The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
Indiana’s weakest and often smallest hospitals, usually with just a few dozen beds, might be only months from beginning the process of shutting their doors, industry leaders say.
Amid the economic uncertainty—even though some banks express reasons for optimism—Indiana-based financial institutions are preparing themselves now for the losses that likely lie ahead.
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
The Fed said Friday that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to not-for-profits with at least 10 employees and endowments of less than $3 billion.
May’s decline marked the first time in a decade that overall consumer borrowing has fallen for three straight months.
In Indiana, more than 90% of federal loans topping $150,000 went to companies, according to the Treasury Department data. About 6% of the loans went to not-for-profit organizations.
Prospects for the legislation in the House, however, were uncertain. Both chambers are set to adjourn for a two-week recess by week’s end.
Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
The announcement of the easing of regulations know as the “Volcker Rule” gave an immediate boost to bank stocks because the rule change could free up billions of dollars in capital in the banking industry.
The Indy Arts & Culture Restart & Resilience Fund, underwritten by Lilly Endowment Inc., will provide eligible entities with one-time grants ranging from $5,000 to $500,000.
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Utilities fared the worst of all sectors, with less than a quarter of small businesses in that sector getting loans, according to the survey.
The sporting and recreational equipment manufacturer said it repaid its loan to comply with a rule change in the Paycheck Protection Program.
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
