One of the main issues to consider when determining the value of NFTs includes liquidity. A few initiatives have entered the NFT platform to address the issue. The best illustration of this is the BendDAO NFT liquidity algorithm. It is a lucrative solution to achieve NFT liquidity. Why? NFTs typically have values ​​that make it difficult to sell the asset when the owner is in financial need.

Imagine having a $20,000 NFT project in your portfolio that you can use as collateral for a $10,000 loan to fund an emergency expense. An NFT liquidity mechanism like BEND could help you through this situation.

About BendDAO

A liquidity mechanism can be called the BendDAO concept. With non-fungible coins, BendDAO represents the very first decentralized liquidity mechanism operating as a peer-to-pool. NFT holders can take out ETH loans by holding their assets as collateral on BendDAO. NFT Secured Fast Loans, NFT Installments, and Collateral List are all supported by the BendDAO crypto protocol. Customers can get one-stop shopping for NFT Projects thanks to the flexibility of using registration, deposit and loan services in a closed system.

How does BendDAO work?

When asked “what is BendDAO”, the answer sparks interest in how it works. Like other NFT liquidity methods, BendDAO does not emphasize sharding between NFTs to obtain liquidity. The BendDAO mechanism allows clients to instantly use non-fungible currencies as collateral deposits to borrow ETH loans.

Loans secured by NFT collateral are available through the loan pool managed by liquidity providers. BendDAO platform supports several renowned NFT projects including Azuki, CryptoPunks, MAYC, BAYC and many more. This platform benefits from the liquidity and value guarantee of blue-chip NFT projects.

Important elements of the BendDAO protocol

The second important feature of the BendDAO protocol that you need to understand concerns the services it offers to users. Instead of keeping their money safe in their accounts, BendDAO offers alternatives that can help NFT experts gain greater liquidity on their holdings. The peer-to-peer decentralized mechanism for NFT liquidity additionally provides a variety of other goods to help users increase their income. The above are BendDAO’s three main product lines.

• Fast loans with NFT collateral

Clients primarily receive NFT-backed loans to support NFT liquidity. Holders can use their NFTs to obtain ETH loans through a loan pool instead of keeping them in reserve. Depositors who provide ETH liquidity to the lending pool can earn appropriate interest on their money. BendDAO offers the ability to perform leveraged trades securely with immediate loans by holding non-fungible tokens as collateral.

Also for the benefit of borrowers, the fast NFT secured loans service via BendDAO also incorporates basic collateral listing functionality. Before a sale, NFT Experts can get quick loans of up to 40% of the base listing value. Buyers could repay the loan and prepaid interest after the transaction. Borrowers who have previously taken out loans using the BendDAO NFT platform can use the specific collateral listing functionality. After deducting the debt and paying the interest, the lender or supplier will get the stipulated loan amount.

• Make a deposit on NFTs

The ability to buy NFTs with such a down payment is BendDAO’s next big selling point among its services. You need to deposit 60% of the total NFT price and can get top NFTs from popular NFT platforms. The BendDAO method secures another instant loan through AAVE at the same time for the payment of the remaining NFT charge. This flash loan is now repaid using the immediate NFT-backed loan facility on the NFT Liquidity Facility. Therefore, BendDAO’s closed-loop service system could eventually include NFT experts.

Benefits of BendDAO for the NFT Society

The description of how BendDAO works clearly explains to NFT experts the benefits of using NFT liquidity with the BendDAO cryptosystem. Also, it is crucial to consider all the benefits it could have for the larger NFT platform. We mention some important advantages of BendDAO for NFT development.

With the BendDAO mechanism, mortgage holders would have been fairly represented in all airdrops involving NFT experts. BendDAO ensures that all airdrops are collected and then distributes them fairly to NFT owners who have already placed their NFTs as collateral. Borrowers can now enforce claims on NFT payments on other procedures and credit goes to the decentralized p2p liquidity mechanism for NFTs. While NFTs are kept in the BendDAO collateral pool, the Flashloan feature allows borrowers to collect their incentives.

Using the ERC-721 protocol, non-fungible currencies as collateral are converted into representation-linked NFTs in conjunction with immediate loan offers on BendDAO. The ban on moving linked NFTs currently offers a reassuring guarantee of security against theft.

• Liquidity protections

These round-the-clock liquidation protections are a key value benefit of the BendDAO NFT guidelines for the NFT platform. Borrowers might also consider the benefits of using BendDAO to eliminate market loss threats. A 24-hour liquidation safety period is provided by the non-fungible currency liquidity mechanism, allowing you to repay the loan and avoid losses due to NFT price volatility. Many NFT experts are looking to liquidate their NFTs. They can obtain NFT liquidity using the liquidation backup period without the need to sell the NFTs or incur losses due to price changes.

Pricing for NFT on BendDAO

Another crucial element of the architecture of this innovative non-fungible token availability protocol is the BendDAO market pricing mechanism. Using a complex algorithm, it determines the NFT floor price for borrowed trades on this platform. The major development of OpenSea NFT also provides the original pricing information for NFT pricing on the liquidity mechanism. The Bend Group now maintains the NFT pricing oracle linked to OpenSea. The administration of the procedures for selecting oracle pricing sources will gradually be placed under the supervision of BendDAO governance practices.

When it comes to describing “what is BendDAO” and how well it works, the cost factor becomes important. When it comes to BendDAO pricing issues, you should also be aware of the safety proportion. The safe proportion represents the maximum number of ETH you are allowed to lend against the minimum price of a particular NFT. The guarantee percentage, including BAYC and CryptoPunks, is 40%. However, this collateral ratio drops to 30% for all other NFTs. Why? The answer would direct you to the NFT risk variables that BendDAO considered when calculating the value of the NFT collateral.

BendDAO NFT Risk Factors

On this BendDAO cryptocurrency system for NFT availability, the guarantee percentage changes for various NFT deployments. Consumers should also know how Bend’s risk assessment strategy emphasizes market and smart contract concerns. The Bend procedure investigates the hazards associated with NFT projects in BendDAO using a clear risk framework. In addition, proactive risk assessment reduces the fraction and facilitates understanding of potential hazard mitigation. NFT project holders could actively participate in the DeFi course with the help of BendDAO. Nevertheless, the economic risks associated with NFT guarantees necessitate the selection of NFT projects that can increase BendDAO’s liquidity.

The key performance indicators used by the protocol to assess the value of NFT security are the NFT risk factors on BendDAO. The top five key risk factors for the availability of NFT on the BendDAO system are listed below.

• Many NFT revenues or trading volumes.
• asset value; also referred to as the average asset sale value.
• Many distinct wallets engage with NFT in the NFT platform dApps.
• Customer retention, or the proportion of days in the particular time of active status.
• NFT-related interactions include counting dApp activity with auctions and other NFT-related uses.

Conclusion

The development of the BendDAO NFT liquidity solution is still in its infancy. But it is crucial to recognize that it effectively solved the NFT liquidity problem without causing the NFT crash. Holders of non-fungible tokens do not need to split their holdings to benefit from the liquidity provided. Clients of the BendDAO mechanism are placed in a locked loop, forced to engage in an endless loop between lending and borrowing. BendDAO allows customers to acquire NFTs with 60% down payment and then flash loan due to NFT secured quick loans capability, list of collateral and NFT down payments. The same goes for sellers who can use NFTs as collateral and get loans. The highlight of BendDAO’s activities is the prompt payment of loans. Bend protocols can produce positive results for the evolution of NFT liquidity with the certainty of a robust governance structure and even threat assessment methodology.

Pepsi has launched its new movie which continues to elevate its “Fizzier, More Refreshing” ethos, featuring brand ambassador Salman Khan.

The new film reiterates that the brand is the voice and choice of the swag generation, the company said in the press release.

The campaign encourages young people to try Pepsi, which now offers consumers an elevated refreshing experience that has more fizz, the company added.

Khan in his irreverent swag passes a glass of cola drink and asks him to try. The waiter’s thirst is considerably quenched and he asks the waitress that he wants the same cola drink he was given earlier.

Hearing this, Khan says he only got Pepsi earlier, which makes the boy very surprised as he didn’t expect Pepsi to have so much fizz.

The boy then picks up a bottle of Pepsi and is seen enjoying the most refreshing experience it has to offer.

Saumya Rathor, Category Manager, Pepsi Cola, PepsiCo India, said, “Pepsi’s new campaign brings the ethos of swag and refreshments to life with more sparkle. This campaign is focused on driving tests while maintaining the irreverent challenger spirit that characterizes the brand.

“Working with Khan has been an absolute pleasure and we’re sure all Pepsi fans will enjoy his new swag avatar in the film,” Rathor added.

Watch the video here:

On behalf of Pepsi, lead attorney K Vivek Reddy argued before a bench of Judge P Naveen Rao and Judge G Radha Rani that Pepsi had registered the Mountain Dew trademark in 1985 and had exclusive rights to it.

