank credit facility and return capital to the NCL partners.
Refer to NOTE 3-INVESTMENTS for selected financial information and a schedule of
investments of NCL as of September 30, 2022.

Newtek-TSO JV: On August 5, 2022, Newtek Commercial Lending, Inc. and TSO II
Booster Aggregator, L.P. ("TSO II") entered into a joint venture, Newtek-TSO JV,
governed by the Amended and Restated Limited Partnership Agreement for the
Newtek-TSO JV. Newtek Commercial Lending, Inc. and TSO II each committed to
contribute an equal share of equity funding to the Newtek-TSO JV and each will
have equal voting rights on all material matters. The Newtek-TSO JV intends to
deploy capital over the course of time with additional leverage supported by a
warehouse line of credit. The intended purpose of the Newtek-TSO JV will be to
invest in non-conforming conventional commercial and industrial term loans made
to middle-market companies as well as small businesses. It is anticipated that
Newtek-TSO JV will begin making investments during the fourth
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quarter of 2022.

Unfunded Commitments

At September 30, 2022, the Company had $15.3 million of unfunded commitments in
connection with its SBA 7(a) non-affiliate investments related to portions of
loans originated which are partially funded. The Company will fund these
commitments from the same sources it uses to fund its other investment

Quality and composition of loan portfolio assets

The following tables set forth distributions of the cost basis of the Company's
SBA 7(a) loan portfolio at September 30, 2022 and December 31, 2021,
respectively, in thousands. The tables include loans in which NSBF owns 100% as
a result of NSBF originating the loan and subsequently repurchasing the
guaranteed portion from the SBA. The total of 100% NSBF-owned loans at September
30, 2022 and December 31, 2021 is $11.8 million and $18.5 million, respectively.

Breakdown by type of business

From September 30, 2022

          Business Type             # of Loans        Balance       Average 

Balance % of balance

    Existing Business                2,655          $ 404,591      $           152             80.5  %
    Business Acquisition               377             68,662                  207             13.7  %
    Start-Up Business                  314             29,147                   96              5.8  %
    Total                            3,346          $ 502,400      $           150            100.0  %

    As of December 31, 2021
          Business Type             # of Loans        Balance       Average

Balance % of balance

    Existing Business                2,162          $ 349,999      $           162             81.1  %
    Business Acquisition               333             59,794                  207             13.8  %
    Start-Up Business                  266             22,176                   96              5.1  %
    Total                            2,761          $ 431,970      $           156            100.0  %

Breakdown by borrower’s credit score

       September 30, 2022
           Credit Score          # of Loans        Balance       Average Balance      % of Balance
       500 to 550                    11          $   3,060      $           278              0.6  %
       551 to 600                    55             13,825                  251              2.8  %
       601 to 650                   285             55,539                  195             11.1  %
       651 to 700                   869            137,158                  158             27.3  %
       701 to 750                 1,188            170,497                  144             33.9  %
       751 to 800                   822            110,135                  134             21.9  %
       801 to 850                   114             12,141                  106              2.4  %

       Not available                  2                 44                   22              0.0  %
       Total                      3,346          $ 502,400      $           150            100.0  %


————————————————– ——————————

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       December 31, 2021
           Credit Score          # of Loans        Balance       Average Balance      % of Balance
       500 to 550                    15          $   3,562      $           237              0.8  %
       551 to 600                    59             15,322                  260              3.6  %
       601 to 650                   299             59,139                  198             13.7  %
       651 to 700                   754            118,150                  157             27.4  %
       701 to 750                   914            140,720                  154             32.6  %
       751 to 800                   632             85,479                  135             19.8  %
       801 to 850                    86              9,548                  111              2.2  %
       Not available                  2                 49                   25              0.0  %
       Total                      2,761          $ 431,970      $           179            100.0  %

Breakdown by type of primary guarantee

September 30, 2022

         Collateral Type               # of Loans        Balance       Average Balance      % of Balance
Commercial Real Estate                  1,048          $ 224,586      $           214             44.8  %
Machinery and Equipment                   482             85,054                  176             16.9  %
Residential Real Estate                   965             81,898                   85             16.3  %
Accts Receivable and Inventory            420             75,769                  180             15.1  %
Other                                     100             26,313                  263              5.2  %
Unsecured                                 282              5,718                   20              1.1  %
Furniture and Fixtures                     36              2,210                   61              0.4  %
Liquid Assets                              13                851                   65              0.2  %
Total                                   3,346          $ 502,400      $           150            100.0  %

December 31, 2021
           Collateral Type                     # of Loans             Balance            Average Balance              % of Balance
Commercial Real Estate                           1,016             $   228,381          $           225                          53.0  %
Machinery and Equipment                            430                  73,433                      171                          17.0  %
Accounts Receivable and Inventory                  312                  50,692                      162                          11.7  %
Residential Real Estate                            707                  47,240                       67                          10.9  %
Other                                               93                  26,509                      285                           6.1  %
Unsecured                                          161                   2,984                       19                           0.7  %
Furniture and Fixtures                              28                   1,797                       64                           0.4  %
Liquid Assets                                       14                     936                       67                           0.2  %
Total                                            2,761             $   431,970          $           156                         100.0  %


————————————————– ——————————


Breakdown by days late

     September 30, 2022
       Delinquency Status         # of Loans        Balance       Average Balance      % of Balance

        Current                    3,098          $ 431,347      $           139             85.8  %
        31 to 60 days                 42             12,195                    -              2.4  %
        61 to 90 days                  -                  -                    -                -  %
        91 days or greater             -                  -                    -                -  %
     Non-accrual                     206             58,858                  286             11.8  %
     Total                         3,346          $ 502,400      $           150            100.0  %

     December 31, 2021
       Delinquency Status         # of Loans        Balance       Average Balance      % of Balance
        Current                    2,512            365,198      $           145             84.6  %
        31 to 60 days                 59             12,646                  214              2.9  %
        61 to 90 days                  -                  -                    -                -  %
        91 days or greater             -                  -                    -                -  %
     Non-accrual                     190             54,126                  285             12.5  %
     Total                         2,761          $ 431,970      $           156            100.0  %

© Edgar Online, source Previews

Five investment options to combat rising interest rates


Globally, we have seen coordinated action to fight inflation, with rising interest rates being a common feature this year, and it is expected to continue through early 2023.

This provides investors with the opportunity to seek out asset classes that are doing well during an up cycle.

1. Floating Rate Notes: As an income investment, Floating Rate Notes pay a coupon (interest payment) above a rated benchmark, such as the Bank Bill Swap Rate (BBSW) – which is an independent benchmark rate strongly correlated to the RBA cash rate.

For example, a floating note paying a coupon of BBSW + 200 basis points (bps) means that the interest payment is 2% above the benchmark rate. If the RBA raises interest rates, this will be reflected in the interest payments your floating notes will receive.

As income from floating notes improves during cycles of rising interest rates, this means that the price of floating notes in the secondary market tends to be more stable compared to fixed bonds.

Floating rate notes are available in both investment grade bonds and hybrid securities.

2. Currency investments: Currencies generally reflect the economic and inflationary outlook of the host country, and the variation between the economic drivers of two countries can create differences in how markets perceive the value of these currencies. For example, if the US Federal Reserve (Fed) has a higher cash rate compared to the RBA, it usually causes the US dollar to appreciate against the Australian dollar. Currently, we are seeing the Fed raise rates more aggressively than the RBA, which is why the Aussie dollar has fallen this year. For investors who believe the Fed is likely to continue raising rates more aggressively, they may consider diversifying their USD currency exposure.

Currency movements can be attractive, holding USD has been one of the few assets to rise this year.

Against the US dollar, the Australian dollar has fallen from 0.75 US cents to 0.63 US cents in the last 12 months, which means that if you had converted to US dollars a year ago, your investment would show a return of 16% compared to a decline of 10%. the S&P/ASAX200 from the start of the year to the end of October.

3. Dual Currency Investments: A short-term investment where investors seek a higher yield from deposit rates in exchange for accepting currency risk.

Essentially, you create a currency-based trade by depositing funds with a bank in a base currency (AUD) and naming an alternate currency like USD or EUR. You name the duration of the transaction and the exchange rate when converting. If the bank accepts the transaction, they will decide which currency they will use to make the conversion, so you should be ready to receive the AUD or the alternative currency at the end of the transaction, which usually takes days, weeks or months. . You must also be convinced of the performance of the currencies over the life of the investment.

There are generally 2 outcomes if the price at expiration is:

1) Less than or equal to your referral level, you will receive your initial investment amount plus interest. No conversion is required.

2) Above your reference price, NAB will exchange your spot currency for the alternative currency at the designated reference level plus interest earned. In this case, the investor will sell their held currency at a level below the current market value.

4. Product structured in shares: Equity Referenced Term Investments or “NERTI” are short-term investments, suitable for wholesale investors with a view of the direction of the equity market and who wish to derive income from this belief without physically owning shares.

In NERTIs, an investor selects an ASX-listed stock of their choice, called the reference security, and a conversion price, called the reference price. The maturity of the investment can be set between 1 month and 364 days.

Where you set your reference price, relative to the current price of the stock you have chosen, will determine your rate of return.

A higher benchmark price will result in a higher rate of revenue. The income you earn is not affected by any fluctuation of the shares chosen, however, the repayment of your initial investment amount is determined by the price of your chosen shares at maturity.

There are usually 2 outcomes If the price at expiration is:

  1. Above your reference price, you will receive your initial investment amount plus interest.
  2. Less than or equal to your Reference Price, you will receive your interest payments, but your initial investment will be converted into shares in the selected shares at the agreed conversion price. In this case, you will be converted into shares at a price above the current market value.

5. Cash is king: Prior to the cycle of rising interest rates that began this year, cash was an unattractive asset to hold. This is because when rates are close to zero, other investment options such as stocks outperform, as traditional fixed income instruments such as time deposits and savings accounts offer minimal returns.

However, rates are rising and stock markets are volatile, making fixed income an increasingly attractive asset class to hold.

For the investor, one of the main advantages of cash is that it allows you to keep some “dry powder” to take advantage of opportunities that arise when growth-oriented markets resume their upward trend. View available interest rate options

Always consider the risk of any investment

All investments involve risk, and generally the more risk you accept, the more return you expect.

For example, for bonds, the risk is that the company defaults on its payment obligations. All bonds are rated by one or more of the international rating agencies, and this provides a good guide to the risk you are accepting. On the other hand, hybrids may have unique terms and conditions and may have triggers to convert into shares.

For currency trading, you need to consider the global environment and how the currencies you trade in may be affected by local, regional or wider events. If a currency moves contrary to your expectations, you risk putting your capital at risk. The same goes for derivative investments, if the trade moves in the opposite direction to your expectations, you may receive your interest payments but lose some or all of your original invested capital.

Understanding risk is essential to being a confident and successful investor. Our investment specialists are here to provide you with the knowledge and tools you need to make informed decisions, pursue your wealth goals and maintain your investments throughout the investment cycle.

The information in this article has been compiled from several sources believed to be reliable as of the end of October 2022 and is intended to be of a general nature only. It has been prepared without regard to anyone’s objectives, financial situation or needs. Before acting on this information, National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit License 230686 (NAB) recommend that you consider whether it is appropriate for your situation. NAB recommends that you seek independent legal, financial and tax advice before acting on the information in this article.

Flathead business Water cooler | Daily Inter Lake

start a business

Join SCORE Certified Mentor Rick Sanders for a solid, information-packed hour-long review of the 15 steps to take when starting a business in Montana at a US Small Business Administration webinar on the 8th November at noon. The cost is $25. To register, visit https://www.score.org/event/online-only-0.

Government contracts

The Montana Women’s Business Center presents an e-learning opportunity to learn about government contracts and an introduction to small business certifications on November 8 at 11 a.m. To register, visit https://mtsbdc.ecenterdirect.com/events/5488

C-Falls Room Breakfast

The Columbia Falls Chamber of Commerce will hold its November Business Luncheon on November 8 from 11:30 a.m. to 1 p.m. at Cedar Creek Lodge, 930 Second Ave. W. The cost is $14. Tamara Sundberg, Student and Family Advocate at Columbia Falls High School, will discuss programs that meet the needs of students in the Columbia Falls School District. To register, visit https://tinyurl.com/mr2c4w7k

Big Kalispell Chamber Event

The Kalispell Chamber of Commerce is hosting its 2022 big event on November 9 at the Wachholz College Center at Flathead Valley Community College. The event includes a reception, dinner, fundraiser and prizes. Doors open at 5 p.m. and the program begins at 6 p.m. For tickets visit https://tinyurl.com/3fwbfnvu

Bigfork Sundowner Room

The Bigfork Chamber of Commerce is holding its November sunset Thursday, November 10 at 5 p.m. at Rocky Mountain Bank, 165 Montana 35. Free business networking event.

Getting Started Roadmap

Get an overview of what to know about start-up costs, financing options, and business planning in an online seminar hosted by the U.S. Small Business Administration and the Montana Department of Commerce on November 10 at 1:30 p.m. To register, visit https://mtsbdc.ecenterdirect.com/events/5257

How can identity verification prevent scams in the MLM and D2C industries?


In India, there have been several multi-level marketing (MLM) frauds. Investing in stocks and commodities, pay per click, investing in the IT sector or investing in infrastructure have all resulted in scams. Aaryarup/ATCR, Unipay, Stock guru, TVI Express and others are scamming over Rs 10,000 crores.

Multi-level marketing is a sales strategy of some companies to sell directly to customers. The existing seller encourages the new seller to sell the company’s products to others and to try to bring in others as recruits. This process lasts forever. Multiple layers of sales force for direct selling (D2C) make up the MLM wireframe.

Most of these services are not registered in India and divert money through unauthorized payment services. E-commerce fraud usually starts with a fake identity with a stolen credit card or purchasing stolen data on the dark web. Initially, fraudsters test the stolen card by making small purchases, which turn into large purchases.

Sometimes even friendly frauds happen when a customer makes a purchase through an online transaction and then requests a chargeback from the payment processor claiming that the transaction was invalid. It allows them to receive invoiced items free of charge.

Saradha Group Scam: A Revelation

The Saradha Group scam was a fund company that took advances from people in the name of land and houses. They lured investors with promises of repayment. The total amount scammed by the investors stood at Rs 2,700 crores.

Nearly 80% of investors have lost their money. The group operated four different companies to accept money through fixed deposits, recurring deposits and monthly deposit programs. They also provided real estate and foreign visits to investors. The three main perpetrators of the scam have been arrested and are in prison. But investors’ money remained lost.

More light in the D2C industry

The D2C industry refers to direct sales to customers. This industry includes in its scope, multi-level marketing, e-commerce and direct retailing of goods directly to customers through a sales force network.

E-commerce is creating an online shopping location where direct customers can buy directly from you. Customers pay transparent funds transfer for their purchases through payment processors or payment gateways. Businesses sell both goods and services through this process. E-commerce websites like Amazon and Flipkart facilitate these transactions by sourcing products from a dense network of individual stores.

Direct retailing involves an agreement between the manufacturer and the retailer. The manufacturer acts as the licensor and the retailer becomes a franchisee and the seller of the product. The product involved in the sale becomes licensed merchandise.

How Digital Onboarding Can Help Strict Compliance and Threats in the MLM and D2C Industries

MLM sales sometimes represent real businesses doing direct sales, but most of the time, people who join MLM programs lose their money. In India, Speak Asia, Stock guru and Sarada India are big scams that cheated people out of crores of rupees. In e-commerce industries, a rigorous onboarding process sometimes sits in an abandoned cart.

The rapid increase in mobile and e-commerce transactions requires customers to provide sufficiently verifiable information during the onboarding process. Online fraud detection tools like identity verification software and other risk-based tools help minimize fraud. Feature-rich identity verification software helps ensure compliance with government regulations and know your customer.

Customers shop on the go these days and therefore regulations need to protect customers where they are. Identity verification software helps streamline the process in organizations where customer focus is key.

Why Identity Verification is Vital in the MLM and D2C Industries

In the MLM and D2C industries, some manufacturers trust a sales force network and entrust their product to them before the sale. Unscrupulous salespeople who stall with products or money are nothing new. Regulation and proper KYC of sellers via identity verification software is essential in such cases.

This will prevent the occurrence of fraud. Using proper identity verification software to complete this process is a big help in preventing fraud and scams in these industries. India has introduced the Consumer Selling Direct Rules 2021 which is of great insurance for the direct selling industry which is worth Rs 22,000 crores with nearly 74 lakh distributors.

Robust KYC verification software, especially with increasing digitization, can minimize manufacturer headaches. It also helps to complete the KYC and AML process and prevents scams and fraud.

What technologies are leveraged in MLM and D2C customer identity verification

Using digital tools such as the following helps detect fraud and scams in the MLM and D2C industry:

Biometric verification: Checking vendors for unique physical characteristics, such as moles or facial spots, mustaches, etc., is a great way to keep digital track.

Digital fingerprint analysis: This relies on IP scanning, email and phone scanning, device fingerprinting, reverse lookup of social and digital platforms, and the use of machine learning for risk scoring. .

Video verification: Machine learning helps weed out fake and synthetic IDs. Fraud detection solutions help spot connections between two similar accounts.

  • Biometric verification helps spot fake IDs when there is a mismatch between the features revealed on the biometric scan and the facial features shown on the ID.
  • PEP scans help perform AML checks to reveal sanctioned list individuals who are on global restricted and sanctioned lists.

How IDcentral’s Identity Verification and eKYC Verification Can Help the MLM and D2C Industries Fight Financial Fraud

IDcentral facilitates various online digital tools such as face scans, biometric verification, PEP scans and selfie verification help prevent and control fraud to a great extent.

Matching photo ID: Using techniques such as biometric verification and identity verification, IDcentral facilitates photo ID matching to ensure official documentation fraud detection at the time of onboarding.

Face Match: The facial scanning feature matches the seller’s face in the sales network at the time of onboarding to avoid duplicate or restricted entry.

PEP screening: PEP Screening is done by keeping the organization up to date with the most recent 1000+ global watchlists including PEPs, Fraud and Sanctions and keeping your institution up to date to prevent fraud and money laundering. ‘silver.

Verification of documents: Using government database verification for national identity verification, IDcentral quickly verifies documents from a direct seller’s network.

Last takeaway

By applying various identity verification techniques like the ones described above, you can completely avoid frauds and scams. The MTM and D2C industry can avoid the mislabelling of illegal pyramid selling and fraudulent industry labels. Identity verification is crucial for online sellers and customers when onboarding.

Try IDcentral’s eKYC solution with integrated identity verification and AML screening

Request a demo

*** This is a syndicated blog from IDcentral’s Security Bloggers Network written by Philip Chethalan. Read the original post at: https://www.idcentral.io/blog/identity-verification-to-prevent-scams-in-mlm-and-d2c/

Need a car? Follow these 4 steps before setting foot in a dealership


Image source: Getty Images

It is definitely worth being prepared.

Key points

  • Car payments can be a huge strain on your budget.
  • It’s important to figure out what you can afford and research borrowing options before looking at cars in person.

Many of us need a car to function. But owning a vehicle can be an expensive prospect. You have to fund it, insure it, and meet the monthly payments if you end up funding it.

And many car owners do end up financing vehicles because they don’t have a lot of cash lying around. If this is the boat you expect, don’t worry. But also, don’t just walk into a dealership unprepared. In fact, it pays to follow these essential steps, as Your Rich BFF suggests, before going to see the cars in person.

1. Check your credit score

Your credit score indicates how trustworthy or risky you are as a borrower. From now on, there is no longer a minimum credit score required to finance the purchase of an automobile. But the higher your credit score, the better the terms of your car loan are likely to be. And a higher credit score can make you pay significantly less interest on your car loan, allowing you to better manage your monthly payments.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

As such, it’s important to check your credit score before looking at cars. If you find your score needs improvement, there are steps you can take to improve it before you apply for an auto loan — and end up with an unfavorable borrowing rate that drives up your costs.

2. Determine how much you can afford to borrow

It’s easy to get tempted by a car with great features. But if buying that car means signing a car loan with monthly payments of $750 and the maximum amount you can afford is $450 a month, then you’re taking a really big risk.

Before heading to a dealership, sit down and check your budget (or make one) to see how much car payment you can swing. Remember, you don’t want to mess with a car loan because then you might fall behind on other bills, like your mortgage or utility costs.

3. Shop around for financing

If you know you’ll need a car loan to finance a car purchase, don’t rely solely on the financing figures given to you by the dealership. Instead, shop around to see what options you might have. You can research different lenders online to see what their loan rates look like.

4. Ask for pre-approvals

Just like you can get pre-approved for a mortgage loan, you can also do it for a car loan. This will give you an idea of ​​how much you can afford to borrow.

Now, if you’re planning on shopping around for pre-approvals, be sure to do so within the same 14-day window. Each time a lender digs into your credit history, it counts as a thorough investigation of your credit report.

One serious inquiry can drop your credit score a few points, which is usually not that bad. But you don’t want multiple difficult requests in a short time. However, if you shop for the same type of loan within the same two-week period, these various difficult requests will only count as one.

The more you prepare before entering a car dealership, the more likely you are to land a good deal – and the less likely you are to make an auto purchase you will end up regretting.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.


You should read the following discussion of our financial condition and results
of operations in conjunction with our condensed consolidated financial
statements and the related notes included in Part I, Item 1, "Financial
Statements (unaudited)" of this Quarterly Report on Form 10-Q. In addition to
historical consolidated financial information, the following discussion contains
forward-looking statements that reflect our plans, estimates, and beliefs. Our
actual results could differ materially from those discussed in the
forward-looking statements. See the section titled "Note about Forward-Looking
Statements" for additional information. Factors that could cause or contribute
to these differences include those discussed below and elsewhere in this
Quarterly Report on Form 10-Q.


Millions of people all around the world Learn with Chegg. Our mission is to
improve learning and learning outcomes by putting students first. We support
life-long learners starting with their academic journey and extending into their
careers. The Chegg platform provides products and services to support learners
to help them better understand their academic course materials, and also
provides personal and professional development skills training, to help them
achieve their learning goals.

Students subscribe to our subscription services, collectively referred to as our
Chegg Services, which can be accessed internationally through our websites and
on mobile devices. Our primary Chegg Services include Chegg Study, Chegg
Writing, Chegg Math Solver, Chegg Study Pack, Busuu, Mathway and Thinkful. Our
Chegg Study subscription service provides "Expert Questions and Answers" and
step-by-step "Textbook Solutions," helping students with their course work. When
students need writing help, including plagiarism detection scans and creating
citations for their papers, they can use our Chegg Writing subscription service.
Our Chegg Math Solver and Mathway subscription services help students understand
math by providing a step-by-step math solver and calculator. We also offer our
Chegg Study Pack as a premium subscription bundle of our Chegg Study, Chegg
Writing, and Chegg Math Solver services, which also includes additional features
such as flashcards, concept videos, practice questions and quizzes, and
instructor-created materials through Uversity. Our Thinkful skills-based
learning platform offers professional courses focused on the most in-demand
technology skills. Required Materials includes our print textbook and eTextbook
offerings, which help students save money compared to the cost of buying new. We
offer an extensive print textbook library primarily for rent and also for sale
through our print textbook partners.

During the three and nine months ended September 30, 2022, we generated net
revenues of $164.7 million and $561.7 million, respectively. During the three
and nine months ended September 30, 2021, we generated net revenues of $171.9
million and $568.8 million, respectively.

In April 2022, we entered into definitive agreements with GT such that we will
continue to offer our Required Materials offering on our website and maintain
relationships with the students, however, GT has purchased our existing print
textbook library and will continue to make print textbook investments and
provide fulfillment logistics for print textbook transactions. We expect that we
will continue to fulfill eTextbook transactions through the end of 2022, at
which point GT will fulfill eTextbook transactions. We expect that our
partnership with GT provides an opportunity to grow faster with higher margins.
As a result of the partnership with GT, revenues from print textbook
transactions will consist of a revenue share of the total transactions
recognized immediately rather than the total amounts recognized ratably over the
rental term, generally a two- to five-month period. Revenues from eTextbook
transactions will continue to be recognized at the gross amount ratably over the
customer's contractual period, generally a two- to five-month period, through
the expected transition period, at which point they will be recognized as a
revenue share immediately. After the transition to GT, we will no longer incur
significant costs of revenue such as order fulfillment fees primarily related to
shipping and fulfillment, publisher content fees for eTextbooks after transition
to GT at the end of 2022, and print textbook depreciation and write off expense.
We will continue to incur costs of revenue such as payment processing fees and
employee related costs as well as ongoing operating expenses such as platform
infrastructure maintenance and transition costs.

In January 2022, we completed our acquisition of Busuu Online S.L. (Busuu), an
online language learning company that offers a comprehensive solution through a
combination of self-paced lessons, live classes with expert tutors and the
ability to learn and practice with members of the Busuu language learning

Our long-term strategy is centered upon our ability to utilize Chegg Services to
increase student engagement with our learning platform. We plan to continue to
invest in the expansion of our Chegg Services to provide a more compelling and
personalized solution and deepen engagement with students. In addition, we
believe that the investments we have made to achieve our current scale will
allow us to drive increased operating margins over time that, together with
increased contributions of Chegg Services, will enable us to sustain
profitability and remain cash-flow positive in the long-term. Our
  Table of Contents
ability to achieve these long-term objectives is subject to numerous risks and
uncertainties. These include our ability to attract, retain, and increasingly
engage the student population, reduced traffic to our services, and other
factors, such as the COVID-19 pandemic and global macroeconomic conditions,
which continue to evolve and affect our business and results of operations.
Further, the education industry has experienced a slowdown as a result of
decreased enrollments, which have not returned to pre-pandemic levels.
Employment opportunities, compensation and other factors have led to steadily
decreasing enrollments. Moreover, those students who have enrolled have been
taking fewer and less rigorous classes and receiving less graded assignments. As
a result, we are experiencing a deceleration in the growth rates of our services
and revenues that may continue. These risks and uncertainties are described in
greater detail in Part I, Item 1A, "Risk Factors" in our Annual Report on Form
10-K for the fiscal year ended December 31, 2021.

We have presented revenues for our two product lines, Chegg Services and
Required Materials, based on how students view us and the utilization of our
products by them. More detail on our two product lines is discussed in the next
two sections titled "Chegg Services" and "Required Materials."

Services Chegg

Our Chegg Services product line for students primarily includes Chegg Study,
Chegg Writing, Chegg Math Solver, Chegg Study Pack, Busuu, Mathway, and
Thinkful. Students typically pay to access Chegg Services on a monthly basis. We
also work with leading brands to provide students with discounts, promotions,
and other products that, based on student feedback, delight them.

Overall, Chegg Services revenue represented 97% and 95% of net revenue in the three and nine months ended September 30, 2022respectively, and 85% during the three and nine month periods ended September 30, 2021.

Materials needed

Our Required Materials product line includes revenues from print textbooks and
eTextbooks. Subsequent to April 2022, we no longer recognize operating lease
income from print textbooks that we own ratable on a gross basis. In relation to
print textbooks owned by GT, we recognize revenues immediately on a net basis,
representing the margin earned, based on our role in the transaction as an agent
as we have concluded that we do not control the use of the print textbooks, and
therefore record only the net revenue share we earn. Additionally, Required
Materials includes revenues from eTextbooks, which are primarily recognized
ratably over the customer's contractual period, generally a two- to five-month

In the aggregate, Required Materials revenues were 3% and 5% of net revenues
during the three and nine months ended September 30, 2022, respectively, and 15%
during both the three and nine months ended September 30, 2021.

Seasonality of our business

Revenues from Chegg Services and eTextbooks are primarily recognized ratably
over the term a student subscribes to our Chegg Services or has access to an
eTextbook. This has generally resulted in our highest revenues and profitability
in the fourth quarter as it reflects more days of the academic year. Certain
variable expenses, such as marketing expenses, remain highest in the first and
third quarters such that our profitability may not provide meaningful insight on
a sequential basis. As a result of these factors, the most concentrated periods
for our revenues and expenses do not necessarily coincide, and comparisons of
our historical quarterly results of operations on a sequential basis may not
provide meaningful insight into our overall financial performance.

  Table of Contents
Results of Operations

The following table summarizes our historical condensed consolidated income statements (in thousands, except as a percentage of total net revenues):

                                                              Three Months Ended                                                    Nine Months Ended
                                                                 September 30,                                                        September 30,
                                                    2022                               2021                              2022                              2021
Net revenues                            $ 164,739             100  %       $ 171,942             100  %       $ 561,704            100  %       $ 568,798            100  %
Cost of revenues(1)                        45,203              27             67,102              39            145,972             26            199,194             35
Gross profit                              119,536              73            104,840              61            415,732             74            369,604             65
Operating expenses:
Research and development(1)                45,426              28             43,269              25            150,321             27            130,995             23
Sales and marketing(1)                     31,803              19             27,239              16            109,580             20             75,139             13
General and administrative(1)              53,742              33             33,971              20            154,547             27            111,560             20

Total operating expenses                  130,971              80            104,479              61            414,448             74            317,694             56
(Loss) income from operations             (11,435)             (7)               361               -              1,284              -             51,910              9
Total interest expense, net and other
income (expense), net                      95,733              58              7,037               4            100,509             18            (71,881)           (13)
Income (loss) before benefit from
(provision for) income taxes               84,298              51              7,398               4            101,793             18            (19,971)            (4)
Benefit from (provision for) income
taxes                                     167,264             102               (747)              -            162,987             29             (5,793)            (1)
Net income (loss)                       $ 251,562             153  %       $   6,651               4  %       $ 264,780             47  %       $ (25,764)            (5) %

(1) Includes share-based compensation
expense as follows:
Cost of revenues                        $     653                          $     393                          $   1,945                         $   1,174
Research and development                    9,172                              8,917                             30,954                            25,976
Sales and marketing                         2,771                              3,051                             11,176                             9,625
General and administrative                 21,574                             12,151                             54,266                            39,382
Total share-based compensation expense  $  34,170                          $  24,512                          $  98,341                         $  76,157

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Three and Nine Months Ended September 30, 2022 and 2021

Net income

The following table sets forth our total net revenues for the periods shown for
our Chegg Services and Required Materials product lines (in thousands, except

                                        Three Months Ended                     Change
                                          September 30,
                                       2022           2021                  $            %
               Chegg Services       $ 159,264      $ 146,790            $ 12,474         8  %
               Required Materials       5,475         25,152             (19,677)      (78)
               Total net revenues   $ 164,739      $ 171,942            $ (7,203)       (4)

                                 Nine Months Ended September 30,                         Change
                                       2022                     2021                  $            %
     Chegg Services       $        533,152                   $ 482,654            $ 50,498        10  %
     Required Materials             28,552                      86,144             (57,592)      (67)
     Total net revenues   $        561,704                   $ 568,798            $ (7,094)       (1)

Chegg Services revenues increased $12.5 million, or 8% and $50.5 million, or 10%
during the three and nine months ended September 30, 2022, compared to the same
periods in 2021. The increase was primarily due to an increased global brand
awareness and penetration, including our acquisition of Busuu, which closed in
January 2022, and increased students subscribing to the Chegg Study Pack. Chegg
Services revenues were 97% and 95% of net revenues during the three and nine
months ended September 30, 2022, respectively, and 85% of net revenues during
both the three and nine months ended September 30, 2021. Required Materials
revenues decreased $19.7 million, or 78% and $57.6 million or 67%, during the
three and nine months ended September 30, 2022 compared to the same periods in
2021. The decrease was primarily due to lower revenues from print textbooks as a
result of our partnership with GT beginning in April 2022 and lower unit volumes
driven by decreased college enrollments. Required Materials revenues were 3% and
5% of net revenues during the three and nine months ended September 30, 2022,
respectively, and 15% of net revenues during both the three and nine months
ended September 30, 2021.

As a result of our partnership with GT, we expect Required Material revenues to
continue to decrease throughout 2022 due to recognizing a revenue share of the
total transaction amount rather than the total transaction amount.

Revenue cost

The following table shows our cost of sales for the periods indicated (in thousands, except percentages):

                                                                Three Months Ended
                                                                   September 30,                                 Change
                                                              2022               2021                      $                 %
Cost of revenues(1)                                       $   45,203          $ 67,102                $ (21,899)            (33) %

(1) Includes stock-based compensation expense of: $653

  $    393                $     260              66  %

                                                          Nine Months Ended September 30,                         Change
                                                              2022                2021                      $                 %
Cost of revenues(1)                                       $  145,972          $ 199,194                $ (53,222)            (27) %

(1) Includes stock-based compensation expense of: $1,945

  $   1,174                $     771              66  %

  Table of Contents
As a result of our partnership with GT, cost of revenues decreased due to lower
order fulfillment fees, net change in the gain on textbook library, lower print
textbook depreciation expense, and lower cost of textbooks purchased by
students. We expect cost of revenues to continue to decrease throughout 2022 and
gross margins to improve as we continue the partnership.

Cost of revenues decreased $21.9 million, or 33%, during the three months ended
September 30, 2022, compared to the same period in 2021. The decrease was
primarily attributable to lower order fulfillment fees of $11.7 million driven
by lower unit volumes, lower cost of textbooks purchased by students of
$5.6 million, net change in the gain on textbook library of $4.5 million, lower
transitional logistic charges of $2.7 million, and lower print textbook
depreciation expense of $2.4 million, partially offset by higher other
depreciation and amortization expense of $4.0 million, and incremental cost of
tutors, as a result of our acquisition of Busuu, of $2.0 million. Gross margins
increased to 73% during the three months ended September 30, 2022, from 61%
during the same period in 2021.

Cost of revenues decreased $53.2 million, or 27%, during the nine months ended
September 30, 2022, compared to the same period in 2021. The decrease was
primarily attributable to lower order fulfillment fees of $33.8 million driven
by lower unit volumes, net change in the gain on textbook library of
$13.7 million, driven by the sale of print textbooks to GT in April 2022 and
lower write-downs, lower cost of textbooks purchased by students of
$10.6 million, lower print textbook depreciation expense of $7.4 million, lower
transitional logistic charges of $5.4 million, lower customer support fees of
$1.6 million, partially offset by higher other depreciation and amortization
expense of $11.6 million, incremental cost of tutors, as a result of our
acquisition of Busuu, of $6.7 million and higher web hosting fees of
$2.1 million. Gross margins increased to 74% during the nine months ended
September 30, 2022, from 65% during the same period in 2021.

  Table of Contents
Operating Expenses

The following table shows our total operating expenses for the periods indicated (in thousands, except percentages):

                                                        Three Months Ended
                                                          September 30,                        Change
                                                       2022           2021                  $           %
Research and development(1)                         $  45,426      $  43,269            $  2,157        5  %
Sales and marketing(1)                                 31,803         27,239               4,564       17
General and administrative(1)                          53,742         33,971              19,771       58

Total operating expenses                            $ 130,971      $ 104,479            $ 26,492       25  %

(1) Includes share-based compensation expense of:
Research and development                            $   9,172      $   8,917            $    255        3  %
Sales and marketing                                     2,771          3,051                (280)      (9)
General and administrative                             21,574         12,151               9,423       78
Share-based compensation expense                    $  33,517      $  24,119            $  9,398       39  %

                                                               Nine Months Ended September 30,                        Change
                                                                   2022                2021                      $                %
Research and development(1)                                    $  150,321          $ 130,995                $ 19,326              15  %
Sales and marketing(1)                                            109,580             75,139                  34,441              46
General and administrative(1)                                     154,547            111,560                  42,987              39

Total operating expenses                                       $  414,448          $ 317,694                $ 96,754              30  %

(1) Includes share-based compensation expense of:
Research and development                                       $   30,954          $  25,976                $  4,978              19  %
Sales and marketing                                                11,176              9,625                   1,551              16
General and administrative                                         54,266             39,382                  14,884              38
Share-based compensation expense                               $   96,396          $  74,983                $ 21,413              29  %

The increases in personnel-related operating expenses shown below during the three and nine-month periods ended September 30, 2022compared to the same periods in 2021, are largely driven by the increase in the number of employees following our acquisition of Busu.

