Funds included in the Recovery Act for small business lending ran out as of November 23. There are more than 700 businesses on the waiting list for loans from the SBA totaling more than $315 million.

“Experience has shown that SBA Recovery Act funding is successful: it actually does go out to the small businesses it is intended to help,” Senator Landrieu said. This is why she believes it is “critical” to extend the Recovery Act funding for the currently exhausted SBA loans.

The request includes $140 million for increased 7(a) loan guarantees, $283 million for the elimination of borrower fees on 7(a) loans, and $56 million for the elimination of borrower and lender fees.

“If Congress acts on this request, we can clear the waiting and support up to $18.5 billion in SBA backed loans,” she says.

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Not that long ago the whole idea of doing any financial transaction over the Internet was looked at with great skepticism and a bit of paranoia by the average consumer, but that has all changed. These days the online credit card account is a common resource for most people who can use online banking and Internet credit card tools to do everything from online credit card applications to bill payments and online credit card travel arrangements or shopping.

The only difference between traditional credit card use and online credit card management is that instead of dealing through the mail, over the phone, or in person at your bank you handle transactions and other procedures virtually – by using email or going to your online credit card company’s website. You

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Ireland’s banking system faces a “very challenging” environment in 2010 as the economy contracts and a housing slump extends, Moody’s Investors Service said today.

The property slump, together with the weak economic environment in Ireland “will continue to feed through into very substantial arrears and losses,” Moody’s said in an e-mailed note.

“The fundamental credit outlook for the Irish banking system remains negative.”

Ireland’s banking system almost collapsed last year, forcing the state to create a bad bank NAMA to purge the nation’s lenders of €77 bn of toxic property loans.

Property p

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Signing on the dotted line when purchasing a piece of real estate can be scary, because usually the contract represents the biggest financial investment of your entire lifetime. But when you first fill in a purchase offer contract – which is usually the first step taken with the help of a Realtor in making a serious offer to a homeowner to buy their home – you can insert special language to help give you a safety valve.

Every state has its own unique standard types of real estate contracts, but most of them have two major components – one that spells out how the house will be financed, and another that is usually titled “Special Provisions.” The Special Provisions section is where anything important that was not covered in the rest of the contract can be spelled out. Many real Read more…

IFG, the minnow headed up by Mark Bourke, is the Irish financial services group which has weathered the storms of the past two-and-a-half years better than any of its larger rivals. At the current €1.50 price, IFG is back up to almost two-thirds of its 2007 peak of €2.35. Unlike the banks, IFG doesn’t risk its own capital; and while this can limit returns in the good times, it ensures downturns are limited. This week IFG announced it was paying €38m for James Hay, the UK’s largest provider of self-invested personal pensions (SIPPs). James Hay has over 33,000 SIPPs on its books, with total assets of £9bn (€10bn) plus.

The deal is being funded by a €50m placing of new shares at €1.05 per share. The 48 milli

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NEW YORK (Reuters) – The Dow and S&P 500 closed up for a third straight session on Friday after several solid consumer-related reports reinforced investors’ confidence in a steady recovery by the economy.

Government reports showing stronger-than-expected November retail sales and an unexpected rise in business inventories in October pointed to a recovery in consumer spending. A private survey also showed consumer sentiment improved in early December, lifting the S&P Retail index (.RLX) by 1.3 percent.

“Today is a repeat of prior days, with economic data showing recession is bottoming out and recovery is here,” said Rick Lake, portfolio manager of the Aston/Lake Partners LASSO Alternatives Fund in Greenwich, Connecticut.

The Dow Jones industrial average (.DJI) was up 65.67 points, or 0.63 percent, at 10,471.50. T

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