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• Posted Nov 11, 2022 4:50 PM IST

You might be looking for a quick and easy way to get a loan, and online microfinance loans in Nigeria are a great option. These loans can be used for a variety of purposes including starting a business, education, and housing.

There are a number of online microfinance lenders in Nigeria, so it is important to do your research before choosing one. Be sure to read the terms and conditions carefully and understand all fees involved. It is also important to have a clear idea of ​​how you intend to use the loan.

In this article, we will introduce you to online microfinance loans in Nigeria and guide you through the application process.

What is an online microfinance loan?

An online microfinance loan is a short-term loan designed to help small businesses grow. It is perfect for entrepreneurs who need a quick injection of capital to launch their business.

The application process is simple and straightforward. All you need to do is provide some basic information about yourself and your business, and you’ll be approved in no time.

Once you are approved, you can get your money within 24 hours. So if you need a quick loan, an online microfinance loan is the way to go.

What are the advantages of an online microfinance loan?

So you are looking for a loan and you don’t know where to turn. You may have heard of online microfinance loans and are curious to know more.

Here are seven benefits of getting an online microfinance loan in Nigeria:

1. Convenience: You can apply for a loan online, from the comfort of your own home.
2. The rapidity: You will receive a decision quickly, usually within minutes.
3. Choice: You have access to a wide range of lenders, so you can compare interest rates and terms and choose the one that suits you best.
4. Transparency: You can see exactly how much you’re borrowing, what the interest rate is, and when the loan is due.
5. Flexibility: You can choose a repayment schedule that best suits your needs.
6. Affordability: Online microfinance loans are generally more affordable than traditional loans.
7. Affordability: Online microfinance loans are generally more affordable than traditional loans.

How to Get an Online Microfinance Loan in Nigeria

You want to get an online microfinance loan in Nigeria, but you don’t know how to go about it. No problem! We are here to help you.

First, you need to determine which microfinance institution you want to borrow from. There are several to choose from, but don’t worry, we have a list of the best here.

Once you have selected a microfinance institution, it is time to start the application process. This usually involves submitting personal information and your bank account details.

Once your application is approved, you will need to provide certain documents, such as your ID card and proof of income. Usually it’s just a waiting game. The money will be deposited in your account within a few days.

So this is it ! Getting an online microfinance loan in Nigeria is really easy.

What are the requirements for an online microfinance loan in Nigeria?

Do you want to get an online microfinance loan in Nigeria? It’s awesome! We are happy to help you. But first, there are a few things you need to know.

First and foremost, you will need to be a Nigerian citizen with a valid ID. You must also be at least 18 years old. And finally, you will need to have a bank account in good standing. Note that each online microfinance loan has its own specific requirements.

If you meet all these conditions, you are ready to apply! Simply go to our website and complete the application form. We take care of the rest.

How to Repay a Microfinance Loan Online in Nigeria

You can repay your microfinance loan online in three ways:

1. Via the bank account you used to make the initial payment for your loan.
2. Via the mobile money account you used to make your initial loan payment,
3. In person at the nearest branch

Whichever of the three methods you choose, make sure you have your Refund ID number handy, as you will need it to complete the transaction.

Top 3 Online Microfinance Loans in Nigeria

Here are the 3 best online microfinance loans in Nigeria:

FairMoney

FairMoney is a digital credit company that provides quick and easy loans to users in Nigeria. The company offers loans of up to N100,000 with interest rates as low as 5% per annum. FairMoney also allows users to access loans through a mobile app.

To apply for a FairMoney loan, users will need to provide their name, email address, phone number, date of birth, residential address and bank details. Once all required information has been submitted, FairMoney will review the request and make a decision within 24 hours. If approved, users can expect to receive their loan within 48 hours.

Microfinance bank LAPO

LAPO Microfinance Bank is one of the leading microfinance banks in Nigeria. It was established in 1987 and provides financial services to small businesses and entrepreneurs. The bank offers loans, savings and other banking services to its customers.

To obtain a loan from LAPO, you must first become a member of the bank. You can do this by opening an account with the bank and making a deposit. Once you are a member, you can apply for a loan. The bank will then review your application and determine if you qualify for a loan.

Access fast loans

Access Quick Loans is an online microfinance lender in Nigeria providing loans to small businesses and entrepreneurs. The company offers loans of up to N1 million with repayment terms of up to 12 months. To qualify for a loan, you must have a minimum monthly income of N20,000 and a valid bank account. You can apply for a loan online or through the Access Quick Loans mobile app.