Research and development

Research and development expenses increased $2.2 million, or 5%, during the
three months ended September 30, 2022 compared to the same period in 2021. The
increase was primarily attributable to higher employee-related expenses,
including share-based compensation expense, of $3.2 million. Research and
development expenses as a percentage of net revenues were 28% during the three
months ended September 30, 2022 compared to 25% during the same period in 2021.

Research and development expenses increased $19.3 million, or 15%, during the
nine months ended September 30, 2022 compared to the same period in 2021. The
increase was primarily attributable to higher employee-related expenses,
including share-based compensation expense, of $13.7 million and higher
technology expenses to support our research and development of $5.3 million.
Research and development expenses as a percentage of net revenues were 27%
during the nine months ended September 30, 2022 compared to 23% during the same
period in 2021.

Sales and Marketing

Sales and marketing expenses increased by $4.6 million, or 17%, during the three
months ended September 30, 2022, compared to the same period in 2021. The
increase was primarily attributable to higher other depreciation and
amortization expense of $2.5 million and higher employee-related expenses,
including share-based compensation expense, of $2.1 million. Sales and marketing
expenses as a percentage of net revenues were 19% during the three months ended
September 30, 2022 compared to 16% during the same period in 2021.

  Table of Contents
Sales and marketing expenses increased by $34.4 million, or 46%, during the nine
months ended September 30, 2022, compared to the same period in 2021. The
increase was primarily attributable to increased international marketing spend,
including incremental marketing spend from Busuu, of $15.7 million, higher
employee-related expenses, including share-based compensation expense, of
$8.1 million, and higher other depreciation and amortization expense of
$7.3 million. Sales and marketing expenses as a percentage of net revenues were
20% during the nine months ended September 30, 2022 compared to 13% during the
same period in 2021.

General and Administrative

General and administrative expenses increased $19.8 million, or 58%, during the
three months ended September 30, 2022 compared to the same period in 2021. The
increase was primarily due to higher employee-related expenses, including
share-based compensation expense, of $15.7 million, and higher professional fees
of $2.1 million. General and administrative expenses as a percentage of net
revenues were 33% during the three months ended September 30, 2022 compared to
20% during the same period in 2021.

General and administrative expenses increased $43.0 million, or 39%, during the
nine months ended September 30, 2022 compared to the same period in 2021. The
increase was primarily due to higher employee-related expenses, including
share-based compensation expense, of $31.7 million, higher professional fees of
$5.1 million, and an impairment of lease related assets of $3.4 million. General
and administrative expenses as a percentage of net revenues were 27% during the
nine months ended September 30, 2022 compared to 20% during the same period in

Interest expense and other income (expenses), net

The following table sets forth our interest expense and other income (expense), net, for the periods indicated (in thousands, except percentages):

                                                              Three Months Ended
                                                                 September 30,                                Change
                                                            2022               2021                      $                %
Interest expense, net                                   $   (1,525)         $ (1,633)               $    108              (7) %
Other income (expense), net                                 97,258             8,670                  88,588                n/m
Total interest expense, net and other income (expense),
net                                                     $   95,733          $  7,037                $ 88,696                n/m

                                                        Nine Months Ended September 30,                         Change
                                                            2022                2021                      $                 %
Interest expense, net                                   $   (4,738)         $  (5,263)               $     525             (10) %
Other income (expense), net                                105,247            (66,618)                 171,865                n/m

Total interest expense, net and other income (expense), net

                                                     $  100,509          $ (71,881)               $ 172,390                n/m


*n/m – not significant

Interest expense, net remained relatively flat during the three months ended
September 30, 2022 compared to the same period in 2021, and decreased
$0.5 million, or 10%, during the nine months ended September 30, 2022, compared
to the same period in 2021, primary due to the full redemption of the 2023 notes
in 2021.

Other income (expense), net increased $88.6 million during the three months
ended September 30, 2022 compared to the same period in 2021 primarily due to
the $93.5 million gain on early extinguishment of a portion of the 2026 notes
and $2.3 million increase in interest income partially offset by the absence of
the $7.2 million gain on the sale of the strategic equity investment. Other
income (expense), net increased $171.9 million during the nine months ended
September 30, 2022, compared to the same period in 2021, primarily due to the
$93.5 million gain on early extinguishment of a portion of the 2026 notes, the
absence of the $78.2 million loss on early extinguishment of debt of a portion
of the 2025 notes, the $7.1 million net loss on the change in fair value of
derivative instruments, the $4.6 million gain on foreign currency remeasurement
of purchase consideration related to our acquisition of Busuu, and $1.9 million
increase in interest income partially offset by the absence of the $12.5 million
gain on the sale of the strategic equity investments.

  Table of Contents
Benefit from (Provision for) Income Taxes

The following tables show our benefit (provision for) income taxes for the periods indicated (in thousands, except percentages):

                                                    Three Months Ended
                                                      September 30,                        Change
                                                     2022           2021                 $           %
    Benefit from (provision for) income taxes   $    167,264      $ (747)           $ 168,011        n/m

                                                        Nine Months Ended September 30,                        Change
                                                            2022               2021                      $                 %
Benefit from (provision for) income taxes               $  162,987          $ (5,793)               $ 168,780                 n/m


*n/m – not significant

Benefit from (provision for) income taxes decreased $168.0 million and
$168.8 million, during the three and nine months ended September 30, 2022
compared to the same periods in 2021 primarily due to the release of the
valuation allowance against a substantial amount of our U.S. and certain state
jurisdictions deferred tax assets. See Note 12, "Income Taxes," of our
accompanying Notes to Condensed Consolidated Financial Statements included in
Part I, Item 1, "Financial Statements (unaudited)" of this Quarterly Report on
Form 10-Q for additional information.

Cash and capital resources

As of September 30, 2022, our principal sources of liquidity were cash, cash
equivalents, and investments totaling $1.2 billion, which were held for working
capital purposes. The substantial majority of our net revenues are from
e-commerce transactions with students, which are settled immediately through
payment processors, as opposed to our accounts payable, which are settled based
on contractual payment terms with our suppliers.

In June 2022, our board of directors approved a $1.0 billion increase to our
existing securities repurchase program authorizing the repurchase of up to
$2.0 billion of our common stock and/or convertible notes, through open market
purchases, block trades, and/or privately negotiated transactions or pursuant to
Rule 10b5-1 plans, in compliance with applicable securities laws and other legal
requirements. The timing, volume, and nature of the repurchases will be
determined by management based on the capital needs of the business, market
conditions, applicable legal requirements, and other factors. We've entered into
accelerated share repurchase programs to repurchase 19,965,836 shares of our
common stock for $600.0 million and open market repurchases of 1,146,803 shares
of our common stock for $23.1 million. Additionally, we've repurchased
$500.0 million principal amount of the 2026 notes, $100.0 million principal
amount of the 2025 notes, and $57.4 million principal amount of the 2023 notes
in privately-negotiated transactions for aggregate consideration of
$734.4 million. As of September 30, 2022, we had $642.6 million remaining under
the repurchase program, which has no expiration date and will continue until
otherwise suspended, terminated or modified at any time for any reason by our
board of directors.

In February 2021, we completed an equity offering in which we raised net
proceeds of $1,091.5 million, after deducting underwriting discounts and
commissions and offering expenses (2021 equity offering). In August 2020 and
March/April 2019, we closed offerings of our 2026 notes and 2025 notes,
generating net proceeds of approximately $984.1 million and $780.2 million,
respectively, in each case after deducting the initial purchasers' discount and
estimated offering expenses payable by us. The 2026 notes and 2025 notes mature
on September 1, 2026 and March 15, 2025, respectively, unless converted,
redeemed or repurchased in accordance with their terms prior to such dates.

As of September 30, 2022, we have incurred cumulative losses of $72.4 million
from our operations and we may incur additional losses in the future. Our
operations have been financed primarily by our initial public offering of our
common stock (IPO), our 2017 follow-on public offering, our convertible senior
notes offerings, our 2021 equity offering, and cash generated from operations.

Besides the acquisition $500.0 million overall principal amount of the 2026 notes, there have been no material changes in our commitments under contractual obligations, as indicated in part II, point 7 “Management report and analysis of the financial situation and results of ‘operating’ contained in our Annual Report on Form 10-K for the year ended December 31, 2021.

  Table of Contents
We believe that our existing sources of liquidity will be sufficient to fund our
operations and debt service obligations for at least the next 12 months. Our
future capital requirements will depend on many factors, including our rate of
revenue growth, our investments in research and development activities, our
acquisition of new products and services, and our sales and marketing
activities. To the extent that existing cash and cash from operations are
insufficient to fund our future activities, we may need to raise additional
funds through public or private equity or debt financing. Additional funds may
not be available on terms favorable to us or at all. If adequate funds are not
available on acceptable terms, or at all, we may be unable to adequately fund
our business plans and it could have a negative effect on our business,
operating cash flows and financial condition.

Most of our cash, cash equivalents, and investments are held in the United
States. As of September 30, 2022, our foreign subsidiaries held an insignificant
amount of cash in foreign jurisdictions. We currently do not intend or foresee a
need to repatriate these foreign funds; however, as a result of the Tax Cuts and
Jobs Act, we anticipate the U.S. federal impact to be minimal if these foreign
funds are repatriated. In addition, based on our current and future needs, we
believe our current funding and capital resources for our international
operations are adequate.

The following table presents our cash flows (in thousands):

© Edgar Online, source Previews

How to Live Only in Cash: Should You Do It?



Earlier in 2022, the #cashstuffing hashtag went viral on TikTok. The new trend, where one would divide income into physical envelopes marked for different expense categories and fill them with money, is a twist on an age-old financial concept known as envelope stuffing. Essentially, money stuffing and envelope stuffing allow you to budget and plan your finances without technology.

The future of finance: Generation Z and their relationship with money
Cash App Borrow: How to Borrow Money on Cash App

Over the past few years and amid the COVID-19 pandemic, many have questioned the role of cash in a world increasingly reliant on digital currency. Is it possible to live on money alone? Should anyone try to make cash only work for them?

How to go cash only

If you only wanted to live on cash, you could. To go from not using credit or debit cards, one would need to employ certain strategies. Michael Collins, CFA and CEO of WinCap Financial, shares the strategies you would need to ensure cash-only success:

  • Using a budget. Having a budget is essential when trying to live on cash alone. Collins said, “You need to be aware of your income and your expenses to make sure you don’t spend more than you bring in.”

  • Expense tracking. Collins recommends tracking expenses using a budgeting app or Excel spreadsheet. This helps you see where your money is going and where you can cut back.

  • Use of cash envelopes. Hey, it’s the cash stuffing trend! Designate a certain amount of money for different expense categories. You can have one envelope for groceries, one for entertainment, and one for bills. This allows you to stay on track with your spending and not overspend in any given area.

As you prepare to pay cash, Collins said the most important thing to remember is to keep your spending habits in mind. Using a budget and cash envelopes makes regular overspending easier.

Take our survey: How long do you think it will take to pay off your credit card debt?

Financial benefits of being cash only

Once you’ve done the necessary financial planning to make sure you can only use cash, you can start enjoying some of the financial benefits of this lifestyle.

Michael Throckmorton, business success manager at Merchant Cash Advance, said that in the long run, paying cash only means no more credit card debt or impulse purchases made at home. using a debit card. Those with credit card debt will find themselves creating better spending habits because they stick to the cash.

“A cash-only lifestyle will put a limit on household spending and reduce unnecessary expenses that people often incur when using cards,” Throckmorton said.

In addition to cutting unnecessary expenses, you can use money to better budget each month. The biggest benefit of using a cash-only budget, Throckmorton said, is that you’re usually more motivated to stick to your budget when you start to run out of money.

“Overall, a cash-only budgeting method is a great strategy for maintaining your finances and keeping accurate track of what you have left,” Throckmorton said, “by preventing impulse purchases and contactless payments. which become more difficult to manage”.

Disadvantages of a cash-only lifestyle

Living without cash is not for everyone. Some lifestyles just can’t fit in, depending on your needs. , While it is possible with cash, paying utilities, electricity and gas bills is also much more difficult without payment apps, credit or debit cards or a synced bank account.

The other downside to living a cash-only life is that it can hurt your financial growth. The long term of being cash only means incurring no credit card debt. However, if you do not use credit cards at all, there is no possibility of increasing your credit.

“Credit cards help build a credit history, which helps you qualify to borrow money for major purchases,” said Danielle Miura, CFP and founder of Spark Financials.

In addition, consumers who only buy cash do not enjoy the other benefits associated with credit cards.

“A cash-only consumer may miss out on rewards programs and fraud protection,” Miura said. “Debit cards can provide these conveniences, but they often carry more risk of being tied to your bank account.”

More from GOBankingRates

This article originally appeared on GOBankingRates.com: How to Live on Cash Only: Should You?

Need to borrow money for your business? Here are 3 alternatives to business loans

Image source: Getty Images

Business loans are hard to come by, but they’re not your only option.

Key points

  • You can use a personal loan for almost anything, including financing your small business.
  • Business credit cards with a 0% introductory APR are also an affordable financing option.
  • For homeowners, a home equity line of credit could be a convenient choice with a low interest rate.

When you own a business, there often comes a time when you need to borrow money to maximize growth. Although many lenders offer business loans, they usually have income and time spent on business needs that some businesses will struggle to meet. Same get an SBA loan can be difficult for new businesses.

If business loans are out of the question, here are three other financing options that might work for your business.

1. Personal loans

A personal loan is one of the most flexible types of loans you can get. While most loans must be used for a specific purpose, a personal loan can be used for just about anything, including business expenses.

Another advantage of personal loans is that they are quite easy to obtain, especially if you have a rate credit score. Traditional brick and mortar banks, credit unions, and online banks offer them all, so you’ll have plenty of options. Loan amounts normally range from $1,000 to $100,000 or more, and depending on your credit, you may qualify for a low interest rate.

Interested in a personal loan? Discover The Ascent’s best personal loans to find a lender.

2. Business credit cards with 0% introductory APR

A business credit card is a credit card designed for small business owners. Like other types of credit cards, it lets you pay for your expenses on credit and pay them back over time.

In most of the cases, credit card are not a good choice for borrowing money. Since they usually have high interest rates, it’s best to pay off your card balance in full each month to avoid credit card interest charges. However, some cards have a special offer for a 0% introductory APR on purchases.

If a credit card has a 0% introductory APR on purchases, you can carry a balance without interest charges until the end of the introductory period. Some business credit cards offer this for 12 months, meaning you’d have a full year of interest-free financing. Just keep in mind that the Credit Card APR will increase a little after the end of this period. To avoid a big bill, pay off your full card balance during the introductory period.

Looking for a business credit card? Here are the ones from The Ascent top business credit card choices.

3. Home Equity Line of Credit

A home equity line of credit (HELOC) allows you to borrow against the equity in your home. Let’s say you have a $300,000 house with $150,000 remaining on the mortgage. A lender would probably allow you to use that $150,000 of home equity to get a line of credit up to a certain amount, such as $75,000, depending on that lender’s limits.

This option is not available to everyone, as it requires you to have home equity. There are also more risks involved. You need to be sure that you can repay what you borrow, because your house serves as collateral.

Despite the risk, HELOCs can be a great borrowing option. You can use as much or as little of your line of credit as you want, and you can borrow again after making payments on it. Interest rates are also normally lower than other types of debt.

Want to get a HELOC? See the Ascension best HELOC lenders.

There are many ways to borrow money for your business outside of the traditional business loan route. Depending on your financial situation, a personal loan, business credit card, or HELOC could all be convenient options with low interest rates.

Expert-selected business credit cards with rich rewards and benefits

Cash back, travel rewards, 0% introductory APR financing—all of these can be great credit card perks for business owners. But how do you find the right business credit card for you? There are tons of offers on the market today, and sifting through them to find the right one can be a big hassle. So we’ve done the hard work for you.

Get started today with one of our best business credit cards of 2022.

Technology behind the scenes


Everyone enjoys the feel of casino chips while playing late night roulette. Interestingly, we no longer have to exchange our fiat currencies for tokens, especially when playing online games.

Players around the world now have more options for how they can deposit at their favorite online casinos. Anyone with a computer or mobile device and internet access can now buy microchips online.

But how does 1 Deposit NZ Casinos work? When you make a deposit at an online casino, funds are transferred from your bank account or e-wallet to the casino account. The transaction is processed by a payment processor, which acts as an intermediary between the two parties.

There are several different payment processors, but the most commonly used by online casinos are credit/debit card companies, e-wallets, and cryptocurrency services.

Credit/debit card

The most popular form of payment processor is undoubtedly credit and debit cards. Almost everyone has a credit or debit card these days, and they are accepted at almost all online casinos. Making a deposit with a credit or debit card is quick and easy. Simply enter your card information and the amount you wish to deposit, and the funds will be transferred immediately.

The only downside to using credit/debit cards is that there are certain fees associated with the transaction. These fees are usually minimal, but can add up over time if you are a frequent depositor at the casino.

Electronic wallets

E-wallets are another popular payment processor, especially among online gamblers. These services work the same way as credit/debit cards, but they often have lower fees. Additionally, many e-wallets offer additional functionality, such as storing multiple currencies or setting up automatic payments.

The most popular e-wallets used for online gambling are PayPal, Skrill and Neteller. These three services are accepted in most online casinos.

Cryptocurrency services

Cryptocurrency services are a relatively new addition to online gambling, but they are rapidly gaining popularity. These services allow players to deposit funds using Bitcoin, Ethereum, Litecoin, or another type of cryptocurrency.

The advantages of using a cryptocurrency service are that fees are generally lower than other payment processors and transactions are processed almost instantly. Additionally, many online casinos offer special bonuses to players who use cryptocurrency services.

The downside of using a cryptocurrency service is that it is not yet as widely accepted as other payment processors. However, this is likely to change in the near future as more and more casinos start accepting them.

How does technology work in filing processes?

In order to deposit at an online casino, you will need a payment processor. This is where technology comes in. Payment processors use various technologies to process transactions between players and casinos.

The most common type of technology used by payment processors is encryption. Encryption protects your personal and financial information from interception by third parties. When you make a deposit at an online casino, your information is encrypted before being sent to the payment processor.

Once the payment processor receives your information, it uses various algorithms to process the transaction. These algorithms are designed to prevent fraud and ensure that funds are transferred securely.

Once the transaction is processed, the funds are transferred from the payment processor to the casino. The whole process usually only takes a few seconds and you can start playing right away.

Technological advantages

Technological advances in recent years have made online gambling easier than ever. In the early days of online gambling, players had to use their credit cards or e-wallets to make deposits. However, this is no longer the case.

Now, there are a variety of different payment processors players can use to make deposits. This gives players more options and allows them to choose the payment processor that best suits their needs.

Moreover, advancements in technology have also led to faster transactions. Previously, processing a deposit could take several days. However, most deposits are now processed almost instantly. This is a major advantage for online gamblers as it allows them to deposit their funds into their account and start playing immediately.

Final Thoughts

As you can see, there are a variety of different payment processors that online casinos use to accept deposits. Each has its own advantages and disadvantages, so it’s up to you to choose the one that best suits your needs.

Whichever payment processor you choose, you can rest assured that your money is safe. Online casinos use the latest security technologies to protect your money and personal information. So you can gamble with confidence knowing your money is in good hands.


The following Management's Discussion and Analysis is intended to assist the
reader in understanding our results of operations and financial condition.
Management's Discussion and Analysis is provided as a supplement to, and should
be read in conjunction with, our audited consolidated financial statements
beginning on page F-1 of this Report. This Report includes certain statements
that may be deemed to be "forward-looking statements" within the meaning of
Section 27A of the Securities Act. All statements, other than statements of
historical fact, included in this Report that address activities, events or
developments that we expect, project, believe, or anticipate will or may occur
in the future, including matters having to do with expected and future revenue,
our ability to fund our operations and repay debt, business strategies,
expansion and growth of operations and other such matters, are forward-looking
statements. These statements are based on certain assumptions and analyses made
by our management in light of its experience and its perception of historical
trends, current conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. These statements are subject to a
number of assumptions, risks and uncertainties, including general economic and
business conditions, the business opportunities (or lack thereof) that may be
presented to and pursued by us, our performance on our current contracts and our
success in obtaining new contracts, our ability to attract and retain qualified
employees, and other factors, many of which are beyond our control. You are
cautioned that these forward-looking statements are not guarantees of future
performance and those actual results or developments may differ materially from
those projected in such statements.

Management Overview

Fiscal 2022 Financial Highlights:

•Consolidated revenues increased by $7.4 million, or 16%, to $53.9 million for
the year ended August 31, 2022, compared to $46.5 million for the year ended
August 31, 2021

•Consolidated gross profit increased by $7.2 million, or 20%, to $43.1 million
for the year ended August 31, 2022, compared to $35.9 million for the year ended
August 31, 2021

•Income from operations increased by $3.7 million, or 33%, to $14.9 million for
the year ended August 31, 2022, from $11.3 million for the year ended August 31,

————————————————– ——————————


•Net income increased by $2.7 million, or 28% to $12.5 million for the year
ended August 31, 2022, compared to $9.8 million for the year ended August 31,

• Diluted earnings per share increased by $0.13i.e. 28% to $0.60 for the year ended August 31, 2022compared to $0.47 for the year ended August 31, 2021

Upcoming strategy:

• Continue to pursue collaborations with customers to support the expansion of our portfolio of products and services

• Continue our aggressive marketing campaigns and expand our use of social media and digital advertising

• Continue to develop our sales force and distribution channels

• Continue to recruit scientific personnel to support the innovation of our products and services

• Continue to seek strategic acquisitions that complement our existing solutions portfolio and expand our markets

Fiscal year 2022 was yet another record year for the Company. We believe the
continued growth of our pharmaceutical software and services business is the
result of steadily increasing adoption and awareness of the value of simulation
and modeling software tools across the pharmaceutical industry, the continuing
push by regulatory agencies for increased use of modeling and simulation, and
the expertise we offer as consultants to assist companies involved in the
research and development of new medicines. We continue to be a leader in the
fast-growing global biosimulation market.

Operating results

Comparison of fiscal year 2022 and fiscal year 2021

(in thousands)                                 Year ended August 31
                                                2022              2021        $ Change      % Change
Revenue                                   $    53,906          $ 46,466      $  7,440           16  %
Cost of revenue                                10,822            10,600           222            2  %
Gross profit                                   43,084            35,866         7,218           20  %
Research and development                        3,208             4,047          (839)         (21) %
Selling, general, and administrative           24,965            20,566         4,399           21  %
Total operating expenses                       28,173            24,613         3,560           14  %
Income from operations                         14,911            11,253         3,658           33  %
Other income (expense), net                       204              (168)          372         (221) %
Income before income taxes                     15,115            11,085         4,030           36  %
Provision for income taxes                     (2,632)           (1,303)       (1,329)         102  %
Net income                                $    12,483          $  9,782      $  2,701           28  %


Revenues increased by $7.4 million or 16%, to $53.9 million for the year ended
August 31, 2022, compared to $46.5 million for the year ended August 31, 2021.
This increase is primarily due to a $5.0 million, or 18%, increase in
software-related revenue and $2.5 million, or 13%, increase in service-related
revenue when comparing the years ended August 31, 2022, and 2021.

Revenue cost

Cost of revenues remained relatively consistent with a slight increase of $0.2
million, or 2%, for the year ended August 31, 2022, compared to the year ended
August 31, 2021. The increase is primarily due to a $0.4 million, or 5%,
increase in service-related cost of revenue, partially offset by a decrease of
$0.2 million, or 5%, in software-related cost of revenue when compared to the
year ended August 31, 2021.

————————————————– ——————————


Gross profit

Gross profit increased by $7.2 million, or 20%, to $43.1 million for the year
ended August 31, 2022, compared to $35.9 million, for the year ended August 31,
2021. The higher gross profit is due to an increase in gross profit for our
software business of $5.1 million, or 21%, and an increase in gross profit for
our services business of $2.1 million, or 18%.

The overall gross margin percentage was 80% and 77% for the years ended August 31, 2022and 2021, respectively.

Research and development

We incurred $6.4 million of research and development costs during the year ended
August 31, 2022. Of this amount, $3.2 million was capitalized as a part of
capitalized software development costs and $3.2 million was expensed. We
incurred $6.9 million of research and development costs during year ended
August 31, 2021. Of this amount, $2.9 million was capitalized and $4.0 million
was expensed.

Selling, general and administrative expenses

Selling, general, and administrative ("SG&A") expenses increased by $4.4
million, or 21%, to $25.0 million for the year ended August 31, 2022, compared
to $20.6 million for the year ended August 31, 2021. The increase was primarily
due to an increase in personnel costs of $2.9 million, an increase in insurance
costs of $0.6 million related to cyber and D&O premiums, and an increase in
travel costs of $0.4 million.

As a percentage of revenue, SG&A expenses were 46% for the year ended August 31, 2022compared to 44% for the year ended August 31, 2021.

Other income/expenses

Total other income was $0.2 million for the year ended August 31, 2022, compared
to total other expense of $0.2 million for the year ended August 31, 2021. The
increase of $0.4 million is primarily due to an increase in net interest income
of $0.5 million and a decrease in the value of contingent consideration of $0.2
million, partially offset by an increase in the loss on currency exchange of
$0.4 million.

Provision for income taxes

The provision for income taxes was $2.6 million for the year ended August 31,
2022, compared to $1.3 million for the year ended August 31, 2021. Our effective
tax rate increased by 5% to 17% for the year ended August 31, 2022, from 12% for
the year ended August 31, 2021. The effective rate differs from anticipated
combined statutory rates of 25% due to R&D credits, foreign-tax-related items
(tax credits and foreign-deemed intangible income deductions), and the tax
effect for stock compensation and disqualifying dispositions. During the year
ended August 31, 2021, as a result of an increase in the Company's stock price,
a number of employees exercised and sold ISOs granted to them under their
corporate incentive plans, creating corporate tax deductions that lowered the
effective tax rate, whereas disqualifying dispositions were not as prevalent
during the year ended August 31, 2022.

————————————————– ——————————


Comparison of fiscal year 2021 and fiscal year 2020

(in thousands)                                 Year ended August 31
                                                2021              2020        $ Change      % Change
Revenue                                   $    46,466          $ 41,589      $  4,877           12  %
Cost of revenue                                10,600            10,649           (49)           -  %
Gross profit                                   35,866            30,940         4,926           16  %
Research and development                        4,047             2,975         1,072           36  %
Selling, general, and administrative           20,566            16,360         4,206           26  %
Total operating expenses                       24,613            19,335         5,278           27  %
Income from operations                         11,253            11,605          (352)          (3) %
Other income (expense), net                      (168)             (218)           50          (23) %
Income before income taxes                     11,085            11,387          (302)          (3) %
Provision for income taxes                     (1,303)           (2,055)          752          (37) %
Net income                                $     9,782          $  9,332      $    450            5  %


Revenues increased by $4.9 million, or 12%, to $46.5 million for the year ended
August 31, 2021, compared to $41.6 million for the year ended August 31, 2020.
This increase is primarily due to a $6.1 million, or 28%, increase in
software-related revenue, offset by a $1.2 million, or 6%, decrease in
service-related revenue when comparing the years ended August 31, 2021, and

Revenue cost

Cost of revenues remained relatively consistent for the year ended August 31,
2021, and 2020. The decrease is primarily due to lower contract research
organization fees of $0.2 million, lower tech-support costs of $0.1 million,
lower labor-related costs of $0.1 million, and lower training and travel costs
of $0.1 million, partially offset by higher amortization of software development
costs of $0.5 million related to the purchase of Lixoft.

A significant portion of cost of revenues for pharmaceutical software products
is the systematic amortization of capitalized software development costs, which
is a fixed cost rather than a variable cost related to revenues. The
amortization cost of $2.8 million for the year ended August 31, 2021, increased
by $0.5 million compared to fiscal year 2020.

Cost of revenues as a percentage of revenue was 22.8% for the year ended August
31, 2021, compared to 25.6% for the year ended August 31, 2020, resulting in a
decrease of 2.8%.

Gross profit

Gross profit increased $4.9 million, or 16%, to $35.9 million for the year ended
August 31, 2021, compared to $30.9 million for the year ended August 31, 2020.
The increase is due to an increase in gross profit for the software business of
$5.7 million, or 31%, offset by a $0.8 million, or 7%, decrease in gross profit
for the services business.

The overall gross margin percentage was 77% and 74% for the year ended August 31, 2021and 2020, respectively.

Research and development

We incurred $6.9 million of research and development costs during year ended
August 31, 2021. Of this amount, $2.9 million was capitalized and $4.0 million
was expensed. We incurred $5.3 million of research and development costs during
year ended August 31, 2020. Of this amount, $2.3 million was capitalized and
$3.0 million was expensed. The year-over-year increase of $1.6 million, or 30%,
in research and development expenditures was primarily due to increased costs in
the Simulations Plus, DILIsym, and Lixoft divisions.

————————————————– ——————————


Selling, general and administrative expenses

SG&A expenses increased by $4.2 million, or 26% to $20.6 million for the year
ended August 31, 2021, compared to $16.4 million for the year ended August 31,
2020. The increase was primarily due to a $4.0 million increase in personnel

As a percentage of revenue, selling, general and administrative expenses were 44% for the year ended August 31, 2021compared to 39% for the year ended
August 31, 2020.

Other income/expenses

The total of other expenses was $0.2 million for the year ended August 31, 2021compared to $0.2 million for the year ended August 31, 2020. There was an increase in the foreign exchange gain of $0.2 million and an increase in interest income of $0.2 millionoffset by an increase in the value of the contingent consideration of $0.3 million.

Provision for income taxes

The provision for income taxes was $1.3 million for the year ended August 31,
2021, compared to $2.1 million for the year ended August 31, 2020. Our effective
tax rate decreased by 6% to 12% from 18% for the same periods.

The effective rate differs from anticipated combined statutory rates of 25% due
to R&D credits, foreign-tax-related items (tax credits and foreign-deemed
intangible income deductions), and the tax effect of stock-compensation-related
items for stock compensation and disqualifying dispositions. During the years
ended August 31, 2021, and 2020, as a result of an increase in stock prices, a
number of employees exercised and sold incentive stock options granted to them
under their corporate incentive plans, creating corporate tax deductions that
lowered the effective tax rate

Operating results by business unit

Comparison of fiscal year 2022 and fiscal year 2021


(in thousands)                         Twelve Months Ended August 31,
                            2022               2021        Change ($)       Change (%)
Software             $    32,642            $ 27,670      $     4,972             18  %
Services                  21,264              18,796            2,468             13  %
Total                $    53,906            $ 46,466      $     7,440             16  %

Cost of Revenues

(in thousands)                          Twelve Months Ended August 31,
                             2022                2021        Change ($)       Change (%)
Software             $      3,060             $  3,235      $      (175)            (5) %
Services                    7,762                7,365              397              5  %
Total                $     10,822             $ 10,600      $       222              2  %


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  Table of     Contents

Gross Profit

(in thousands)                         Twelve Months Ended August 31,
                            2022               2021        Change ($)       Change (%)
Software             $    29,582            $ 24,435      $     5,147             21  %
Services                  13,502              11,431            2,071             18  %
Total                $    43,084            $ 35,866      $     7,218             20  %

Software Business

For the year ended August 31, 2022, the revenue increase of $5.0 million, or
18%, compared to the year ended August 31, 2021, was primarily due to higher
revenues from GastroPlus of $2.4 million and an increase in revenue from
MonolixSuite Software of $1.6 million. Cost of revenue decreased by $0.2 million
or 5% during the same periods, and gross profit increased by $5.1 million, or
21%, primarily due to the increase in revenue.

service company

For the year ended August 31, 2022, the revenue increase of $2.5 million, or
13%, compared to the year ended August 31, 2021, was primarily due to higher
revenues from PBPK of $1.4 million and an increase in revenues from QSP/QST of
$0.5 million. Cost of revenue increased by $0.4 million, or 5%. Gross profit
increased by $2.1 million, or 18%, for the same periods.

Comparison of fiscal year 2021 and fiscal year 2020


(in thousands)                         Twelve Months Ended August 31,
                            2021              2020*        Change ($)       Change (%)
Software             $    27,670            $ 21,587      $     6,083             28  %
Services                  18,796              20,002           (1,206)            (6) %
Total                $    46,466            $ 41,589      $     4,877             12  %

*As Lixoft was acquired on April 1, 2020, five months of activity is reflected
for fiscal year 2020.

Cost of Revenues

(in thousands)                          Twelve Months Ended August 31,
                              2021               2020*        Change ($)      Change (%)
Software             $      3,235              $  2,883      $      352             12  %
Services                    7,365                 7,766            (401)            (5) %
Total                $     10,600              $ 10,649      $      (49)             -  %

*Lixoft having been acquired on April 1, 2020five months of activity are counted for the 2020 financial year.


————————————————– ——————————

  Table of     Contents

Gross Profit

(in thousands)                         Twelve Months Ended August 31,
                            2021              2020*        Change ($)       Change (%)
Software             $    24,435            $ 18,704      $     5,731             31  %
Services                  11,431              12,236             (805)            (7) %
Total                $    35,866            $ 30,940      $     4,926             16  %

*Lixoft having been acquired on April 1, 2020five months of activity are counted for the 2020 financial year.

Software Business

For the year ended August 31, 2021, the revenue increase of $6.1 million, or
28%, compared to the year ended August 31, 2020, was primarily due to increases
in revenue from MonolixSuite of $2.9 million, an increase from GastroPlus
revenue of $2.2 million and an increase from ADMET Predictor Software of $0.8
million. The cost of revenue increased by $0.4 million, or 12%. Gross profit
increased by $5.7 million, or 31%, primarily due to the increase in revenue.

service company

For the year ended August 31, 2021, the revenue decrease of $1.2 million, or 6%,
compared to the year ended August 31, 2020, was primarily due to a decrease from
other services revenue of $1.4 million, a decrease from QSP/QST revenue of $1.0
million, partially offset by an increase from PKPD revenue of $1.1 million. Cost
of revenue decreased by $0.4 million, or 5%. Gross profit decreased by $0.8
million, or 7%, for the same periods.


As of August 31, 2022, the Company had $51.6 million in cash and cash
equivalents, $76.7 million in short-term investments and working capital of
$139.1 million. Our principal sources of capital have been cash flows from our
operations. We have achieved continuous positive operating cash flow over the
last thirteen fiscal years.

On March 31, 2020, the Company entered into a Credit Agreement with Wells Fargo
Bank, N.A. The Credit Agreement provided us with a credit facility of $3.5
million through April 15, 2022 (the "Termination Date"), on which date the
Credit Agreement terminated in accordance with its terms. As a result, we can no
longer draw down against the line of credit. We chose not to renew or pursue an
alternative credit facility as we do not foresee a need to utilize such credit
facility within the next twelve months. As of the Termination Date, there were
no amounts drawn against the line of credit.

On March 31, 2020, we entered into a Share Purchase and Contribution Agreement
(the "SPCA") with Lixoft. Under the terms of the SPCA, we agreed to pay the
former shareholders of Lixoft total consideration of up to $16.5 million,
consisting of two-thirds cash and one-third newly issued, unregistered shares of
our common stock. At closing, we paid the former shareholders of Lixoft a total
of $10.8 million, comprised of cash in the amount of $9.5 million and the
issuance of 111,682 shares of our common stock valued at $3.7 million, net of
adjustments and a $2.0 million holdback for representations and warranties. In
addition, we paid $3.5 million of excess working capital based on the March 31,
2020, financial statements of Lixoft. In addition, the SPCA called for earnout
payments of up to an additional $5.5 million, payable in two-thirds cash and
one-third newly issued, unregistered shares of our common stock, based on a
revenue-growth formula each year for the two years subsequent to April 1, 2020.
The former shareholders could earn up to $2.0 million the first year and $3.5
million in year two. In June 2021, $2.0 million was paid out under the first
earnout payment, which was comprised of $1.3 million of cash and shares of our
common stock valued at $0.7 million. In April 2022, we released from escrow and
distributed the $2.0 million holdback consideration, consisting of $1.3 million
in cash and shares of our common stock valued at $0.7 million (amounting to an
aggregate of 20,326 unregistered shares of our common stock), to the former
shareholders of Lixoft. In May 2022, $3.5 million was paid out under the second
earnout payment, which was comprised of $2.3 million of cash and shares of our
common stock valued at $1.2 million (amounting to an aggregate of 23,825
unregistered shares of our common stock), to the former shareholders of Lixoft
in accordance with the SPCA.

