State receives $196M loan from EPA for water projects
Funding will go toward updating aging water systems and replacing lead pipes, building and expanding water systems in growing areas and improving cybersecurity systems.
Loans
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Central Indiana’s largest office park secures new loan, additional investment
More than $36 million already has been invested into the campus over the past eight years, with updates to building systems, indoor and outdoor amenities, lobby spaces, restrooms and facades.
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Car loan defaults jump as consumers battle inflation, high interest rates
A Cox Automotive report finds that car repossessions nationwide are up 23% over last year and 14% compared with the first half of 2019.
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City secures $24M loan from state for ‘confidential’ downtown project
The loan, which was approved by the Metropolitan Development Commission, is expected to be used for “downtown redevelopment efforts.”
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Circle Tower owner facing foreclosure for alleged nonpayment
Chicago co-working company Expansive bought the landmark building on Monument Circle before the pandemic. Centier Bank says Expansive still owes $12.9M on its loan and has fallen behind on payments.
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Articles
Veterans face challenges starting small businesses, but there are resources to help
Veterans own nearly 2 million small businesses that employ 5.5 million people in the U.S. Their numbers have shrunk, however, as the veteran population has aged.
For home shoppers, Fed’s big rate cut is small step toward affording a home
While lower rates give home shoppers more purchasing power, a mortgage around 6% is still not low enough for many Americans struggling to afford a home.
Student loan servicer Navient reaches $120 million settlement
The settlement stems from a 2017 lawsuit brought by the bureau that casts Navient as a company that was far more concerned with its financial interests than the needs of vulnerable student loan borrowers.
COVID-19 government disaster loans saved businesses, but saddled some survivors with debt
The SBA awarded about 4 million loans worth $380 billion through the program. More than $300 billion was outstanding as of late 2023.
Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months
The recent pullback in mortgage rates overall has sparked a pickup in applications for home refinancing loans, which are 23% higher than a month ago, according to the Mortgage Bankers Association.
Homeowners race to refinance as mortgage rates retreat from 23-year highs
Refinance applications were up nearly 60% nationally versus the same week last year, but applications for loans to buy a home are still down from a year ago.
Agency says apps that let workers access paychecks before payday are providing loans
The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks should be subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Consumer Financial Protection Bureau Director Rohit Chopra said the bank had been “illegally loading up auto loan bills with excessive charges,” with about 1,000 families losing their cars to repossession as a result.
More struggling with credit card debt in potentially bad sign for economy
The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter, a 12-year high.
Giving a ‘hand up’: Special purpose credit programs gain traction with local lenders
SPCS is a tool that a growing number of lenders are adopting to help improve credit access for underserved groups.
They have been around since the 1970s, but they’ve recently become a lot more popular.
Last year was bad for commercial real estate. This year could be worse.
Overall, the discouraging picture has policymakers and economists keeping a close eye on small and midsize banks, which hold about 80 percent of the overall stock of commercial mortgage loans.
LISC programs aim to boost Black businesses
The programs are intended to help central Indiana Black business owners combat long-standing challenges in securing bank loans.
New $29M Legend Fund aims to provide more capital to Indiana small businesses
The IEDC said the Legend Fund will give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses. Eligible lenders could have a portion of the loans they issue purchased by the IEDC, freeing up capital to support more entrepreneurs and small businesses.
Commercial-property loans coming due in U.S. jump to $929 billion
Nearly 20% of outstanding debt on US commercial and multifamily real estate will mature this year, requiring refinancing or property sales.
Coalition touts bills to improve consumer lending in Indiana
Hoosiers for Responsible Lending on Wednesday hosted a press conference lauding two pieces of legislation at the Statehouse that they said would significantly improve consumer lending policy in Indiana.
Health-tech startup DecisionRx lands $100M credit facility to fund growth
Indianapolis-based DecisionRx uses technology to recommend medication decisions to physicians and pharmacists based on genetic profiles, existing medication regimes and contraindications.
In reversal, U.S. to heighten efforts to collect billions in unpaid COVID loans
The Biden administration plans to more aggressively pursue thousands of small businesses with past-due pandemic loans, reversing an earlier policy that saw the U.S. government stop short of trying to collect an estimated $30 billion in delinquent debt.
Turned down for loans, business owners seek growth capital elsewhere
Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
Yield on a 10-year Treasury reaches 5% for first time since 2007
Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers.