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Amendment for cash loan debit card hits consumers in their wallet

larryw@oen.org — Thu, 09 Sep 2010 07:45:08 GMT

Former White House Press Secretary and current Fox News commentator Dana Perino warns many of the consumers that there's trouble brewing in Congress. This trouble could make debit card purchases substantially a lot more costly. To be more accurate, it will actually affect nearly all consumer purchases and debit card interchange fees can be the cause, claims Perino.

Source for this article: Fast cash debit card amendment hits consumers in the wallet

Small cash loans for banks by debit card fees

Courtesy of an unheralded amendment to the financial reform law as it is being pushed by Illinois Senator Dick Durbin, the Federal Reserve would take control of cash until payday loan debit card interchange rates. As Dana Perino describes them, an interchange rate is "money that a retailer's bank pays your bank when you use your credit or debit card at their store." This money is a valuable resource to smaller financial institutions; without interchange rates, it would be extremely difficult for these smaller banks to offer the essential services to their customers.

If the Federal Reserve were to cut off the income stream, smaller banks would have no choice but to pass on the cost to customers. In many of these cases, this would drive them to larger, a lot more impersonal banks that won't have as much competition and can charge more for credit services. Consumers who balk at this could have to rely on only cash, checks or pay day short term loans for all of their transactions, which offer no insurance on the back end within the event of fraud.

Dick Durbin's amendment sullies advances in financial reform

Dana Perino also paints the picture for any consumers. If debit card transactions cost them more, imagine what retailers would do. Of course they'll pass the cost on to customers. Some of the retailers already do this. In addition, no-fee checking would a lot more than likely disappear, along with various rewards programs as banks look to make up for income lost after the Durbin amendment.

Controls on price don’t work

Price controls haven’t worked within the past. The blog <strong>Wizbang</strong> uses the example of past gas prices in Hawaii. Australian legislation from 2003 is an example. Then the retailers decided to charge more for plastic and has continued that way. What Perino and numerous other concerned consumers are wondering is how something like the Dick Durbin amendment can sneak in without much attention, and will these consumers have to depend upon fast cash short term loans with no credit check more often.

More info on this topic

Fox News

foxnews.com/opinion/2010/06/04/dana-perino-dick-durbin-senate-amendment-federal-reserve/

Wizbang

wizbangblog.com/content/2006/05/08/why-price-controls-dont-work.php

An Upcoming software dev -> business event

larryw@oen.org — Thu, 12 Aug 2010 20:56:46 GMT

http://www.intelapplicationlab.com/

Clean energy loans questioned by some federal agencies

larryw@oen.org — Mon, 09 Aug 2010 07:52:45 GMT

PACE loans are quick personal loans that cities provide to homeowners, otherwise known as the Property Assessed Clean Energy Bonds. Beyond the fact they're intended solely for energy retrofits, PACE loans are also paid off by property taxes. 3 other federal agencies, the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac have all joined forces to try and remove these loans from the market.

Article source: Federal agencies question clean energy bonds for homeowners by Personal Money Store

The administration of PACE loans

Considered "bond backed loans," PACE loans are administered by city governments. The homeowner applies for finance loans in order to make energy improvements to the house. The city then turns around and sells these loans as bonds. The loan is paid off by adding the payments to the property taxes. Because the energy-use improvements stay with the house, the payments stay with the house also. Making improvements to a home could be expensive, but this program helps personal payday installment loans find their way to the homeowners. The federal stimulus package helps provide the money to get these programs going.

The conflict with PACE loans

Why are some federal agencies against these PACE loans? If a homeowner has these PACE loans, the other agencies might not get as much money. If a mortgage enters default or foreclosure, the bank or mortgage holder can try to sell the house to make back its money. Taxes and liens on the property have to be paid before the house can be sold by the mortgage lender. PACE loans are paid as part of the taxes, so this loan gets paid off before the mortgage lender.

Are PACE loans really at risk?

No federal agency has yet taken action to shut down PACE loans, officially. The standards for mortgage short term loans programs where PACE is accessible, though, are being tightened. The PACE program has gotten a letter written by Henry Waxman and Barney Frank "urging officials to work together quickly to resolve the uncertainty".