  Table of     Contents
We believe that our existing capital and anticipated funds from operations will
be sufficient to meet our anticipated cash needs for working capital and capital
expenditures for the foreseeable future. Thereafter, if cash generated from
operations is insufficient to satisfy our capital requirements, we may have to
sell additional equity or debt securities or obtain a new credit facility. In
the event such financing is needed in the future, there can be no assurance that
such financing will be available to us, or, if available, that it will be in
amounts and on terms acceptable to us. If cash flows from operations became
insufficient to continue operations at the current level, and if no additional
financing was obtained, then management would restructure the Company in a way
to preserve its pharmaceutical business while maintaining expenses within
operating cash flows.

We continue to seek opportunities for strategic acquisitions. If one or more
such acquisitions is identified, a substantial portion of our cash reserves may
be required to complete it; however, we intend to maintain sufficient cash
reserves after any acquisition to provide reasonable assurance that outside
financing will not be necessary to continue operations. If we identify an
attractive acquisition that would require more cash to complete than we are
willing or able to use from our cash reserves, we will consider financing
options to complete the acquisition, including obtaining loans and issuing
additional securities.

Except as discussed elsewhere in this Report, we are not aware of any trends or
demands, commitments, events, or uncertainties that are reasonably likely to
result in a decrease in liquidity of our assets. The trend over the last ten
years has been increasing cash deposits from our operating cash flows, and we
expect that trend to continue for the foreseeable future.

Cash flow

Operational activities

Net cash provided by operating activities was $17.9 million for the year ended
August 31, 2022. Our operating cash flows resulted primarily from our net income
of $12.5 million, which was generated by cash received from our customers,
offset by cash payments we made to third parties for their services and employee
compensation. In addition, $2.6 million related to changes in balances of
operating assets and liabilities was subtracted from net income and $8.0 million
related to non-cash charges was added to net income to reconcile to cash flow
from operations.

Net cash provided by operating activities was $19.2 million for the year ended
August 31, 2021. Our operating cash flows resulted primarily from our net income
of $9.8 million, which was generated by cash received from our customers, offset
by cash payments we made to third parties for their services and employee
compensation. In addition, $1.0 million related to changes in balances of
operating assets and liabilities was added to net income and $8.4 million
related to non-cash charges was added to net income to reconcile to cash flow
from operations.

Investing Activities

Net cash provided by investing activities during the year ended August 31, 2022,
was $4.3 million, primarily due to the proceeds from the sale of short-term
investments of $109.1 million, offset by the purchase of short-term investments
of $100.8 million and computer software development costs of $3.2 million.

Net cash used for investing activities during the year ended August 31, 2021,
was $26.7 million, primarily due to the purchase of short-term investments of
$122.4 million and computer software development costs of $2.9 million, offset
by proceeds from the sale of short-term investments totaling $100.2 million.

Fundraising activities

Net cash used in financing activities during the year ended August 31, 2022, was
$7.6 million, primarily due to dividend payments totaling $4.8 million and a
$3.7 million earnout payment to the former shareholders of Lixoft, partially
offset by proceeds from the exercise of stock options totaling $0.9 million.

Net cash used in financing activities during the year ended August 31, 2021, was
$4.7 million, primarily due to dividend payments totaling $4.8 million and a
$1.3 million earnout payment to the former shareholders of Lixoft, partially
offset by proceeds from the exercise of stock options totaling $1.5 million.

————————————————– ——————————



Refer to Note 8 – Equity of the Notes to the financial statements (Part II, Heading 8 of this Report) for further details regarding dividends.


We have seen some consolidation in the pharmaceutical industry during economic
downturns, although these consolidations have not had a negative effect on our
total revenues to that industry. Should customer delays, holds, program
cancellations, or consolidations and downsizing in the industry continue to
occur, those events could adversely impact our revenues and earnings going

We believe that the need for improved productivity in the research and
development activities directed toward developing new medicines will continue to
result in increasing adoption of simulation and modeling tools such as those we
produce. New product developments in our pharmaceutical business segments could
result in increased revenues and earnings if they are accepted by our markets;
however, there can be no assurances that new products will result in significant
improvements to revenues or earnings. For competitive reasons, we do not
disclose all of our new product development activities.

Our continued search for acquisitions could result in a material change in revenues and earnings if one or more of these acquisitions are completed.

The potential for growth in new markets (e.g., healthcare) is uncertain. We will
continue to explore these opportunities until such time as we either generate
revenues or determine that resources would be more efficiently used elsewhere.


In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic
805): Accounting for Contract Assets and Contract Liabilities from Contracts
with Customers ("ASU 2021-08"). The amendment requires contract assets and
contract liabilities acquired in a business combination to be recognized and
measured in accordance with ASC 606, Revenue from Contracts with Customers, as
if the acquirer had originated the contract. The amendment is intended to
improve the accounting for acquired revenue contracts with customers in a
business combination, related to the recognition of an acquired contract
liability, and to payment terms and their effect on subsequent revenue
recognized by the acquirer. The amendment also provides certain practical
expedients when applying the guidance. ASU 2021-08 is effective for interim and
annual periods beginning after December 15, 2022, on a prospective basis, with
early adoption permitted. The Company expects to adopt ASU 2021-08 in the first
quarter of fiscal year 2024. The Company is currently evaluating the potential
impact of ASU 2021-08 to its consolidated financial statements.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic
832), which requires business entities to disclose information about
transactions with a government that are accounted for by applying a grant or
contribution model by analogy (for example, IFRS guidance in IAS 20 or guidance
on contributions for not-for-profit entities in ASC 958-605). For transactions
within scope, the new standard requires the disclosure of information about the
nature of the transaction, including significant terms and conditions, as well
as the amounts and specific financial statement line items affected by the
transaction. The new guidance is effective for annual reporting periods
beginning after December 15, 2021. The Company does not expect that the adoption
of this standard will have a material impact on its consolidated financial
statements; however, the Company expects to increase its disclosures with
respect to government assistance beginning in the first quarter of fiscal year



Our financial statements and accompanying notes are prepared in accordance with
GAAP. Preparing financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue,
and expenses. These estimates and assumptions are affected by management's
application of accounting policies. Actual results could differ from those
estimates. Significant accounting policies for us include revenue recognition,
accounting for capitalized software development costs, valuation of stock
options, and accounting for income taxes.

————————————————– ——————————


Revenue recognition

We generate revenue primarily from the sale of software licenses and the provision of consultancy services to the pharmaceutical industry for drug development.

The Company determines revenue recognition according to the following steps:

i.Identification of the contract, or contracts, with a customer
ii.Identification of the performance obligations in the contract
iii.Determination of the transaction price
iv.Allocation of the transaction price to the performance obligations in the
v.Recognition of revenue when, or as, the Company satisfies a performance

The Company accounts for a contract when it has approval and commitment from
both parties, the rights of the parties are identified, payment terms are
identified, the contract has commercial substance, and collectability of
consideration is probable. Contracts generally have fixed pricing terms and are
not subject to variable pricing. The Company considers the nature and
significance of each specific performance obligation under a contract when
allocating the proceeds under each contract. Accounting for contracts includes
significant judgement in the estimation of estimated hours/cost to be incurred
on consulting contracts, and the di minimis nature of the post-sales costs
associated with software sales.

Capitalized software development costs

Software development costs are capitalized in accordance with ASC 985-20, "Costs
of Software to Be Sold, Leased, or Marketed". Capitalization of software
development costs begins upon the establishment of technological feasibility and
is discontinued when the product is available for sale.

The establishment of technological feasibility and the ongoing assessment for
recoverability of capitalized computer software development costs require
considerable judgment by management with respect to certain external factors
including, but not limited to, technological feasibility, anticipated future
gross revenues, estimated economic life, and changes in software and hardware
technologies. Capitalized software development costs are comprised primarily of
salaries and direct payroll-related costs and the purchase of existing software
to be used in the Company's software products. Total capitalized computer
software development costs were $3.2 million, $2.9 million, and $2.4 million for
the fiscal years ending August 31, 2022, 2021, and 2020, respectively.

Amortization of capitalized computer software development costs is calculated on
a product-by-product basis on the straight-line method over the estimated
economic life of the products, not to exceed five years. Amortization of
software development costs amounted to $1.2 million, $1.4 million, and $1.2
million for the fiscal years ending August 31, 2022, 2021, and 2020,
respectively. We expect future amortization expense to vary due to increases in
capitalized computer software development costs.

We test the recoverability of capitalized software development costs whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Intangible assets and Good will

The Company performs valuations of assets acquired and liabilities assumed on
each acquisition accounted for as a business combination and recognizes the
assets acquired and liabilities assumed at their acquisition date fair value.
Acquired intangible assets include customer relationships, software, trade name,
and noncompete agreements. The Company determines the appropriate useful life by
performing an analysis of expected cash flows based on historical experience of
the acquired businesses. Intangible assets are amortized over their estimated
useful lives using the straight-line method, which approximates the pattern in
which the majority of the economic benefits are expected to be consumed.

————————————————– ——————————


Goodwill represents the excess of the cost of an acquired entity over the fair
value of the acquired net assets. Goodwill is not amortized, instead it is
tested for impairment annually or when events or circumstances change that would
indicate that goodwill might be impaired. Events or circumstances that could
trigger an impairment review include, but are not limited to, a significant
adverse change in legal factors or in the business climate, an adverse action or
assessment by a regulator, unanticipated competition, a loss of key personnel,
significant changes in the manner of the Company's use of the acquired assets or
the strategy for the Company's overall business, significant negative industry
or economic trends, or significant under-performance relative to expected
historical or projected future results of operations.

Good will is tested for impairment at the reporting unit level, which is a level less than or equal to an operating segment. From August 31, 2022the Company has determined that it has four business units, Simulation MoreCognigen, DILIsym and Lixoft.

As of August 31, 2022, the entire balance of goodwill was attributed to three of
the Company's reporting units, Cognigen, DILIsym, and Lixoft. Intangible assets
subject to amortization are reviewed for impairment whenever events or
circumstances indicate that the carrying amount of these assets may not be
recoverable. The Company did not recognize any impairment charges during the
periods ended August 31, 2022, 2021, or 2020.

Business acquisitions

The Company accounted for the acquisition of Cognigen, DILIsym, and Lixoft using
the acquisition method of accounting where the assets acquired and liabilities
assumed are recognized based on their respective estimated fair values. The
excess of the purchase price over the estimated fair values of the net assets
acquired is recorded as goodwill. Determining the fair value of certain acquired
assets and liabilities is subjective in nature and often involves the use of
significant estimates and assumptions, including, but not limited to, the
selection of appropriate valuation methodology, projected revenue, expenses, and
cash flows, weighted average cost of capital, discount rates, and estimates of
terminal values. Business acquisitions are included in the Company's
consolidated financial statements as of the date of the acquisition.

Research and Development Costs
Research and development costs are charged to expense as incurred until
technological feasibility has been established, or when the costs are for
maintenance and minor modification of existing software products that do not add
significant new capabilities to the products. These costs include salaries,
laboratory experiment, and purchased software that was developed by other
companies and incorporated into, or used in the development of, our final

Income taxes

The Company accounts for income taxes in accordance with ASC 740-10, "Income
Taxes", which requires the recognition of deferred tax assets and liabilities
for expected future tax consequences of events that have been included in the
financial statements or tax returns.

Under this method, deferred income taxes are recognized for the tax consequences
in future years of differences between the tax bases of assets and liabilities
and their financial reporting amounts at each year end based on enacted tax laws
and statutory tax rates applicable to the periods in which the differences are
expected to affect taxable income. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount expected to be realized.
The provision for income taxes represents the tax payable for the period and the
change during the period in deferred tax assets and liabilities.

Stock-based compensation

The Company accounts for stock options in accordance with ASC 718-10,
"Compensation-Stock Compensation". Under this method, compensation costs include
the estimated grant-date fair value of awards amortized over the options'
vesting period. Stock-based compensation expense, not including shares issued to
Directors for services, was $2.7 million, $2.4 million and $1.3 million for the
years ended August 31, 2022, 2021, and 2020, respectively, and is included in
the statements of operations as Consulting, Salaries, and Research and
Development expense.

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© Edgar Online, source Previews



CULVER CITY, Calif., October 27, 2022 /PRNewswire/ — The Century California Fund (CCF), an entity controlled by Century Housing (Century), today announced a capital injection into a partnership with PCR Business Finance (PCR), which will support 45 years of PCR’s story of small business and microloans to underserved communities. Lack of access to capital is a well-documented challenge faced by minority borrowers. CCF’s new small and micro loan partnership program with PCR will help fill a critical gap in the market.

At the heart of Century’s work is the recognition that promoting equitable access to credit is essential to leveling the playing field for underfunded groups that have historically suffered economic disadvantages and been disproportionately hindered in the wealth creation. “Our goal is to advance financial equity and small business inclusion in communities of color and other marginalized populations to build a more inclusive economy and create more equitable social outcomes,” said Alan HoffmanSenior Vice President, Century Housing.

Mission-based Community Development Financial Institutions (CDFIs) such as Century and PCR are committed to bringing resources to underserved communities. The new capital injection by CCF will leverage PCR’s extensive experience in providing micro-finance and small business solutions to build the equity of minority-owned businesses in underserved communities in Los Angeles.

Historically, commercial financial institutions have not sought financing for small businesses in communities of color for a variety of reasons, including size, experience and lack of credit, which has resulted in a widening wealth between communities in Los Angelescreating and perpetuating economic hardship and often insurmountable barriers to access to capital.

“The new partnership will tackle persistent barriers to accessing affordable capital and managing cash flow to grow existing businesses, create jobs in underserved communities, and improve the quality of lives in communities that lack resources,” said OC IsaacDirector of Credit, PCR Business Finance.

About Century California Fund and Century Housing

Century California Fund, LLC is a wholly owned entity of Century Housing established to engage in support and development activities in the communities in which Century Housing operates.

Century Housing is a mission-driven Community Development Financial Institution (CDFI) that supports the development of quality affordable housing throughout California. Century Housing provides innovative end-to-end financing, from acquisition to permanent loans, and is a reliable partner for state and local agencies, municipalities and other CDFIs in innovative high-impact financing programs such as GSAF or LACHIF. For more information on how to invest in Century Housing and its mission, please visit the Invest page on the Century website: https://century.org/invest/

About PCR Business Finance

Founded in 1977, PCR Business Finance (PCR) is a private, not-for-profit, US Treasury-certified community development financial institution (CDFI) that provides business loans. Additionally, PCR provides educational services to small businesses through its designation by the U.S. Small Business Administration (SBA) as a Small Business Development Center (SBDC). Finally, and in addition to its small business education and lending services, PCR administers the Metro Business Interruption Fund (BIF) pilot project, which provides grants of up to $50,000 per year of impact to eligible small businesses. For more information, please visit the PCR website: https://pcrcorp.org/

SOURCE century house

Artificial intelligence (AI) platform aims to provide lenders with improved efficiency and expanded financial product offerings


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When a small or medium enterprise (SME) approaches their bank with a loan application, there is only a 20% chance that they will qualify for full financing. Many of these businesses then turn to private lenders and merchant cash advance (MCA) providers, borrowing at potentially double-digit annual percentage rates (APR).

On the lender side, fintech players are also struggling to provide credit to their customers. These companies currently have to build their own models, processes and technologies. Lama AI, which was founded this year, hopes to change that with its AI-powered platform, which it says enables its partners to quickly onboard customers while offering a range of financial products while targeting risk levels.

Lama AI says fintech partners can avoid creating their own lending infrastructure, models, and secured credit facilities while enjoying increased approval rates. Besides being a time-consuming and expensive process, Lama AI says building a credit product in-house also limits the types of loans that can be offered and the user base that can be served.

“Eight out of 10 small businesses seeking capital for growth, working capital, hiring, seasonality or any other reason are rejected by their primary bank, in many cases despite being a loyal customer for many years,” said Omri Yacubovich, co-founder and CEO of Lama AI.


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“Not only are the borrowing processes required by traditional financial institutions lengthy and demanding,” Yacubovich said, “…the industry as a whole is struggling to assess the risks for small businesses. our banking partners of superior digital flows and streamlined processes, ensuring accurate underwriting data and information, as well as a significant expansion of their current credit box and product offerings.

How Lama AI Works

Lama AI, which recently announced an initial investment of $9 million, leverages the opportunities of first- and third-party data and the open web to deliver better data and better integration. The platform reduces paperwork and application time without compromising data required for complete and accurate underwriting, the company says. Using the resulting dataset, Lama AI then automatically connects the loan opportunity to the best match in the network, based on each partner’s preferences.

For example, a banking partner may see customer demand for invoice factoring, which may be a lending product that the bank does not currently offer.

“Until now, customers were going to a different institution for this product, which eroded the customer relationship with their primary bank,” Yacubovich told VentureBeat. “With Lama AI, the bank can easily launch any loan product without balance sheet risk within days, and can even service the loans in-house.”

The bank can also customize the offer, such as limiting offers to 10% APR or excluding lenders within 100 miles of their own branches.

In another case, Yacubovich said, let’s say a bank has a risk policy that limits its ability to lend to businesses that have been in business for less than two years (a common restriction). A person who owns several profitable businesses is looking for capital to expand his new year-long trucking business. Rather than rejecting this loan request (and risking the entire business relationship), with Lama AI, the bank can offer a bank rate loan to its client by outsourcing the credit risk to a partner bank with a suitable appetite.

“Data already available from Lama’s beta banking partners shows an average increase of 300% in banking transaction acceptance rates, while reducing the intake process from months to days,” Yacubovich said.

Actual performance

Some additional features of the Lama AI roadmap include portfolio analysis and automated appetite adjustment based on the lender’s current portfolio, as well as correlation with global macro changes.

Today’s funding round was co-led by Viola Ventures and Hetz Ventures and includes Foundation Capital and SixThirty.

VentureBeat’s mission is to be a digital public square for technical decision makers to learn about transformative enterprise technology and conduct transactions. Discover our Briefings.

India hits Google with $113m fine for Google Payments

The Google logo is pictured in the Google India office building in Hyderabad on January 28, 2022.

The Google logo is pictured in the Google India office building in Hyderabad on January 28, 2022.
Photo: Noé Seelam / AFP (Getty Images)

India’s competition regulator is fining Google $113 million for anti-competitive practices with its Google Play app store, according to a press release from India’s Competition Commission. More specifically, the authorities of India says app developers should be allowed to use third-party payment processors rather than being forced to use Google’s.

Google requires app developers to use the Google Play billing system to receive payments for paid apps and in-app purchases, which India’s Competition Commission has ordered Google to stop doing within the next three months.

“Making access to the Play Store dependent on mandatory use of GPBS for paid apps and in-app purchases is one-sided and arbitrary and devoid of any legitimate commercial interest. App developers have no inherent choice to use any payment processor of their choice in the open market,” the Competition Commission of India said in a statement. statement published online Tuesday.

The regulator also expressed concern about Google’s so-called “anti-steering” rules, which prohibit app developers from directing potential customers to a third-party website for payment. This is against Indian law, according to the regulator.

Like the BBC RemarksGoogle was hit with a $161 million fine last week by the same regulator in India for dominating the market with its Android operating system.

Payment systems are a contentious issue in tech, with Apple this week releasing new rules requiring a curtailment of all NFT sales through Web3 apps, an announcement that hasn’t gone down well in the blockchain community. . Apple charges a 30% commission on all app sales on its platform.

Google did not immediately respond to a request for comment early Wednesday. We will update this article if we have any news.

Best Pocket Money Apps Chosen by Our Finance Expert


Using the best spending money apps can be key in helping kids develop good money habits. In addition to helping them learn how to save money (opens in a new tab)pocket money apps can also encourage children to understand the importance of learning how to earn money (opens in a new tab) too.

Establishing good financial habits early in life can help your child succeed in the future, whether it’s helping them budget for their first home or teaching them how to improve their credit rating. (opens in a new tab)or prevent them from going into debt.

Financial expert, Michael Throckmorton of Merchant Cash Advance (opens in a new tab), told us, “You can now teach kids as young as four about the value of money by downloading a budgeting app. As physical money is used less, apps can be a much more modern and relevant way to show kids how to deal with their money in an accessible and easy-to-digest way. »

Best pocket money apps available right now

Below, we’ve outlined some of the best spending money apps, taking into account factors like cost, parental controls, savings and budgeting features.


GoHenry (opens in a new tab) is a prepaid debit card and app designed for children aged 6-18. The application is adapted to the age of your child.

Cost: £2.99 per month.

  • Parents have a companion app to help them track their kids’ spending habits and set spending controls.
  • Ability to set savings goals in the app and track progress.
  • Money Missions feature to teach your kids how to manage their money through quizzes and videos.
  • Set tasks for your kids and they get paid when the tasks are completed.

NatWest silver rooster

NatWest silver rooster (opens in a new tab) is a parent-run pocket money app and card for kids ages 3-17. There are different accounts for different age groups and the monthly cost varies accordingly.

Cost: Core features are free, then up to £1.99 per month.

  • Parents can set allowances and track children’s expenses.
  • Ability to set savings goals, as well as an interest rate on children’s savings pots.
  • Set chores for your kids to do to unlock their allowance.
  • Set up regular payments to develop budgeting skills.

HyperJar Kids

HyperJar Kids (opens in a new tab) is a prepaid card and budgeting app designed for kids ages 6 and up. It lets your child manage their money in digital jars, with each jar serving a different purpose, like going out or new clothes.

No cost

  • All children’s potties are shared with a parent so you can see where the money is being spent.
  • Parents can set jar spending limits and block account spending.


Revolution (opens in a new tab) is designed for ages 6-17. It is a prepaid card and app and is linked to an adult Revolut account, so parents must already be a Revolut account holder.

Cost: There are four different pricing plans to choose from up to £12.99 per month, including a free option.

  • Kids can complete tasks and challenges to get paid.
  • Set savings goals and track progress through the app.
  • Parents can set spending limits and control where the card can be used.

Starling kite

Starling kite (opens in a new tab) is an app and prepaid debit card that allows you to load pocket money, track your expenses and encourage savings. It is designed for children from 6 to 16 years old. There is a separate account for 16 and 17 year olds.

Cost: £2 per month per card.

  • Parents can track spending and set spending limits, as well as where the card can be used.
  • No charge for card spending abroad.

How do pocket money apps work?

Pocket money apps are simply money management tools that can help kids learn how to save and spend money wisely. Parents can transfer money to their children electronically, and children can then spend using their debit card.

Salman Haqqi (opens in a new tab), personal finance expert at money.co.uk, says: “Intuitive layouts and robust security features allow parents to safely manage their children’s pocket money online. While you can set spending limits, a huge plus for parents is that you can also track your child’s spending in spending money apps, often receiving real-time notifications.

Are pocket money apps safe?

Pocket money apps are generally safe to use, but most of them are classified as e-money or “e-money” accounts and do not offer protection under the Financial Services Compensation Scheme (FSCS). ). The exception is Starling Bank which has a UK banking license and offers FSCS protection of up to £85,000 per person.

Mat Megens (opens in a new tab)Founder and CEO of HyperJar, told us, “Pocket money apps generally work with financial institutions regulated by the Financial Conduct Authority (FCA), if the institution is based in the UK. Pocket money accounts are usually kept in separate, demarcated accounts with major banks.

This means that if the provider goes bankrupt, you should still get your money back.

How can pocket money apps help teach kids about money?

Pocket money apps can be a great way to give your kids financial independence, while still maintaining an element of control over their spending.

Mat Megens of HyperJar says, “It’s important for children to get used to the digital world from an early age, learning to manage their money virtually as well as with physical coins and notes. Look for pocket money apps that make budgeting intuitive and fun – most children learn visually and prefer to develop good habits without noticing.

“Another important feature of these apps is that they should make budgeting and money management a family affair – talk to your kids about how they will spend and save their pocket money.”

How much pocket money should I give?

How much pocket money you give your children is ultimately up to you. But it’s worth considering factors like your child’s age, how much you can afford as a family, and what you expect your child to use the funds for.

Louise Hill (opens in a new tab)co-founder and COO of GoHenry, says: “It doesn’t matter how much you give – it can be as little as pennies – but paying regularly opens up the subject of money and gets kids thinking about the key pillars of money management: spending, saving, earning and giving.”

The table below shows the average amount of weekly pocket money by age, as shown by data from the latest GoHenry Youth Economy Report. (opens in a new tab).

Age Weekly average
seven £3.52
8 £3.75
9 £4.12
ten £4.58
11 £5.34
12 £6.49
13 8,09 €
14 £9.70
15 €11.34
16 13,32 €
17 £14.52
18 €14.79

The age at which you start giving your child pocket money is also up to you and what works best for your family.

Tommy Gallagher (opens in a new tab)founder of digital banking site Top Mobile Banks, told us: “Some parents think children as young as four can be trusted with little money, while others expect their child to be older. older and more responsible Ultimately, the best way to determine when your child is ready for spending money is to talk to him and watch how he handles money in general.

Bengaluru startups innovate on sustainable batteries for electric vehicles

  • Some startups based in Bengaluru are innovating on solutions to develop efficient batteries for electric vehicles or recycle used batteries to reduce the carbon footprint of these batteries.
  • The adoption of electric vehicles is increasing in India and Karnataka. The key components of electric vehicles are lithium-ion batteries which are currently mainly imported.
  • Several of these companies claim that due to the scarcity of organized markets for recycling and of conventional methods, battery recycling remains an environmental and public health concern.

As the popularity of electric vehicles (EVs) increases in India, there are concerns about the environmental impacts of the waste they might leave behind, highlighting the need for proper disposal and recycling of EV batteries and waste. associates.

Some solutions are brewing in Bangalore, long known as the information technology (IT) capital of India, where technocrats and startups have in recent years developed innovations to reduce carbon footprint as well than the dangerous impact on the environment. and human health, electric vehicles and their waste.

One such effort is to develop indigenous alternatives to imported lithium-ion batteries, a key component of electric vehicles. Akshay Singhal, Kartik Hajela and Pankaj Sharma came together in 2015 and co-founded Log9 Materials in Bengaluru. The startup was previously involved in materials science focusing on innovations in nanoparticles and graphene materials. While Singhal and Hajeli are alumni of Indian Institute of Technology (IIT)-Roorkee, Sharma is a former scientist of IIT-Delhi.

The trio, through their company, have developed a lithium-ion battery for electric vehicles that uses the nanomaterial lithium titanate (LTO) chemistry. This advanced battery, they say, has a lifespan of 15 years and can charge nine times faster and perform nine times better than standard lithium-ion batteries.

“In India, lithium-ion batteries are used for electric vehicles, but they don’t seem to be designed for countries with hot climates like India. We have started work on advanced nanomaterials that could reduce cell degradation Li-ion during charge discharge cycles and have now commercialized LTO chemistry in the market.Thanks to lithium titanate nanoparticles, the batteries are charged in a very short time, last nine times longer than conventional batteries and can also withstand temperatures up to 230 degrees C. Conventional lithium-ion batteries start degrading between 60 degrees and 100 degrees,” Sharma told Mongabay-India.

Since India has no lithium supply, all the major components that go into manufacturing Li-ion cells are currently imported. While they produce their own cells, they also depend on imported cells for their batteries.

Log9 already has several customers, including manufacturers of electric vehicles. Its LTO batteries are already marketed for the three- and four-wheel vehicle categories. The company has also established a commercial-grade 50 megawatt-hour (Mwh) lithium-ion cell production facility based on LTO technology and is commissioning its battery facility with a two-gigawatt-hour battery production capacity ( Gwh).

Members of the Log9 team at the launch of their cell assembly in Bangalore. Photo by Log9.

In India, according to union government data, there are 13,34,385 electric vehicles on the roads. Delhi, Uttar Pradesh and Karnataka are among the top three states in terms of the number of electric vehicles.

According to data from the Ministry of Road Transport, Karnataka currently has a total of 1,35,095 total electric vehicles in different categories. Karnataka’s electric vehicle policy also aims to achieve 100% electric mobility of auto rickshaws, corporate fleets, taxi aggregators and school vans by 2030, hinting at a sector push electric vehicles in the state.

Reuse of EV batteries

Improper disposal of end-of-life EV batteries – which often end up in landfills without scientific disposal – is dangerous to human health and the environment.

Another effort in Bengaluru is to mitigate the quantum and effect of EV battery waste by reusing discarded batteries. Darshan Virupaksha is the co-founder of a Bengaluru-based battery startup called Nunam. The startup first experimented with reusing laptop batteries. Today, the team is working to reuse discarded electric vehicle batteries for other electric power needs, including electricity needs in rural and low-income areas. The recycled batteries have so far been used to light the carts of street vendors, small traders and more, as well as supply some of the energy needs of a BSNL telecommunications tower at Jayanagar in Bengaluru. The recycled battery initiative was funded by a grant from the Government of Karnataka which supported pilot projects and received additional support from research and renewable energy organizations such as TERI (The Energy and Research Institute) and the Selco Foundation.

“End-of-life EV batteries still have enough capacity to serve low-demand applications for at least five years. Improper handling of used batteries will result in them being disposed of in a landfill. of remaining useful life and rebuild batteries that meet energy demands as well as solar panels to multiple sectors such as cottage industries, small and medium enterprises and households.This intervention has enormous potential with economic and environmental impact We have started exploring new ways to expand its use and reduce battery waste in India,” Virupaksha told Mongabay-India.

A small vendor using Nunam’s recycled battery for their lighting needs. Photo by Nunam

He said rural parts of the country often use lead-acid batteries in battery-powered devices because electricity is erratic. These batteries are heavy and only about 60% of their potential can be used.

EV lithium-ion batteries, however, are lighter and 80% of their potential can be used. Using such a circular economy model, he said, will help provide access to clean energy, but also reduce imports from China while massively offsetting the carbon footprint of batteries. of electric vehicles in India.

Rechargeable lithium-ion batteries, used in electric vehicles and other industries, are known to be good long-lasting storage systems for charging options. However, the U.S. Environmental Protection Agency (EPA) says lithium-ion batteries are hazardous and should not be mixed with household or recycling trash and could cause a fire in transit or on landfill/recycling sites.

Extraction of urban battery waste

Another Bengaluru-based startup, Metastable Materials, was founded by IIT-Roorkee alumnus Shubham Vishwakarma in light of the increase in battery waste due to the rise of electric vehicles in the country. . Vishwakarma calls its company an urban mining company because it is involved in extracting valuable materials from urban waste like electric vehicle batteries.

The startup claims that recovering 90% of crucial battery components like copper, aluminum, cobalt, nickel, lithium and others makes them reusable by other industries, reducing the flow of battery waste in city landfills. The startup says it uses patented technology to eliminate the use of chemicals and reduce the generation of waste when recycling lithium-ion batteries that would allegedly occur when using conventional methods.

“We do not use any typical method of battery recycling and single processing is the USP of our work. We use our own patented integrated carbon reduction technology to recycle batteries. Usually, in conventional recycling, the end product comes in a mixed chemical form whereas with our technology, we bring the materials to the standard metallic format which could be directly used in the related industries,” said Saurav Goyal, Founding Member of Metastable at Mongabay-India.

“The idea is to make the recycling process sustainable and also to target reduction of imports of materials used in battery manufacturing. India does not have lithium and cobalt mines. They are imported. So, if we are able to extract the same from these batteries and reuse them, we can also help reduce imports and also reduce the number of these metals that end up in landfill dumps and create another problem for the society.. If these batteries reach landfills and catch fire, they can engulf entire landfills, creating another hazard to public health and the environment, so it’s important for the country to have urban mining companies like ours to ensure the most efficient battery recycling,” he said.

The Ministry of Heavy Industries, in the last monsoon session of Parliament, also told the House that the Union Government had provided special incentives through the Production Linked Grant for Cell Promotion. Advanced Chemicals (ACC) for electric vehicles incorporating lithium-ion batteries.

Metastable is now working to extract key metals from EV batteries to prepare them for reuse. Photo by Metastable.

NITI Aayog has also recently advocated for a battery swapping scheme where batteries could be used as a service for electric vehicles from battery swapping stations on a subscription or payment method, which could reduce the time spent charging at home or at charging stations.

Banner image: The cell manufacturing and assembly lab for customized and optimized cell design and processes to produce the best, reliable and durable cells. Photo by Log9.

Manulife Investment Management’s Global Intelligence report assesses risks and opportunities in a time of global change and historic headwinds

Examines growing existential risks for investment considerations

BOSTON and TORONTO, October 24, 2022 /PRNewswire/ – Manulife Investment Management today released its latest Global Intelligence report, highlighting new research from the firm’s investment teams across public and private asset classes. Titled “Historic Headwinds”, the report explores topics related to some of the biggest challenges of 2022, from Russia invasion of Ukraine and soaring inflation in rural banking deserts and pandemic-related structural changes. Key themes include global food security, political instability, carbon offsets, climate solutions to the global energy crisis and the broader impact on sovereign bond markets, as well as the role that governments and asset managers assets can play to help fill from Asia to widen the pension income gap between the sexes.

“Capital markets are facing a confluence of headwinds this year like they’ve never been seen in a generation,” said Paul Lorentz, CEO, Manulife Investment Management.While we will continue to seek opportunities to build resilient portfolios for our clients, we are pleased to also share our investment research, which seeks to explore the potential longer-term impacts of today’s events.”

Global Intelligence topics include:

  • Food shortage, energy insecurity: assessing the sovereign ESG risks of the RussiaUkraine conflictThis article examines sovereign ESG risks, including second-order economic and socio-political upheavals in Europe, triggered by Russia invasion of Ukraine.
  • Carbon the use of credit is reshaping forest investmentsGlobal forestland experts explain how the accelerating evolution of carbon markets and the subsequent need to incorporate carbon values ​​are changing the traditional reckoning of forestland owners.
  • Food price inflation: 10 implications—We examine the impact of food price inflation on economies around the world. The article explains why food security must be recognized as a major investment risk with far-reaching economic, social and geopolitical implications. For example, these effects include growing wealth inequality and heightened geopolitical tensions between developed and emerging countries.
  • Building Community: A New Look at the Role of U.S. Regional Banks—We assess the gap between the reputation of U.S. regional banks and the needs they serve and detail how the services these institutions provide improve conditions for consumers and society by facilitating small business financing, serving as an oasis in the banking deserts of predominantly rural areas and filling a critical need in traditionally underserved banking sectors.
  • Observe from Asia gender disparities in retirement—This article explores the gender-related challenges and opportunities found in hong kong, Taiwan, Indonesiaand Malaysia that drive gender inequality in retirement, concluding that structural imbalances at every stage of women’s lives are responsible for financial challenges later in life.

More information and the full report are available here.

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management business of Manulife Financial Corporation. We draw on more than a century of financial stewardship and all the resources of our parent company to serve individuals, institutions and pension plan members around the world. Based at Toronto, our industry-leading capabilities in public and private markets are bolstered by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers around the world. We are committed to investing responsibly in our business. We develop innovative global frameworks for sustainable investing, collaborate with companies in our securities portfolios and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace pension plans. Today, plan sponsors around the world rely on our expertise in pension plan administration and investment to help their employees plan, save and live a better retirement. Not all offers are available in all jurisdictions. For more information, please visit manuvieim.com.

SOURCE Manulife Investment Management

Nasdaq Bear Market: 5 Tremendous Growth Stocks You’ll Regret Not Buying on the Dip


Chances are that when 2022 draws to a close, it will be remembered as one of the toughest years in history for both professional and ordinary investors. The first half of the year saw the benchmark S&P500 produce its worst return since 1970. The S&P 500 is often considered the best barometer of the health of the US stock market.

But things have been significantly worse for tech-focused companies Nasdaq Compound (NASDAQ INDEX: ^IXIC)which has lost up to 38% of its value since hitting an all-time intraday high in November 2021. Although all three major US indices are entrenched in a bear market, the Nasdaq’s drop really stands out.

