KAMPALA, Oct 14 (Reuters) – Uganda’s central bank said on Wednesday foreign-based banks do not need its license to lend funds originating abroad, reassuring an industry jolted by a court ruling last week that declared some syndicated loans involving foreign banks illegal.
The loans affected by the Commercial Court ruling represent at least $1.5 billion worth of debt, according to an industry body.
The Bank of Uganda said it did not regulate lending that involved “using funds obtained from foreign banks that do not take deposits from the public in Uganda.”
“Foreign banks lending deposits held in jurisdictions other than Uganda are regulated and supervised by their home authorities,” it said in a statement. “It is not mandatory for a foreign bank to establish a representative office in Uganda in order to conduct lending.”
The central bank’s position does not override the court’s ruling but it
Royal Credit Union Announces New Vice President Business Lending Manager
EAU CLAIRE, WI (October 12, 2020) — Royal Credit Union (Royal) has named Michael (Mickey) Noone as Vice President-Business Lending Manager. He is responsible for establishing, leading and executing the strategic initiative for Business Lending at Royal. Noone will develop and execute a comprehensive plan for business lending which includes oversight of originations and portfolio management. Noone will also lead business loan production while working collaboratively with executives and other leaders to meet lending objectives, manage risk and support operations. Noone is assuming the role following the retirement of long time Royal team member and former VP-Business Lending Manager, David Thoe.
Noone is an accomplished leader and commercial lender with over 20 years of business banking experience. He has a track record of strong business development, continuous improvements and strategic planning. He is also a former business owner, non-profit founder
Grand Rapids Opportunities for Women received a $400,000 grant to fund its small business development lending in economically disadvantaged communities.
The nonprofit said last week that it received the sum as a Community Development Financial Institution (CDFI) financial award. The nonprofit in 2016 earned its CDFI designation from the U.S. Department of Treasury’s CDFI Fund. This is Grand Rapids Opportunities for Women’s (GROW) second CDFI financial award since then.
Bonnie Nawara, CEO of GROW, said the funds will help the organization broaden its lending base to vulnerable areas. Currently, it provides microloan lending and technical assistance to small businesses in Kent, Ottawa, Muskegon, Newaygo, Allegan, Barry, Ionia, Montcalm and Kalamazoo counties.
“This money helps us to stabilize our lending portfolio and drive our focus to deploy funds into communities of color,” Nawara said.
CDFIs are certified by the U.S. Department of Treasury to inject new sources
JP Morgan Chase plans to expand home lending for Black and Latino families while PepsiCo will give more money for job training, officials announced.
Representatives from JP Morgan Chase and PepsiCo made the pledges during a news conference with Mayor Lori Lightfoot and the Chicago Community Trust, a leading philanthropic organization.
JPMorgan Chase promised to increase homeownership among 3,000 Black and Latino families “in the Chicago region through an additional $600 million in home lending to these families over the next five years,” officials said.
The bank also will expand low down payment programs and grants for home buying, including closing cost assistance.
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Officials also said PepsiCo will be giving $500,000 for job training and development, though it wasn’t clear when or where. The soft drink giant also is giving $1 million