Conclusion

There are many good reasons to get a microfinance loan, and online lenders have made the process easier than ever.

Here are some tips to help you get started:

1. Do your research: There are many quality lenders out there, so take your time and compare rates and terms.
2. Put your papers in order: You will need to provide some basic information about yourself and your business.
3. Keep track of your payments: Make sure you are able to make regular repayments on your loan so that you do not fall behind on your debts.

Getting an online microfinance loan in Nigeria is a great way to get the money you need to start or grow your business. Follow these tips and you’ll be on your way to success!

A customer of an online money lender had taken to social media to accuse the lending app of pronouncing him dead and crafting and circulating his obituary to family and friends.

Shortly after, another client revealed via a Facebook group how she had been similarly treated by a loan app for defaulting on her repayment plan of the N15,000 she had borrowed.

The cases cited above are just two of thousands of similar scenarios involving online money lenders and their customers.

Perhaps the most popular tactic employed by these lenders, commonly referred to as loan sharks, to force loan repayments is to send warning text messages to the mobile contacts of their defaulters describing them as people of questionable character.

They also call contacts of defaulters who ignore their loan transactions with friends, relations or colleagues in an attempt to name and humiliate them or seek information about their whereabouts.

Concerned about the abusive and twisted practice that is prevalent, the Federal Competition and Consumer Protection Commission (FCCCPC), in November 2021, led a collaborative effort to remedy the situation.

Babatunde Irukera, Executive Vice President/General Manager of the FCCPC, said the commission was working closely with the Independent Corrupt Practices Commission (ICPC), the National Information Technology Development Agency and the Bank. central Nigeria.

“Continued complaints of questionable repayment enforcement practices, including public shaming and invasions of privacy, arbitrary, unfair, unreasonable, or abusive interest rates and/or calculations of loan balances, harassment and failure of consumer feedback mechanisms, among others, have led to meaningful and understandable consumers. aggravation and discontent,” he said.

In May, Irukera confirmed that the FCCPC had cracked down on lending apps and other companies violating the rights of Nigerian consumers by freezing 50 accounts belonging to illegal lending app operators.

“We have so far frozen 50 accounts. We have removed 12 apps from the Google Play Store and are currently in discussions with over 10 companies.

“The rate of defamatory messages has dropped by at least 60%. I’m not saying they’ve stopped, but they’ve dropped by at least 60%.

“More than half of the companies currently before us have agreed that they will have to change their behavior, including firing some employees who sent defamatory messages.

“We are developing a regulatory framework that will involve other regulators, and we are currently suing at least one company,” he said.

Three months later, the FCCPC ordered payment system operators, telecommunications companies and mobile network operators (MNOs) to stop providing services that enable the operations of illegal online lenders.

He also said that a limited interim regulatory/registration framework and guidelines for digital lending have been developed and adopted by the Joint Interagency Regulatory and Enforcement Working Group to establish a framework. clear regulations for the sector.

But how did the activities of financial sharks become so popular that they blatantly violate consumer privacy, fair lending terms, and ethical loan collection practices?

Experts have identified economic downturn, desperation, ease of borrowing, and customer greed as some of the main reasons for the proliferation of loan apps.

Michael Familokun, a financial expert, said loan apps were unpopular before the Nigerian economy went into recession in 2016.

“Before 2016, loan apps were in use, but defaults and unethical repayment practices were very rare.

“Gradually, the money sharks started to exploit the difficulties faced by the masses by offering them tempting quick loan options without collateral.

“The situation has gone from bad to worse with the COVID-19 outbreak, when many people’s livelihoods have been hit hard, especially during the lockdown,” he said.

Familokun added that since many people no longer had disposable income, they had to rely on quick loans to deal with emergencies.

“Be careful, emergencies do not inform you that they are going to strike; that is why they are called emergencies.

“So, with no disposable income and in a terrible economy, when a loved one gets sick or there are other demands, what do they do?

“They can’t resist the temptation to open their phone and download an app that promises an instant loan,” he said.

Mike Anyanacho, an ICT expert based in Lagos, said the ease of getting a loan without leaving the comfort zone has increased the number of people being victimized by loan sharks.

“If you want a bank loan, the conditions attached could discourage you. But with online applications, you only need to upload your BVN, credit card number, passport photo, and other personal information.

“They don’t require a salary account or collateral. They don’t even require things like your address and your guarantors.

Anyanacho also said that these loan apps feed on the greed of their victims.