Image source: Getty Images.

However, problems on Wall Street often breed opportunity. With the exception of the current major index declines, all previous double-digit percentage declines have finally been erased by a rally in the bull market. This means that the falling Nasdaq bear market is the perfect opportunity for patient investors to grow their money.

This is a particularly good time to consider buying growth stocks, which have a history of outperforming value stocks when the US economy weakens. Below are five terrific growth stocks you’ll regret not buying during the Nasdaq bear market decline.


The first outstanding growth stock that long-term investors will regret not adding to their portfolios as the Nasdaq plunges is the payment processor MasterCard (NYSE: MA). Despite the growing likelihood of a recession in the United States, Mastercard is well positioned to serve its patient shareholders.

Although it may seem counterintuitive, being cyclical is actually a good thing for Mastercard. Even though recessions are an inevitable part of the business cycle, the economy takes much longer to grow. Mastercard benefits from consumer and business spending growing in step with the US and global economy over time.

Another thing that makes Mastercard special is its loan avoidance. Like its main rival, Visa, Mastercard strictly adheres to payment processing. When recessions hit, lenders typically see delinquencies and write-offs increase, forcing them to set aside capital to cover loan losses. Since the company does not lend, it does not have to worry about building up capital. This is one of the main reasons Mastercard bounces back so quickly from economic downturns.

Investors would also be wise not to overlook its potential for expansion. Globally, cash is still used in a high percentage of total transactions. This gives Mastercard a decades-long opportunity to expand its payments infrastructure into currently underbanked regions of the world.


For investors looking for something a little more low-key than one of the world’s top payment processors, consider adtech small cap stocks PubMatic (NASDAQ: PUBM). While there’s no doubt that advertising revenue is among the first to be hit when the winds of recession begin to swirl, PubMatic brings clearly defined competitive advantages to the table in the digital advertising space.

The first thing investors should appreciate about this company is its positioning. It is a sell-side provider (SSP), which means it uses its programmatic advertising software to help businesses sell their digital signage space to advertisers. There has been a lot of consolidation in the SSP space, which leaves little choice for companies other than PubMatic.

Advertising dollars are also shifting from traditional print and billboards to digital platforms, such as mobile, video and over-the-top channels. The digital advertising industry is expected to grow at a compound annual rate of 14% through 2025. PubMatic crushed industry growth rate forecasts with an organic rate that mostly fluctuated between 20% and 50%.

But what really stands out about PubMatic is the company’s in-house designed and built cloud infrastructure. He could easily have relied on third parties, like some of his peers. But because it chose to build its own cloud infrastructure, PubMatic can now enjoy higher margins than many of its peers as its revenues grow.An all-electric Nio ET7 sedan on display in a showroom.

Deliveries of the new ET7 began at the end of March. Image source: Nio.


A third terrific growth stock you’ll regret not picking up during the Nasdaq bear market decline is the electric vehicle (EV) maker. Nio (NYSE: NIO). Although automakers face a mountain of supply chain challenges and historically high inflation, Nio’s location and innovation should help drive significant gains.

While most developed countries want to reduce their carbon emissions, the push towards consumer and enterprise electric vehicles represents a clear growth opportunity. One of the reasons Nio is so intriguing is that it’s based in China, which is the world’s largest auto market, and its electric vehicle industry is still relatively nascent. This gives a newcomer like Nio a reasonable chance to grab a sizable slice of the pie in the years to come.

Although it was founded less than eight years ago, Nio has some impressive innovations. The company aims to launch at least one new vehicle every year and has released more than half a dozen electric vehicle models. Nio’s recently launched sedans, the ET7 and ET5, are direct competitors of You’re herethe Model 3 flagship sedan in China. With the next level battery upgrade, Nio’s sedans can be driven significantly further than model 3.

And as I’ve pointed out before, Nio’s innovation sets it apart. The Battery-as-a-Service (BaaS) subscription that was introduced in August 2020 offers buyers a discount on the purchase price of their EV, as well as the ability to charge, swap and upgrade their batteries in the future. In return, Nio receives recurring high-margin revenue from BaaS and continued loyalty from early adopters.

Trulieve Cannabis

The fourth phenomenal growth stock that investors will kick their ass if they don’t buy during the Nasdaq bear market drop is the marijuana stock. Trulieve Cannabis (OTC: TCNNF). Even though cannabis reforms have stalled on Capitol Hill, roughly three-quarters of all states have legalized weed to some degree, creating plenty of opportunity for a multi-state operator (MSO) like Trulieve.

One of the unique aspects of Trulieve has been its method of expansion. While most MSOs opened dispensaries and grow facilities in as many legalized states as possible, Trulieve focused almost exclusively on Florida’s medical-marijuana-legal market until last year. As of October 3, Trulieve operated 177 dispensaries in eight states, including 120 in the Sunshine State.

Besides the fact that Florida is expected to be one of the most profitable weed markets in the country by 2024, saturating the Sunshine State has a purpose. This has allowed Trulieve to reduce marketing costs, resulting in 18 consecutive quarters of adjusted profitability. Most US MSOs are not yet profitable.

The other aspect of Trulieve Cannabis that makes it interesting is its acquisition of MSO Harvest Health & Recreation, which it completed last year. This deal put Trulieve at the forefront of the cannabis market in Arizona, where adult use is legal. With a successful business plan in hand, Trulieve has another billion dollar market it can dominate.

CrowdStrike Holdings

The fifth terrific growth stock you’ll regret not buying during the Nasdaq bear market decline is the cybersecurity company CrowdStrike Holdings (NASDAQ:CRWD). Although recession fears are hitting virtually every premium-value growth stock, CrowdStrike has both macro and company-specific tailwinds working in its favor.

On a macro basis, the cybersecurity industry has become a basic service. No matter how poorly the US economy or stock market performs, there is always a need for security solutions to protect against bots and hackers trying to steal sensitive data. Services that are basic necessities often provide predictable operating cash flow – and Wall Street loves predictability.

What separates CrowdStrike — a provider of end-user cybersecurity solutions — from its competitors is Falcon, the company’s cloud-native platform. Falcon monitors approximately 1 trillion events per day and relies on artificial intelligence to become more effective at recognizing and responding to potential threats over time. While CrowdStrike isn’t the cheapest solution available, the fact that its raw retention rate hovers around 98% suggests it’s probably the best solution for businesses.

Plus, businesses seem to really appreciate CrowdStrike’s services. Over the past five years, the percentage of customers who have purchased four or more cloud module subscriptions has grown from less than 10% to over 70%. Getting existing customers to buy additional services is a recipe for a future subscription gross margin of 80% (or more).

10 stocks we like better than Mastercard
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Sean Williams holds positions at Mastercard, PubMatic, Inc. and Visa. The Motley Fool holds and recommends CrowdStrike Holdings, Inc., Mastercard, Nio Inc., PubMatic, Inc., Tesla, Trulieve Cannabis Corp. and Visa. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

When to use a credit card or debit card


Layla Bird/Getty Images

Debit and credit cards let you shop online and buy things in person without using cash. They are both the same size and shape, they both have 15 or 16 digit card numbers, and they can both sport the same logo from a service provider like Visa or Mastercard. Six of one, half a dozen of the other, right? Not even close.

Explore: GOBankingRates’ Best Credit Cards for 2023
Related: If Your Credit Score Is Below 740, Make These 4 Moves Now

“While debit and credit cards may look alike, they’re very different financial tools,” said Laura Adams, MBA, personal finance expert at Finder.com. “A credit card lets you make purchases with borrowed money that you have to repay with interest over time. A debit card allows you to make purchases using your money in a linked bank account.

Responsible credit card use can earn you points, miles, cash back and other valuable rewards. They also help you build your credit and impress future lenders, which makes credit cards the right choice in many cases. Many, but not all. According to experts, the following scenarios specifically call for one or the other.

Credit card: for small recurring expenses

If you have a few cards that you no longer use, but don’t want to lose the open credit they provide, you can keep them in good standing by using them to pay for small recurring expenses, like streaming subscriptions.

“These services don’t charge much and ensure your credit stays open and active, which can help boost your credit score, provided you make timely payments,” said Tom Koesternen, Chartered Financial Analyst (CFA ) and consultant for The Guaranteed Loans.

Take our survey: How long do you think it will take to pay off your credit card debt?

Debit card: for purchases that offer cashback

Some merchants will reimburse you for allowing them to avoid the fees associated with processing a credit card transaction.

“Sometimes paying with a debit card or cash can get you a discount,” said Freddie Huynh, vice president of data optimization at Freedom Debt Relief. “This is seen more often in the case of expensive items.”

It’s not just the expensive stuff. Some everyday purchases, like filling up at a gas station, also offer cash back rewards that you can earn with a debit card. In other cases, stores will reward you for previous credit cards. Target, for example, gives a 5% discount for linking your checking account to its RedCard debit card.

Credit card: to finance large purchases

It’s never a good idea to use a credit card to make purchases you can’t afford, but if you need to stretch an item that’s expensive in payments, strategic use of plastic can get you there. to help.

“If you need to finance a large purchase that needs time to pay off, a credit card is a good option,” said Lauren Davis, founder of The Moolah Project.

But don’t just throw this grand piano on a map with a 24% APR. Davis advises this strategy only with cards that offer a 0% interest introductory period so you can finance the purchase for free.

Debit Card: When You’re Trying to Control Yourself

If credit cards have enabled irresponsible spending, there’s nothing like seeing your bank balance shrink with every purchase to keep you in check.

“Because debit cards are directly linked to your checking account, it’s harder to overspend and get into debt,” said Lucas Solomon, personal and business financial consultant and founder of FX4Biz. “If you’re trying to avoid using credit cards or getting into debt, using a debit card can help you stay on track.”

Credit card: whenever a deposit is required

Some transactions require an initial deposit if the final invoice is uncertain at the time of purchase. In some cases, such as renting a car or a hotel room, a credit card is required. But even if the merchant accepts a debit card, credit is usually a safer alternative.

“When you need to pay a deposit for goods or services, such as equipment rentals or travel reservations, using a credit card allows you to dispute a charge and get your money back if necessary” , Adams said.

Debit card: to withdraw money

When you use your credit card for an ATM cash advance instead of your debit card, you’re not withdrawing money, you’re funding a very expensive short-term loan. Not only do cash advances typically come with higher APRs, they are not considered introductory APR purchases and may trigger interest to start accruing on balance transfers.

Cash advances should only be a last resort for the worst emergencies.

“If you use your credit card to withdraw money, not only are the fees charged high, but it’s also not a good decision from a credit score perspective,” said Damian Serwin, budgeting expert and co-founder of Why Budgeting. “Lenders are looking at this because you’re not able to budget your money the right way.”

Credit card: online purchases

There are very few situations where it makes sense to use a debit card for e-commerce. In the case of online fraud – which is a very real risk – it is much easier to get a credit card company to reverse a purchase than to get a bank to refund the money. Fly.

“Having your debit card information on the internet is risky, which makes credit cards a better option when shopping online,” Koesternen said. “While debit cards are chip-enabled and help deter fraud in person, the chip is not very effective at protecting you online. So avoid saving your debit card information online or choose as your preferred payment method.

More from GOBankingRates

This article originally appeared on GOBankingRates.com: Experts: When to Use a Credit or Debit Card

Navigating the “cross-border storms” of B2B payments

From small businesses to global brands, companies continue to face challenges when making cross-border payments in order to capture the huge opportunity that doing business globally presents.

During a round table moderated by Ben Ellisglobal manager, Visa B2B ConnectVisa Business Solutions, two payments experts explained how things have changed as a result of the pandemic.

To start, Immediate COO Michel Orme and Nuula CEO Marc Ruddock said CFOs and treasurers must now manage the rising cost of capital and also battle a rising strong dollar, while being as strategic as possible amid uncertain consumer and business demand. Call it the “imperfect storm” of cross-border payments, where challenge and opportunity collide.

We’ve come a long way from the days when making a cross-border payment involved going to a physical bank branch, filling out paperwork and initiating wire transfers. These days, platforms serve as digital conduits to trade across borders in different currencies and time zones.

The pain points are still there

But at a high level, Orme and Ruddock said that despite the acceleration and adoption of technologies aimed at facilitating cross-border payments and trade, many pain points persist, including inefficiencies, Orme said, who reside primarily in the consistency of coverage and settlement.

There are still countries where businesses are underserved by traditional banking coverage and therefore do not have access to accounts, and there remain inconsistencies in terms of the number of days it takes to settle a transaction.

There’s also a noticeable lack of transparency in the mix, Ruddock said.

It’s hard enough to transfer money from one country to another, Ruddock noted, “but it gets even worse when you’re not really sure what the settlement will be.”

Complexities increase in supply chains where lead times are long and companies pay for inventory in one currency and resell it to an end market in yet another currency. According to Ruddock, the complexities are exemplified by transfer pricing – where work is done in one jurisdiction on behalf of another jurisdiction but proceeds and income are tied to that second jurisdiction.

Then there’s hedging – which can help entities protect against the risk of juggling multiple currencies, but isn’t typically available online as a ‘one-click’ feature. If you get it wrong, foreign exchange costs can eat into margins, a particularly deadly reality for small businesses.

Supply chain financing is also not readily available for these small and medium-sized enterprises (SMEs), nor do they have the resources to purchase the same technology that their bigger brothers might have to optimize functions. cash flow and protect against risks (which generally may require the attention and efforts of dedicated teams).

“At the end of the day,” he said, “surprises aren’t exactly good for business.”

The sticking points mentioned above are particularly acute when sending disbursements internationally, as workers seek to access wages as they are earned or with a flexibility that is absent from the cycle. traditional two-week payroll.

For platforms including Immediate, Orme noted, “We have vendors we settle with in USD and we have vendors we settle with in other foreign currencies,” adding that reporting and compliance in foreign markets quickly becomes complex.

The availability of same-day settlement and cash management would clearly make trading easier and more capital efficient at all levels, he noted.

“The faster we can get funds into the hands of end users, the faster we can get funds to bank accounts we hold in other countries…the more value we bring to our end users,” said- he said in reference to the use of existing payment rails and Visa Direct.

As a small business funding app, Nuula had to deal with the changes that happen with lending in one currency, but funding that loan from a facility tied to another currency, Ruddock said.

“When you lend on a US pound basis in Canadian dollars, a loan that is going to live for six months to 12 months, or potentially even longer into the future, and you have a period of time where currencies fluctuate significantly, you are now faced with a problem that it is very difficult to predict what the return on this loan will be over time,” he said. The unpredictability is exacerbated by the fact that the small businesses taking out these loans are also navigating a difficult macro climate.

Regulatory changes

Looking ahead, building infrastructure and services, he said, helps create the secondary and tertiary FinTechs that will revolutionize access to capital, Ruddock said.

“My call to action for FinTechs working in the cross-border funding space is that this is a huge opportunity that is here – right now – to innovate in this sector,” especially with the supply chain turbulence that is already in place.

Orme added that the platforms can help businesses looking to navigate cross-border trade more deftly to understand e-commerce rules and regulations more effectively.

Challenges, Orme said, “are not for the faint of heart.”

We are always looking for partnership opportunities with innovators and disruptors.

Learn more


FRB action lowers costs for merchants for online debit card transactions



The purpose of the Durbin Amendment was to reduce merchants’ debit card acceptance costs for customer payments. Until now, due to technological limitations, online merchants did not have lower cost debit card processing options that were available for cards used in “physical” locations, where customers and their cards are physically present. Recognizing that the technical constraints have been overcome, the Federal Reserve Board recently took steps to ensure that the Durbin Amendment cost reductions are widely available to merchants for their online debit card payments as well.

Reduced merchant costs for debit card transactions.

Merchants pay fees for accepting card payments to their card payment processors, called merchant rebate or “swipe fees”. The swipe fee covers processor costs and a profit for providing card processing services. A major component of processor costs covered by swipe fees include interchange fees that card networks, such as Mastercard and Visa, collect from merchant card processors on behalf of card issuers. The networks each individually establish interchange fees that apply to different types of cards that bear the networks’ respective brands. These fees are charged to processors for each transaction and passed on to the card issuer who issued the card used in the transaction. Limits on interchange fees that may be charged on certain debit card transactions were enacted in 2010 in the Durbin Amendment which was included in the Dodd-Frank Act. The administration of the Durbin Amendment is delegated to the Board of Governors of the Federal Reserve System (“FRB” or “Board”). The Council adopted Regulation II to implement the Durbin Amendment in July 2011, setting a specific cap on the interchange fees that card issuers can charge for certain debit card payments. Prior to the Durbin Amendment, payment networks generally charged the same or nearly the same interchange fees for signature debit as they did for signature credit cards. Due to the limits adopted by the FRB, the interchange fee portion of merchant discount fees has been significantly reduced. On so-called “signature-based” covered debit cards, interchange fees were reduced from prevailing interchange fee rates for credit card transactions, which ranged from approximately 1.75 to 2, 25% of the transaction, at approximately 24 cents per transaction (21 cents plus .05%). The Durbin Amendment’s restrictions on interchange fees also apply to PIN-based debit cards, but the interchange fee reductions aren’t as dramatic, as these cards typically carried a lot of interchange fees. lower before the Durbin Amendment.

Signature-based debit cards do not require a cardholder to enter a personal identification number (or “PIN”) to authorize a transaction, but are authenticated by the cardholder’s signature on the payment slip. payment, which was supposed to be matched against the cardholder’s signature on the back of the card. Since the adoption of smart cards, many merchants no longer require a signature at the point of sale when the chip is read by a smart card reader (either by inserting the smart card or by “near field communication”). » chip data by tapping the card or using mobile phone card present technology.)

Credit cards are almost all signature cards and most terminals and card acceptance systems were designed to only accept signature cards before debit card payments were introduced to the market. PIN code debit cards differ from signature credit and debit cards in another important way in that the architecture of the payment networks that support them is different. PIN code debit cards that can be used to make purchases from merchants evolved from ATM card systems, all of which required the entry of a PIN code to identify the cardholder. Merchant ATM and POS PIN-based card transactions are processed in a single message, which is used for both authorization and settlement functions. Each transaction is processed individually “in real time” based on the data contained in the single message. Signature-based cards are processed in two messages, the first is a “real-time” individual transaction authorization message which indicates that the issuer will (conditionally) accept the transaction. The second message is typically a once-a-day group of transactions (“batch”) that is presented to the relevant card network for settlement. When PIN-based ATM card acceptance was extended to enable purchases, merchants’ physical card acceptance terminals and the elaborate and expensive processing infrastructure that supports them had to be modified to support supports PIN transactions.

Signature cards, both credit and debit, are accepted in online CNP transactions without the cardholder having to sign, type or enter a PIN. In such transactions, the merchant accepts greater risks of accepting unauthorized transactions that arise from the lack of authentication procedures requiring the presence of a card. The system changes needed to support PIN debit cards had not been widely adopted to support online acceptance of PIN debit cards at the time of the Durbin Amendment and enactment Initial Regulation II.

Online merchant acceptance options.

The Durbin Amendment and Regulation II also included two provisions intended to ensure that merchants would benefit from the interchange fee limit on covered debit card transactions. These provisions are referred to as the “routing provisions” because they govern the transaction processing routing options that must be provided to merchants for all Covered Debit Card Transactions. These routing provisions, as implemented in Regulation II: (1) require that a debit card issuer must offer merchants the ability to choose between at least two unaffiliated card networks on which process each particular type of debit card transaction; and (2) prohibit card issuers and card networks from directly or indirectly preventing merchants’ ability to route a given transaction to their preference among the card networks made available by the issuer for each covered debit card . Card issuers typically fulfill this mandate by providing a dual-message network system, either Visa or Mastercard, and a single-message PIN-based network that is not affiliated with the card’s dual-message network. Based on the Council’s pragmatic acknowledgment that at the time the technology infrastructure did not widely support online acceptance of PIN-based one-to-one message transactions, online transactions were not a “type particular debit card transaction” distinct from card-present transactions, issuers were deemed to have complied with the routing provisions even if the debit network PIN provided could not be processed in an online transaction.

“When the Council enacted Regulation II, the market had yet to develop solutions to broadly support multiple networks over which merchants could route cardless debit card transactions. At the time, many networks could not process such transactions at all, while others could only do so with technology that was not widely deployed in the market. In particular, the lack of widely deployed methods for online PIN entry was a hindrance for single-message networks that traditionally required PIN entry when authorizing transactions. In the decade since the adoption of Regulation II, however, technology has evolved to overcome these barriers, and most networks have introduced capabilities to process cardless transactions. Recent data collected by the Council confirms that most single message networks are now capable of processing cardless transactions. »

What the board has done now.

The Commission has now made it clear that it expects issuers to allow acceptance of both card types of their choice when presented in a cardless environment, even though one may be a PIN-based card. Specifically, the Board’s Final Rule revises the Board’s Official Commentary on Rule II to clarify that cardless transactions constitute “a special type of debit card transaction” and that, therefore, multiple routing options ( non-exclusivity) must be granted to this type of transaction. :

“Special type of transaction: An issuer only complies with the rule if, for each particular type of transaction for which the issuer’s debit card can be used to conduct an electronic debit transaction, the issuer authorizes at least two payment card networks unaffiliated. For example, an issuer could comply with the rule by enabling two unaffiliated payment card networks that can each process both card and cardless transactions.

The Final Rules also include other amendments to Regulation II. For example, the final rule also amends 12 CFR §235.7(a)(2) so that it “provides that an issuer satisfies the network exclusivity prohibition only if the issuer permits at least two unaffiliated networks from processing an electronic debit transaction, where such networks meet two requirements. First, the combined enabled networks must not, by their respective rules or policies, or by contract with or other restriction imposed by the issuer, result in the operation of a single network or multiple affiliate networks for a particular geographic area, specific merchant, particular type of merchant, or particular type of transaction.Secondly, the activated networks must each have taken measures reasonably designed to be able to process electronic debit transactions that they would reasonably expect to be routed to them, based on expected transaction volume.

This final rule comes into effect on July 1, 2023.

Guide to getting a business loan – Forbes Advisor Australia


Applying for any type of credit is an important financial gesture that should not be taken lightly. Follow these steps when applying for a business loan to ensure that you consider all of your loan options, as well as anything that may impact your personal or business financial situation in the application process.

1. Assess your eligibility

Many factors can affect a lender’s decision to extend credit to your business. It is therefore worth assessing your eligibility before starting the application process and seeing if you can proactively resolve any issues. Some of the key considerations that may impact whether or not you qualify for a business loan include:

Annual sales : Lenders assess cash flow to ensure the business is generating enough revenue to cover loan repayments and generally require you to meet a minimum annual turnover (this varies by lender and loan). Financial statements and sales records will be used to show this data.

The purpose of the loan: Most business loans cover a range of financing purposes, from paying salaries to buying business equipment. But some lenders will specialize in specific sectors like agriculture or healthcare, so you may want to investigate options specific to your operations.

How long have you been operational: You will often need to have been in business for a while before lenders will accept a loan application. It could be as little as six months or as long as a few years.

Professional and personal files: This includes everything under the financial sun, from unpaid personal or business debts to any legal issues you or your business have been involved in.

2. Get your credit score in good shape

Your personal credit score can affect the outcome of your business loan application. While you can’t erase every overdue mortgage payment or loan application from your credit score, you can fix mistakes and make sure you’re in a good position to move forward. You can freely access your credit score every three months to check for any issues and contact the credit reporting agency to have them changed.

It would also be wise to pay off as much existing debt as possible before applying for another loan. This shows lenders that you are a responsible borrower and could also tip your credit score into a higher band.

3. Know your financial limits

There’s no point in asking for a $500,000 loan if your business can’t cover the cost of repayment. Once you’ve assessed your eligibility and personal financial situation, you should have a better idea of ​​how much debt you can comfortably pay off.

4. Research and Compare Business Loans

You will need to assess the type of loan that best suits your business needs (secured or unsecured, fixed or variable) and the features, fees and (approximate) interest associated with it. Once you’ve identified the type of loan, it’s time to see how different banks and lenders compare on these factors.

5. Organize your documents and apply

Application processes can often be started online and are not necessarily the arduous filing task of decades past. But there are still a range of documents that lenders will need you to provide upfront. This includes:

  • Your driver’s license or other ID to verify your identity
  • ABN (Australian Business Number) of your company
  • Financial documents such as bank account statements, tax returns, and projected cash flow for the business (and possibly documentation of your personal finances as well)
  • A business plan showing how you intend to use the funds

6. Wait for a response

It may take a few days or several weeks, but be patient. It is not advisable to apply for multiple loans, as each application appears on your credit score. Many applications, especially if unsuccessful, can hurt your credit rating, which in turn affects your eligibility for business loans.

If your application is successful, it’s time to read the documents and make sure you’re happy to continue.

Daily Financial Regulation Update — Monday, October 17, 2022 | Paul Hastings LLP

Major developments

Federal agencies

US Department of Treasury

Transcript of Treasury Secretary Janet L. Yellen’s Press Conference at the 2022 IMF and World Bank Annual Meetings

October 14, 2022

The US Treasury Department has released the transcript of Secretary Janet L. Yellen’s press conference at the 2022 IMF and World Bank Annual Meetings.

Address by Under Secretary of the Treasury Wally Adeyemo at the National Bankers Association Annual Conference

October 14, 2022

Deputy Treasury Secretary Wally Adeyemo delivered a speech at the National Bankers Association’s annual conference, addressing, among other things, funding for minority and underserved communities.

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg to the Union of Arab Banks

October 14, 2022

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg delivered a speech at the Union of Arab Banks on sanctions against Russia and other sources of illicit financing.


bank of england

Speech: Monetary Policy and Financial Stability Interventions in Difficult Times

October 15, 2022

Bank of England Governor Andrew Bailey delivered a speech titled “Monetary Policy and Financial Stability Interventions in Challenging Times”.

Administrative changes

Vacant jobs

Federal Deposit Insurance Corporation

  • President – ​​Vacant (Martin Gruenberg is acting president)
  • Vice President – ​​Travis Hill (appointed September 20, 2022)
  • Member – Jonathan McKernan (appointed September 20, 2022)

Office of the Comptroller of the Currency

  • Controller – Vacant (Michael Hsu is Acting Controller)

Appointments/Confirmation Hearings

U.S. Treasury Department – Janet Yellen (effective January 26, 2021)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Security and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

Financial Crimes Network

National Administration of Credit Unions – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)

US Department of Education – Dr. Miguel Cardona (effective March 2, 2021)

PH Customer Alerts

Click here to learn more about our Coronavirus series.

Legislation/legislative updates

Click here to view the full text of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), Adopted March 27, 2020.

Click here to view the full text of the Expanding Paycheck Protection Program Act of 2020, Adopted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Adopted on June 5, 2020.

Click here to view the full text of the Consolidated Credit Law, 2021, Adopted on December 27, 2020.

Click here to view the full text of the 2021 US bailout plan, Adopted March 11, 2021.

Click here to view the full text of the PPP Extension Act 2021, Adopted March 30, 2021.

Click here to see a current list of bills the Senate Committee on Banking, Housing and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services and the House Committee on Small Business.

The most important half of Ye’s Talking deal is what he doesn’t buy


Ye, the rapper and mogul formerly known as Kanye West, is considering buying Parler. The deal will put another top curator in charge of a social media service. The deal suggests, however, that the wars over controversial content go deeper than apps, even as conservative sites attempt to create their own digital social ecosystems.

Speak, which bills itself as a free-speech app that does minimal moderation, is popular among conservatives and right-wing users. Ye’s decision to acquire the service follows the suspension of his Instagram and Twitter accounts after posting anti-Semitic messages.

Parler’s parent company, however, will retain the cloud company it bought last month in what it said was a bid to fuel an “uncancellable” future. In other words, the company – which changed its name to Parliament Technologies when it acquired the cloud service – is leaving behind the conservative social media ecosystem that has so far mostly failed to challenge the traditional social media services. Instead, it moves up the chain and into digital infrastructure, even as cloud providers, cybersecurity providers, app stores and payment processors have become focal points of contention. content that any future Conservative-allied app will have to deal with.

Earlier in October, for example, PayPal reneged on a policy that it would start fining users up to $2,500 for spreading misinformation, saying the document outlining the change was sent in error. The potential fines had infuriated conservatives, who say liberal leaders on social media sites are unfairly using anti-misinformation policies to silence right-wing views and figures. Major sites, including Twitter, counter that they don’t moderate based on politics, but rather try to focus on violence, harassment and subversion of democracy.

Before that, in September, Cloudflare started Kiwi Farms, condemning the site known for its violent anti-trans bigotry. Credit card companies also prompted OnlyFans to consider dropping its porn creators last year.

For many conservatives, however, Speak Itself is the poster child for the risk they face if they don’t control the digital infrastructure that keeps their businesses running. Several Parler users participated in the January 6 attack on the Capitol. The deadly riot was part of President Trump’s bid to overthrow American democracy and stay in power. In its wake, the Apple App Store and Google Play Store banned Parler for violating rules requiring apps to engage in basic content moderation. AWS followed suit, although mobile operating system vendors eventually relented after Parler agreed to the changes.

When it bought a cloud computing company, Parler’s parent company made it clear it was going into the business to ensure it would have a say in digital chokepoints by “building which will become a complete ecosystem to… help amplify free speech platforms.”

These ambitions are probably far in the future. Parliament did not say how much it paid for the cloud computing company, but said at the time it had raised $56 million in all of its funding rounds. (Ye also didn’t reveal how much he plans to pay for Parler.) By contrast, AWS is bringing in more than 100 times that amount in a single quarter.

Ye’s move and the kingpin of parliament comes just as Elon Musk appears poised to close his Twitter deal and scale back what he sees as overly liberal moderation policies. The Google Play Store also recently endorsed Trump’s Truth Social app, a competitor to Parler, although the service is facing significant financial difficulties.

Together, these movements mean that increasingly prominent figures will be at the helm of widely available platforms that attract conservatives or try to bring them back, even if right-wing social media remains relatively specialized. There is ample room for conservative social media to grow, joining the decades of runaway success of right-wing radio and television, as well as podcasts and livestreams in recent years.

Such a change would upend early social media’s hope that everyone of all political stripes would come together in one place. And to achieve this, it may well require curators, sooner or later, to have a firm grip on more than just applications.

Which is best for my business?


If you need business financing to help manage your short-term needs, such as filling a cash shortfall, buying stock in bulk, or starting new projects, there are a range of financing options available. . Here, we take a look at some of the most popular to help you decide which one is best for your business.

Business credit cards

Business credit cards are like standard credit cards, except they have larger credit limits and can be issued for a number of users. You can use them to make purchases of goods and services and then pay the cost at a later date. They can be used to build a credit profile, manage employee expenses, and help manage your cash flow.

With a business credit card, you have access to a line of credit, which can be used whenever you need it. Your limit will be determined by your credit card provider.


  • Generally available to businesses of all sizes and ages
  • Very flexible – can be used for a large number of business purposes
  • Some business credit cards offer additional perks, such as cash back and travel insurance
  • Up to 56 days of free credit


  • You may have to pay an annual fee just to have a credit card
  • Credit card interest rates can be high and come at varying rates
  • Interest is also compounded daily, which can significantly increase the cost of borrowing.
  • Most business credit cards require a personal guarantee

Business line of credit

A business line of credit is like a credit card, but without the physical card. It allows your business to access a credit limit, which is determined by your supplier. You can withdraw funds as you need them and usually only pay interest on that amount, rather than the full amount available. Lines of credit can expire after a certain time, or can be a revolving facility where you can reuse the funds after paying them back, without having to reapply.

FlexiPay is our line of credit product. You can access a credit limit from £2,000 to £50,000 to pay for business costs, such as paying energy costs or your tax bill to HMRC, buying shares or covering payroll. There are no interest to pay — you will only pay a fixed 3% fee on each business cost. You then repay in 3 equal monthly installments, and once repaid, it is ready to be used again.

Below, we’ve looked at the particular pros and cons of FlexiPay as a line of credit option.


  • No annual fees or setup fees
  • Quick and easy to apply – applies in just 10 minutes
  • Repay each business cost in 3 equal installments


  • Lower amount available than a standard term loan
  • Not suitable if you have an immediate cost to pay when signing up, as it may take time to receive your line of credit

Commercial overdrafts

If you’re in a rush and already have a business bank account, you can use your authorized overdraft facility to help you out. This can be one of the quickest and easiest options because you can set it up with your bank, and there are generally account options available for businesses of any size or age.


  • May be easier to set up if you already have a business bank account
  • Can help you establish a credit rating for your business
  • Incredibly flexible – can be refunded when it suits you


  • The amount you can borrow is generally lower than other forms of short-term business financing
  • Interest on arranged overdrafts can be high – if you engage in an unarranged overdraft, these charges can increase significantly
  • Interest is also compounded daily, which can significantly increase the cost of borrowing.
  • Usually need to pay fees to have a business bank account and overdraft facility
  • May not receive interest on credit balances

Short-term business loans

Unlike standard term loans, which are offered for a longer period, short term business loans are usually available on terms ranging from 3 months to 2 years. They may be a preferable option for businesses that need more funds, such as those looking to renovate their premises or start a new project.

At Funding Circle we are able to offer our own short term loans, which are available on terms of 1 to 2 years. Fill out a simple application and we’ll find the right loan for your business. You just have to 10 minutes to apply and you go get a decision in less than an hour. If you are approved, you could receive the funds in your account within 48 hours.

Below, we take a look at the pros and cons of our own short-term loan offer.


  • Available for businesses that have been in operation for 1 year or more
  • No fees — interest only
  • Loan terms are shorter, so you pay less interest – and even less if you pay them off sooner
  • Fixed interest rates


  • Lower amount available than a standard term loan
  • Interest rates and monthly repayments may be higher
  • May require a personal guarantee

Merchant Cash Advance

A merchant cash advance is a flexible facility that allows businesses that receive credit or debit card payments from customers to borrow, with the funds then ‘secured’ against future card payments. They can be useful for businesses that receive payments through a fair number of card transactions, as refunds are taken as a percentage of future card revenue.


  • Available for businesses that have been active for 6 months
  • Very flexible – can be used for various business purposes
  • No fixed payment, fixed term or collateral required


  • You must have at least £10,000 per month in debit and/or credit card sales to be eligible for this type of financing
  • Not suitable for businesses that primarily accept payment in cash or via other transfer options

Invoice financing

If you are paid a substantial amount through invoices, you can also try invoice financing. As the name suggests, this is a form of loan based solely on your bills. Your supplier buys off your unpaid invoices or lends you money against the value of the accounts receivable.

As you continue to provide services or goods to your customers, you hand over these invoices to a supplier who will then pay a percentage to your business. Once the bill has been paid and the provider’s service charges have been covered, you will then receive the rest of the sum.


  • Allows you to access funds owed to you without waiting for customers to pay the amount owed
  • Can increase the demand for funds as your income increases and decrease it when you need it


  • Do not receive the full revenue from your goods or services – your supplier takes a discount, including a monthly interest rate and service charge
  • Invoice financing is generally not available for those who sell to the public
  • Suppliers will only lend against invoices due from customers or customers they expect to pay

10/17/22: While we want to help you as much as possible, the information found here is provided for informational purposes only and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle accepts no responsibility for any loss or damage which may arise directly or indirectly from the use of or reliance on the information contained herein. If you have any questions, please speak to your professional adviser or seek independent legal advice.

Launch of Studiospace; brands have direct access to independent hotshops, revolutionizing the holdco model


Studiospace, the first online marketplace for creative, digital and marketing services, has officially launched in the Australian and UK markets. The technology platform connects top brands with top independent agencies around the world.

Studiospace secured $2.5 million in a venture funding round led by Fuel Ventures for the major expansion. Australia’s biggest brands can now have direct access to the best independent specialists around the world to carry out their digital and marketing projects. In return, independent creative, digital and marketing agencies can now access brands that were previously out of reach.

The move follows nine months of successful beta testing in the UK and Australia. Brands such as Jaguar Land Rover, TAL, Aviva and Gala Games are already on board working with the list of 100 specialist agencies covering 16 service categories in 12 countries.

