The Small Business Administration is creating and maintaining a number of financial incentives for small businesses new and old alike to get themselves green. The environmental incentives range from financing energy efficiency projects to green technology development grants and even state and local programs. You can browse through all of these at the SBA’s website. The [...]
In a move that seems a bit surreal, the recently government and tax payer bailed out Citigroup Inc. announced Tuesday that it plans to help recently unemployed borrowers who are delinquent on their mortgages stay in their homes.Under the plan, borrowers will be allowed to make reduced mortgage payments for three months, with the average required payment for most qualifying customers hovering around $500 a month.
“Our Homeowner Unemployment Assist program is intended to serve as a bridge toward a longer-term solution, helping homeowners stay in their homes and in their communities while they get their feet back on the ground,” Sanjiv Das, chief executive of CitiMortgage, told CNN Money.
Estimates from Citi representatives say that “thousands” will be eligible for the program. The stipulations for qualifying are that borrowers must be on their first mortgage and their loans must be owned and serviced by CitiMortgage. Other unspecified criteria will also be used. Borrowers who find employment during the three-month period can either resume their original monthly payments or receive a long-term loan modification.
“If the customer is not employed within three months, Citi will work with customers on a case-by-case basis to explore the best solutions,” the company said in its announcement.
The bank also said that it will “consider expanding the program to include borrowers at earlier stages of delinquency or who are current on their loans, as appropriate.”
Citi announced its Homeowner Assistance program in November, saying at the time it would contact 500,000 mortgage holders to ensure they could pay their loans.
For small business owners, this latest move comes as proof that Citi is willing to restructure many of its loans. If you have a loan from Citi and are attempting to refinance or get a reduced rate, whether it was for your business, office or other reasons, there’s a good chance you can make modifications.
Because the SBA is maintained by the federal government – and you know how they’ve been doling out the money of late – there are a number of great ways for entrepreneurs to get loans to start a business or businesses. Here are the final three loan types one can obtain from the SBA PROGRAM: Microloan, [...]
Because the SBA is maintained by the federal government – and you know how they’ve been doling out the money of late – there are a number of great ways for entrepreneurs to get loans to start a business or businesses. Here are the five main loan types one can get from the SBA PROGRAM: Basic [...]
Highlights of the $787 billion American Recovery and Reinvestment Act and how those will affect small businesses. There is an estimated $80 billion of the bill will be sent toward “greening” the economy, meaning adding new green technologies and businesses. A big chunk of the money will boost demand for solar-powered homes. Under the law, all [...]