“Some customers simply take out the loan because they were promised an upgrade when settling the previous credit facility.

“I know a lot of people who take quick loans from one loan app to pay off another to get upgraded,” he said.

While commending the FCCPC for its crackdown on illegal loan applications that violate consumer rights, he urged the commission to sensitize Nigerians on responsible ways to access loans.

Indeed, those who take out loans from illegal loan apps cannot be completely exonerated from their guilt. However, some experts say these money sharks are the real bad guys for breaking the laws.

Many illegal loan apps have hidden terms and conditions unknown to their customers until they start the repayment process.

For example, some financial sharks hosted on Google Play Store advertise 60-90 day repayment plans, only for customers to find out when getting a loan that they have 15-30 days to pay off. .

Meanwhile, a play store policy check on the personal loan app indicates that:

“We don’t allow apps that promote personal loans that require full repayment within 60 days or less from the date the loan was issued (short-term personal loans).

“This policy applies to apps that directly offer loans, lead generators, and apps that connect consumers with third-party lenders.”

There have also been reported cases of illegal loan apps defrauding victims by accessing their BVNs, ATM card numbers, and other personal information.

Despite the commendable efforts of the FCCPC, illegal loan applications persist in both their operations and their dehumanizing loan collection practices.

This requires greater collaboration between the commission and other relevant stakeholders to stem the tide of tyranny from many online money lenders.

By Mrinmay Dey

(Reuters) – Chinese smartphone maker Xiaomi Corp has shut down its financial services business in India, four years after it launched, a Xiaomi India spokesman said on Friday.

“As part of the annual strategic review activity and in response to increased focus on our core business services, we closed Mi Financial Services in March 2022,” the company spokesperson said.

The company’s Mi Pay app, which allowed users to make bill payments and money transfers, is no longer listed as a recognized third-party Unified Payments Interface (UPI) app on the National Payments Corporation website. of India (NPCI).

The NPCI — an industry body that oversees India’s state-backed peer-to-peer payments network popularly known as UPI — declined to comment.

Xiaomi recently pulled its Mi Credit, which connects smartphone users with loan companies for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday.

In India, Xiaomi’s strongest market outside of China, the company has faced government investigations for allegedly dodging tax regulators.

In April, India’s federal financial crime agency froze $676 million in Xiaomi’s assets, alleging the company made illegal payments to foreign entities masquerading as royalty payments.

The Chinese smartphone group, which denies any wrongdoing, said the action “effectively halted” operations in its key Indian market.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020.

India has cited security concerns in banning more than 300 Chinese apps since then, including popular apps such as TikTok, and has also tightened rules for Chinese companies investing in India.

(Reporting by Rittik Biswas and Mrinmay Dey in Bengaluru; Editing by Savio D’Souza)

The bank is driven by a desire to make online loans quick, easy and accessible for Vietnamese with poor credit scores, who don’t have enough collateral.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment-only loans with an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment loans that only require an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Media Contact
Company Name: Tai Chu Bank
Contact person: Huy Nguyen
E-mail: Send an email
Call: 841663052885
Country: Australia
Website: https://taichinhbank.com.vn/

SRINAGAR: The government is committed to reducing unemployment in J&K and the financial sector must put in place a workable mechanism to saturate self-employment in J&K by the end of November 2022. This was stated by Chief Secretary Dr. Arun Kumar Mehta. while presiding over the 8th meeting of the Union Territory Level Bankers Committee in Srinagar to review the achievements of banks and financial institutions operating in Jammu and Kashmir for the six months ending September 2022.

He said banks must now move towards sustainable, fair and results-oriented banking services for lasting gains.

Additional Chief Secretary, Department of Agricultural Production, Atal Dulloo, Principal Secretary, Department of Industries & Commerce, Prashant Goyal, MD & CEO, J&K Bank (Convenor J&K UTLBC) Baldev Prakash, Administrative Secretaries of Various Departments, Managing Director in Chief, NABARD, Dr. AK Sood and other senior officials from Government, RBI, NABARD, Banks, Technical Departments, Insurance Companies were also present on the occasion. Joint Secretary, Department of Financial Services, GoI Pankaj Sharma, District Development Commissioners from all J&K Districts and Key District Managers joined the meeting virtually.

In his opening remarks, the Chief Secretary, Dr. Mehta, said job creation is the government’s major challenge and it is the collective responsibility of all stakeholders to address the issue.