Co-founder of Studiospace Robin Scarborough – Australia MD and Kate Walker – GM customer service


The business is locally led by co-founder and Australia managing director Robin Scarborough and Kate Walker, managing director of client services. Scarborough was a founding member of the team at Market Gravity, the global innovation agency acquired by Deloitte Digital in 2017. Robin moved from the UK to Australia following the acquisition, spending three years as a partner at Deloitte Digital.

Scarborough explained: “Big companies have a problem accessing talent, even if they don’t realize it yet.

“The marketing landscape has evolved tremendously over the past 50 years, but the way we buy and sell services has not. As needs have become more complex, bundled deals with holding companies and large consulting firms have become the norm due to simple, single-vendor relationships.

“However, the problem is that much of the deep specialization, innovation and great thinking is now found within independent agencies around the world. It is difficult for large companies to easily find the best agencies for their projects, and often even more difficult to contract them quickly as a new supplier.

“Studiospace was born to solve this enigma and the success we have achieved in such a short time is proof that it works. Over 70 projects in just nine months with budgets up to $2 million and now additional venture capital support. We’re reimagining the holding company model for the digital age.

Shiv Patel, Chief Investment Officer at Fuel Ventures added: “Having seen the growth of Studiospace since it began operations earlier this year, we were delighted to have the opportunity to invest in such an exciting company. .

“The management team has exceptional experience both in the industry and also having successfully scaled and exited a previous company.

“This, coupled with the top brands using the platform, has already made a compelling investment case for us. We look forward to working closely with Studiospace in the years to come to ensure the continued success of the business. .

For brands, Studiospace provides access to a global community of agencies through a single framework contract. The smart platform matches briefs with the best candidate agencies and Studiospace guarantees the quality of each agency’s work.

For agencies, joining Studiospace opens up access to a wide range of new clients, while dramatically reducing their selling costs with its streamlined matching and screening process. Additionally, the platform alleviates cash flow uncertainty by paying agencies on billing day.

Walker previously founded boutique branding agency Human and also led the delivery of bespoke agency team models for WPP’s largest clients in Australia and New Zealand.

She added, “We really understand the pressure points for agencies and are extremely inspired to create a real alternative that works. One that helps them play a bigger game and grow without the drag.

“We are not field doctors, we do not influence the selection process, but we are obsessed with finding and bringing the best freelance talent to our platform and our clients. It’s a win-win. »

To learn more about this revolutionary marketplace, visit studiospace.com.

Mumbrella spoke with Scarborough and Walker about the new launch.

Walker and Scarborough

How will Studiospace be a better solution for freelance agencies and clients?

Today, the industry is stuck in the 1950s when it comes to how brands can access talent – ​​more often than not they are bound by contracts with holding companies or consultants who are inflexible. This solution worked well until a few years ago, but as the needs of industry and marketers have become more complex, it is no longer suitable for either side.

After all, what are the chances of top talent being in that narrow slice of the industry that they can access through this contract? As we’ve seen over the past couple of years, some of the best talent in the industry has gone out on their own and started small businesses – these are the real trailblazers. You have to watch the recent Mumbrella Awards to see how independent agencies dominate in all the areas that really matter to brands today.

What Studiospace does is remove the barriers that prevent large companies and small agencies from working together by assuming the risk and guaranteeing the success of the projects. This opens up opportunities to work with talent all over the world, which means marketers can access top talent for the projects they have.

● Access to access to major brands and briefs that would otherwise be beyond their reach as they are often unable to access major brand work due to sourcing requirements
● No pitch and a streamlined proposal process means a much lower cost of sale for agencies – this reduces overhead and means projects can kick off within days of a brief being released.
● Agencies are paid by Studiospace on the day they are billed, which helps them manage their cash flow, which often prevents agencies from working with larger brands where payment terms are longer.

● Clients can easily search and find the best talent from the specialized agency for their specific project(s)
● Studiospace already offers a platform and contract to work with over 120 agencies across the full range of creative, digital and marketing services, and we’re still growing.
● A single Master Services Agreement gives client procurement teams much more visibility and control over what is often a “long tail” of smaller agency relationships
● Studiospace guarantees delivery of work from their agencies, giving clients the confidence to work with a new freelance agency for the first time

How disruptive do you think Studiospace will be to the Australian market and industry?

It’s a complete game changer for both parties. Studiospace is the holding company of the digital age – sweeping away the structural barriers preventing these big brands and independent agencies from working together. Because it is a marketplace, the model does not rely on agency ownership, so it is also infinitely scalable and responsive to market needs. We can add new skills and services as they emerge, which traditional holding companies can only dream of.

We are already seeing him accelerate the development of freelance agencies on the platform, with over $7 million worth of briefs already matched through the platform. That’s a huge amount of money for these agencies, and that’s just the tip of the iceberg.

And brands are also using it to create new models of working – it’s not just about one-off projects, but about building teams of experts to sit within companies and deliver what they need. need. This incredible flexibility allows marketing teams to focus on their work rather than managing their agencies.

Is Studiospace a better option for brands looking to grow internally?

It is the perfect complement to an internal team. Insourcing has obvious advantages, but it is impossible for a client to find or afford all the specialties under their roof.

Internal teams can easily and flexibly access the talent or specialist capacity they need, without complex agreements with multiple vendors.

How do agencies get involved and how do brands get involved?

Agencies apply to join the platform through the website. Once verified and approved by the team, they upload their agency profile and are ready to be matched against client records. We have some very exciting agency partners to announce soon, this is sure to grab the attention of everyone we talk to.

Clients share their brief and are then helped to shortlist up to three agencies using our technology platform. Clients meet with each agency for an initial chemistry/briefing meeting, followed by a proposal presentation within 5 days. After selecting their preferred agency, the client and agency can immediately launch the project, while Studiospace takes care of the contracting, invoicing and payment. Often, the time between the briefing and the launch of the project is less than 2 weeks.

Statement by the Prime Minister on Small Business Week

OTTAWA, ON, October 16, 2022 /CNW/ – The Prime Minister, Justin Trudeautoday released the following statement on Small Business Week, which runs from October 16 to 22, 2022:

“Today marks the beginning of small business weekan opportunity for us to celebrate the creativity, dedication and innovation of Canadian entrepreneurs and small and medium-sized business owners.

“From your local grocery store you visit every weekend, to the coffee shops you pass on your way to work, and the corner or convenience store that always seems open, small businesses are the heart of our communities and the backbone of our economy. . They provide the goods and services we need and employ over 10 million people across the country.

“Over the past two years, as small business owners have faced many challenges, we’ve been there to support them – and we’ll continue to work with them to make sure they have what they need. to grow and succeed. When small businesses succeed, our economy grows, jobs are created and communities prosper. That’s why Budget 2022 proposed lowering taxes for growing small businesses. Digital Adoption Program helps companies move their services online and adopt new technologies. And last July, we also improved the Small Business Financing Program so that entrepreneurs can access the funds they need to recover, innovate and grow while building a better future for Canadians.

“We are also helping small businesses overcome a new wave of challenges: rising inflation, rising labor costs and labor shortages. We have proposed new measures to ensure that doing business in Canada is as simple as possible, including creating more resilient supply chains and increasing immigration levels to help fill labor shortages. We will continue to ensure that small businesses have the money to grow and have access to the materials and labor they need to do so.

“TO from Canada owners and entrepreneurs of small and medium businesses: thank you for your hard work. This week, and every week, I encourage all Canadians to shop locally, and together we will build a stronger future for all. »

This document is also available at https://pm.gc.ca

Prime Minister’s Office


Show original content: http://www.newswire.ca/en/releases/archive/October2022/16/c6361.html

Why Merchants Struggle to Adopt Innovative Payments Technology


Innovation in the payments industry is closely linked to consumer expectations. Once precedents are set, merchants who don’t follow them risk falling behind in the market, putting competitive pressure on all parts of the ecosystem to stay afloat. However, it is not always as simple as encouraging merchants to adopt the latest innovative technologies, given the various hurdles they must overcome to live up to the standards set by these leading innovators. Some of the main obstacles preventing merchants from adopting innovative payment technology include integration, regulation and communication. Let’s see why they can present such significant barriers to deploying the latest innovations in the payments industry.

Facilitate integration between devices

To start with integration, one of the main obstacles to the adoption of new technologies is the great disparity between old and new software and hardware. Merchants want to be able to deliver a connected experience to their customers across all of their channels. This could mean integrating an EPOS solution with an older POS payment terminal, with each brand of terminal using different APIs. Both sets of technologies need to be able to work in an integrated ecosystem, yet there are few standardized protocols for switching between vendors.

But there are various changes that are setting the stage for more integrated payment ecosystems. First, the current migration to Android POS payment terminals means payment hardware will gradually become more compatible. In light of this, communication between Android devices should standardize messaging and protocols between devices, removing much of the integration barrier. In addition, progressive ePOS solutions and POS payment terminals are intended to further improve integration through new sets of digital APIs. These APIs communicate with the cloud, which then allows them to connect to individual endpoints. Integrating with cloud APIs in this way, instead of coding to individual device protocols, will make it easier to communicate with end devices in the long run.

Leveraging regulatory frameworks for innovation

Regulators play a vital role in moving the industry forward to lay the foundation for fair competition and innovation. Continued support from regulators to guide and support industry standards in the payments space is fundamental to the deployment of cutting-edge technologies as well as advancing the industry as a whole. As demonstrated around the world, regulators have the power and the responsibility to encourage competition and ensure a better end-user experience for consumers. For example, the current state of open banking end-to-end payment flows in many European regions can be significantly improved. If they remain in their current form, as financial institutions are slow to implement the necessary APIs, adoption will stagnate. It is up to regulators in these regions to push for collaboration between financial organizations and fintechs to address these issues.

It is not an insurmountable task. A fantastic example of where regulation has spurred innovation is in India. During the early stages of the pandemic, the industry was mobilized to digitize payments nationwide, to help the general population who struggled to function without cash. Specifically, the National Payments Corporation of India has asked various industry players to collaborate in creating a United Payments Interface – “UPI”. This national real-time instant payment system supports interbank, P2P and person-to-merchant payments. As a result, merchants down to the smallest street vendors can offer QR code payments without expensive hardware; and often using nothing more than a small printed panel.

Communication and awareness are essential

A final hurdle is the lack of communication between parties in the payments ecosystem. This creates a significant gap in public awareness of new payment methods, such as QR codes and open banking. With slow adoption of these services, innovators have little incentive to keep moving forward. The reason for this disparity in public understanding, though disputed, is that the responsibility to educate consumers often falls on merchants rather than payment providers. However, merchants often don’t understand new payment technologies themselves, nor do they have the resources to properly explain to their customers how it works, keeping adoption levels low.

The solution to this is for all providers in the payments ecosystem to ensure that merchants are educated and equipped with the resources to announce new payment methods and understand how they are used. This will allow merchants to let customers know that these methods are beneficial and safe for them. A standout example of this was the rollout of Apple Pay, which came with a clear message from payment processors all the way to issuers – for merchants and customers on how to use and help to advertise it as an option.

What future for payments technology?

Although consumer expectations are driving the adoption of innovative payment methods, this demand is difficult to meet when the obstacles facing merchants are not prioritized. For this reason, payment providers should take advantage of the shift to Android POS terminals and cloud APIs to ease the onboarding process, regulators need to get more involved in the space and all parts of the ecosystem payments should work together to enable merchants to better communicate with their customers. If this does not happen, we can expect merchant and consumer adoption of new technologies to stagnate, which will slow innovation in the long run.

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Capital One VentureOne Rewards Credit Card vs. Capital One Quicksilver Cash Rewards Credit Card


Although the Capital One VentureOne Rewards Credit Card is marketed as a travel card, the Capital One Quicksilver Cash Rewards Credit Card is the most lucrative choice for your travel and day-to-day expenses because it generates a higher cashback rate .

The VentureOne offers an added travel benefit of car rental insurance*, but this does not exceed the value of the Quicksilver rewards. The Quicksilver still comes equipped with travel accident insurance*, and none of the cards have foreign transaction fees.

Which card does it better?

Card feature Winner



welcome bonus




Travel benefits

Venture One

Introductory APR Offer


Introductory offer: $200 one-time cash bonus after spending $500 on purchases within 3 months of account opening

APR: 17.99% – 27.99% (Variable)

Intro Purchase APR: 0% intro on purchases for 15 months

Recommended credit: Excellent, good

Reward rate:

  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of travel options. Conditions apply
  • Earn unlimited 1.5% cash back on every purchase, every day

Annual fee: $0

Introductory offer: Earn 20,000 bonus miles once you spend $500 on purchases within 3 months of account opening, which equals $200 on travel

APR: 17.99% – 27.99% (Variable)

Intro Purchase APR: 0% intro on purchases for 15 months

Recommended credit: Excellent, good

Reward rate:

  • Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of travel options
  • Earn unlimited 1.25X miles on every purchase, every day.

Annual Fee: $0


Winner: Capital One Quicksilver

The Quicksilver offers 1.5% cash back on every purchase, compared to VentureOne’s 1.25 miles per dollar. They also earn 5% cash back and 5x miles per dollar for rental cars and hotels booked through Capital One Travel, respectively.

No matter how you slice it, the Quicksilver will offer more rewards than the VentureOne for the same amount of spend.

welcome bonus

Winner: Tie

Here are the welcome bonuses for both cards:

  • Capital OneVentureOne: Earn 20,000 bonus miles once you spend $500 on purchases within three months of account opening
  • Capital One Quicksilver: Earn a $200 cash bonus after spending $500 on purchases within three months of account opening

As long as you choose to redeem your 20,000 miles with VentureOne for past travel expenses or to book travel through Capital One Travel, the bonus will be worth $200. Both welcome bonuses offer the same value for the same amount spent.


Winner: Tie

Neither card has annual fees or foreign transaction fees. They both have late payment fees, cash advance fees, and balance transfer fees, so neither card is gaining traction here.

Travel benefits

Winner: Venture One

The VentureOne Rewards card has a slight edge here thanks to the addition of its Car Rental Insurance benefit*. The Quicksilver offers cardholders extended warranty protection* and travel accident insurance*, but not car rental insurance.

It should be noted that the Quicksilver has limited trade-in options for travel compared to the VentureOne. If you plan to use mileage transfers, you can only do so with the VentureOne. However, Capital One doesn’t partner with many US airlines, so unless you primarily fly overseas, you’re still best off using the Quicksilver for its strong rewards.

Introductory APR Offer

Winner: Tie

Both credit cards offer cardholders the ability to avoid interest charges for new purchases and balance transfers through their introductory APR offers. With either card, people get an introductory APR of 0% for purchases and balance transfers for 15 months (then 17.99% to 27.99% variable).

During this time you can pay off existing credit card debt through a balance transferor make a large purchase and pay off the balance when it’s not earning interest.

Keep in mind that both cards carry a 3% balance transfer fee during those 15 months, with no charge after the 15 months are over. But don’t let that deter you from using a balance transfer during this time. A balance transfer fee may seem intimidating, but it will often end up saving you money when combined with an introductory APR given the high level of interest rates.

The bottom line

Ultimately, the Quicksilver is the most powerful card thanks to its higher redemption rate while still offering a few travel-related benefits. What the VentureOne has on the Quicksilver – rental car insurance* – isn’t enough to tip the scales in its favor given that the two cards are on equal footing in many other respects .


What is the difference between a travel rewards card and a general rewards card?

Typically, the difference is in the rewards program and benefits. A travel card might come with travel insurance or airport comfort, while a general rewards card might come with benefits that insure your purchases. A travel card will likely earn miles or points, while a general rewards card might earn points or cash back.

How can I be covered by my credit card insurance offer?

Simply decline any travel accident insurance offered by the merchant and charge the full amount to your card, whether for a plane ticket or a rental car, and you will be eligible for the insurance.

Why would I want a balance transfer?

Balance transfers are a great tool to use to reduce your credit card debt and improve your credit. Even if there are balance transfer fees, the cost of a single payment will generally be better than the cost of paying multiple interest charges at a high APR. By reducing your credit card debt, you will also increase your credit scores by reducing your credit utilization rate, which is the percentage of your overall credit that you are using.

*Terms, conditions and exclusions apply. Please see your Benefits Guide for more details.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Youngstown Council to Weigh ARP Funds Spent on Loan Fund and Neighborhood Projects | News, Sports, Jobs

YOUNGSTOWN — City Council will consider approving about $5.6 million in U.S. bailout spending on Wednesday, including $2 million for a small business loan fund and $1 million for the city’s commercial frontage program. the city.

Also included are $2,592,250 in requests from Councilman Julius Oliver, D-1st Ward, and Councilor Samantha Turner, D-3rd Ward, for projects in their wards.

The biggest request the board is due to consider at its Wednesday meeting is the $2 million for the revolving loan fund that will be administered by Valley Partners beginning Nov. 1.

The money would provide “access to capital as incremental funding to enable small businesses to grow and generate new employment opportunities,” according to the proposed order.

Valley Partners, which focuses on helping small businesses in the Mahoning Valley, would also administer the $1 million that would go into a fund to help businesses in the city in need of facade improvements.

Both of these proposals are sponsored by Mayor Jamael Tito Brown.

Also on the agenda are three ARP funding requests from Turner and two from Oliver.

The council authorized on April 6 to give each of its seven council members $2 million in ARP funds to use in wards.

So far, the Board has approved approximately $1.23 million of that $14 million.

But Brown said several of the board-backed allocations are incomplete and may not meet federal guidelines for using ARP money, so he won’t support them.

To date, the only board-backed ARP allocation approved by the board of control — which consists of Brown, chief legal officer Jeff Limbian and chief financial officer Kyle Miasek — is the $160,000 purchase of a former restaurant. McDonald’s at 2525 Market St. to turn it into a police station.

Council members want to meet with Brown and other members of his administration to resolve this issue.

Wednesday’s requests are the first for Turner to seek ARP funds for his service.

The largest item is $1,004,699 to support “various programs offered by Youngstown CityScape specifically focused on revitalizing the 3rd Ward,” according to the order.

The legislation says there is a list of those proposed projects, but it was not included in the council’s agenda package provided on Thursday.

Turner could not be reached Thursday to provide information on those projects.

She is also seeking to donate $150,000 to Ohio Urban Renaissance, located on North Avenue, to renovate the facility and fund programming services for at-risk youth in the areas of education, civil liability, community engagement, healthy lifestyles, mentoring. and workforce development, in accordance with the proposed order.

Turner is sponsoring a bill to spend $140,000 in ARP funding for Building Neighborhoods of Youngstown to provide “roof repairs and rehabilitation services for qualified residents” in his neighborhood.

Oliver wants to use $572,551 of his ARP stipend for the Youngstown Neighborhood Development Corp. is making capital improvements to the playground and outdoor recreation facilities at Hillman Park, also known as Falls Playground, on Falls Avenue.

His other request is for $725,000 for a YNDC revitalization project on Glenwood and Rockview Avenues and High and Bernard Streets.

Works include funding “all tax delinquent vacant lots on Bernard Street, land clearing, replacement of any broken or otherwise failing sidewalks, replacement(s) of curb work, landscaping and improvement, home repair at 321 Glenwood Ave. and three new home construction projects,” according to the bill.

The city received $82,775,370 in ARP funding.

Not counting the proposals on Wednesday’s meeting agenda, the city council allocated nearly $44 million in funding, though most of it went unspent.

That unspent money includes most of the $14 million for neighborhood projects by council members, $10.5 million for parks and recreation projects and $8 million for demolishing vacant structures.

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Shein data breach results in $1.9 million fine for parent company


An investigation found that 39 million Shein accounts and 7 million Romwe accounts were compromised in a data breach in 2018 – which parent Zoetop later tried to keep secret.

Zoetop, the parent company of popular fast fashion retailers Shein and Romwe, was fined $1.9 million by a US court over a data breach that affected millions of customers in 2018.

New York State Attorney General Letitia James found that Zoetop failed to protect its customers from a cyberattack that saw sensitive consumer data stolen and underestimated the true extent of the breach by the following.

Following an investigation, the Attorney General’s Office found that credit card data and other personal information of 39 million Shein accounts and 7 million Romwe accounts had been compromised in the breach. This included over 800,000 New York State residents.

According to the attorney general’s office, Zoetop was unaware of the data breach when it first happened in June 2018. It was later told by its payment processors that its systems had been infiltrated. and compromised accounts.

A cybersecurity company was then consulted, which confirmed the breach and discovered that millions of Shein and Romwe accounts had been stolen. However, the bureau notes that Zoetop misrepresented the number of consumers who had been affected by the breach.

James blamed Zoetop’s “weak digital security measures” for how easily hackers were able to steal data.

“As New Yorkers searched for the latest trends on Shein and Romwe, their personal data was stolen and Zoetop attempted to cover it up. Failing to protect consumers’ personal data and lying about it is not fashionable .

In addition to the fine, Shein and Romwe were ordered to “button” cybersecurity measures through a program that includes hashing customer passwords, monitoring suspicious activity, tracing network vulnerabilities and faster incident response.

“This agreement should send a clear warning to businesses that they need to strengthen their digital security measures and be transparent with consumers, nothing less will be tolerated.”

Shein is a popular online retailer in Ireland. Although it does not have a European headquarters, Business Post reported in June that Shein employed 10 people in its Dublin office – with plans to double the staff by the end of the year.

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BNPL enjoys holiday cheer, ecomm spending rises 60% despite regulatory issues


The “Buy now, pay later” segment is enjoying something of a revival this festive season, emerging from a rut after the central bank recently cracked the whip on the digital lending industry.

ZestMoney, Lazy Payand CreditBee anticipate strong numbers this festive season as more shoppers choose to pay via zero-rate equivalent monthly installments and on growing demand for short-term personal credit.

“The loan disbursement we made this time around during the holiday season was over 100% growth compared to last time,” says Ishan Bose, Chief Marketing Officer at KreditBee. “What has also added to the vigor this time around is the sustained lull over the past 2 years, which has resulted in the first full-fledged holiday season post-pandemic.”

KreditBee, which has partnered with Flipkart, Amazon, Myntra, Nykaa, MakeMyTripand Tata Cliq, provides personal loans up to Rs 4 lakh through its own licensed NBFC, Crazybee, and other lending partners such as IIFL, InCred and PayU Finance.

BNPL’s spending during the festive sales season that started the last week of September increased by 50-60% compared to a similar period last season, fueled by payment gateways, fintech platforms and the banks. BNPL disbursements this year are also expected to be 3-4 times higher than the pre-pandemic period, according to Grant Thornton Bharat estimates.

In July, the Reserve Bank of India (RBI) banned fintech companies from charging prepaid payment instruments (PPIs) such as prepaid cards and mobile wallets using credits offered by non-banking institutions.

In response to the central bank’s decision, several BNPL players, including Uni, Slice, LazyPay and KreditBee, which also offered credit through prepaid cards and wallets through non-banking partners, temporarily halted some of their operations. .

Since then, however, fintech startups have gradually updated their terms and business models to comply with the new guidelines and are focusing on providing BNPL services via short-term personal credit, leveraging partnership with merchants. on line.

The booster outside the metro

According to Grant Thornton estimates, a typical festive season results in 25-30% excess credit demand, but this year there was an approximately 50% increase in credit resulting from new leads from Tier II cities. -IV (about 55% new leads overall).

“Coupled with this, pent-up demand due to the pandemic has strongly boosted holiday season consumption, and credit demand, by extension,” says Naveen Malpani, Partner and Head of Consumer Sector at Grant Thornton Bharat.

For KreditBee, almost 70% of credit demand came from non-metro, typically from people between the ages of 26 and 34. The average range of credit used increased by 25% due to higher demand, as well as the continued optimization of credit policy, he adds.

New customer inquiries for ZestMoney (provides loans up to Rs 2 lakhs) have also increased 10x in recent months ahead of festive sales, while majority of its customers continue to be millennials and Gen-Z, with well-rounded demand from Tier I and Tier II markets. The average ticket size during the festive sale was Rs 14,000.

“We’ve had a great start to the holiday season this year, driven largely by buoyant consumer sentiment and strong demand for credit options like EMI. We saw an overall 2X growth in deals in September compared to last year. Our overall GMV growth is 3x from the previous season,” says Lizzie Chapman, CEO and Co-Founder of ZestMoney.

ZestMoney offers BNPL services through its lending partners like ICICI Bank, Aditya Birla Capital, Tata Capital, IIFL and InCred. In addition to digital loans through online merchant platforms, the company claims to have witnessed a 100% increase in offline customer registrations during this festive season sale.

“We are also getting requests from merchants to enable digital EMIs and payment financing in their stores, as they have seen customers increasingly choose EMIs for their purchases. Therefore, we are redoubling our efforts to increase our merchant network partnerships by enabling digital EMIs at checkout,” says the co-founder.

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Small loans pick up, average loan size declines

The small loan segment has also seen a surge, especially among millennials, to meet their festive demand. Few lending platforms have reported up to 97% growth in demand for small loans, with the number of travel loans disbursed increasing approximately fourfold.

The average loan ticket size on digital lending platforms this year, however, has decreased to around Rs 30,000, from Rs 40,000 in 2021.

Limited inflationary pressure

A similar trend was seen by BNPL player LazyPay, which has people in the 30-40 age bracket driving its volumes.

LazyPay provides personal loans (up to Rs 1 lakh) and pay after services to customers through NBFC partner PayU Finance and SBM Bank. It has ties with Amazon, Flipkart, Meesho in addition to other e-commerce merchants. The company has stopped onboarding new customers for its prepaid card launched in January 2022 in partnership with SBM Bank India and Visa.

Despite inflationary pressures, consumer sentiment, according to the company, appears positive.

“There has definitely been a pre-festive uptick in consumer spending this year. Overall spending in August was up about 5% from the previous month. There is an exponential growth of over 90% year-on-year in overall spending between 2021 and August 22,” says Anup Agrawal, Business Head, LazyPay.

Credit cards out, digital payments in

On average, credit cards and digital wallets account for 2.2% and 0.4% of all retail transactions by value. Banks have also launched enticing offers to increase the availability of credit for consumers during the holiday season – from cheaper loan rates to cash back and discount offers on credit card payments.

However, the holiday season saw credit card spending moderate, with only a few credit card providers beating industry trends. “This is primarily because consumers in the middle to lower income segments prefer to use the digital payment method. Overall, the industry saw a 3% decline in credit card spending in August 2022,” says Grant Thornton.

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Popular BNPL Categories

Travel, consumer electronics (including cellphones) and home furnishings are seeing the strongest traction in the BNPL categories.

The majority of LazyPay customers used the credit in the entertainment, business services, and city transportation categories, up 36%, 28%, and 19%, respectively, from previous months. For ZestMoney, smartphones and electronics, along with major appliances, remained the largest category, followed by fashion and accessories and home decor.

“Interestingly, the gender breakdown of transactions shows that women generate more transaction volumes, but similar growth for both in terms of amount,” adds Anup.

Travel and personal care also remained a popular choice among borrowers.

The BNPL category within the fintech sector is growing by 65% ​​YoY and recorded 9x funding growth in 2021. According to Redseer estimates, the Indian BNPL market is expected to grow from 3 to 3.5 billion current dollars to reach 45 to 50 billion dollars by 2026.

“The Indian digital lending market has grown rapidly and facilitated $2.2 billion in digital lending in 2021-2022. While BNPL’s mode which relies on prepaid instruments encountered a regulatory hurdle after the RBI restricted third party participation in the credit flow; there has been growth in demand for credit overall,” says Naveen of Grant Thornton Bharat.

In a note, Nikhil Reddy, senior banking and payments analyst at data and analytics firm GlobalData, said: “The RBI measure has caused disruption among BNPL players which will have a short-term market impact. However, overall market growth will continue to increase, supported by growing consumer and merchant acceptance, growing preference for electronic payments, and growing popularity of flexible payment methods.

Edited by Megha Reddy and Feroze Jamal

Small businesses are spending big as a sign of optimism

While big business will report revenue this week, it was the turn of small business on Tuesday: The National Federation of Independent Business released its Small Business Optimism Index for September. And believe it or not, it was up – for the third month in a row.

Inflation and labor are the two main problems for companies. Literally 0% of survey respondents said they plan to increase inventory.

The report as a whole contains as much bad news as good news. But one thing that stands out is that 56% of all businesses have made capital expenditures in the last six months, such as buying equipment for production lines or more vehicles for a service fleet.

This is the highest since March this year. Although it is still below pre-pandemic levels, it is a sign that some companies are trying to get ahead of whatever is happening in this economy.

For some businesses, capital expenditures may be about trying to survive in a tough market. This is the story of the 21st Amendment Brewery in the San Francisco Bay Area.

“We actually bought eight new fermentation tanks,” said Nico Freccia, co-founder of the brewery.

Beer sales have struggled this year, he said. Consumers are cutting back and competition is growing. Its new vessels will allow the brewery to start branching out beyond craft beer and into things like non-alcoholic beer and hop water.

“You know, we realize, like a lot of smaller brewers, that you’re not necessarily going to continue to grow your business significantly just with craft beer, so you have to grow in other areas,” Freccia said. .

More equipment can also help a company circumvent the tight labor market.

“We had a big challenge finding staff,” Freccia added, “so, you know, more equipment makes you more efficient. That potentially makes it easier to operate with fewer people.

Small businesses generally borrow to make capital expenditures. With interest rates rising, some businesses are borrowing now rather than later, according to Holly Wade of the National Federation of Independent Business.

“Thinking about what financing might look like in the next few months may have accelerated those who were thinking about it, but hadn’t made a purchase.

Not all businesses need to borrow. Steve Chu co-owns two fast-food sandwich shops in Baltimore called Ekiben, and he’s about to open a third.

“We’re, like, a month or two away, and, yeah, so we had to buy a bunch of equipment,” Chu said.

This includes refrigerators, stoves and fryers. Chu buys everything in cash, which means he doesn’t care about interest rates. On the one hand, he feels like he’s going bankrupt.

But on the other hand, “what we’re seeing in the restaurant scene is, like, a big pivot of fine dining towards more, like, fast and casual, lower price points,” Chu said.

Opening a third slot filled with shiny new gear will allow him to capitalize on this pivot.

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Portugal’s Draft Budget Includes New Crypto Taxes


Key points to remember

  • Portugal’s latest draft budget suggests imposing a 28% tax on gains from short-term investments in cryptocurrencies.
  • The new tax rate will only apply to cryptos held for less than a year; long-term investments will remain untaxed.
  • The draft budget has not yet been approved by parliament and it is not clear if its details will change.

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Portugal may soon impose taxes on crypto investors through new rules set out in its draft budget.

Portugal includes crypto in the budget

Portugal could impose a 28% tax on crypto capital gains profits, among other new taxes.

According to a Bloomberg report, Portugal’s draft 2023 budget proposal sets new tax rates for crypto investors.

One provision suggests taxing gains on crypto assets held for less than a year at a rate of 28%.

Other parts of the draft budget suggest that issuing and mining cryptocurrency produces taxable income. The budget also proposes a 10% tax on crypto transfers and a 4% rate on crypto broker commissions.

Although Portugal may introduce taxes on short-term crypto investments, crypto held for more than a year will not be taxed. Secretary of State for Fiscal Affairs, António Mendonça Mendes, said this approach “is part of our tax system and also part of what is done in the rest of Europe”.

Germany, in particular, has a similar rule that exempts cryptos held for more than a year from tax.

Until now, Portugal was considered a tax haven for cryptocurrencies. Currently, it does not impose taxes on most cryptocurrency investors unless they are profiting from professional or business-related cryptocurrency investments.

Portugal’s latest draft budget also addresses other areas of the economy outside of crypto investing, according to Reuters. The country’s administration suggests raising taxes on oil and gas companies, lowering taxes on low-income workers and raising retirement rates.

Portugal expects an economic slowdown but hopes to reduce its budget deficit from 1.9% in 2022 to 0.9% next year.

The draft budget still needs to be adopted by the Portuguese parliament.

Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and other cryptocurrencies.

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In what ways do you qualify for a direct payday loan from Greendayonline?


What does a direct payday lender do?

It is important to know the different types of lenders before applying. Since the majority of direct lenders do not hold licenses in all 50 states, it is necessary to investigate their licensing status before engaging their services.

Due to the high interest rates and short repayment periods applied by specialized direct lenders, if you choose a loan from one of these organizations, you risk finding yourself in a terrible financial situation.

Payday direct lenders will provide you with the short-term money you need. They oversee loan funding, borrower approval, and loan repayment.

Payday loans from direct lenders allow you to quickly get the money you need to cover your expenses until your next payment. By submitting personal and financial information such as your bank account information and proof of income online, you can apply for a payday loan quickly. Direct lenders usually make screenings quickly, allowing you to get approved right away. From the same day after your authorization, the money can be deposited in your bank account.

What are the benefits of getting payday loans directly from GreenDayOnline?

Direct payday lenders allow you to borrow from one company rather than several. Direct lenders quickly approve payday loans while keeping your information private.

Convenience. GreenDayOnline does not partner with third parties to lend you money, so you will receive a loan approval decision quickly.

Security. Your information is protected and not shared with third parties by GreenDayOnline.

Simplicity. GreenDayOnline works directly with you to ensure you understand your loan options, rates, fees and repayment terms.

How do payday loans from direct lenders work?

Your personal information may be transferred from one lender to another if you apply for a payday loan on a website that is not a direct lender. The more your information is shared, the more likely someone you don’t want to receive it. Because your personal information will stay with that lender if you apply to a direct lender, your risk of identity theft is decreased.

Direct payday loans allow you to pay your bills until your next paycheque. By entering personal and financial information such as your bank account information and proof of income online, you can apply for a payday loan quickly. Direct lenders usually make screenings quickly, allowing you to get approved right away. From the same day after your authorization, the money can be deposited in your bank account.

What should you do before applying for a personal loan from GreenDayOnline?

Payday loans are popular due to their fast cash flow and easy application. Payday loans have a negative image due to their ease of access; this is especially true when buyers do not undertake proper research beforehand. You should always confirm the following to see if this type of loan is right for you before submitting an application:

Choose the right type of loan. Although fast payday loans are a highly specialized type of financial instrument, many companies offer items promoted as payday loans despite not meeting the criteria. For example, some companies might need you to provide collateral to secure the loan, putting your own property at risk. Before you apply, make sure you understand the terms of your loan.

Consider all of your potential choices. Payday loans are not suitable for all borrowers. If you need a quick cash injection to get out of trouble, consider choices like getting a second job, using credit cards, or borrowing from friends and family.

Check the lender’s requirements. Depending on the lender, various requirements may apply to verify income, credit scores, loan amounts and repayment restrictions. Before completing an application, make sure the lender’s standards can meet your loan needs.

Understand local laws: Each state’s attorney general has the ability to set limits or outright ban payday loans. These restrictions, which are intended to reduce predatory lending practices that prey on low-income families, must be adhered to by payday lenders. Learn about these standards and make sure your lender meets the requirements of all applicable state laws.

How do I apply for a personal loan from a direct lender like GreenDayOnline?

To apply for a payday loan from a direct lender, simply follow these steps:

  1. Choose a direct lender.

Compare direct lenders and the loans they offer to find the best fit for you. Research the lender’s profile on the Better Business Bureau and read customer reviews to authenticate its legitimacy and security.

  1. Confirm that you comply with the conditions set out by the lender.

Before applying, make sure you meet all eligibility requirements, as lender restrictions vary. A few prerequisites include being at least 18 years old, having a valid social security number, and being a citizen or lawful permanent resident of the United States.

  1. Form submission in person or online.

You can apply for a payday loan in person or online, depending on the lender. The state branch of the lender is where you can submit your application. You can apply online using a computer or mobile device without leaving the comfort of your home.

  1. Monitor for approval

After submitting your application, all that remains is to wait for approval. Depending on how they decide, you may hear from the lender quickly.

  1. Quickly get into the money.

If approved, your payday loan will be paid into your bank account. Depending on the lender, you may receive your money immediately or within days.

Online personal loan fees?

When trying to get payday loans, you can experience a multitude of expenses that are put on the loan amount. It’s common to expect to spend a modest application cost, especially if your lender requires identity verification. To pay the administrative costs associated with managing and processing your loan Most lenders will also charge an origination fee which can be a one-time fee or a sum corresponding to a percentage of the loan amount.

