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  • SBA loans to resume after Congress raises lending limit Tuesday, 28 Jul 2015 | 10:28 AM ET

    The House has passed and sent to President Barack Obama a bill raising the lending authority for the Small Business Administration's biggest loan program, known as the 7 program. The bill, passed earlier by the Senate, raises the lending limit to $23.5 billion. Last year, the SBA didn't approach the limit until September, but Congress raised the ceiling before it...

  • LONDON, July 28- Cerberus, the private equity firm named after the mythical three-headed dog guarding the gates of Hades, is leading a charge by U.S. investors who are snapping up European loans at knockdown prices. New York- based Cerberus Capital Management has bought more than 27 billion euros of European loans in the last 2-1/ 2 years, acting along with rivals...

  • General Motors decided to replace Ally with its current in-house financing arm, General Motors Financial Co Inc, for subsidized leases on Buick, GMC and Cadillac vehicles, beginning February. The company reported a net income of $182 million, a loss of $2.22 on a per share basis, compared with a year-ago profit of $323 million, or 54 cents per share.

  • Lee Lum, 36, had pleaded guilty to wire fraud. Lee Lum was a partner in the New Jersey leasing company, which would obtain loans for its clients through a financing firm, prosecutors said. From October 2011 through May 2012, Lee Lum forged clients' signatures on loan documents and submitted them to the financing company.

  • SHANGHAI, July 27- The China Securities Financial Corporation returned some of the funds it borrowed from commercial banks intended to stabilise the stock market ahead of schedule, three people in the banking industry with direct knowledge told Reuters. The news comes after Chinese markets posted their worst performance since 2007 on Monday, as investors...

  • The Small Business Administration's 7 loan reached the limit set by Congress on the amount of money it can guarantee in a fiscal year. At midday Thursday, the agency reached the $18.75 billion limit set by Congress on the amount of 7 loans it can guarantee in a fiscal year, with more than two months to go before the year ends Sept. 30. Congress must raise the 7 ceiling...

  • WASHINGTON, July 23- The U.S. Small Business Administration said it reached the $18.75 billion cap for its main loan guarantee program on Thursday, forcing it to halt the funding of new loans with more than two months left in the fiscal year. U.S. Senate Small Business Committee Chairman David Vitter, a Republican, told SBA Administrator Maria Contreras-Sweet in a...

  • WASHINGTON, July 23- The U.S. Small Business Administration said it reached the $18.75 billion cap for its main loan guarantee program on Thursday, forcing it to halt the funding of new loans with more than two months to go in the current fiscal year. SBA spokesman Miguel Ayala said the capacity for fiscal 2015 was exceeded by stronger-than-anticipated demand...

  • The Small Business Administration's biggest lending program is on hold after the SBA ran out of money for loan guarantees. The agency on Thursday reached the $18.75 billion limit set by Congress on the amount of loans it can back in a fiscal year. That could happen if Congress raises the ceiling on the program, which backs what are called 7 loans.

  • MUMBAI, July 23- With only a tiny share of the world's fastest-growing major smartphone market, Apple Inc is stepping up its push into India, with a first targeted TV advertising campaign, expanded retail network and promotional financing schemes. For years, India has been a low priority for Apple as spending power is weaker than in China, where the company's...

  • India banks get creative to collect $49B in bad debts Thursday, 23 Jul 2015 | 12:26 AM ET
    India's Reserve Bank Governor Raghuram Rajan (L) speaks with India's Finance Minister Palaniappam Chidanbarum during the opening session of the the G20 Finance Ministers and Central Bank Governors round table meeting on February 22, 2014 in Sydney, Australia.

    Under pressure to cut a $49 billion bad-debt mountain, India's state-owned banks are reversing years of lax recovery efforts with creative collection tactics.

  • WASHINGTON, July 22- The banking arm of Discover Financial Services agreed to pay $18.5 million in consumer refunds and penalties on Wednesday to settle allegations of illegal practices tied to its student loan servicing business, a U.S. regulator said. The Consumer Financial Protection Bureau said that Discover Bank overstated the minimum amounts due on...

  • SBA 7(a) loan program could go on hold at end of July Tuesday, 21 Jul 2015 | 4:57 PM ET

    Congress would have to approve any increase in the lending authority. SBA Administrator Maria Contreras-Sweet last month asked Congress to raise the limit to $22.5 billion. Nydia Velazquez, D- N.Y., the most senior Democrat on the House Small Business Committee was introducing a bill that would raise the lending limit to $23.5 billion, and warned that without an...

  • Executives from both JPMorgan Chase& Co. and Wells Fargo& Co. told investors last week, when posting earnings, that they were increasingly concerned about loans to oil and gas companies. Texas bank Comerica Inc on Friday set aside about three times as much money to cover bad loans as analysts had expected, sending the regional bank's shares lower by more than 6...

  • HONG KONG/ BEIJING, July 20- A plan to raise 100 billion yuan via short-term bills by China Securities Finance Corp, the state-backed institution that provides margin financing and liquidity to the market, has been delayed, four sources familiar with the matter told Reuters on Monday. Reuters could not reach China Securities Finance Corp for comment.

  • A&P, which was founded in 1859 by George Huntington Hartford and George Gilman, began operations as the Great American Tea Co. Its first store, on Vesey Street in Manhattan, sold coffee, tea and spices at low prices, according to its website. The grocer has received debtor-in-possession financing of $100 million from Fortress Credit Corp, court documents show.

  • *China's corporate debt 160 pct of GDP, twice U.S. level. HONG KONG, July 19- Beijing may have averted a crisis in its stock markets with heavy-handed intervention, but the world's biggest corporate debt pile- $16.1 trillion and rising- is a much greater threat to its slowing economy and will not be so easily managed. Corporate China's debts, at 160 percent of GDP, are...

  • HONG KONG/ BEIJING, July 17- China's central bank will inject $48 billion into the country's biggest policy lender, China Development Bank Corp, two sources with direct knowledge of the matter told Reuters on Friday, as China steps up reforms at its policy banks to fight an economic slowdown. Set up in 1994, CDB is responsible for financing China's large...

  • SAO PAULO, July 16- The auction on Friday of a concession to build and operate an estimated 7 billion reais power transmission line in Brazil is not expected to attract many participants, due to limited financing for Brazilian companies, according to consultants and company officials. "It is a lot of money, and since financing in Brazil these days is really scarce,...

  • The bank had been ready to increase Emergency Liquidity Assistance after Athens approved the bailout deal but it first needs to ensure that Greece has the temporary financing to repay a 3.5 billion euro plus interest payment due to the ECB on Monday. Uncertainty over Greece, the longer term viability of the currency block and persistent suggestions from...