“Banks need to come forward and provide financial assistance to young unemployed people to find gainful employment. We need to show empathy towards unemployed youth by guiding them to the path of prosperity and self-sufficiency through various credit facilities tailored to their entrepreneurial aspirations. We need to create an environment where young people need to think beyond government jobs and strengthen pathways to self-employment,” he said.

Earlier in his welcoming remarks, Managing Director and CEO of J&K Bank (Organizer J&K UTLBC) Baldev Prakash assured the J&K government that banks operating in J&K will give all possible support to the implementation of programs and programs aimed at the entrepreneurship development, job creation and poverty alleviation in the Union Territory of Jammu and Kashmir.

While appreciating banks for 100% coverage of unbanked villages by opening banking touchpoints under the national financial inclusion strategy program, Dr. Mehta urged banks to cover one remaining village in the part of the roadmap for the rapid opening of bank outlets in villages with more than 5,000 inhabitants. He ordered banks to speed up the rollout of physical branches in 10 identified villages with more than 3,000 inhabitants.

The Chief Secretary reiterated his earlier instructions to the J&K Government IT department to come up with a single portal for all job creation programs incorporating all J&K departments and banks.

Financial literacy in real terms, he said, was getting more people into banking. “Banks should work in tandem with the Department of Education to ensure that all school children have a bank account which is a true measure of the success of financial literacy and financial inclusion.”

Dr. Mehta urged banks to take advantage of the B2V4 program from October 27, 2022 to spread the information about various products/programs locally and identify potential aspirants.

Dr Mehta said the views of farmers must be taken into account in setting the scale of funding in agriculture and related sectors.

He urged for an increase in credit drawdowns under Mission Youth saying, “I am convinced that Mission Youth programs are the most attractive programs and more young people need to be covered by the program.” He said self-employment programs must be targeted in a targeted manner to SC/ST/OBC sections of society for inclusive growth.

While commending the performance of J&K under Prime Minister SVANidhi, he said that “J&K’s performance is among the best in the country and banks should expedite the disbursement of the 2nd installment under Prime Minister SVANidhi to eligible beneficiaries within a specified period of time. “.

The Chief Secretary urged banks to refrain from seeking collateral for loans where not required by standards and to operate within RBI standards/GOI schemes when processing loan applications.

Earlier, J&K Bank Managing Director, Syed Rais Maqbool, during a presentation on the financial achievements of various banks in different sectors in the first two quarters of the 2022-23 fiscal year, informed that J&K banks had achieved 44% of the annual credit plan target by disbursing credit of Rs.22,541.45 Crore to 7,46,141 beneficiaries. The agriculture and MSME sectors have performed well in lending to priority sectors.

He was informed that against the annual coverage target of 29,710 beneficiaries in the financial year 2022-23, banks have extended loans of Rs 955.54 crore to 24,225 beneficiaries in the framework of six major job creation programs during the first half of the 2022-23 financial year.

He informed that Rs.202.93 Crore have been disbursed to 3,104 beneficiaries under Mission Youth programs till September 30, 2022.

It was further informed that 14,703 KCC (harvest) and 15,543 KCC (AH) were issued during the first half of the 2022-23 financial year and that near saturation was reached under the program .

Against the quarterly goal of holding 651 financial literacy camps, 866 financial literacy camps were held in the quarter ending September 2022.

He further stated that the overall CD ratio in J&K decreased from 56.58% on 30.09.2021 to 58.46% on 30.09.2022.

There are a lot of upfront expenses to run a real estate business, including heavy marketing and advertising expenses. But agents and brokers don’t get paid until a sale is closed and funded, which means there can be a sometimes big gap between when the business spends money. money and when she earns it.

Also, interest rates have risen and will likely continue to do so. Higher interest rates mean higher mortgage rates, making it harder for potential homeowners and commercial real estate buyers to qualify. Sales are slowing in many markets and 2023 is shaping up to be a particularly difficult year for the real estate sector.

Learn about the types of small business loans and financing your real estate business can use to survive the often unpredictable cash flow ups and downs.

Can real estate brokers obtain commercial loans?

Realtors may be eligible for a variety of small business loans depending on qualifications. These may include:

• Lines of business credit
• Business Term Loans
• Business credit cards
• Loans guaranteed by the Small Business Administration (SBA)
• Commercial vehicle loans

We’ll explain each type of loan in more detail in a moment.

Can real estate agents get commercial loans?

Real estate agents are usually independent contractors and can also face significant expenses, including the cost of certifications and licenses, as well as marketing and advertising.

They too may be eligible for funding. The same types of financing available to brokerages may be available to agents, if they meet lender criteria. New realtors, however, will likely face significant hurdles in obtaining funding, like most startups.