Some lenders waive fees in certain situations. If you miss a loan payment, you may be charged late fees. Many lenders charge a prepayment fee if you pay off your loan early. Some lenders may charge a renewal fee if you want to renew your loan sooner. You should have an appropriate debt repayment plan. They increase borrowing costs and should be avoided.

Why choose GreenDayOnline for personal loans?

As a direct payday lender, GreenDayOnline is happy to make it easy for you to get a quick loan without having to deal with different companies. We’ll walk you through every step of the loan application process, from initiating your application to getting the loan, whether you’re applying for the loan today in person or online. Only third-party direct lenders support our loans in Texas.

You don’t need strong credit to get approved for a GreenDayOnline loan, and you can have cash fast before your next payday. You can apply quickly and simply online or in person, and you may receive a response immediately. If you apply in person or complete your application online, you can collect the money the same day if you are approved. A payday loan from GreenDayOnline can provide you with the cash you need quickly, whether you need to meet your usual payments or cover an unexpected payment.

What are the benefits of dealing with a direct lender?

You run the risk of problems if you take out a payday loan from an unregulated or offshore lender. These lenders will not conform to your state’s standards. Your bank account may be debited by the Internet company. They can regularly try to take money from your account which is a big financial problem. In this case, online direct lenders may give you money, but they will do everything possible to get it back. You won’t often run this risk if you work with payday loan providers on the Internet.

Interest and fee caps are another great feature of payday loans from direct lenders. If you’re not careful, these costs can add up. You run the risk of paying high interest rates and late fees on regular payroll deduction with the majority of loan companies. If they were unable to profit from your account, you are not required to make a payment. You trust us because banks are trying to cut costs.

There are many methods to qualify for loans from a direct lender based on benefits. When a consumer originally applies, our goal is to make them happy. Many direct lenders have federal licenses. These companies continually strive to improve the situation of a person in need of money. The connotation of this expression is that truly direct lenders will provide the fastest loans. You have plenty of options for payday loans, so you don’t have to go to your local lender.

Also, if you need to spend time at a bank or credit union to pay your money back within hours, this is very helpful. Nowadays, the majority of banks now offer payday loans to direct lenders. Without restrictions or negative observers, these loans can have high default rates. An increase in low-cost bank credit followed the increase in cash advances.

Jason Ratman


Jason writes on all financial topics such as loans, debt solutions and bankruptcy. He is an expert on topics such as APR, loan fine print, debt collection laws in the United States. With his in-depth knowledge of everything related to finance, he is a major asset for GreenDayOnline.

SMEs meet challenges in a more conducive business environment

BEIJING, October 8, 2022 /PRNewswire/ — By Rev. from Beijingsee : On January the 21st10 days before the Spring Festival holiday (from January 31 to February 6 this year), the workshops of Baoji Saiwei, a heavy machinery manufacturer in Baoji, Shaanxi Province to the northwest China, are in full swing to complete their orders. By the end of 2021, Saiwei had already received its orders for the first half of 2022. Deputy General Manager Lihui Told Beijing Review, “We need to deliver products on time and explore new markets.”

That same day, in the capital of beijingDu Peifan, founder of ZhiqingFin, an artificial intelligence (AI) company specializing in intelligent voice services, was doing his routine job guiding his employees through a checklist to serve their banking customers.

The next day, January 22in Yiwu, known as the world’s largest consumer goods wholesale market in the eastern province of Zhejiang, Wei Lingying, CEO of OMAWine International, a Spanish wine and food importing company, is busy taking and delivering orders. Wei even had a hard time sneaking into this Beijing Review interview.

Although they operate in different sectors and play individual roles in the market, all three are part of the most robust component of the Chinese economy: small and medium-sized enterprises (SMEs).

China SMEs, which account for approximately 99% of all businesses in the country, are the main force behind China economic and social development. According to a 2020 report by the Ministry of Industry and Information Technology, more than 50% of national tax revenue and 60% of GDP come from SMEs. They create 70% of technological innovation and 80% of urban employment.

However, these companies face many difficulties and worries about their future development.

Alive and healthy

COVID-19 surges, rising commodity prices, supply chain issues, and funding difficulties, among others, pose daunting challenges.

Rising wine and food import spending combined with a drop in demand due to the pandemic has put OMAWine International on edge. Compared to the pre-pandemic period, wine orders fell 20% during the sales season leading up to the Spring Festival this year, according to Wei.

On the positive side, the three companies are still alive, inspiring those who wish to embark on entrepreneurship.

Saiwei only halted production for a brief period at the very onset of the COVID-19 pandemic in early 2020 and quickly resumed operations. “Like the gears, we are the inseparable parts that ensure the rapid functioning of China industrial and supply chains,” Li said. “We, SMEs or private companies, couldn’t just give up and close up shop; we are not only businesses, but also the economic backbone of our workers’ families.”

Trials and Tribulations

SMEs usually congregate in competitive industries, which forces them to adjust their business models and actively find new growth opportunities in the new market environment, Zhang said.

Compared with large smart speech companies that only provide one standard product, ZhiqingFin’s customized services are better, especially in after-sales, according to Du. The pandemic has generally spurred technological expansion, with AI now being widely applied. Yet funding remains a problem. It is a difficult task for Du to increase the company’s funding to invest in technology capacity and service research.

Pan Gongsheng, deputy governor of the People’s Bank of Chinathe country’s central bank, said at a press conference in September 2021 meeting the financing needs of SMEs is a priority on the regulatory authority’s agenda. Loans to micro and small enterprises totaled 17.8 trillion yuan ($2.75 billion) lately July 2021up 29.3% year on year, according to Pan.

High-tech SMEs like Saiwei also receive financial assistance. Unlike regular companies producing heavy machinery, Saiwei caters to specific customer needs. Last year he invested around 30 million yuan ($4.7 million) in research and development.

The company has been inducted into the Little Giant Firms program, covering small businesses in their early stages of development, all focused on high-end technologies. This could bring Saiwei millions of yuan in research support over the coming year. Du’s company also applied for the program.

So what does the future hold China SME? The answer is twofold: innovation-driven development and green development will be two key thrusts to promote their high-quality growth during the 14th Five-Year Plan period (2021-25), according to a government directive.

SOURCE Beijing Review

With everything MetaDexa has to offer, Ripple computer and internet users will want their cryptos to be started on MetaDexa


Cryptocurrency aficionados are constantly looking for the next big cryptocurrency to jump on, and all new blockchains and cryptocurrencies are vying for the attention of potential buyers claiming to be the next big thing. Ripple (XRP) and Internet Computer (ICP) had successful launches and have been doing relatively well since then, but neither of them reached the levels of success that crypto enthusiasts were looking for. Now, with MetaDexa (METADEXA) and its exclusive launch pad, the search for the crypto holy grail will become much easier.

MetaDexa (METADEXA): The Future of Crypto Launches

MetaDexa is a cryptocurrency launchpad that supports multiple blockchains and provides the perfect platform to raise capital. With the use of state-of-the-art presale dashboard technology, modern software and extensive marketing expertise, MetaDexa (METADEXA) can effectively help launch several high-quality blockchain projects. With one of the best marketing teams in the industry, all projects launched with MetaDexa (METADEXA) will receive proper marketing and reach a global audience.

MetaDexa (METADEXA) also offers users early access to pre-sales of new cryptocurrencies launched on its launch pad. This way, members of the MetaDexa community can safely buy these coins when they are most profitable and before they go public. With order books, dynamic pricing and a collection of industry standard features that have been designed to ensure success in crypto launches, MetaDexa (METADEXA) has the potential to be the perfect launch pad for biggest and best new cryptocurrencies.

Ripple (XRP): the new financial giant for international transactions

Ripple is an international payment processing system that uses Ripple (XRP) as its native cryptocurrency. The goal is to directly compete with payment processors like SWIFT and similar services and work to achieve this from its design phase. Ripple (XRP) does not use a blockchain like regular cryptocurrencies, but it works using distributed ledger technology and the HashTree consensus mechanism. HashTree compresses all data into a single value, which takes a lot of work out of the system because all it has to do is check one value instead of all previous data. For this reason, transactions using Ripple (XRP) are very fast (less than 5 seconds) and they are very cheap with a transaction cost of 0.00001 XRP. With its ability to perform 1500 transactions per second and transfer money internationally easily and at very low cost, it is no surprise that more than 300 financial institutions around the world use the cryptocurrency Ripple (XRP ), or one of the other services of the company. provides.

Internet Computer (ICP): providing a true Web 3.0 experience

The Internet Computer Protocol was launched in 2021 by the Dfinity Foundation and uses Internet Computer (ICP) tokens as its native cryptocurrency. The goal of the Internet Computer Protocol is to revolutionize the Internet by using the Internet Computer Cryptocurrency (ICP) as the driving force and incentive to gather a strong customer base. This new version of the Internet will be secure and decentralized and will provide users with a platform to host and share whatever they want without having to depend on large centralized companies like Google and Meta. With this new version of the Internet, the Internet Computer Protocol can promote the mass adoption of blockchain technology and cryptocurrencies through its Internet Computer (ICP) tokens. By supporting the widespread implementation of smart contracts, Internet Computer (ICP) can extend the functionality of the Internet and give many users a taste of what Web 3.0 can really be.

MetaDexa (METADEXA) provides more than enough features to help users raise millions on their crypto presale and launch. With its advanced tools, cryptocurrencies launched with MetaDexa (METADEXA) could outperform major players like Internet Computer (ICP) and Ripple (XRP). One of them could even become the next Bitcoin (BTC).

Learn more about MetaDexa (METADEXA):

Website: https://www.metadexa.com/

Adam Cox of GuaranteedBusinessFunding.org helps Jamils ​​Steakhouse in Tulsa secure $695,000 in restaurant sale-leaseback

Businesses with bad credit can avoid high interest rates and capital costs with a new concept in the leaseback space for any real estate transaction

GuaranteedBusinessFunding.org is better than banks at business financing, the guarantee that we are better at business financing is in our name!

—Adam Cox

OKLAHOMA CITY, OKLAHOMA, ESTADOS UNIDOS, Oct. 7, 2022 /EINPresswire.com/ — Interest rates are skyrocketing, so many businesses are looking for ways to navigate past high interest rates, it’s very difficult in the restaurant industry, but every industry in America is affected, with things only getting worse as interest rates climb higher and higher. That’s when a sale-leaseback transaction from the Guaranteed Business Funding website recently helped a historic restaurant in Tulsa Oklahoma overcome restrictions and high bank interest rates, and opted for a fast closing solution, without the need for lengthy credit checks, in fact no need for any credit. That’s what the business secured finance website offers its clients, it recently helped Jamils ​​a famous Steakhouse in Tulsa, known for generations as the best steakhouse in Oklahoma with a leaseback of worth almost $700,000 and closed it much faster than expected.

With the economy faltering, the stock market soaring and deflating almost immediately, funding for restaurants and small businesses has dried up, which is especially difficult for newcomers to business, who have poor credit, poor balance sheets or poor cash flow. However, this is where Secured Business Finance stands out and shines like a financial beacon in a sea of ​​rejected reviews from banks and lending websites that litter the internet according to Adam Cox on the Secured Business Finance website. Adam Cox of Guaranteed Business Funding says the sale-leaseback or sale-leaseback program is designed so there’s no need to verify or even verify things like credit, income, or time spent in the business, but what’s the caveat? Well, the caveat in this leaseback program of secured business financing is equity, yes that is what is needed. According to Adam Cox of Guaranteed Business Funding, what you need to qualify for the website sale-leaseback program is 50% or more equity, he says where there is equity, there is a deal to close, and they can do it quickly, with closing times on their sale-leaseback as fast as 10 days from start to a check in your hand.

However, many business owners with bad or no credit see the high costs of financing the business, or very high interest rates, which is different with this program according to Adam Cox of Guaranteed Business Funding, he often says you’ll see an upfront cost of just 1% per month in the form of monthly rent, since it’s a sale-leaseback, or rent as some might call it, your rent outstanding is normally around 1% per month after the sale-leaseback is finalized.

But what about business owners who eventually want to own the real estate again or really don’t want to sell the real estate? Well, although you are selling the real estate outright in a sale-leaseback or sale-leaseback transaction, the program offered by secured business financing is different because it allows you to buy back the real estate in 10 years, at a cost as low as 25% below the appraised value at the time you sold it, this is unique in the sale-leaseback world and gives business owners who wish to free money, while maintaining a path to repossess on favorable terms a path to do so.

If you’re a business owner and want to avoid a high cost of finance because you have bad credit, a sale-leaseback might be good, or if cost isn’t an issue, selling a part of your projected future sales is also good. However, a third often overlooked option is crowdsourcing or crowdfunding, this can be used to replace high cost debt, but more often than not is ideal for start-ups. Guarnteed BUsiness Funding also helps business owners raise capital on crowdfunding websites such as mainvest or kickstarter by providing a commission-only marketing service, which helps entrepreneurs find investors in their business after

Within ten years of your sale-leaseback, you can buy back the property on possibly favorable, below-market terms. This allows you to work on your credit and your business cash flow, so you can get a normal loan or an SBA loan from a regular bank or traditional financial institution at interest rates or hopefully favorable future financing costs.

Also, one of the really cool things about a sale-leaseback transaction to free up hidden capital in real estate or any other asset, is to sell something that normally doesn’t require credit, it would be very strange actually if you wanted to sell equipment or real estate and the buyer wanted to check your credit. This is true in many cases, including those who benefit from a non-credit secured finance leaseback program. Finding a real estate leaseback program with no credit needed can be difficult, and for many it is, but hours of online research can pay off by finding websites like secured finance from businesses offering a leaseback program. real estate sale rental no credit needed.

With a sale-leaseback or sale-leaseback transaction, there are also other benefits, such as not having to pay property tax, and some maintenance costs would possibly be included in your rent, but the The main benefit for most people is the release of much needed money that is locked up in the business, without having to leave the business and possibly lose customers who don’t follow you to your new location.

Secured business financing also helps business owners with no real estate or hard assets needed, still without stringent credit requirements via a cash advance against future sales of the business. This is also called a merchant cash advance and is where you typically sell 5-20% of your future earnings for cash today. Normally, the future income sold is not forever, but rather for a specified period of time, or until a specified amount of funds has been received by the buyer from those future sales.

adam helmsman
guaranteed business financing
+1 310-492-3704
write to us here

Secured Business Finance offers out-of-the-box financing options for businesses, as Adam Cox explains in this video

Apple Pay expected to launch Korean services next month


Screenshots of leaked documents regarding the use of Apple Pay services provided by Hyundai Card. (Screen captured by The Korea Herald)

Apple Pay will launch its Korean services next month or at least in early December, according to recently leaked documents outlining terms and conditions for Hyundai Card customers.

Screenshots of digital documents labeled “terms and conditions” in Korean stated that “the purpose of this document is to regulate the conditions and procedures of rights between our customers and the company, obligations and liability and more for the use of Apple Pay services provided by Hyundai Card Corporation for our registered customers.

“The terms and conditions will officially come into effect from November 30, 2022,” he added.

The official documents have yet to be officially released by Hyundai Card – which is said to have an exclusive partnership with Apple Pay for its local release – and the screenshots have been uploaded anonymously to a local online community. The leaked documents were shared on social media on Thursday.

The leaked terms and conditions also stated that some of the credit card lines issued by Hyundai Card will be available for storage in Apple Wallet, an app where users can save their credit or debit cards so they can be used with Apple Pay.

Viewers see that the documents were posted by an American Express user, as a screenshot showed an Amex card representation of a Hyundai Card.

Hyundai Card has been tight-lipped about the possible exclusive partnership and timing for the launch of Apple Pay.

“We have no comment on the matter at this time,” a Hyundai Card spokesperson said.

Rumors of Apply Pay launching its Korean services have been circulating since 2020, but the payment company is struggling to enter Korea mainly due to a lack of technological infrastructure here.

Most local retailers use secure magnetic transmission technology, in which devices such as smartphones emit a signal that mimics the magnetic stripe of a traditional payment card. But Apple Pay works with near-field communication technology, which is short-range wireless technology.

Apple’s digital payment service, launched in 2014, has since expanded its reach in Asia, including China, Japan, Singapore and Hong Kong.

([email protected])

Experienced Loan Officer Joins First Internet Bank’s Small Business Administration Team | Company

FISHERMEN, Ind.–(BUSINESS WIRE)–October 6, 2022–

First Internet Bank today announced that David Bybee has joined its Small Business Administration (SBA) lending team as Vice President, Senior Loan Officer. In this role, he will oversee credit guidelines, underwriting and the credit approval process for the bank’s small business lending effort.

Copyright BusinessWire 2022.

AI ‘Bill of Rights’ Principles Laid Out by Biden’s Policy Team (1)

AI ‘Bill of Rights’ Principles Laid Out by Biden’s Policy Team (1)
Privacy and Data Security Act

October 4, 2022, 7:40 p.m.; Updated: October 4, 2022, 9:52 p.m.

Future guidelines for artificial intelligence and automated systems should include built-in privacy protections, stronger security measures and controls against discrimination, according to a plan released Tuesday by the Biden administration.

The Blueprint for an AI Bill of Rights, released by the White House Office of Science and Technology Policy, aims to influence the development and use of AI amid heightened concern about its implementation in the public and private sectors.

The proposed framework revolves around a list of five principles that should be incorporated into policies governing systems that have the potential to “significantly impact” a person’s rights or…

Final Results of Inission AB Mandatory Public Tender


Enedo Plc / Stock Exchange Press release October 4, 2022 at 9:45 a.m.


Do not post or distributed, directly or indirectly, in Australia, Canada, China, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States or any other jurisdiction where prohibited by applicable law.

Inission AB, a Northern European contractor listed on Nasdaq First North Growth Market Stockholm, last night announced the final results of Inission AB’s mandatory tender offer for all shares issued by Enedo Plc.

Further information on the final results of the mandatory tender offer is available in Inission AB’s press release attached to this stock market release.


Mikael Fryklund
President and CEO

For more information, please contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864.


Nasdaq Helsinki Ltd

Main media

About Enedo

Enedo is a European designer and producer of high quality electronic power supplies and systems for critical equipment, even in the most demanding environments. Enedo’s mission is to make electricity better – more reliable, safer, more energy efficient – and just to serve its purpose. Enedo’s three main product categories are LED Drivers, Power Supplies and Power Systems. In 2021, the group’s turnover was 36.4 million euros. Enedo has 330 employees and its main functions are located in Finland, Italy, Tunisia and the United States. The group’s head office is in Finland and the parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.


Inission AB / Stock Exchange Press release October 3, 2022 at 6:30 p.m.


Not for liberation, publication or distribution, in whole or in part, directly or indirectly, in or in Australia, China, Hong Kong, Japan, New Zealand, Singapore, South Africa or the youUnited States, or in any other jurisdiction in which the public offering would be prohibited by applicable law.

Insition AB (“Inissision“or the”Offering”) launched on September 8, 2022 a mandatory tender offer to buy all the issued and outstanding shares of Enedo Plc (“Enedo“) which are not owned by the Offeror or Enedo (the “Take-over bid”). The deadline for acceptance under the Tender Offer expired on September 29, 2022 at 4:00 p.m. (Finnish time).

According to the final results of the Tender Offer, the shares tendered to the Tender Offer represent approximately 15.42% of all Enedo shares and votes. Of these, a total of 295 Enedo shareholders (3,932,851 Enedo shares) elected payment in shares in the tender offer and a total of 1,824 Enedo shareholders (6,630,428 ‘Enedo) have elected cash payment in the tender offer.

Together with the Enedo shares already held by Inission prior to the Tender Offer, the shares tendered to the Tender Offer represent in aggregate approximately 95.85% of all Enedo shares and votes.

The cash consideration will be paid to shareholders who have validly accepted the Tender Offer in accordance with the terms and conditions of the Tender Offer of October 5, 2022. The actual time of receipt of payment by the offering shareholders will depend on the time required to process subsequent payments. by financial institutions.

The consideration in shares will be paid to shareholders who have validly accepted the Public Offer in accordance with the terms and conditions of the Public Offer on or around October 20, 2022. In accordance with the terms and conditions of the Public Offer, 0.086 new Inission Class B shares will be allocated for each Enedo share. To execute the share consideration, the board of directors of Inission has decided today to issue a directed share issue to Enedo shareholders whose shares have been validly tendered in accordance with the terms and conditions of the offer. public purchase and who have chosen the consideration in shares. The total number of new Inission Class B Shares issued is 338,225. The subscription price will be paid in kind by a total number of 3,932,851 Enedo shares valued at 0.26 EUR (2.83 SEK) per share .

Following the completion of the Tender Offer, the Bidder’s ownership in Enedo will exceed 90% of all Enedo shares and votes and, therefore, the Bidder will initiate the procedure to buy back the minority shares in accordance with Chapter 18 of the Finnish Companies Act. In such repurchase procedure, the Bidder will require that the repurchase price of the remaining shares of Enedo be set at EUR 0.26 per share, which corresponds to the cash consideration paid by the Bidder under the Public Offer in accordance with the terms and conditions of the public tender offer.

The Bidder will request the delisting of Enedo shares from Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) as soon as permitted and reasonably practicable under applicable laws and regulations and the rules of Nasdaq Helsinki.

Inssion AB


For FFor more information, please contact

Fredrik Berghel, CEO of Inission

+46 732 02 22 10

[email protected]

About Inssion

Inission is a cost-effective global supplier supplying demanding industrial customers in the Nordic region with complete electronic and mechanical products of the highest quality. Inission’s services cover the entire product life cycle, from development and design to industrialization, mass production and the aftermarket. By combining this with logistics services and production based on great flexibility, customer adaptation and short lead times, our offer becomes very competitive. Inission has factories in Sweden, Finland, Norway and Estonia.

Inission’s revenue for the year ended December 31, 2021 was approximately SEK 1,003 million (approximately €94 million) and employs approximately 520 people. Inission is listed on Nasdaq First North with Nordic Certified Adviser AB ([email protected], +46 707 94 90 73) as a certified adviser.

Company reports are filed at: www.inission.com/investor-relations

Inission AB: y-tunnus 556747-1890
Lantvarnsgatan 4,
652 21 Karlstad

Introducing MobiFirst: The World’s First and Only Responsive Mobile-First E-Commerce Platform


MobiFirst enables sellers to enhance the customer experience with intuitive features and integrated systems.

MobiFirst, the world’s first and only mobile responsive e-commerce platform, is changing the e-commerce landscape with its suite of innovative features designed for superior user experiences. The platform provides the flexibility to meet various business needs, allowing merchants, digital agencies and other entrepreneurs to sell their services seamlessly and increase their profitability.

Compared to traditional responsive websites, MobiFirst highlights a robust adaptive system for optimized and interactive pages on different devices. This means it can quickly detect what device web visitors are using, allowing businesses to prioritize displaying the most relevant information for convenient and efficient browsing.

With most consumers on mobile, the inability to scale websites to smaller screen sizes can have a significant impact on customer satisfaction and willingness to purchase a product or service. According to Google, 62% of consumers are less likely to buy from a brand in the future if they had a bad shopping experience. Even a second delay in website load times can have a negative impact of up to 20% on purchasing decisions.

Additionally, as Google’s Mobile-First Indexing continues to prioritize mobile-friendly pages with faster load times, top search engine rankings are next to impossible without responsive websites.

“Google now requires all sites to be not only mobile-friendly, but also mobile-first. Only MobiFirst has accomplished this feat,” says the team behind MobiFirst.

The platform focuses on customer intent and gives them exactly what they are looking for. It improves SEO, helping brands to top search engine rankings and increasing their visibility on the web.

MobiFirst comes with several predefined templates optimized for the mobile-first index, and these can be customized through a widget-based system. The platform offers faster loading times, a simple interface, and actionable interactions. It supports different functions including e-commerce storefronts, payment processors for multiple currencies, and rich media integration for better marketing.

Best of all, merchants can create as many e-commerce stores as they want in hours and sell unlimited products while retaining 100% of their sales. Entrepreneurs can also license the entire MobiFirst system and sell it under their brand. The platform offers several affiliate and sponsorship opportunities.

In the increasingly competitive e-commerce landscape, continuing with outdated website systems means losing growth opportunities. Now is the best time to switch to a better alternative to improve brand visibility, increase customer engagement, profits, and thrive.

“You have to be Mobile-First or be Mobile-Last. Now the choice is yours.

Learn more here: https://mobiecomm.com/.

Media Contact
Company Name: MobiFirst
Contact person: Scotty Carter, CEO
E-mail: Send an email
Country: United States
Website: https://mobiecomm.com/

What is the ideal age to take out term insurance?


Term insurance are some of the most common and popular life insurance products that people buy for their wallets. Yet despite the popularity, the perennial bone of contention remains – what is the right age to buy term insurance? The truth is that no matter what stage of life you are in, term insurance plans can serve a purpose in your financial portfolio and remain crucial there.

Read on for more information on how term insurance can benefit different age groups and other crucial aspects of these plans.

Why insurance is essential for your portfolio

Insurance is a basic necessity for every investment portfolio, given the uncertainty of life itself. The policyholder will naturally want to offer their family the same lifestyle and the same financial security in the event of absence due to an unfortunate/sudden death. This is where term insurance or other forms of life insurance come into play.

What is term insurance?

Term insurance is a subtype of life insurance that provides financial security to the policyholder’s family in the tragic event of their unfortunate demise during the term of the policy. These schemes pay a death benefit to the persons designated by the insured in this case. They provide financial security to the family for a fixed term or term. Premiums are generally more affordable for these plans than for many other types of life insurance plans. You can use a term insurance calculator to calculate the amount of the premium to be paid.

What is the right age to invest in term insurance?

As mentioned initially, there is no hard and fast rule in place that dictates the right age to invest in term insurance. to plan. You can buy them once you’re 18 and over, usually until you’re 65. However, here are some key points you should keep in mind for each age/stage of life:

  • Those in their twenties- This is the perfect time to purchase term insurance as it is very affordable and provides financial coverage for the family in the event of an unfortunate mishap. The risks of death/illness are automatically lower when one is young, which explains the possibility of obtaining higher coverage at a lower premium.
  • Those in their thirties- These are times when people have more financial responsibilities and loans to repay. However, suppose you don’t have term insurance plan again. In this case, you must take it immediately to ensure the same financial coverage and the same future lifestyle for your family in your absence.
  • Those in their 40s- This is when people have the maximum responsibility. Jinsurance Plans should be essential if they have not been purchased so far, as they will provide financial coverage for children in the absence of their parents while helping them meet future education and other costs.
  • Those in their fifties – People shouldn’t put off buying term insurance if they don’t already have it. This is essential to protect the financial and educational future of their children and to cover any outstanding debts, such as loans or mortgages. However, the premiums will be quite high. You can also add runners if you can afford it.

People shouldn’t wait until they’re 60 to buy term insurance. Therefore, it can be said that the 20s and 30s are the best time to buy term insurance. The premiums are lower and this will protect the family financially. The best part is that you can also get tax benefits on your investment.

Why invest in term insurance?

You should consider investing in term insurance for several reasons. Some of them include the following:

  • Life cover for the insured, financially insuring the family after their death
  • Supplements such as accidental death, accidental disability benefits, critical illness cover and others. Accidental death cover is the payment of a benefit upon the death of the insured in the event of an accident. Critical illness cover provides financial protection against serious and life-threatening illnesses. In contrast, accidental disability benefits provide payment of a promised sum to cover loss of earnings and financial needs in the event of permanent/temporary disability resulting from an accident.
  • For your term insurance investments, you may receive tax benefits under Section 80C of the Income Tax Act 1961. This section allows benefits of up to Rs. 1,50,000, and hence you can claim your premium payment as a deduction when filing your taxes. In addition, death benefits, or benefits listed in endorsements purchased with the plan, are exempt from tax under Section 10D of the Income Tax Act 1961.
  • Some policies may offer a waiver of premium in the event of a financial emergency or other problem, as long as you take it as an endorsement. This means that the policy can continue even in the event of non-payment of premiums due to loss of income or other reasons which keep the cover intact.
  • Some term plans may even have maturity benefits (refund of premiums) for policyholders


You need to buy term insurance to live a stress-free and financially secure life. However, there are a few things you should consider before finalizing a long-term plan. Insurance coverage should be based on the insured’s annual income and financial goals. Many people choose inadequate coverage, which can lead to financial hardship for the family later on. Additionally, some people opt for a shorter duration of coverage in order to pay fewer premiums. However, if the policy term is short, you need to purchase new policies after the policy period ends. You might not receive the same premiums from a new term insurance plan and spend more.

Additionally, if you fail to reveal information regarding current medical conditions or smoking habits when purchasing the plan, your family could lose the sum insured. As a result, the purpose of buying a term plan would be defeated. Simply put, do your homework, understand the terms and circumstances, and buy term insurance when you’re young.

EMEA Daily: Worldline acquires 40% stake in OPP


In today’s Europe, Middle East and Africa (EMEA) news, Worldline announced that it is set to acquire a stake in online payments platform and London-based Liberis has raised 154 million to expand its small business financing platform.

Worldline acquires a 40% stake in the Dutch online payment platform PSP

Global payment services company Worldline is set to acquire a 40% stake in Online Payment Platform (OPP), with the transaction expected to close by the end of 2022.

OPP is a payment service provider (PSP) with a dedicated payment solution for marketplaces and e-commerce focused platforms. Worldline’s stake in OPP will enrich its value proposition across verticals and platforms, and the deal also includes a call option to purchase the remaining 60% in 2026.

FCA: Licenses Denied to Crypto Firms Make New Demand

Many crypto companies that have been denied licenses to operate in Britain are submitting new applications, according to Sheldon Mills, executive director of consumer competition at the UK’s Financial Conduct Authority (FCA).

“It’s no surprise that I still see many crypto companies still seeking licenses here in the UK, even though some have been denied those licenses on the first pass,” Mills said, according to Reuters. “They know we have a good regulatory system and if they meet our standards, that’s important for every jurisdiction they seek to apply for around the world.”

Liberis Raises $154M to Expand Its Small Business Funding Platform

London-based integrated business finance platform Liberis has raised £140 million (about $154 million) in funding to expand its financing program for small and medium-sized enterprises (SMEs).

The funding brings Liberis’ total funding to £350m. The company said it has given almost $1 billion to more than 21,000 SMEs in the UK, Europe and the US.

The TPP Group provides an overview of the framework for pan-European payments

The European Third Party Providers Association (ETPPA) presented an overview of its proposed framework for pan-European retail payments at any point of interaction (POI) that would help facilitate interoperability and competition.

He proposes to align the interests of banks and FinTechs with little help from European officials, using existing building blocks for instant retail payments instead of trying to introduce a single new solution to the market. The ETPPA also said its framework “challenges cards and wallets from East and West with superior technology.”

Madeira gets a digital twin in the metaverse

The first 500 virtual lands of ‘Madalia World’, a virtual version of the Portuguese archipelago of Madeira, have been listed on the Non-Fungible Token Market (NFT) Exclusive under a ‘digital twin’ project approved by the government .

The project is a collaboration between the regional government, Exclusible and Dimmersions, a virtual and augmented reality technology company. Once the virtual world is online, the owners of the plots of land will be able to build on their plots, but they will also be able to sell or rent the land.

For all PYMNTS EMEA coverage, subscribe daily EMEA Newsletter.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more


Elon Musk’s Tesla Adds Airbnb Co-Founder Joe Gebbia to Its Board: Here’s the Fine Print – Tesla (NASDAQ:TSLA)


Tesla Inc. TSLA added Airbnb Inc. ABNB co-founder Joe Gebbia to its board of directors beginning Sept. 25, the company said in a statement.

Tesla said in a regulatory filing that Gebbia is eligible to receive compensation consistent with the company’s standard compensation program for outside directors, as previously approved by the board.

Gebbia has waived any right to cash compensation and has joined the rest of the board in waiving equity compensation through July 2023. The board has not appointed him to any of its committees, has said Tesla in its filing.

Tesla’s board of directors had previously witnessed the release of Oracle Corporation ORCL co-founder larry ellison, who chose not to run again. Shareholders had backed a re-election proposal Ira Ehrenpreis and Kathleen Wilson-Thompsonboard members since 2007 and 2018, respectively.

Also Read: Elon Musk Details New Reason to Cancel Twitter Deal in 3rd Termination Letter: What Investors Need to Know

Who is Gebbia: Gebbia is a designer and entrepreneur who spent the last 14 years of his career as a co-founder of Airbnb. More recently, Gebbia stepped down from her full-time operations role and transitioned into an advisory role while serving on the board of Airbnb and Airbnb.org.

The company’s statement says he has also started work on his next start-up and acquired a stake in the San Antonio Spurs.

Why is it important: Adding Gebbia to Tesla’s board of directors could help the company avoid any further conflict with the Security and Exchange Commission (SEC), which has launched multiple investigations to determine that Musk and Tesla are still honoring their agreement, according to a CNBC report.

Photo credit: World Bank Photo Collection on Flickr

Lavu launches Lavu Capital to provide accessible financing for restaurants


ALBUQUERQUE, New Mexico–(BUSINESS WIRE)–Lavu, a leading global provider of restaurant software and payment solutions built by restaurant owners, today announces Lavu Capital, offering restaurant owners cash advances to provide financing that can be used to manage and grow their activities. Powered by Parafin, a full-stack integrated fintech company, Lavu Capital offers restaurants, primarily small businesses, easy access to quick capital not typically available through traditional bank financing.

Unlike a loan that charges interest, merchants agree to pay a portion of future sales in exchange for fast, efficient funding, all for a low, fixed capital fee based on the cash advance amount. With Lavu Capital, pre-approved merchants who demonstrate consistent or increasing sales have access to a cash advance that can be used for any business expense such as equipment, staff, marketing, and rental costs. . This eliminates application and credit check requirements that often prevent small businesses from receiving bank financing.

Here’s how it works:

  • Eligible merchants view their pre-approved advance offers in their Lavu dashboard, toggle the slider to select the principal amount that best suits their business, and verify bank account details to accept the advance from funds.

  • After acceptance, the merchant receives the funds directly into their bank account within 1-2 business days. This requires no additional paperwork and has no impact on credit rating.

  • The trader will pay a fixed, one-time capital fee, which depends on the amount of capital accepted.

  • Payout is automated on a set payout schedule and is based on a percentage of sales through Lavu determined prior to capital acceptance. There is no interest, no minimum payment and there are no late fees.

“It’s frustrating how many restaurant owners don’t qualify for traditional loans despite having strong track records,” said Saleem Khatri, CEO of Lavu. “The same way we’ve helped thousands of restaurants quickly switch to online ordering to survive the pandemic, we’re launching Lavu Capital to help more restaurants keep their doors open during tough times.”

“Our mission at Parafin is to grow small businesses by making it easier and faster to access financial services, starting with capital,” said Sahill Poddar, CEO of Parafin. “We are honored to work with platforms like Lavu who are heavily invested in growing the thousands of restaurants they work with, to fulfill this mission.”

New and existing restaurateurs can learn more at https://lavu.com/newsroom/lavu-launches-lavu-capital-accessible-funding-restaurants or contact Lavu Customer Success.

About Lava

Lavu is the world’s leading restaurant management platform for small and medium-sized restaurants. The Company’s products include an award-winning mobile point of sale, online ordering, payment processing and an accounts payable suite. Embodying the values ​​of hospitality in its 24/7 support to restaurant partners in more than 65 countries, Lavu helps businesses grow with solutions designed for restaurants by restaurateurs. Based in Albuquerque, New Mexico, Lavu was the first iPad outlet in the Apple App Store and continues to deliver the latest features and restoration features. Learn more at Lavu.com.

About paraffin

Parafin is a complete integrated financial infrastructure that serves small businesses better, faster and at lower cost. Parafin works with the platforms that small businesses already use – such as marketplaces, payment processors and software providers – to help small businesses meet their cash flow needs, invest in their growth and run their business. Parafin was founded in 2020 by Sahill Poddar, Ralph Furman and Vineet Goel, three of Robinhood’s first employees. Together, they served as Head of Machine Learning, Senior Data Scientist, and Head of Risk and Fraud, respectively.

