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But somehow we're going to avoid a recession while nailing a soft landing.... ----------- "The number of personal filings reached 12,195, which is the highest monthly volume seen since October 2019, before the pandemic. This breaks down to an average of 393 filings by Canadians per day. In a statement, André Bolduc, CAIRP chairperson, said that despite June's decline in interest rates, "the high cost of living and the high cost of servicing debt continue to strain budgets." In the 12-month period that ended in May 2024, there was a 17.9 per cent increase in consumer insolvency filings compared to the 12 months ending in May 2023." https://lnkd.in/ge25_YYR

Let’s read Arthashastra #20 In today’s complex financial landscape, we often look for modern solutions to age-old problems. Yet, over 2,500 years ago, the Arthashastra laid down sophisticated principles governing loans, deposits, pledges, and mortgages that are surprisingly relevant today. Lets explore The Boundaries of Family Debts Debts between husband and wife, father and son, or among brothers in a joint family are not recoverable. Moreover, a wife cannot be sued for her husband’s debts unless she agreed to the borrowing. However, a husband is liable for his wife’s debts if he leaves without providing for her needs. Obligations of Debtors and Creditors: A creditor must accept repayment and return pledged goods once conditions are met. The text emphasizes fairness and responsibility, ensuring that debtors are not exploited and creditors receive their due. This balanced approach highlights the reciprocal nature of financial transactions. Sureties and Limitations: Minors cannot be sureties, and any surety given is specific to a particular transaction. Debts ignored for ten years become non-recoverable, except in cases involving minors, the ill, the aged, or those facing unforeseen calamities. Obligations of Heirs and Successors If a debtor dies, his heirs, co-signatories, and sureties inherit the repayment responsibility. This rule, extending to sons, grandsons, and kinsmen, ensures continuity and accountability in debt repayment, reinforcing the intergenerational nature of financial duty. The King's Priority: In the hierarchy of creditors, the king's debts hold the highest priority. This principle underscores the importance of state obligations and the central role of governance in maintaining economic stability. Force Majeure : During times of societal turmoil—pillaging, plundering, lawlessness, or natural disasters—individuals are exempt from returning entrusted property. Risk-Based Pricing: Normal loans carry a 15% per annum, commercial loans 60%, loans for risky forest travel 120%, and sea travel 240%. Grains and commodity stocks have a 50% annual interest. These rates reflect the understanding that higher risks warrant higher returns. The Practicality of Pledges: When an animal or house is pledged, the milk from the animal or rent from the house offsets the interest payable. This practical approach to asset utilization and debt servicing ensures that pledges provide tangible benefits beyond mere collateral. Skepticism Towards Artisans: Chanakya viewed artisans with suspicion, noting their tendency to be dishonest and operate without witnesses. If an artisan hands over an object to someone other than the owner, it is deemed lost. By integrating fairness, accountability, and risk management, the Arthashastra provides a robust framework that continues to inspire contemporary financial practices. Next week we shall continue our journey by learning about property laws in Arthashastra #india #leadership #strategy

Consumer insolvencies hit 4 year high in Q2: CAIRP The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) said in a press release Friday that 35,082 Canadian consumers filed for insolvency during the second quarter of the year, marking an increase of 12.4% from a year earlier. #cairp #bankruptcy #money #monematters #insolvency #Canada #rate #dbts #privatemortgage #privatelending #vancouver #toronto

What is GGS ? GGS is The Growth Guarantee Scheme. This scheme was launched on 1st July 2024 to replace the Recovery Loan Scheme (RLS). Elite Money always gets asked about #government schemes and new #funding products on a daily basis. In reference to this scheme please see some points below. 1) Unlike previous scheme such as CBILs there is a Personal Directors Guarantee (PG) and there is no free period before the re-payments start. 2) Rates we have seen can be higher than a traditional loan, but might also come in lower. 3) The facility is 100% one that will be reviewed along with other similar options to aquire the best solution. The government are providing a guarantee to the lenders which may encourage some more approvals for cases. In my view 🧐 this scheme is certainly one to be considered, but by all means is not a stand alone solution to help UK businesses. For any further questions or assistance on this please contact me Paul Hayes Louie Nolan. #funding #help #growthguaranteescheme #GGS #loans

Why do the MSME Community need to transfer their losses to tax payers /depositors, by preventing parate rights? Why couldn't MSME Community have an adequate accumulation of profits in their books, without transferring to the owners/Shareholders.? If parate rights are further delayed, the cost of these bad loans will be reflected in pricing, and which will be paid by the genuine borrower. So, genuine MSME community should bear in mind , you are paying for the bad apples of your fellow vendor.