Upcoming Startup Events In August

larryw@oen.org — Sun, 08 Aug 2010 17:16:58 GMT

Innovate!2010 Pitch Slam in Seattle

Tuesday, August 17, 2010 at 4:30 PM - Wednesday, August 18, 2010 at 8:00 PM (PT) Bell Harbor International Conference Center

Join us at the Innovate!2010 Pitch Slam in Seattle during Seattle Geek Week for an exciting evening of networking as eight leading tech startups deliver their best five-minute pitch in front of a panel of judges for a chance to be named to the Innovate!100 list of 100 most promising startups. After a successful series of 14 Innovate!2010 Pitch Slams in Europe that began in Zaragoza, Spain and ended in Tallinn, Estonia, Guidewire Group has launched its North American tour and will be hosting a Pitch Slam in Seattle on August 17th during the pii2010 (privacy identity innovation) conference.

http://seattlepitchslam.eventbrite.com/

Startup Bootcamp at pii Labs

Thursday, August 19, 2010 from 12:00 PM - 5:00 PM (PT) Space Needle

A special workshop designed specifically for entrepreneurs, product developers and marketing professionals at tech startups, pii Labs is an open forum for learning and collaborating that will take place immediately after the pii2010 - privacy identity innovation conference that is being held August 17-19 at the the Bell Harbor International Conference Center. The Startup Bootcamp at pii Labs will offer you the opportunity to ask questions (and get answers!) from leading consumer privacy experts in an interactive setting where you help set the agenda. There are no talking heads or stale presentations -- only practical advice and best practices that you can put to good use.

http://piilabs.eventbrite.com/

pii2010 - privacy identity innovation

Tuesday, August 17, 2010 at 4:30 PM - Thursday, August 19, 2010 at 5:00 PM (PT) Bell Harbor International Conference Center

Taking place August 17-19 in Seattle, pii2010 will explore how privacy, identity and innovation are evolving in the digital age, and how to strike a balance between protecting sensitive information and enabling new technologies and business models. Thepii2010 conference will take place at the Bell Harbor International Conference Center along the Seattle waterfront at Pier 66. Then, immediately following the last session, we will reconvene 100 feet in the air on the Skyline level of the city's famous Space Needle for the debut of pii Labs, an open forum for brainstorming new ideas and solutions.

http://pii2010.eventbrite.com/

Small Businesses to qualify for new small loans

larryw@oen.org — Thu, 05 Aug 2010 06:13:43 GMT

With an estimated cost of $ 7 billion over 10 years, Congress has passed a package of small business stimulus actions. This package will increase tax cuts, spur lending and provide new equity financing. This bill is in response to the increasing costs that come from beginning a business, and could be overseen by the Treasury's inspector general.

The Small business bill helps cut taxes

The small business bill is a combined bill that closes a whole bunch of tax loopholes and renews tax cuts for small businesses. There would be $ 3.6 billion in tax breaks for small businesses to be implemented within the next 10 years. A tax increase on large businesses is how the tax breaks will be paid for. Startup expenses for a small business can be deducted from their taxes. This provision of the bill began as a separate measure that was in Congress, but is being combined as it is sent to the Senate.

Additional money to flow to small businesses

The small business lending bill will likely create 3 major avenues for small businesses to get money. First, there would be a $ 30 billion fund of "preferred stock" that banks would be allowed to tap depending on their lending to farms and all of the small businesses. There would also be $ 2 billion given to numerous different states to help increase state-funded loans to small businesses. Third, the Small Business Administration would be allowed to try and match $ 1 billion of private investment in startups.

Paying for the small business bill

In order to pay for the estimated $ 7 billion cost of the small business loans bill, the government will be increasing some taxes. Specifically, tax breaks for Grantor-Retained Annuity Trusts can be rescinded. Taxes on the sale of some stock would be increased to the point of standard income taxes as opposed to capital gains taxes.

The voting on the small business bill

The small business bill has passed the house on a 241-182 vote. The bill is now being combined with the $ 3.6 billion tax-cut bill for small businesses and will go to the Senate. The bill is expected to pass the Senate, though not easily. Some Senate Republicans are arguing that this bill is really "another bank bailout" masquerading as a small business stimulus package. Democrats counter that the bill takes a balanced approach to traditional and non-traditional lending for all of the new businesses.

Personal installment loans online for easier debt consolidation

larryw@oen.org — Thu, 22 Jul 2010 06:26:19 GMT

Cash for anything you need is available through a personal installment loan. The best selection of lenders and terms for personal loan could be found online. Personal loans could be utilized for any financial purpose. Personal installment loans could be a practical solution for debt consolidation and debt relief, especially if the loan has a lower monthly payment than credit card debts. Collateral is needed from a lender when you are apply for secured personel loans.