Impact Keto Gummies Australia [Scam Alert] – Does Impact Keto Ketogenic Booster Australia | Impact Keto Reviews

Impact Keto Gummies Australia [Scam Alert] – Does Impact Keto Ketogenic Booster Australia |  Impact Keto Reviews

Impact Keto Gummies Australia [Scam Alert] – Does Impact Keto Ketogenic Booster Australia | Impact Keto Reviews | Does it really work and where to buy?

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ILA | More backtracking on surveillance of gun buyers’ credit cards


As previously reported, on September 9, the International Organization for Standardization (ISO) approved a Merchant Category Code (MCC) for firearms retailers. MCCs allow payment processors and banks to categorize, monitor, and collect data on various types of transactions. Prior to the ISO decision, gun retailers fell under the MCC for sporting goods or miscellaneous retail stores.

This week, more elected officials across the country pushed back against the use of financial transaction information to surveil or discriminate against gun owners.

First, Montana Attorney General Austin Knudsen, along with Tennessee Attorney General Jonathan Skrmetti, and a coalition of 22 other states sent a letter to the CEOs of Visa, Mastercard, and American Express. The letter clearly stated that financial information should not be used to discriminate against gun owners:

More importantly, knowingly tracking this information can only result in its misuse, inadvertently or deliberately. Creating and tracking this data only matters if your institutions plan to use this information to take other harmful actions, such as invading consumer privacy, preventing constitutionally protected purchases by selectively restricting the use of your payment systems or preventing your financial services from being targeted. “disadvantaged” traders.

Attorneys General have made it clear that they will not sit idly by while their constituents’ rights are violated:

Know that we will use the full extent of our legal authority to protect our citizens and consumers from unlawful attempts to infringe on their constitutional rights. Please keep this in mind when considering the adoption and implementation of this Merchant Category Code.

Then Florida CFO Jimmy Patronis issued a similar warning:

If we get to the legislative session and companies like Visa, Mastercard and American Express are generating these reports to create a deterrent effect against gun buying, then I will work with the Legislature to pass legislation penalizing companies that target the right reach out. We’ve seen a groundbreaking ruling come out of the Fifth Circuit limiting the ability of corporations to restrict Americans’ constitutional rights, so we’re on solid legal footing to pursue a bill protecting Floridians 2n/a Amendment rights. We can also go further by prohibiting these companies from doing business with the State of Florida. We will send a message to these big corporations that if you are interested in doing business with Florida, you need to make sure that you protect Floridians’ right to arm and defend themselves.

Finally, Sen. Kevin Cramer (RN.D.) led a letter from Republican members of the Senate Banking Committee to the Bank Policy Institute (BPI). The senators made it clear that the creation of the new MCC was only the first step in a plan to put pressure on the gun industry and gun owners:

The creation of the new MCC was widely celebrated by liberal Democrats and gun control advocates. They made it clear that this was just the start of their campaign to block legal gun purchases. Then, large retailers that do not fall under the new MCC will be forced to adopt MCC in specific registers in their stores or use unique codes for firearm purchases. Credit card companies will be pushed to develop algorithms that flag legal gun purchases as suspicious activity based on these codes. Eventually, liberal activists and financial regulators will pressure banks to block these perfectly legal transactions.

The letter made it clear that it is not for unelected bank leaders to engage in public policy decisions:

Let’s be clear: Banks must not abuse their power to prevent law-abiding Americans from exercising a constitutional right by de facto prohibiting the legal purchase of firearms. Addressing complex and contentious social and political issues that involve balancing competing values ​​is the job of democratically elected leaders, not unelected bank executives. We urge BPI members to resist political pressure to get involved in such issues, especially firearms. Instead, our nation’s largest financial institutions should focus on serving their customers’ needs without bias.

Despite this setback, there is no indication that payment processors have deviated from their plan to implement the new MCC. Please check www.nraila.org as new developments on this important issue become available.

The merchant cash advance market is booming across the globe with leading key players -, Fora Financial, Credible, CAN Capital, American Express Merchant Funding, National Funding, Fundbox, Stripe Capital


Qurate Business Intelligence recently published a research report titled “Global Merchant Cash Advance Market (COVID 19 version) ». According to the information, the market can become an important industry that plays a vital role in the positive impact of the world economy. The Global Merchant Cash Advances Market Research Report (COVID 19 Version) represents a dynamic picture in order to conclude and study the market Cutmarket share and competitive landscape. The research study is obtained from extensive primary and secondary research which consists of qualitative and quantitative analysis. The report also gives 360 degree overview of the competitive landscape of industries. SWOT analysis was used to understand the strengths, weaknesses, opportunities, and threats to businesses. The merchant cash advance market is showing steady growth and CAGR is expected to improve over the forecast period.

Key Players of the Global Merchant Cash Advance Market Covered are:
Financial Forum
Capital CAN
American Express Merchant Funding
National funding
Stripes Capital
Square capital
PayPal working capital

On the basis of types, the Merchant Cash Advance market from 2015 to 2025 is majorly split into:
$5,000 to $250,000
$250,000 to $500,000
> $500,000

Based on applications, the Merchant Cash Advance market from 2015 to 2025 covers:
Time spent in business 18 months

We surveyed several major sources of supply and demand in the development of Primary researchh. It is to acquire qualitative and quantitative data associated with the Merchant Cash Advance report. The major sources of supply involve major industry members, subject matter experts from key market players, and consultants from various key companies and firms operating in the global Merchant Cash Advance market.

Merchant Cash Advance Market Regional Coverage (Regional Production, Demand & Forecast by Countries etc.):

  • North America (S., Canada, Mexico)
  • Europe (Germany, UK, France, Italy, Russia, Spain, etc.)
  • Asia Pacific (China, India, Japan, Southeast Asia, etc.)
  • South America (Brazil, Argentina, etc.)
  • Middle East and Africa (Saudi Arabia, South Africa, etc.).

Merchant Cash Advance Secondary research was conducted in order to acquire vital information on corporate supply chain, corporate monetary system, global corporate pools, and sector segmentation. It is with the lowest point, regional area, and tech-focused viewpoints. Secondary data was collected and analyzed to reach full Merchant Cash Advance market size.

Free report data (in the form of an Excel data sheet) will also be provided upon request with a new purchase.

Key questions answered by the report:

  • What are the key factors according to primary and secondary research?
  • What is the future scope of the market?
  • Who are the end users of the Merchant Cash Advance report?
  • What are the types of challenges and factors hindering the development of the industry?
  • What is the market size, share, and product supply chain analysis?
  • What is the manufacturer’s potential support in the competition.
  • What are the benefits, benefits and features of the product?
  • What is the significant trend and drivers of influencing factors?


  • Chapter 1 Details the information relating to Merchant Cash Advance introduction, Scope of the product, market overview, Market risks, driving forces of the market, etc.
  • Chapter 2 analyzes the major manufacturers of the Merchant Cash Advance Market by sales, revenue etc. for the forecast period 2022 to 2030
  • chapter 3 To analyze the competition landscape among top manufacturers based on sales, revenue, market share etc. for the period 2022 to 2030.
  • Chapter 4 defines the global merchant cash advance market by regions and their market share, sales, revenue etc. for the period 2022 to 2030.
  • Chapters 5 to 9 Analyze the Merchant Cash Advance regions with Merchant Cash Advance countries based on market share, revenue, sales etc.
  • Chapter 10 and 11 contain the knowledge regarding the basic types of market and their application, sales market share, growth rate, etc. for the forecast period 2022 to 2030.
  • Chapter 12 focuses on the market forecast for 2022 to 2030 for the merchant cash advance market by regions, type and application, sales and revenue.
  • Chapter 13 to 15 contain the transient details associated with sales channels, suppliers, merchants, dealers, search results and conclusion, etc. for the merchant cash advance market.

Contact us:
The Web: www.qurateresearch.com
E-mail: [email protected]
Telephone: United States – +13393375221, IN – +919881074592

Note – In order to provide more accurate market forecasts, all our reports will be updated prior to delivery considering the impact of COVID-19.

As “Buy Now, Pay Later” Plans Grow, Chargebacks Also Rise | New


NEW YORK (AP) — Americans have become fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.

Buy now, pay later loans allow users to pay for items such as new sneakers, electronics, or luxury goods in installments. Companies such as Affirm, Afterpay, Klarna, and PayPal have created popular financial products around these short-term loans, especially for young borrowers who fear endless credit card debt.

Light Microfinance attracts $24.5m in funding led by UK impact investor BII


Micro-lender Light Microfinance has raised $24.5 million (around Rs 196 crore) from UK impact investor BII and existing capital partners to fund its expansion into the northern and eastern regions. east of the country.

This is the company’s Series B funding led by British International Investment (BII) and existing investors Nordic Microfinance Initiative (NMI), Triple Jump BV and Incofin IM.

BII, the UK government’s development finance institution focused on Asia, Africa and the Caribbean, invested $9.2 million while NMI invested $7.9 million, Triple Jump $5.4 million and Incofin 2 million USD.

Nordic Microfinance Initiative (NMI) is a Norwegian public-private partnership aimed at investing in social impact and sustainable finance in Asia and Africa. Triple Jump is a Dutch impact-focused investing entity.

Incofin is a consortium of development banks, insurance companies, pension funds, alternative investment funds, HNIs and leading retail investors that pools capital in emerging countries for a inclusive growth.

Light Microfinance, based in Ahmedabad, is present in Gujarat, Rajasthan, Madhya Pradesh and Haryana.

In Series A funding, it had raised Rs 75 crore about a year ago.

A technology-driven lending model, Light Microfinance plans to expand into new geographies such as Himachal Pradesh, Uttar Pradesh, Odisha and Jharkhand with this round of funding. It will also launch new products for micro, small and medium-sized enterprises (MSMEs).

A bull market is coming: 2 high-conviction growth stocks to buy now and hold


The stock market is currently clouded by bearish sentiment. With soaring inflation and rapidly rising interest rates, many companies have already seen their growth falter, and the situation could worsen in the short term. This uncertainty sent the S&P500 tumbling in a bear market, with the index currently 21% off its peak.

Fortunately, there is good news. Every past bear market has ended in a new bull market, and the S&P 500 has always recouped its losses. Even better, the current bear market is a great time to buy stocks, and Wall Street seems to have high conviction in MercadoLibre (MELI -4.12%) and To block (SQ 0.61%). Both stocks have a consensus “buy” rating among analysts, and the median 12-month price target on MercadoLibre implies a 46% upside, while the median price target on Block implies an upside of 86%. %.

Here’s why investors should buy these growth stocks today.

1. MercadoLibre: a key player in commerce and digital payments in Latin America

MercadoLibre operates the most visited online marketplace in Latin America and has consolidated this leadership with adjacent offerings such as logistics and digital advertising. These services accelerate the flywheel effect created by its popularity with consumers, bringing more merchants (and inventory) to market, which naturally boosts buyer engagement and more. This virtuous circle should keep MercadoLibre ahead of its peers for years to come.

Additionally, MercadoLibre’s fintech business, Mercado Pago, operates the third most popular digital wallet in Latin America. This business is poised for rapid growth in the coming years as internet penetration increases rapidly in the region while access to bank accounts and debit cards remains relatively low. Mercado Pago also benefits from a flywheel effect created by adjacent offerings such as consumer lending, merchant lending and asset management.

In short, MercadoLibre taps into two huge markets – commerce and digital payments – and its strong market position in both spaces has generated outstanding financial results over the past year. Revenue increased 60% to $8.8 billion, and the company recorded a generally accepted accounting principles (GAAP) earnings of $4.73 per diluted share, up from a loss of $0.05 per diluted share the previous year.

Going forward, MercadoLibre is well positioned to maintain its high growth trajectory. According to eMarketer, e-commerce retail sales in Latin America will soar nearly 19% to $167 billion this year, making it the second fastest growing market in the world. And Statista says that figure could reach $260 billion by 2025. This should naturally drive the growth of digital payments. In fact, the Boston Consulting Group says payments revenue in Latin America could total $190 billion by 2025.

With that in mind, MercadoLibre stock is currently trading at 5.1 times sales, an absolute bargain compared to its five-year average of 13.2 times sales. That’s why this growth stock is a screaming buy.

2. Block: a disruptive force in commerce and consumer credit

Block divides its operations into two segments: Square and Cash App. Square includes an integrated suite of hardware, software, and financial services that help merchants grow their businesses across physical and digital storefronts. This comprehensive offering sets Square apart from traditional payment processors and dramatically simplifies commerce for merchants.

Similarly, Cash App simplifies financial services for consumers, allowing users to deposit funds, spend money and earn rewards, and invest in stocks and cryptocurrencies from a single platform. This broad functionality has led to high adoption. During the first half of the year, the Cash app was the most downloaded mobile finance app in the United States, according to Apptopia.

Block’s disruptive approach to commerce and consumer credit has resulted in strong financial results over the past year, despite macro concerns. Gross profit soared 37% to $5.1 billion and free cash flow jumped 178% to $563 million. But shareholders have reason to believe Block can maintain its momentum in the years to come as management executes an ambitious growth strategy.

Specifically, Block plans to energize its Square and Cash App ecosystems by integrating the two with Afterpay, the buy now, pay later (BNPL) platform it acquired earlier this year. In fact, the company has already made quite a bit of progress. Square merchants in the US can now accept BNPL payments online and in person, and Block recently added a Discover tab to the Cash app, allowing consumers to browse products and make purchases from Afterpay sellers. in the digital wallet. Later, as the Cash app evolves into a commerce engine, Block plans to expand its digital advertising services by enabling brands to run targeted campaigns on the Cash app.

Currently, management pegs its addressable market at $190 billion in gross profit — $120 billion from Square and $70 billion from Cash App — meaning Block has barely scratched the surface of its potential. To that end, with stocks trading at a discount of 1.9 times sales, this growth stock has the makings of a rewarding long-term investment.

CLS FX volume continues downward trend in August


The total daily volume of trades submitted to CLS for settlement fell further in August.

In particular, the average daily trade volume submitted to the FX settlement specialist was $1.77 trillion last month, down 5.3% from $1.87 trillion in July 2022. On a calendar year-on-year, the figure reflected a 6% increase from $1.67 trillion in August 2021.

After a period of large-scale volatility and increased trading activity during the initial phase of the Russian-Ukrainian war, average daily volumes traded in CLSSettlement, a payment-versus-payment settlement service, have now stabilized at volumes lower than in the first trimester.

CLS reported swap volumes at $1.22 trillion in August 2022, down 4% from $1.26 trillion in July 2022. Additionally, the figure was slightly lower year on year. other compared to $1.23 trillion a year ago.

In terms of CLS spot foreign exchange volume, the group announced a figure of $429 billion in August 2022, compared to $471 billion in July. Moreover, the figure was 17% higher on an annual basis compared to the $369 billion set the previous year.

Although monthly comparisons are always vulnerable to short-term fluctuations, there was a longer-term trend of higher spot volumes. However, the curve of this rise seems to have flattened in recent months.

The mixed performance was again pronounced across CLS futures trading, which brought in $118 billion last month. That was down 15% on a month-to-month basis from $140 billion in July, but up 49% year-on-year from $79 billion in August 2021.

“In August 2022, we saw average daily traded volumes of $1.77 trillion, an increase of 6% from August 2021. Over the same period, forward and spot FX volumes increased. increased significantly – by 49% and 17%, respectively – while FX swap volumes remained flat,” said CLS Global Head of Products Keith Tippell.

We last reported on CLS Group earlier this month when it announced that CLSNet, its bilateral foreign exchange payment clearing system for emerging currencies, has seen continued growth.

In August 2022, the group reported a record $100 billion in the average daily notional of net calculations in CLSNet. This milestone marks increased adoption by market participants and follows the 179% year-over-year increase in the average daily notional amount of net calculations in the first half of 2022.

Large-scale green banking: boosting climate action


As world leaders and other stakeholders gathered in New York for Climate Week, and the city came alive with excitement over the recent passage of the Climate Act, it was important to remember the role of green banks and other institutions that will do the work on the ground that ensures the goals of the new law are met and that the United States meets its climate goals.

Green Bank Network Member Panel with Green Banks from New York, Connecticut, DC and Rhode Island

The climate law, officially titled the Reducing Inflation Act, will make substantial investments through its Greenhouse Gas Reduction Fund. To ensure that funding has the desired impact, it is essential to identify the right institutions to distribute these public funds and the best organizations to partner with. This is where green banks can help. Green banks respond to a critical market need by providing low-cost capital and innovative financing structures that help finance the development of technologies and infrastructure to address the climate challenge.

During Climate Week, the NRDC and the Green Bank Network (GBN) organized an event which featured keynote addresses from Senator Ed Markey and Representative Debbie Dingell, two longtime proponents of a US national green bank that can leverage public and private funds to invest in clean energy and infrastructure. The event highlighted the potential impact of the Climate Act’s Greenhouse Gas Reduction Fund to spur investment in disadvantaged communities and grow the nascent green sectors that are needed to meet our climate goals. He also highlighted the success of local green banks in using public funds to mobilize private investment in projects that drive economic growth, improve the health and well-being of local communities and reduce gas emissions. greenhouse, including in low-income and marginalized communities.

Historic climate action to achieve environmental justice goals

The two keynote speakers discussed the Cut Inflation Act, which is expected to reduce greenhouse gas pollution by 41% below 2005 levels by 2030. The new law allocates 27 billion dollars towards the creation of the Greenhouse Gas Reduction Fund, more than half of which is dedicated to advancing clean energy, resilient infrastructure and energy-efficient buildings in low-income and disadvantaged communities.

Rep. Dingell pointed out that this fund and the IRA more broadly mark “the largest investment in clean energy, environmental justice, and climate action in American history.” Senator Markey noted that the new Fund enables the creation of a national climate bank, which “would establish the United States as a world leader in addressing the causes and effects of climate change and maximize greenhouse gas emissions reductions.” greenhouse effect per public dollar deployed”. Markey described his vision for a national climate bank with the ability to “rapidly deploy mature technologies while commercializing and developing new technologies and investing directly in projects that reduce emissions, as well as providing financing and technical assistance to eligible regional and local green banks. .”

Green banks drive climate action in their local communities

To understand the impact these funds can have on our economy and communities, we can look at how existing green banks in the United States are using public funds to advance investments in clean energy and other green sectors. The new Greenhouse Gas Reduction Fund has the potential to help green banks (as well as community development financial institutions, minority deposit-taking institutions and other community lenders like credit unions) increase their ability to fulfill their green mandates and leverage private investment, especially in underserved communities. Event attendees highlighted some of the ways their institutions are working with local developers and entrepreneurs to drive green investments in local communities.

  • Gregory Randolph, Managing Director of Green Bank of New York (NYGB), described how green banking has helped Ecosave scale, a company providing deep energy retrofit, renewable energy generation and energy storage services that reduce carbon emissions in the built environment. Ecosave CEO Marcelo Rouco explained that the company needed access to a funding facility considered too small for large banks and too large for community lenders. NYGB stepped in to fill this gap by providing an innovative transaction structure that allowed Ecosave to expand its operations in the state and beyond. It is important to note that the green bank will be able to replicate the model to help develop other small and medium enterprises offering clean energy services.
  • DC Green Bank (DCGB) has a facility to support solar power in low-income housing that is not tied to credit, helping to expand access to clean energy. The green bank also works to build the capacity of local entrepreneurs and developers who want to impact green space, but who may lack an audited financial track record sufficient to secure financing from traditional sources, explained DCGB CEO Eli Hopper. This focus on local business growth benefits both the climate and the local economy.
  • Projects implemented by Rhode Island Infrastructure Bank have saved approximately $140 million in reduced energy costs for small businesses and municipalities in Rhode Island. This money improves the bottom line of local small businesses and nonprofits and allows municipalities to deploy taxpayer funds in other priorities. A project described by RIIB CEO Jeffrey Diehl provided an energy upgrade to a local school in an underserved community, saving the district $150,000 in energy costs each year that the school board could then spend on other priorities. such as teachers and other school improvements.
  • Green Bank of Connecticut (CGB) has developed a working relationship as a lender for Posigen Solar under their Solar program for all to provide solar installation to low-income communities in Connecticut. According to Bert Hunter, executive vice president and CIO of CGB, this has transformed Connecticut from a state where most solar power benefited high-income residents to a state that now has an equal or slightly higher among low-income communities than middle-high income communities.

Implementation to advance environmental justice is key

The dollars provided by the new climate law provide an important level of stability and political direction. Sarah Davidson, director of strategy, impact and investor relations at NY Green Bank, pointed out that deploying hundreds of billions of dollars in clean energy infrastructure in the United States would send a strong signal. to the market (and the world) after years of inconsistent climate policy. By providing federal funding to support climate action in disadvantaged communities, the new law may lead to “overloaded activity” over the next few years and new private investments in climate infrastructure that meet both the goals of reduction of emissions and environmental equity. This will help advance projects such as community solar power for low-income communities, as well as expand green bank activities into new program areas such as electric vehicles.

To ensure that the Greenhouse Gas Fund is implemented appropriately, it is essential to clearly define which communities can benefit from it, to prioritize racial equity and to align with the existing complementary federal programs. With proper implementation and increasing the capacity of local green banks, as well as other longstanding institutions such as community development financial institutions, credit unions and minority depository institutions, the Reduction Fund can help provide low-income and disadvantaged communities with flexible and adaptive capital with the right conditions, education and technical assistance, and targeted and equitable projects that respond to community priorities.

At NRDC, we will continue to work with various partners and coalitions to help ensure the success of the new Greenhouse Gas Reduction Fund in advancing climate action and environmental justice.

This blog was written with Peter Trousdale, a consultant at the NRDC Green Finance Center. His work focuses on expanding the green banking model through capacity building programs such as the Green Bank Network (GBN). He previously worked with the Climate Finance team at NRDC’s Beijing office.

A transformative and disruptive multi-trillion dollar opportunity to serve billions


A decentralized Internet ecosystem built on distributed blockchain protocols and cryptography, Web3, should be egalitarian, beneficial, and valuable to its participants: builders, users, and creators. The ever-evolving construction of Web3 is advancing precipitously, funded by billions of dollars in venture capital. Web3 has potential applications in multiple sectors and attempts to address proprietary issues related to privacy, self-sovereignty, and economics on the Internet. By leveraging tokens, cryptography, and decentralized technology, Web3 aims to disrupt centralized monopolistic business structures and rent-seeking middlemen. A recent Gartner
The report states that Web3 will soon reach its adoption tipping point in all industries, from aircraft maintenance to food safety, and will mark their applications.

Web2: read-write; Platform economy; Centralized control by intermediaries

Monopoly internet giants Web2 built their platforms on a zero price model and in exchange locked up invaluable user data, assigning all ownership to their platforms and stakeholders. These behemoths exercise restrictive usage rights and block access to user data, hampering the export of social graphs and other content, thus preventing participants from leaving the incumbent platforms. Such commercial momentum has benefited entrenched Web2 platforms enormously, allowing them to become monopolies while pocketing superlative sums without compensating the users whose content and contributions make these platforms highly profitable.

Web3: clean-read-write; Economics of ownership; Trustless, Permissionless, Pervasive

A fundamental principle of the Web3 ecosystem is the sharing of ownership via tokens and tokenomics with users, to add value. Tokens are transformative features in Web3 business models. They represent programmable assets on the blockchain that grant users ownership, incentives, and participation in the growth and governance of Web3 platform networks.

Web3 development: infrastructure, Metaverscollectibles, Challenge, CAD


Programmable blockchains with layered smart contracts are essential to Web3 infrastructure. Currently, the Ethereum Blockchain network is the leading decentralized data storage and transaction validation platform of choice. Innovative smart contracts and the Ethereum virtual machine (EVM) on the network provide a robust computing environment for developers. Smart contracts automatically execute transactions without intermediaries, therefore without authorization and without trust. Ethereum’s vast decentralized finance (DeFi) ecosystem and countless decentralized use-case applications (dApps), i.e. NFTs, Metaverse, games, etc., have created an ecosystem flourishing. Ethereum settles billions of dollars of transactions every year and is the second largest cryptocurrency in the world by market capitalization.

However, Ethereum’s decentralized design has scalability issues, thus limiting its transaction throughput to just 15 transactions/second (TPS). With millions of users joining the Ethereum network and developers simultaneously building new dApps, the platform’s low transaction throughput has led to severe congestion, dramatically increasing transmission costs, making use of the Ethereum network prohibitive.

For Web3’s ambitious goal and goals of serving billions of users, ingenious Ethereum scaling solutions are being rolled out. Innovative layer 2 blockchains work alongside Ethereum to optimize and scale the network. These Layer 2 solutions bypass the Ethereum highway, offloading traffic so the Ethereum network operates smoothly and affordably. These sidechains ease the pressure of mainchain transactions while maintaining the robust security and decentralized architecture of Ethereum. Polygon, the leading Ethereum scaling platform, drives much faster transactions (up to 7,000 TPS) while lowering usage costs, expanding the reach and usefulness of dApps, and improving the network and user experience. Mihailo BjelicPolygon’s co-founder, said, “We see Polygon as the Amazon Web Services (AWS) of Web3, providing the essential platform for blockchain scaling and infrastructure development. What motivates me as the founder of Polygon is to allow everyone to access an open economy without borders.”

Ethereum’s competing native scalable blockchain solutions, such as Solana, Binance, Avalanche, and the Cosmos and Polkadot ecosystems, also offer higher transaction throughput as well as lower transaction costs.

On September 15, 2022, the Ethereum protocol transitioned from Proof-of-Work to Proof-of-Stake. A major software update, called merge/fusion, aims to reduce the colossal power consumption of the Ethereum network by more than 90%. The merge/merge upgrade, along with existing and new scaling solutions in the pipeline, are expected to unleash innovations, unlock new applications, and accelerate Web3’s goals of delivering services to the masses.

Metavers, a 3D immersive internet, is revolutionizing and disrupting many industries, i.e. entertainment, social media, e-commerce, gaming/esports, private digital spaces/virtual real estate, education, healthcare, medical , manufacturing, etc. Established Web2 players such as Meta, Unity, Roblox, Epic Games, Microsoft
, and others are rushing to assert their metaverse claims. However, they create “walled gardens”, with each walled metaverse having its proprietary privileges, avatars, features, and currency. Digital products purchased in each Web2 Walled Metaverse are non-portable and limited to their platform of origin.

Web3 technologies, on the other hand, will allow participants to tangibly own Web3 assets held in custodial wallets, in the form of non-fungible tokens (NFTs) or fungible tokens. Therefore, allowing users to move purchased or created digital objects/content across different platforms. Web3 companies such as Decentraland, Sandbox, LandVault, Gala games, Star Atlas, Axie infinity and many more are developing innovative products for the burgeoning metaverse. LandVault, the largest real estate developer, creates experiences on metaverse platforms and further provides technology to monetize these virtual experiences through product placement, NFT sales, and more. Sam HuberCEO of LandVault, says, “We believe the Metaverse is the next generation of the Internet. LandVault offers a one-stop solution to help businesses of all sizes enter this new phase and stay relevant with the next generation of Internet. .”

Collectibles: Art, music, videos, online collectibles and other unique virtual digital assets are represented by NFTs. Companies and brands use NFTs, digital wallets and crypto tokens in their incentive reward programs and branding. A brand-specific NFT can create much deeper consumer engagement while adding a canonical motif to the company story. In addition to creating digital proof of ownership of digital collectibles, NFTs can also provide additional consumer benefits such as exclusive rewards, free products, and premium memberships to commemorate notable events in brand history. or times of sponsorship. The main NFT marketplaces are OpenSea, Rarible, NBA Top Shot, Binance, Nifty Gateway, and SuperRare.

Challenge is a global peer-to-peer ecosystem of dApps powered by smart contracts that enable algorithmic lending, savings, yield farming, flash loans, trading, and more. in the form of crypto assets. DeFi transactions are open source, peer-to-peer, transparent, permissionless, and borderless. The entire approval process overseeing financial transactions is executed through smart contract algorithms, eliminating human intermediaries such as brokers, cashiers/bank clerks, merchants, and institutions such as banks or payment processors. A few prominent players are MakerDAO for Stablecoins, Curve for Stablecoins liquidity, Uniswap, PancakeSwap, SushiSwapfor general liquidity, and Mean DAO for the provision of payment infrastructure.

Decentralized Autonomous Bodies: DAOs are online, automated, and decentralized communities that distribute entity decision-making, management, and ownership. The DAO principles enable community governance while avoiding external influences and apply to a wide range of assets and organizations i.e. proposal execution platforms, app builders , investment financing and crowdfunding. AAVE, MAKERDAO AND CURVE DAO are examples of successful DAOs.

Investments in Web3 construction and the continued efforts of global incumbents to use and implement Web3 applications have created a significant demand for Web3 talent professionals. Next-generation talent platform companies such as Bondex and Braintrust are trying to fill the talent gaps created by various macro and micro factors while implementing innovative business models that enable shared ownership with users for participation and added value.

Web3 is evolving into a much more immersive and valuable Internet for everyone. Venture capital funds invested $33 billion in Web3 projects in 2021 and are on track to nearly double in 2022. Many predict that the broader Web3 industry will grow at a compound annual growth rate (CAGR) of 50% to become a multi-trillion-dollar industry over the next decade. Web3 could go from buzzword to mainstream, disrupting existing businesses while creating massive new markets.

Linked Finance crosses the milestone of 200 million euros in loans


The non-bank lender Linked Finance has announced that it has reached the milestone of loans of more than 200 million euros since its launch in 2013.

Linked Finance is a peer-to-peer lender, which allows individuals, businesses and investors to offer money to businesses in the form of a loan.

Linked Finance said it took six years to reach the first €100 million and only three years to reach the €200 million milestone.

The lender said it was now on track to lend €45 million to SMEs this year, more than double the €19 million loaned in 2020.

It also forecasts up to 100 million euros in annualized lending in 2024 as banks tighten their risk appetite or exit the market altogether.

Linked Finance has now made 3,300 loans to ambitious local businesses in every county across the country.

He said he is seeing strong demand for loans this year in the retail, transportation and construction sectors.

Linked Finance expanded its product portfolio with the introduction of its new Merchant Cash Advance in February 2022 and increased the maximum loan amount to €500,000 in June.

This follows successful participation in the government’s credit guarantee program in which Linked Finance was able to deploy over €30 million in loans to businesses affected by the Covid pandemic.

Lending over the past nine years has been concentrated in the capital and major cities – Dublin (€72m), Cork (€17m), Galway (€8m) and Limerick (€7m). euros).

Other high demand counties including those surrounding Dublin – Meath (€10m), Kildare (€10m) and Wicklow (€8m) as well as Wexford (€7m), Tipperary (7 million euros) and Kerry (5 million euros).

Niall O’Grady, CEO of Linked Finance, said reaching the €200 million lending milestone clearly demonstrates the success of a quick and easy SME lending model.

“This is particularly important when banks are too slow for SMEs or leave the country altogether. Our platform regularly connects Irish SMEs with retail lenders who recognize their huge potential and want to invest in them,” said Mr. O’Grady.

“Linked Finance is launching new products and increasing limits on existing loans to ensure we stay ahead of the banks. We pride ourselves on providing an efficient and transparent model, enabling Irish businesses to take control of their finances and achieve their goals,” he added.

Companies that have raised funds with Linked Finance in the past include Rolling Donut, Kokoro Sushi Bento, Lolly & Cooks, Murphy’s Ice Cream, the Irish Fairy Door Company and Schoolbooks.ie.

Andy Byrne of Schoolbooks.ie said Linked Finance has been the company’s main storage loan provider in recent years.

“When we had to increase arts and crafts supplies and school book stock to meet homeschooling demands during lockdown, they were there to provide the funding we needed,” said Mr. Byrne.

“The fundraising process is quick and easy to understand with minimal paperwork and bureaucracy. This has allowed us to match our requirements to the client’s needs and grow our operations at the right pace,” he said. added.

Trump NY fraud trial, Fed interest rate hike, Russian invasion of Ukraine, Mega Millions jackpot. Wednesday news.


Donald Trump and three of his children have been charged with massive fraud in a trial in New York. The Federal Reserve raised the interest rate again. And after weeks of mystery, we have a Mega Millions jackpot winner. Or two.

👋 Hi! Laura Davis here. Today is Wednesday (🎶 the night of September 21), and there’s a lot of news, so let’s get to it.

But first, just because you box don’t mean you should. 🙈 After a #sleepychicken trend emerged, the Food and Drug Administration says cooking chicken at NyQuil (why?) isn’t just disgusting – it’s dangerous.

The shortlist is a roundup of USA TODAY news. Subscribe to the newsletter here or to the SMS here.

Trump family legal troubles: Massive fraud complaint filed in New York

New York Attorney General Letitia James on Wednesday accused former President Donald Trump of an “astonishing” pattern of fraud in a civil lawsuit following a three-year investigation into the company’s finances. the Trump family. The Extraordinary Suit – which also names Donald Trump Jr., Ivanka Trump and Eric Trump – seeks to effectively shut down the Trump Organization. “There are no two sets of laws for people in this nation: Former presidents must be held to the same standards as regular Americans,” James said.

  • The allegations : Trump, with the help of his children and senior Trump Organization executives, falsely inflated his net worth by billions so that banks would lend the money on more favorable terms, the lawsuit alleges.
  • Criminal charges? James said she has referred some allegations to federal authorities for possible criminal investigation.
  • What is the suit looking for? $250 million in penalties, a permanent ban on Trumps from running businesses in New York, and an attempt to block Trump and the Trump Organization from buying commercial real estate in New York for five years.

👉 Trump’s legal troubles, explained: Lawsuits and investigations complicating a 2024 candidacy.

Biden: Russian attacks ‘should chill your blood’

After President Vladimir Putin issued a veiled threat to use his nuclear arsenal, President Joe Biden gave an impassioned speech at the United Nations. Biden called the threat “reckless,” strongly condemning the Kremlin’s brutal invasion of Ukraine and urging the world to strongly support efforts to repel aggression. Russia’s attacks on schools, hospitals and train stations “should chill your blood,” Biden said Wednesday.

Hours earlier, Putin had tried to revive Russia’s faltering fortunes in Ukraine by authorizing a partial mobilization of reservists – the first such mobilization since World War II. In a televised address, Putin accused the West of nuclear blackmail and said his government would use all means to protect itself.

US President Joe Biden addresses the 77th session of the United Nations General Assembly at UN headquarters in New York on September 21, 2022. (Photo by TIMOTHY A. CLARY / AFP)

What is everyone talking about

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Fed raises interest rates again to curb inflation

This is another big rate hike. The Federal Reserve’s short-term policy rate rose three-quarters of a percentage point on Wednesday to a range of 3% to 3.25%, an above-normal level intended to dampen inflation. But Fed Chairman Jerome Powell said it would likely mean some pain for the economy and millions of Americans.

“I think there’s a very high probability that we’ll have a period of much lower … growth and that could lead to higher unemployment,” he said. Here’s what that means for you.

Traders work on the floor of the New York Stock Exchange on September 21, 2022 in New York City.  Shares fell in the last hour of trading after Federal Reserve Chairman Jerome Powell announced that the Federal Reserve would raise interest rates by three-quarters of a percentage point in a bid to continue to control inflation.

Puerto Rico’s recovery from Hurricane Maria tested with Fiona’s response

When Hurricane Fiona knocked out power in Puerto Rico, it was a frighteningly familiar feeling for many on the island. Puerto Rico has yet to recover from the devastation of Hurricane Maria five years ago. Blue tarps were still draped over thousands of homes and power outages continued before Fiona struck. Now Puerto Ricans are starting to put their lives back together after Fiona knocks out power, destroys roads and bridges, and damages homes. At least four people have died in the Caribbean, officials said.

Fiona Updates: After strengthening into a Category 4 storm on Wednesday, Hurricane Fiona was expected to hit Bermuda later this week, bringing threats of hurricane-force winds and “large, damaging waves.” Keep up to date with the latest news here.