📈 Latest SSBCI Loan Trends (as of December 2023): The Department of the Treasury's recent report shows $2.6 billion disbursed to bolster small businesses, with a significant 32% increase in funds deployed last quarter. Graphs highlight that 63% of these funds are dedicated to loan programs, emphasizing support for growth in micro-rural areas. Read more for detailed visual data of how these strategic investments are nurturing community and economic development. https://lnkd.in/geR39KiF #SSBCI #SmallBusinessGrowth #CommunityDevelopment #EconomicInsights

Red Fort Capital Secures Rs 22.6 Crore in Debt from Leading PSU Banks Red Fort Capital, a leading investment-grade NBFC, has just raised Rs 22.6 crore in debt funding, surpassing a significant milestone of Rs 100 crore in assets! This funding includes: Rs 15 crore from a major PSU bank Rs 4.1 crore through NCDs via Foreign Portfolio Investors (FPIs) Rs 3.5 crore from USHA Finance These funds will enable Red Fort Capital to accelerate its mission of closing the credit gap for India's SMEs. With flexible secured loans from Rs 1 crore to Rs 10 crore and an industry-leading turnaround time of just 7 days, they’re pushing boundaries in business financing. With a strong nationwide presence and deep banking relationships, Red Fort Capital is on track for further growth, aiming to empower more SMEs across the country! Read More: https://lnkd.in/e6UNWSMy #RedFortCapital #DebtFunding #SMELoans #PSUBanks #NBFC #BusinessFinancing #IndiaStartups #SMEGrowth #FinancialInclusion

NCBA Group Posts KSh9.8 Billion Profit in H1 2024 NCBA Group has posted a 5 per cent increase in half year profit to KSh9.8 billion compared to the same period in 2023. - Operating income grew mildly by 1.1 per cent to KSh31.4 billion with operating expenses growing at a faster pace to KSh16.5 billion. - Customer deposits increased by 2.4 per cent to KSh528.9 billion. Similarly, the Group’s loan book grew 5.9 per cent to KSh309.7 billion. https://lnkd.in/dKKVQts4

According to findings by the NACFB, commercial finance brokers facilitated £38 billion in lending to SMEs last year. With 32% of these small businesses being refused funding elsewhere, working with a broker had ultimately been crucial in securing their funding. Chair of the NACFB, Paul Goodman says: '...our Members have directly contributed to the sustainability and growth of the UK’s SME sector". Read more insights from NACFB's survey of the commercial finance sector here: https://bit.ly/3ITROgJ #CommercialBroker #CommercialLending #CommercialFinance

Despite the economic slowdown, commercial activity remains dynamic: 17.1 billion in outstanding loans (+0.9% over one year) Crédit Agricole Normandie-Seine continued to finance the region's projects by carrying out nearly 500 million euros in new financing , down -29.5% year-on-year. Outstanding loans, at 17.1 billion euros , increased by +0.9% over one year and consolidated the leading position of the Regional Fund in its territory. The Credit market share is increasing and stands at 32% (+0.4pt in one year) *. 681,000 customers (+0.6% over one year) The Crédit Agricole Normandie-Seine customer portfolio increased by +0.6% to more than 681,000 customers . Nearly 7,100 new individual and professional customers chose us in the first quarter of 2024. The acquisition of nearly 6,000 new members since the beginning of 2024 allows us to affirm our status as a mutual bank and brings the portfolio of member customers to more than 276,000 members , or 55.54% of our eligible customers. https://lnkd.in/eUghkMu4