Resource for this article:Practical debt consolidation - personal installment loan online

Loans for a bad credit score

Individuals with bad credit, limited credit, or no credit history - virtually anybody can get a personal loan online. In all these cases, you are able to qualify for a personnel loans. You will start out with higher interest rates and shorter terms, but once you make all your payments on time, pay back the loan and boost your credit rating, the next loan could be easier to get with lower interest and longer terms.

unsecured personal loans bad credit

A borrower can use a personal cash loan online for anything, unlike automotive loans or mortgage loans. An online personal loan can address any money matter -everything from vacations to emergency expenditures like car repair or medical bills. The maximum loan amount for an unsecured personal loans online depends on the lender’s personnel loans guidelines. Getting the money you need approved and inside your account with the bank right away is the best part of getting an unsecured personal loan online

Relieving debt online with loan consolidation

Debt consolidation and debt relief are some of the most practical reasons to get a personal loans online. Many people use these loans to consolidate other debts into a single monthly payment. Debt consolidation is ultimately used to cut back monthly expenses. Before applying for the online personal loan, make sure the monthly payment is less than the total of the payments you were making on all the other debts.

easy credit repair online

Debt consolidation with an online personel loans can work for most individuals.The endless loop of minimum payments on credit card debt can end with a set monthly payment. But do not borrow any more than you need and keep the term as short as possible. Longer loan terms make for a lot more expensive loans. And with discipline, you won’t set yourself back by creating a lot more debt. Don’t take out an online loans to consolidate debt unless you get your spending budget under control.

Read more on this topic here

articles.moneycentral.msn.com

www.ehow.com

www.usnews.com/money/blogs/my-money

Chase cuts their rates on all small company loans for companies that hire

larryw@oen.org — Tue, 06 Jul 2010 04:34:42 GMT

Small business loans could very well start getting more affordable, and the U.S. unemployment rate could be affected. The nation's second-largest bank announced Wednesday that it plans to lower the interest rate on small business lines of credit for companies that hire new employees. Small business lending has been a hot button issue as credit dried up when banks were bailed out by the government. Banks have resumed raking in billions while small business continues to struggle and unemployment remains high. Loosening credit might finally be being affected by the public.

Resource for this article: Chase cuts rate on small companies loans for companies that hire by Personal Money Store

All of the hiring incentives of small business loans

Small business hiring incentives from J.P. Morgan Chase and Co. include lowering its interest rate by 0.5 percent on a new business line of credit for each and every new employee hired, for up to three employees, for the life of the loan. It was reported by Zacks.com that J.P. Morgan will also provide discounts to small businesses for opening checking accounts. In addition, J.P. Morgan plans to hold conferences in 11 cities across the country to help local and small company owners to improve their sales figures and fund their companies.

Are businesses ready to hire with all of of the banks ready to loan?

Politicians and the public at large have scorned banks that received government assistance, yet refused to make small company loans to help reduce unemployment. The Wall Street Journal reports that bankers have offered the excuse that there's not enough demand from credit-worthy borrowers. And it’s true that losses from small-business loans have been severe at major small-business lenders. But Kevin Watters of J.P. Morgan Chase told the Journal the economic outlook among small company owners has improved and small businesses are ready to expand and hire.

Other banks offer small business help

Many banks are making more small companies loans. J.P. Morgan said first-quarter loans to small companies rose 31 percent from a year earlier, to $ 2.1 billion. The nation's largest bank, Bank of The US, reported that small company loans rose 18 percent from a year earlier to $ 19.4 billion. Numerous banks, including J.P. Morgan, U.S. Bancorp, PNC Financial Services Group Inc. and Capital One Financial Corp. are giving some of their previously rejected small-business loans a second look. Two years ago U.S. Bankcorp started training about 3,000 bank managers about small business lending.

On small business loans, Chase will keep its word

The J.P. Morgan Chase offer to cut its rate of interest for companies that are going to hire new employees is available for business lines of credit up to $ 250,000. MarketWatch reports that the offer is also available for existing customers who hire new employees to increase their lines of credit by $ 10,000 or more. Chase business checking customers are likely to receive an additional half percent discount on their loan rates for hiring new employees. This makes good the promise that JP Morgan Chase ended up making last year. The bank announced it prepared to increase its lending to small companies by $ 4 billion in 2010 to a total of $ 10 billion through access to working capital, term loans for expansion, commercial mortgages, lines of credit and business credit cards. It also pledged to hire 325 additional business bankers.