Do real estate agents use personal loans for business expansion?

Realtors and brokers (including REAL ESTATE AGENTS) who do not qualify for financing may have to turn to personal savings or personal loans to finance their business.

Using personal loans to finance a business is always risky. If the business cannot repay the loan, the borrower will have to pay the full amount of the loan. Additionally, a personal loan affects your personal credit.

If you need short-term financing, you may want to consider a small business credit card. We’ll explain the benefits to you in a moment.

How can I get funding to expand my real estate sales business?

Small business lenders often look at three main factors when reviewing a business loan application:

• Income/cash flow
• Credit
• Time spent in business

Most small business lenders will look at income and cash flow to determine loan eligibility. Quite often, they will require the business owner to share business bank statements or link a business bank account to analyze earnings when taking out the loan. Traditional bank loans or SBA loans may also require copies of business tax returns, if applicable.

Disclaimer: If business revenue has been consistently falling, it may be more difficult to qualify for financing. If so, you may need to consider alternatives such as business credit cards.

Some lenders may require a personal credit check of the owner (or multiple owners, if the business is owned by more than one person). They may also require a personal guarantee. Thus, if the loan cannot be repaid by the company, the lender can try to recover the personal assets of the borrower. It’s a good idea to monitor your personal credit scores so you know where you stand.

Lenders can also check business credit, so be sure to check and monitor your business credit as well. If you don’t have a business credit history, you’ll want to start building business credit as it may provide more financing options in the future.

Lenders prefer to lend to businesses that have been in business for at least two years, although some may be more lenient if the business is making enough money to meet their minimum annual income requirements.

Startups and new real estate agencies may have a harder time getting funding. However, if you are a successful agent with a strong track record and are now opening your own brokerage, your previous experience may be helpful in qualifying for certain loans.

What are the best loans for real estate sales companies to obtain loans?

Here are 5 types of financing for small businesses that real estate agents and brokers can consider:

1. Business credit cards

We’ve mentioned business credit cards several times for a reason. They can provide many benefits to business owners.

They are among the easiest financing to obtain. Credit approval is usually based on the owner’s personal credit scores, not the business.

Most issuers do not require documented business income, although you must meet minimum income requirements which may come from non-business sources.

The repayment terms are flexible, as you can make the minimum payment or pay off the entire debt.

You may be able to get an introductory rate of 0% APR that you can use to refinance more expensive existing debt or simply to provide working capital for several months.

Finally, most small business credit cards don’t report personal credit (unless you’re in default), which means you can avoid impacting your personal credit scores when you have a balance.

More than 100 business credit cards at the click of a button

Business credit cards can ensure you always have emergency cash on hand. Browse your best business credit card matches for free and apply in minutes!

Find my best options

2. Commercial line of credit

Every established business should consider a line of credit. It provides access to credit for short-term needs, no questions asked. You only pay interest on the amount you borrow and repayment terms are often flexible.

3. Business Term Loans

Business term loans are great for specific projects where you know how much you need to borrow and for how long. They provide a lump sum of money that the company can repay over several months or years.

4. SBA Loans

The United States Small Business Administration does not provide loans (with the exception of disaster loans, including pandemic relief loans). Instead, it guarantees a portion of loans made by approved lenders. Some real estate businesses may qualify for one of the many SBA loan programs, and the terms are usually quite attractive. However, these are not quick loans; expect the setup and funding process to take at least 1-3 months.

5. Commercial vehicle loans

Estate agents often need an attractive, well-maintained car if they are to show properties to clients. A commercial vehicle loan can be an advantageous way to finance this vehicle.

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When farmer Ed Lovejoy rounded up his sheep last month he was left “stunned” and feeling “rather sick”.

A total of 116 ewes had gone missing from his flock of 460, with the missing cattle worth around £17,000.

Initially suspecting the animals might have escaped, Mr Lovejoy went looking near his farm in Woodchurch, Kent, but there was no trace of them.

It wasn’t until a witness reported seeing someone on a quad pushing the sheep to the side of a field that reality dawned on the 40-year-old farmer.

Brazen thieves had staged a daring raid to steal the animals, which are now feared to have been slaughtered and sold as meat on the black market.

It comes amid warnings that Britain is facing a ‘potential crime crisis’ linked to the soaring Cost of life.

Electricity theft, shoplifting, insurance fraud and rural crime are said to be on the rise amid soaring food and energy prices.