👉 A hurricane in the Gulf of Mexico next week? Forecasters warn of ‘significant threat’ to US

Jetsabel Osorio stands in her home damaged five years ago by Hurricane Maria before Tropical Storm Fiona lands in Loiza, Puerto Rico, Saturday, Sept. 17, 2022. Fiona was expected to become a hurricane as it approaches Puerto Rico on Saturday, threatening to dump up to 20 inches of rain as people prepare for possible landslides, severe flooding and power outages.

Really fast

🌤 What is the weather like in your part of the country? Check your local forecast here.

🚨 New millionaire(s) alert

We finally have a winner. Or two. After weeks of mystery, two people have claimed the ticket to win the third-biggest lottery jackpot in US history, the Illinois Lottery announced Wednesday. The winning $1.34 billion Mega Millions ticket was shared in partnership: the two winners – who chose to remain anonymous – had agreed before purchasing the ticket that they would split the prize. The winning ticket was announced on July 29, but concerns began to grow after it went unclaimed. It turns out the winners were just busy doing the right thing: working with legal and financial advisors. The pair decided to take the lump sum payment of $780.5 million.

A Speedway in Des Plaines, Illinois sold the winning ticket for the $1.34 billion Mega Millions jackpot.

🌳 To read: Trees cannot overcome climate change. And with climate changing faster than they can keep up, foresters, arborists, scientists and researchers want to help trees move away from it. “Assisted migration” is being considered for trees that may not survive climate change. But it is controversial. Should humans give trees a boost?

A break in the news

Laura L. Davis is an editor at USA TODAY. Email her at [email protected] or follow her adventures – and misadventures – on Twitter. Support quality journalism like this? Subscribe to USA TODAY here.

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Pie Insurance secures $315 million in funding to provide small businesses with workers’ compensation insurance


Workers’ compensation insurance is vital for every worker, providing them with security and financial assistance when they need it most, such as when they are injured or become injured on the job. Pie Insurance seeks to make getting workers’ compensation insurance easier, with a focus on small businesses and reliable, affordable coverage that anyone can get quickly. Learn more about Pie’s plans for its Series D funding in the following press release.

Pie Insurance (“Pie”), an insurtech company specializing in workers’ compensation insurance for small businesses, today announced that it has raised $315 million in Series D funding. The round was led by Centerbridge Partners and Allianz X, the digital investment arm of the Allianz Group. White Mountains Insurance Group also joined as a new investor, and former investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.

Today’s Series D fundraising more than doubled Pie’s total capital raised to more than $615 million and marks the largest funding round for a U.S. P&C insurance company in 2022.

“This round of funding is monumental in more ways than one,” said John Swigart, co-founder and CEO of Pie. “It’s no secret that growth-stage startups, and insurtechs in particular, face a challenging fundraising environment. However, Pie’s ability to grow rapidly while focusing on delivering strong unit savings and sustainable loss ratios is proving to be a key differentiator. Pie is disrupting the highly fragmented small business commercial insurance market with our proprietary technology that more accurately assesses and underwrites insurance risk. We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie leveraging their technology to “enhance insurance” and deliver superior traditional insurance metrics as well as a pleasant customer experience.

“Pie’s demonstrated ability to grow across multiple distribution channels at impressive shedding rates truly sets them apart within the insurtech space,” said Eric Hoffman, Managing Director of Centerbridge Partners. “We are drawn to enabling technology in the small business insurance market, and Centerbridge is thrilled to partner with Pie on his journey to transform the industry.”

“Since our founding in 2017, Pie’s mission has been to enable small businesses to thrive by making commercial insurance affordable and as easy as pie,” Swigart continued. “This fundraising allows us to strategically grow in a way that serves the long-term interests of our customers, partners, investors and Pie-oneers. Pie has an exciting future ahead of it and this capital allows us to stay true to our values, execute on our vision and build a sustainable and sustainable business.

Pie’s Series D enables the company to continue to provide America’s 32.5 million small businesses with access to simple and affordable business insurance. The company will use the funds to support Pie’s growth initiatives that directly impact its small business customers, including expansion into new lines of business, full transition to a full operator, additional innovation on its advanced proprietary pricing algorithms and the delivery of world-class user and product experiences directly to small businesses and the agent partners who serve them.

“We have been continuously impressed with Pie’s innovation and ability to drive strong growth and underwriting results since beginning our relationship with the company’s co-management Round C series in early 2021,” said Dr. Nazim Cetin, CEO of Allianz X. “We will be there to support Pie every step of the way as the business continues its bold transformation into a comprehensive insurer and expansion into new Company lines.”

Today’s fundraiser follows a period of incredible growth for Pie, most recently the company announcement it more than doubled its gross written premium and doubled its number of policyholders and partners. Also, Pie extended its coverage area in two new states, increasing its total workers’ compensation coverage footprint to 89% of small businesses in the United States

Ardea Partners acted as counsel on Series D. Kirkland & Ellis LLP acted as legal counsel to Centerbridge Partners, Sullivan & Cromwell LLP acted as legal counsel to Allianz X and Cooley LLP acted as as Pie’s legal adviser.

The original press release can be found on the Pie Insurance website.

Spencer Hulse is editor at Grit Daily News. It covers startups, affiliates, viral and marketing news.

The Merchant Marketplace Announces New Launch with Industry Powerhouse Executive


CEO Adam Schwartz and Strategic Partner Kevin Harrington pledge to help businesses grow by giving them access to capital

BALDWIN, NEW YORK SEPTEMBER 19, 2022 – The Merchant Marketplace, a leading provider of direct financing fintech platforms to small and medium-sized businesses, today announced the launch of its new management with the support of industry leaders. The company’s new leadership team brings more than 75 years of collective finance, technology and business experience to its core leadership group: Adam Schwartz as CEO and Kevin Harrington as CEO. original investor of Shark Tank, will serve as a strategic partner. This partnership will revolutionize the way merchants and Independent Sales Organizations (ISOs) obtain capital to grow their merchants’ businesses, changing the game for entrepreneurs across the United States.

“We seek to change the industry by using a true fintech platform to facilitate transactions between ISOs, merchants and Merchant Marketplace,” said Adam Schwartz, CEO of Merchant Marketplace. “We understand the challenges that many small business owners face when trying to secure financing to help them realize their dreams. The Merchant Marketplace is happy to be a resource for entrepreneurs by providing access to capital so they can build a successful business.

The Merchant Marketplace has created a proprietary syndication platform that offers real-time data and full transparency. In most cases, the company will offer ISO a 2% syndication bonus for every deal it funds, with the option to syndicate more funding if needed. ISOs can earn another stream of income by being invested in every transaction they fund with Merchant Marketplace, as well as earn a referral commission. The platform also offers a benefit sharing program and technology tutorials to show ISO how to engage with the platform to help achieve the best end results.

The merchant market

“The merchant cash advance market has seen an escalation in growth over the past few years driven by innovation. Our technology integrates with over 25 different third parties to give us complete insight into our merchants, giving us the ability to bid with lightning speed and efficiency We understand our clients’ needs and want them to be part of the process We don’t want to be seen as just another funder, we want to be considered as a business partner for our ISOs,” said Justin Strull, Director of ISO Relations, Merchant Marketplace.

For questions about the service and to register as an ISO, contact Justin Strull at 516-980-4932 or email [email protected]

About Kevin Harrington

As the original “shark” of the hit TV show Shark Tank, creator of the infomercial, pioneer of the As Seen on TV brand, and co-founder of the board of directors of the Entrepreneur’s Organization, Kevin Harrington has pushed back against all odds. questions and apologies. to enjoy 100X success repeatedly. His legendary work behind the scenes of business ventures has generated over $5 billion in global sales, launched over 500 products and created dozens of millionaires. He launched massively successful products like The Food Saver, Ginsu Knives, The Great Wok of China, The Flying Lure and many more. He’s worked with some amazing celebrities-turned-entrepreneurs including Billie Mays, Tony Little, Jack LaLanne, and George Foreman, to name a few. Kevin has been called the entrepreneur’s entrepreneur and the entrepreneur’s answer man because he knows the unique challenges of start-ups and has a particular passion for helping entrepreneurs succeed.

Last modification : September 19, 2022

How banks can reinvent lending to small and medium businesses


According to a study by the World Bank, micro, small and medium-sized enterprises represent more than 80% of all industrial enterprises, employ around 117 million people and account for more than 40% of manufacturing output and exports. The data highlights the importance of supporting MSMEs’ access to inclusive economic growth.

According to research, one million Indians are joining the labor force every month. The potential of MSMEs, often touted as having the power to generate salaried employment and entrepreneurship, will determine the fate of the majority of them. However, the lack of adequate financial access makes it difficult for small businesses to grow, compete and create jobs.

Since SMEs contribute to the expansion of the national economy, meeting their financial needs is now essential for banks rather than just a necessary measure. Moreover, banks cannot afford to lose their considerable small business customer base to competing SME lenders. Now more than ever, banks need to restructure their SME lending operations.

Read also | Factoring Services – The most effective low-cost working capital solution for MSMEs

Why is obtaining a loan still a problem for SMEs?

Small businesses have a harder time getting financing when they can’t establish themselves as large companies with long-term goals, diversified lines of business, and solid financial foundations. All of these factors contribute to a lack of credit transparency and encourage small businesses to rely heavily on unofficial sources of lending.

Long and tedious process

Due to the higher default rate, banks often find it difficult to consider SME loans as a low-risk investment (due to lack of documentation on balance sheet, credit rating, cash flow, income statement , operational performance, etc.). Small business owners face time pressures first, and their stress levels are further heightened by the need to apply for loans from multiple banks and the lengthy approval process. The entire cycle, from loan origination documentation to loan approval, is a time-consuming and frustrating task, even if the banks have agreed to disburse the loan.

Difficult to establish loan evaluation rules

For SMEs to avoid obstacles in their growth trajectory, especially in the start-up and growth phases, a timely and appropriate injection of capital is extremely important. Banks find it difficult to develop rules for evaluating loans due to the varied nature of small businesses. Moreover, they are often quite reluctant to lend when there is a long-standing relationship with the borrower.

Fragmented data makes lending difficult

Frequent use of excel sheets for manual data entry and collection results in fragmented data management and prolongs the time required to notify borrowers of a loan decision. The loan distribution process is cumbersome because the data management solution and the loan origination system are not properly integrated.

Reforming the SME lending sector

Banks can speed up the SME lending process by embracing digitization through the introduction of online loan applications, an automated loan approval process and the development of an online platform. They should also start providing small businesses with personalized advice on banking products and services, as well as support in solving various business problems.

Banks must categorize small businesses based on factors such as consumer volume, business types and profiles, assets, and credit history in order to maintain relationships with current and potential SME customers. Giving all SME segments the same attention and time frame could cause banks to hesitate before making a final financing decision.

Automating the loan application screening and review process will save credit analysts time, reduce loan processing costs and speed up decision making. By integrating automated underwriting technologies, banking institutions will be able to gain a competitive advantage in the rapidly changing digital environment.

Banks should support start-up SMEs with value-added services, mentoring, guidance and assistance. Small businesses need more than money; they also need business management resources and guidance on how to carefully manage their working capital.

Read also | MSMEs must leverage modern technologies and innovate to survive and thrive: Harish Gupta, Head-IT, CGTMSE

Small businesses often face a wide range of issues at different stages of their financial development, which is why they seek tailored solutions. For small businesses, the ability to virtually connect with bank relationship managers can be a big relief (regardless of geographic location). Thanks to online technologies, banks can initiate this relationship and let SMEs make appointments.

SMB bank accounts include a wealth of unstructured data that can be used by sophisticated technologies such as artificial intelligence, data analytics and big data tools to improve lending decisions and more accurately determine the credit worthiness of borrowers.

To conclude

There has never been a better opportunity for banks to expand their credit offerings than now. To adopt new strategies that take a holistic approach to market business potential, departments can work together across silos, i.e. across business, risk, IT and other functions support. Banks must position themselves for a successful transition and be prepared to take advantage of the growing boom in SME lending by improving their strategies, processes, analytics and operating models.

Opinions expressed by Rohit Arora, CEO & Co-Founder, Biz2Credit & Biz2X.

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3 Perfect Stocks for Retirees That Can Turn $300,000 into $1 Million by 2030


It’s been a memorable year, but in all the wrong ways. The S&P500, which is often considered the best barometer of stock market health, posted its worst first-half performance since Richard Nixon was president. To start, the dependent technology Nasdaq Compoundwhich has been largely responsible for driving the market to new highs over the past year, has plunged firmly into a bear market.

While times of heightened volatility and uncertainty are disconcerting for all walks of life, it can be a particularly trying time for retirees. People who have permanently hung up their work coats may not be able to sustain significant declines in their primary investment.

Image source: Getty Images.

But there is a silver lining amidst this turmoil for retirees. Bear markets have a rich history of rolling out the red carpet for patient investors, young and old. Every double-digit percentage decline in major US indexes in history has finally been erased by a bull market rally. In other words, every bear market is a real buying opportunity.

Best of all, retirees don’t have to seek out highly volatile growth stocks to generate meaningful returns. A number of rock-solid, reasonably low-volatility companies are ripe for choice by older investors right now. Here are three perfect stocks for retirees that can turn $300,000 into $1 million by 2030.

Enterprise Product Partners

The ideal first stock for retirees to buy and likely to generate a total return of at least 233%, including dividends paid, by 2030 is energy stock. Enterprise Product Partners (EPD -1.71%).

Admittedly, the idea of ​​investing in an oil stock might not seem acceptable to retirees. Demand for oil and natural gas fell off a cliff during the early stages of the pandemic, causing West Texas Intermediate crude oil futures (very briefly) to drop to negative $40/barrel. Such historic volatility is likely still fresh in the minds of retired investors.

However, Enterprise Products Partners is a completely different beast and has been largely unaffected (on an operational basis) by the pandemic. This is because it is an intermediate energy company. Midstream suppliers are actually energy intermediaries that help crude oil and natural gas get from drilling grounds to storage reservoirs or processing plants. In the case of Enterprise Product Partners, it owns more than 50,000 miles of transmission pipeline, 14 billion cubic feet of natural gas storage space, 19 deepwater docks and 24 natural gas processing facilities.

The beauty of midstream energy companies is that virtually all use flat-rate or volume-based contracts. Structuring contracts in this manner eliminates the volatility associated with fluctuations in oil and natural gas prices and makes Enterprise Products’ operating cash flows highly predictable. This cash flow predictability is important because it allows the company to disburse capital for infrastructure projects and acquisitions without hurting its quarterly distribution (i.e. dividend) or profitability. .

Additionally, Enterprise Products Partners’ payout coverage ratio (DCR) never dipped below 1.6 during the worst of the COVID-19 pandemic. DCR is the amount of distributable cash flow from operations relative to what was actually paid out to shareholders. A number of 1 or less would signal an unsustainable payout.

The icing on the cake? The company has increased its base annual distribution in each of the past 24 years and is currently looking at a fully sustainable yield of 7.1%.


A perfect second stock for retirees to buy that can turn an initial $300,000 investment into $1 million in eight years is FAANG stock. Alphabet (GOOGL -0.11%) (GOOG -0.26%)the parent company of internet search engine Google, streaming platform YouTube and self-driving vehicle company Waymo, among others.

Alphabet is a great example for retirees that dividends aren’t necessary to grow your nest egg. While dividend-paying stocks are generally mature, proven companies with generally low volatility, retirees can get low volatility and dramatically juicier growth prospects from a company like Alphabet.

Alphabet’s long-standing foundation has been its Internet search engine, Google. Looking back several years, data from GlobalStats shows that Google controls between 91% and 93% of the Internet search share worldwide. With an 88 percentage point lead over its nearest competitor, Google has become a real monopoly and is therefore able to wield strong pricing power when serving ads. This competitive advantage (i.e. the cash cow operating segment) is not going any time soon anyway.

But what’s been really exciting is seeing Alphabet put its incredible cash flow from Google to work in other fast-growing areas. For example, YouTube has become the second most visited social media site on the planet, with 2.48 billion monthly active users. With so many eyeballs watching videos, YouTube has seen solid subscription growth and generates nearly $30 billion in annual ad revenue.

Alphabet’s investments in Google Cloud should also start paying off sooner rather than later. Although we are still in the very early stages of cloud services growth, Google Cloud has captured 8% of global cloud spending, according to a second quarter report from Canalys. Although a loss-making segment at the moment, the high margins associated with cloud services should play a role in helping Alphabet double its operating cash flow over the next four years.

In case those competitive advantages aren’t enough, consider that Alphabet is cheaper now than it ever was as a publicly traded company – a year-ahead price-earnings multiple of less than 18. Rarely can investors find such a high quality company with a reasonably low earnings multiple.

A smiling person holding a credit card in her left hand while looking at an open laptop on the table in front of her.

Image source: Getty Images.


The third perfect stock for retirees that can turn an initial investment of $300,000 into $1 million by 2030 is payment processor Visa (V -1.06%).

Wall Street’s big concern right now with payment processors is how they’re going to perform with inflation hitting four-decade highs and US gross domestic product (GDP) falling in consecutive quarters. Because financial stocks like Visa are cyclical, they are prone to weakness during contractions and recessions.

However, the business cycle is a two-sided coin that largely favors optimists. Although recessions are inevitable, they tend to last no longer than two quarters. By comparison, virtually every economic expansion has been measured in years. A bet on Visa is simply a bet that US and global GDP, and therefore consumer and business spending, will grow over time (which is a virtual guarantee).

In addition to playing a numbers game to their advantage, retirees will also appreciate Visa’s leading role in the United States, the world’s largest consumer market. In 2020, Visa held a 54% share of credit card network purchase volume and was the only major payment processor to significantly increase its share of credit card network purchase volume after the Great Recession.

To add to the above, this is a company with many opportunities beyond the borders of the United States. Since most global transactions are still conducted in cash, Visa may choose to organically expand its payments infrastructure into underbanked regions of the world, or make acquisitions. to expand its presence, as it did with the acquisition of Visa Europe in 2016.

But the real secret to Visa’s success may well be the financial discipline of management. Visa acts strictly as a payment processor and does not lend. While he could very easily generate interest income and fees as a lender, this would expose him to potential loan losses during recessions and force him to set aside capital to cover said loan losses. . Since Visa does not lend, it is not required to take these protective measures and therefore rebounds much faster from recessions than other financial stocks.

Finally, keep in mind that while Visa’s 0.75% dividend yield isn’t very attractive on a nominal basis, the company has increased its quarterly payout by more than 1,300% since its payout. first quarterly dividend in 2008.

Networking is good for businesses and employees | News, Sports, Jobs


Networking. It’s more than a buzzword. This is an integral part of today’s business climate. The benefits of business networking are many: generating referrals and increasing sales, discovering resources in and around your community that can benefit your business, raising your profile with other business people, and expanding your own sphere of interest. influence in the business community, and help build your brand and market your products and services. There is no doubt that when businesses are looking to grow and improve, they need to connect with other business people to make vital connections.

Not only does networking build businesses, but it also builds corporate culture. When a company is committed to building stronger relationships with others, it is also a commitment to supporting its employees as they are part of this process. Social skills are important in business, now more than ever. In a recent Hubspot survey, 95% of respondents indicated that face-to-face meetings are essential for long-term business relationships. This has been particularly difficult over the past few years as all businesses have faced challenges related to the pandemic.

The Chamber of Commerce has been in the networking business for decades. Chambers of commerce were formed at the beginning of the last century specifically to bring business people from communities together. One of the core values ​​of investing in the Chautauqua County Chamber of Commerce is the ability to build a network of contacts that will lead to the establishment of your business. As a result, our Chamber organizes a series of events each year specifically focused on networking; we call them Business After Hours. Additionally, we host legislative events where public policy discussions drive the agenda, but networking opportunities abound as people are together in the same space. The Chamber’s Annual Meeting, Golf Tournament and Annual Awards Banquet are also great opportunities to network with other local business people and organizations.

After a few years of non-existent or limited networking events due to pandemic restrictions, the Chamber is back this year with a full calendar of Business After Hours events, including three coming this fall: September 27 at Bemus Point Golf Club & Tap House, October 27 at 21 Brix Winery in Portland and November 8 at Southern Tier Brewing Company in Lakewood. Additionally, the Chamber’s annual awards banquet is held October 6 at SUNY Fredonia’s Williams Center, and the Chamber’s annual meeting is held December 2 at Webb’s Captain’s Table in Mayville. We hope you’ll check out our online calendar to learn more and register to attend one of our upcoming events.

Woody Allen said, “Showing up is 80% of life.” In business, it may be closer to 90%. The Chamber of Commerce offers you many opportunities this fall to present yourself and participate in the recovery of the business climate in our county. We look forward to seeing you soon.


The Chautauqua County Chamber of Commerce is pleased to present an opportunity to meet with our newest Congressman, Joe Sempolinski, on Friday, September 23 at 8:30 a.m. at Moon Brook Country Club in Jamestown. Mr. Sempolinski fills a position left vacant by the resignation of former Congressman Tom Reed in New York’s 23rd congressional district. The House Congressional Breakfast is sponsored by Advanced Manufacturing Technology, Brooks-TLC-Kaleida Hospital System, DFT Communications, Forecon, Jamestown Community College, Jamestown Mattress Company, LaBella Associates, Law Firms of Sheila Starkey Hahn, OBSERVER, The Post-Journal, Small Business Development Center and UPMC Chautauqua. The cost to attend the breakfast is $20 for Chamber members or $25 for non-members. Please reserve your spot online through the Chamber Events Calendar at www.chautauquachamber.org. We can still accept some last minute registrations until Monday morning September 19th.


Join your fellow Chamber of Commerce members for a Business After Hours networking event and visit this lovely place in Bemus Point! The Bemus Point Golf Club & Tap House is located at 72 Main Street in Bemus Point. Enjoy appetizers and a cash bar while you network with other business people. Chamber member companies can send two people free of charge. The price is $10 for non-member business people or for additional members in addition to the two free ones. Be sure to bring business cards for our sweepstakes and be prepared to give a quick (30 second) overview of your business so other attendees can get to know you. The sponsors of this event are Bemus Point Golf Club & Tap House, DFT Communications, Media One Radio Group, OBSERVER and The Post-Journal. Register now through the Chamber’s Web Events Calendar at www.chautauquachamber.org. We look forward to seeing you there!


The Chautauqua County Chamber of Commerce will proudly recognize service to our communities by a number of individuals and organizations at its annual awards banquet on Thursday, October 6th. Being honored as Person of the Year is Steven Cobb, executive director of the Mental Health Association of Chautauqua County. In his role, he not only grew the organization, but played a key role in delivering vital services to those in need by working collaboratively with a wide variety of people and organizations.

The Economic Development Award will be presented to the Small Business Development Center at Jamestown Community College, which has significantly increased the number of businesses it serves each year from 350 to 800, seeking funding, and more.

Each of our six Community Chambers of Commerce also named a recipient of the Community Service Award. In Dunkirk, the prize will go to Dan Palmer of WDOE radio; in Fredonia to Ian and Kyle Muldowney of Muldowney Brothers; in Hanover to Bill Merritt of Merritt Estate Winery, in Jamestown to Tom Benson primarily for his work with the National Comedy Center and the YMCA; to Mayville-Chautauqua to Fairlee Fischer for her efforts with St. Paul’s Episcopal Church Thrift Store; and in Westfield-Barcelona to former chamber coordinator Sue Poster for her countless efforts with community organizations over the years.

The annual awards banquet will be held at the Williams Center at SUNY Fredonia and is sponsored by Ahlstrom Schaeffer Electric, Brooks-TLC-Kaleida Hospital System, County of Chautauqua Industrial Development Agency, Community Bank, DFT Communications, Forecon, Jamestown Community College, Jamestown Mattress, LaBella Associates, Lake Shore Savings, OBSERVER, The Post-Journal, Media One Radio Group and National Grid. Advance reservations are required and registration is available at www.chamberrsvp.org.

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Understanding India’s “External Debt” Trends


Loans obtained from foreign lenders, such as foreign commercial banks, foreign governments, and international financial institutions, are often referred to as foreign debt. We take a look at India’s external debt trends, based on the 2020-21 Status Report, published by the Economics Department.

External debt is defined as “the outstanding amount of actual, not contingent, present liabilities which require the payment of principal and/or interest by the debtor at some future time or times and which are owed to nonresidents by residents of an economy (External Debt Statistics – Guide for Compilers and Users, International Monetary Fund (IMF), 2003). Loans obtained from foreign lenders, such as foreign commercial banks, foreign governments, and international financial institutions, are often referred to as foreign debt. Countries typically borrow money from foreign lenders to budget their own spending, build infrastructure, finance recovery from natural disasters and pandemics, and sometimes even to repay past foreign debt.

The most significant drawback of external debt is that it frequently triggers a cycle of indebtedness, which is a cycle of continuous borrowing, increasing indebtedness, and eventual default. When external debt payments exceed sustainable levels, it becomes difficult for governments to incur expenditures for the development of the country. Moreover, frequent currency devaluations and ever-changing market conditions make foreign debt even more dangerous. This external debt burden is not uniform from one country to another. Developing countries are at greater risk than developed countries.

Frequent review of the state of external debt is of the utmost importance, as it enables governments to adopt corrective measures. In today’s story, we take a look at India’s external debt trends, based on the Status Report 2020-21, released by the Department of Economic Affairs, Ministry of Finance.

India’s external debt on the rise

India’s external debt at the end of March 2010 stood at $260.9 billion. It increased by 21% to reach USD 317.9 billion at the end of March 2011, and increased again substantially each year to reach USD 474.7 billion at the end of March 2015. Thereafter, the percentage change of external debt year-on-year has stabilized at less than 3%. until the end of March 2021. During all these years, the external debt corresponding to the previous year decreased only once (external debt in 2016-17 amounted to 471 billion USD, while in 2015-16, it amounted to USD 484.8 billion). Provisional figures for 2021-22 foresee a sharp increase in external debt, up 8% from the previous year.

External debt vulnerability

Maintaining external debt at a sustainable level indicates a nation’s financial prudence. Several indicators reflect the vulnerability of external debt. The most important of them are:

External debt/GDP ratio: The ratio of external debt to GDP (obtained by laddering the total debt outstanding (in rupees) at the end of the financial year by GDP (in rupees at current market prices)) increased from 18.5 in 2009-2010 to 23.9 in 2013 -14, after which it declined steadily. From 2016-17 to 2021-22, this value had stabilized around 20%.

Foreign exchange reserves as a percentage of external debt: Foreign exchange reserves, which often buffer external sector vulnerabilities, as a percentage of external debt increased from 106.9% in 2009-10 to 68.2% in 2013-14. It rose steadily again, from 72% in 2014-15 to 101.2% in 2020-21, except for a drop in 2018-19 to 76%. The provisional value for 2021-22 was 97.8%.

Short-term debt as a percentage of total external debt: In this, the external debt is considered from the point of view of maturity. The maturity structure is an important parameter for analyzing potential debt vulnerability. Short-term debt is often seen as a volatile capital flow. The accumulation of huge short-term debts exposes the economy to volatilities and external shocks. Short-term debt includes

  • short-term commercial credit up to 180 days and over 180 days and up to 1 year,
  • investments by foreign institutional investors in government treasury bills and corporate securities,
  • investments by foreign central banks and international institutions in Treasury bills &
  • external debt commitments of central banks and commercial banks.

The ratio of short-term debt to total external debt has always been below 25% in India. From 2014-15, it stabilized below 20%.

Debt Service Ratio (DSR): The ratio of total debt service payments (i.e. principal repayment plus interest payment) to current receipts less balance of payments (BoP) official transfers is called the debt service ratio. the debt. This is an indicator for measuring the external debt service charge on the BoP. The higher the debt service ratio, the greater the economic threat to the nation.

The trend of RSD in India has not been consistent. It has risen and fallen over the years. Such variations in the DSR could be due to changes in the quantum of exports, higher debts, higher interest rates, currency devaluation, etc.

Classification of external debt

External debts are classified into five major themes, which are themselves divided into several categories. These five themes are – type of sector, type of creditor and debtor, instrument used and type of currency.

Sovereign vs non-sovereign debt

Sovereign external debt (SED) includes defense debt, investments by REITs, foreign central banks and other international organizations in treasury bills and government securities, as well as allocations of SDRs by the IMF. The SED was USD 83.7 billion in 2013-14, which increased to USD 130.8 billion in 2021-22, marking a growth of 56%. Similarly, non-SED grew from USD 362.6 billion in 2013-14 to USD 490 billion in 2021-22, registering a growth of 35%.

Trend of external debt by creditor

The old format and the new IMF format are two different ways of publishing India’s external debt statistics. The data is categorized by the following general creditor categories in the old format: Multilateral Debt, Bilateral Debt, IMF-SDR, Trade Credit, Trade Borrowing (CB), Non-Resident Deposits, Rupee Debt, and Short Term Debt . The main creditors among these are commercial lenders, NRI depositors and short-term commercial creditors, accounting for more than three quarters of total external debt.

Loans from multilateral institutions are generally long-term and mainly on concessional terms, thus minimizing the risk associated with government external borrowing. The share of multilateral debt as a percentage of total external debt decreased from 2014-15 to 2020-21. It was 73.6% in 2014-15, which fell to 66.5% in 2019-20. It increased slightly to 67.6% in 2020-21. This is a worrying trend as loans acquired from bilateral agencies could invite more short-term risk.

Trend of external debt by currency

The currency composition of the external debt is another important parameter to assess the potential vulnerability of the external debt. Data on the trend of external debt in terms of currencies from 2011-2012 to date indicates a predominance of the US dollar, which accounts for more than half of the total external debt. It is followed by the Indian rupee, the SDR and the Japanese yen. The US dollar averaged 58% from 2011-12 to 2015-16, which declined to 52% from 2016-17 to 2021-22. Similarly, the Indian rupee averaged 24.4% from 2011-12 to 2015-16, which rose to 33.7% from 2016-17 to 2021-22. The share of SDRs fell from 6.8% to 5.3% over the same period. One of the reasons for such a growth in the composition of the Indian Rupee could be the rise in REIT investments.

The featured image: India’s external debt

In fact

3 Hot Penny Stocks To Buy According To Insiders In September


Whether you want to invest in penny stocks or just find a few to buy and sell on the same day, your strategy matters. Understanding how to trade, manage risk and implement said strategy goes hand in hand with this. So where to start ? Today’s article takes a look at a handful of cheap stocks to buy using the “follow the money” strategy.

Follow the monetary strategy: what is it and how to use it?

What is the “Follow The Money” strategy? This type of investment approach involves tracking big money transactions in public companies. For this article, we’ll cover penny stocks with insider buying. But, in general, the Follow The Money strategy can include hedge funds and major shareholders of any company. The first place to look to track the money is in SEC filings. Here are some of the types to look into and what they tell you as an investor:

Filing of Form 4

According to the Securities and Exchange Commission, Form 4 is a “Statement of Change of Beneficial Ownership”.

It must be filed with the commission whenever a material change occurs in a company’s insider holdings.

Filing of Form 3

Form 3s are filed when a person becomes an insider. Examples of this include new hires brought in as officers or directors of a company. This form indicates the initial ownership position in the securities of the company and is filed within ten days of becoming an insider.

Schedule 13D, Schedule 13G and Schedule 13F Filings

These schedules involve parties claiming to own shares of more than 5% of a particular class of shares in a company. The SEC defines Schedules 13D and 13G as Beneficial Ownership Reports: “The term “beneficial owner” is defined under the rules of the SEC. It includes anyone who directly or indirectly shares voting or investment power (the power to sell the security).

[Read More] 4 Hot Penny Stocks To Buy Now According To Top Hedge Funds

These deposits would be highlighted by traders looking for “whale” trades as they usually connect to large funds or investment trusts.

  • A Schedule 13D is filed by an “active investor” and an owner of more than 20% of the outstanding shares of a corporation.
  • A 13G refers to “passive investors” holding less than 20% of a company’s outstanding shares. Once a “passive investor” reaches over 20% OS, they must begin filing 13D returns. These are important because we will see which large funds or investors take a larger position in a company. These generally increase sentiment for a given company.
  • Schedule 13F repositories are where the fun gets. 13Fs are quarterly reports that must be filed by institutional investment managers with at least $100 million in assets under management.

You can read more about filings in the article Penny Stocks & Due Diligence: Understanding Important SEC Filings.

All of these deposits have different levels of importance for different traders. Today we’re looking at penny stocks with insider buying, so Forms 4 will be the flavor of the day for our “Follow the Money” strategy.

Penny Stocks to Buy [according to insiders]

  1. Comera Life Sciences Holdings (NASDAQ: CMRA)
  2. Canoo Inc. (NASDAQ: GOEV)
  3. Reliance Global Group Inc. (NASDAQ: RELI)

Comera Life Sciences Holdings (NASDAQ: CMRA)

Look at any CMRA stock chart, and you’ll likely see a penny stock traded sporadically. Since its public debut in May, volatility has become an important part of the market’s trading trend in 2022. the action. First mid-June, then late July, briefly late August, and now this has been the busiest week of September. Whether or not you subscribe to things like this is secondary to what happens with Comera Life Sciences.

The company develops “bio-innovative” drugs specifically targeting the self-injectable care market. Late last month, Comera announced a purchase agreement of up to $15 million with Arena Business Solutions to purchase CMRA stock. CEO Jeffrey Hackman explained, “The line of credit provides the opportunity to invest in our pipeline and our proprietary formulation platform, SQore™, which is designed to transform intravenous biologics into subcutaneous versions that patients can be self-administered in a single dose.

But what has become an even bigger catalyst for the penny stock is based on insider activity. Directors and management purchased CMRA shares between Sept. 9 and Sept. 12, totaling more than 122,000 shares at average prices between $1.93 and $2.13. Insider buying from several insiders brought more bullish sentiment to the company in the stock market this week.

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Canoo Inc. (NASDAQ: GOEV)

insider penny stocks to buy Canoo Inc. GOEV stock chart

Electric vehicle startup Canoo Inc. is no stranger to big stock market moves. In early July, shares of GOEV surged from $1.75 to a 52-week low of $5. This higher level appears to have been a clear resistance level after GOEV stock failed to break above it on several occasions.

Its list of transaction feeds includes organizations such as NASA, the US military, and even grocery chain Walmart, to name a few. Its latest deal with Walmart, in particular, will see the company make advanced deliveries to finalize a custom-configured vehicle for the company. CEO Tony Aquila explained in an August update: “Our LDV has been designed to enable a wide range of package deliveries, including refrigerated items, groceries and general merchandise – and to do so efficiently, emission-free and with a high level of driver comfort and ergonomics.And we turned many heads in the neighborhoods by passing in our uniquely identifiable vehicles.

But Aquila is in the spotlight for something else right now. This “something” is his latest insider trading activity on GOEV shares. This week, the CEO filed a Form 4 showing the purchase of another 200,000 shares at prices ranging from $2.54 to $2.68 and were purchased under a trading plan adopted by Aquila in June. His investment was in addition to his August purchase of 200,000 GOEV shares.

Thanks to this latest trade, GOEV stock landed itself on the list of Follow The Money stocks to watch right now.

Reliance Global Group Inc. (NASDAQ: RELI)

insider penny stocks to buy RelianceGlobal Group RELI stock chart

AI-powered insurance company Reliance Global has quietly made a 44% return in the past few weeks. The move comes after months of slowly hemorrhaging to 52-week lows of $0.6802 from highs of over $10 earlier in the year. Reliance and other insurance stocks came under pressure from the rest of the market.

[Read More] These Short Term Penny Stocks Are Exploding This Week, Time To Buy?

In the case of Reliance, the company has been working to establish new partnerships to further expand its revenue model. The latest collaboration stems from a referral deal with NRS Funding. Both will leverage Reliance’s RELI Exchange network to provide merchant cash advance services to customers. Management hopes this latest affiliation will contribute to its current revenue model.

In the last quarter, the company achieved a 92% increase in revenue, with sales increasing from $2.19 million to $4.2 million; 2021 vs 2022. But it’s more than financial performance that has recently turned heads for RELI stock. September was a busy month for insiders, especially company CEO Ezra Beyman. His last purchase was over 200,000 shares in trading activity worth nearly $200,000. This increased his holdings to more than 4.8 million shares.

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

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