More data about this topic at these websites:

zacks.com

zacks.com/stock/news/36284/JPMorgan Motivates Small Businesses

TheWall Street Journal

online.wsj.com/article/BT-CO-20100629-713817.html

Marketwatch.com

marketwatch.com/story/hire-a-new-employee-chase-will-lower-the-interest-rate-on-your-business-loan-2010-06-30?reflink=MW_news_stmp

Entrepreneurs: "Making Ideas Happen"

pr@ltpublicrelations.com — Mon, 07 Jun 2010 23:11:15 GMT

Not that entrepreneurs need more books, articles and white papers to read, but I recently became aware of what I believe is a MUST READ for all entrepreneurs...Scott Belsky's "Making Ideas Happen"

It's a good motivator for us "creative type" entrepreneurs on how to take the bevy of ideas we have and actually make things happen. As stated in a recent Newsweek profile about this book, "starting a new business takes more than just an idea; executing it is what counts. Thomas Edison said "genius is 1 percent inspiration, 99 percent perspiration."

Amen!

Here's a recent Newsweek Q&A with Belsky:

Q: What's the biggest thing holding back creative people?

A: Creativity is a double-edged sword. The more ideas we have, the less likely we are to stay loyal to one. So the creative mind ends up jumping from idea to idea, and none of them happen. There is no correlation between how great an idea is and the likelihood of it happening. We've all walked out of a bad movie thinking, how did that get made?

Q: How do all those unrealized ideas affect the economy?

A: There's so much lost productivity. We're in a highly competitive global market, and those countries that foster innovation win. So for the sake of our economy, we need to find ways to better encourage creative minds to tackle big problems.

Q: What are some basic ways creatives can be better at business?

A: So many creative people are disorganized, and are actually proud of it. Organization takes management, which is a dirty word for a lot of people. But management is a skill; it can be taught, and it's crucial to bringing ideas to fruition.

Is this your entrepreneurial story?

larryw@oen.org — Mon, 07 Jun 2010 21:58:17 GMT

Did you recently start your company after losing your job due to the recent economic downturn? If so, we are helping funnel those people to OPB for a story.

Please contact Jeff Fishburn at jefff@onpr.com or call him at (503) 802-4408.

Thanks!

Thomas Thurston Can Predict If Your Business Will Succeed or Fail

pr@ltpublicrelations.com — Wed, 26 May 2010 17:07:38 GMT

Next Thursday (June 3, 2010), Thomas Thurston will predict if your business will succeed...or fail.

That's right, the Oregon Entrepreneur Network (OEN) is inviting local businesses of all sizes to attend next week's OEN Workshop to determine, "What if we're doing it all wrong? Predicting if your business will survive or fail."

I recently met with Thomas Thurston, president and managing director of Growth Science International, to get the inside scoop on what appears to be a very compelling OEN Workshop. Thurston's VERY impressive scholastic pedigree, business experience, and in-depth research has positioned him to be an industry authority on how to predict if a business will likely survive or fail.

Moreover, Thurston's research at Intel and later at Harvard provided the key ingredients for entrepreneurs, business owners and managers to better understand the future of its business and how to stave off failure, beat the competition and develop a strong strategy to position the business to succeed.

Now I won't give readers of this blog the whole skinny of what I learned during my meeting with Thurston (come to the OEN Workshop to hear it from the man himself!), but I will provide the nucleus of his insights. According to Thurston, most entrepreneurs have historically used the "inside view" for startup decision-making. Inside views use information that is close at hand to evaluate a business by focusing on its specific attributes, such as quality of the team, product nuances or technological features.

These inputs can include subjective evidence, anecdotes and fallacious perceptions. Conversely, the "outside view" ask if there are similar circumstances that can provide a statistical basis for a decision. Rather than seeing every problem as unique, the outside view wants to know if others have faced similar problems before and, if so, what happened.

Through this and other research, a handful of empirical models continue to prove highly effective and teachable for small entrepreneurial decision making, strategy definition and growth.

Thurston informed me that this OEN Workshop will be very interactive (hence, "work"shop) and will let attendees test drive how this practice can help their business succeed.

I would encourage you to attend...your business and its future may depend on it!

When:June 3, 2010 (4:00-6:00 PM)

Where: Perkins & Co.
1211 SW 5th Ave, Ste 1000
Portland, OR 97204-

$30 for members/$70 for non-members (click here for registration).