Fraudsters are ‘weaponizing’ the situation with a series of scams, according to a charity, while organized crime groups are said to be viewing the crisis as ‘an opportunity’ to recruit.

In the countryside, insurance company NFU Mutual has warned of an increase in theft, with an estimated £2.4million worth of farm animals stolen last year and £1.4million additional pounds taken in the first eight months of 2022.

Mr Lovejoy said the theft of his Romney sheep, a native Kentish breed, would have a ‘ripple effect’ on his business for two to three years.

He suspects the animals were either taken to a “dodgy slaughterhouse” or killed and sold as meat by the criminals themselves.

“There are years and years of breeding in these sheep and you look after them all year round,” Mr Lovejoy told Sky News.

“Somebody taking them and stealing them makes you pretty sick.

“I think they probably would have slaughtered them and put them in the food chain somehow.”

Fear cattle rustlers cannot be arrested

Mr Lovejoy said he reported the theft of his sheep to the police, but the culprits were not found.

He now fears that criminals will return to try to steal more of his animals.

“How do you secure 700 acres to stop people going up there to steal sheep? I’m not sure that’s possible,” he said.

“It is a fear that they take more.

“If food gets really expensive, there’s always a black market.

“If the cost of living crisis gets worse, there’s a chance we’ll see more and more cattle rustling.”

Increase in violent crime predicted

A criminologist says the UK is facing a ‘potential crime crisis’ linked to the cost of living – including an increase in street violence.

Dr Robert Hesketh, of Liverpool John Moores University, told Sky News: “As the cost of living crisis begins to peak, I think there will be an increase (in crime) – I think it’s obvious.

“In areas like mine – marginalized areas, areas of social exclusion – it’s going to skyrocket, especially among young people.

“I once overheard the family of a youngster saying, ‘Look, we’re going to pay your Sky bills, let your boy do some deliveries for us.

“You’ll get members of organized crime groups to monopolize this because they know people are going to need the money.

“There has already been an increase in electricity theft – that’s up 13% (in 2021-22 from the previous year).

“In communities like mine, it only takes one to get by and there are [people] saying, ‘Go ahead’.”

“The police will have to prioritize”

Dr Hesketh said organized crime groups see the cost of living crisis as “an opportunity to get more manpower, more people involved in street crime and drug dealing, and the responsible keep their hands clean”.

“With the organized crime groups around my area, it’s very territorial,” he added.

“As people get desperate and organized criminals get more greedy, they’ll start invading other people’s territory…it obviously gets violent.

“Violence is an integral part of organized crime…it’s how they thrive. Without violence, they’re nothing.”

Dr Hesketh said he thought the police ‘should give priority’.

“Resources are limited as they are, they are going to focus mainly on more serious acts of violence, I think,” he added.

Victims targeted “left, right and center”

Charity Victim Support said they saw people targeted by government housing tax refund scams and an increase in the number of people trying to get “quick loans” through unregulated services.

Lisa Mills, the charity’s chief fraud officer, told Sky News: “People are in this hot state – they’re worried about the cost of living – so they’re taking more risks than they’re letting go. would normally do.

“This scenario will now be weaponized by fraudsters. We have seen it with the pandemic.

“When people feel anxious and uncertain, their ability to rationalize and think things through is going to be compromised.

“What we’ve seen is people in desperate need of money taking unnecessary risks by taking out loans online.

“We know people are going to be targeted left, right and center.”

Ms Mills warned of a potential increase in ‘money muling’ – when a criminal convinces someone to accept money into their account before the funds are then transferred to another account.

“It’s actually money laundering – it’s washing dirty money,” she said.

“We have seen cases where young people have been promised free coaches if they accept money and then continue.

“Your guard is down in this time of crisis and people will be gasping for air thinking ‘I need a quick fix now’, and this is being offered to me and it sounds great.”

Ms Mills warned that some unregulated loans may charge high interest rates or the loan may not even exist.

She said: “As soon as they pay money, a website is taken down, you’ve lost your money – so the loan didn’t exist in the first place.

“He captures people that way.”

Read more:
Teens make money for families by joining gangs
Police watchdog suggests officers may overlook some shoplifting

The National Police Chiefs Council (NPCC) said the force had considered the impact of the cost of living crisis, but denied reports it was preparing for a ‘tidal wave’ violent crime and public disorder.

An NPCC spokesperson said: “Our current priority remains prevention, and we continually work with communities to gather intelligence on crime and disorder.

“As a result, police are able to routinely intervene early to prevent incidents or their escalation through this community intelligence to keep the public safe.”