By Christopher Reynolds The Canadian Press Sun., Nov. 11, 2018 Two months into the launch of her dance studio, Natalie Borch needed a loan. The 34-year-old first-time business owner had opened the doors to The Pink Studio in February after she and her brother invested $40,000 of their own cash and took out a $100,000 loan from the Business Development Bank of Canada. “We just needed a small amount of money to expand our services for new teachers and classes,” she said, from beginner Beyoncé to Bollywood fusion. Finding no help from the main banks, she found Lendified Inc., a fintech startup that offers loans to small businesses based on artificial intelligence-powered screening assessments. After filling out a few online forms on cash flow and collateral, Borch received a $30,000 loan. Article Continued Below Borch is one of the latest beneficiaries of an Ai-driven overhaul in the financial sector as the big banks scramble to tap a vein that … [Read more...] about Will AI give small-business owners, fintechs a leg up—or reinforce status quo?
Unsecured new business loans
LONDON (LPC) - Selldown of the jumbo US$13.5 billion financing backing Blackstone Group’s US$20 billion acquisition of a 55 percent stake in Thomson Reuters’ Financial and Risk unit is under way, banking sources said on Friday.A US$8 billion-equivalent Term Loan B is being shown to large institutional investors before an expected September launch, and a US$5.5 billion bridge loan to high-yield bond issues has also been launched.The deal is still awaiting regulatory clearance, and is expected to close between early August and early October, a person familiar with the situation said.The US$13.5 billion financing is being led by JP Morgan, Bank of America Merrill Lynch and Citigroup. BAML is leading the loan and JP Morgan is leading the bonds.The deal is the largest buyout financing since the financial crisis, and its launch has been eagerly awaited since the deal was underwritten in January.The Term Loan B is being pre-marketed and is expected to formally launch soon after … [Read more...] about Blackstone selling two jumbo loans for F&R buyout
KUALA LUMPUR: The Association of Banks in Malaysia (ABM) said that the lengthy turnaround time taken for the disbursement of loans to small and medium enterprises (SMEs) was due to factors such as completion of security documentation and compliance of terms and conditions which prolongs the process. The association was clarifying an article reported by a local daily that the actual disbursement of funds to SMEs could take up to three to four months. "It is not in our member banks' interest to delay the disbursement of loans as it lengthens the processing time, leads to inefficiencies and jeopardises the relationship with their customers. Moreover, from a revenue perspective, the banks would not be able to recognise any income from the loans until the funds have been disbursed to their customers," it said. "Our member banks are committed to support SMEs in their business and are constantly looking at ways to further reduce the turnaround time for disbursements of loans to SMEs, … [Read more...] about ABM explains long turnaround time for loans disbursement for SMEs
Vocabulary: accelerate : to happen or make something happen at a faster rate - เร่ง, เร่งความเร็ว, เพิ่มความเร็ว accounted for : all the things or people who should be there are now there - accumulate : to get more and more of something over a period of time - เก็บสะสม, สะสม, สั่งสมมานาน activity (noun): a thing that you do for work, interest or pleasure, or in order to achieve a particular aim - กิจกรรม actually : used for stressing what is really true or what really happened - ตามความเป็นจริง advertising : telling the public about a product or a … [Read more...] about What’s new in business news: January 3, 2014
Siam Commercial Bank (SCB) plans to downsize from 27,000 employees to 15,000 over the next three years and transform more than 600 branches to ready itself for the digital banking era. The bank is also poised to reduce its traditional branches from 1,153 to 400 between 2018 and 2020, said chief executive Arthid Nanthawithaya.SCB does not plan to lay off workers, said Mr Arthid, adding 3,000 employees, on average, resign annually.Thailand's second-largest lender by assets has been gradually closing its traditional outlets, while rotating and offering a training programme for branch staff, he said. The bank still recruits new employees to fill needs in some areas.SCB's move is further intended to strengthen the organisation in the long-run, said Mr Arthid."In the digital age, size does not matter. We will be smaller as a physical organisation, but larger in customer experiences," he said.The bank plans to close 99 traditional branches this year and open a new branch model called Express … [Read more...] about SCB seeks to trim staff in digital era