Investment – Joy Peppers Fri, 04 Jun 2021 19:20:04 +0000 en-US hourly 1 Investment – Joy Peppers 32 32 Microhip shortage hits subprime lender’s credit acceptance as auto loan volumes plummet Fri, 04 Jun 2021 19:07:29 +0000

In its filing disclosing the decline in loan volumes, Credit Acceptance executives noted that the company, “in disclosing this information regarding the monthly volume of consumer loan allocation units, does not recognize any obligation to have done so and undertakes no obligation to disclose information on the volume of loan allocation units in the future. “

The external disputes that impact the lender arise amid growing problems that have placed the company in the crosshairs of regulators, politicians and activist investors for at least a year.

In late April, the company simultaneously announced that its longtime CEO Brett Roberts would be retiring, which he did for “personal reasons,” and that the company had reached a $ 27 million settlement with the Massachusetts Attorney General linked to alleged deceptive lending practices.

In recent months, notable short sellers such as Steve Eisman and Andrew Left have taken positions betting against the company’s stock price, citing expected regulatory crackdowns related to the company’s alleged business practices. These include high interest rates, hidden fees and repossession more than a third vehicles it finances.

While acknowledging some of the issues that plagued credit acceptance, Buckingham and JD Power said he saw them as separate from the drop in lending volume disclosed on Wednesday.

The analyst said his company still compiles total car loan data for May, but based on recent trends, he expects the same dynamics to impact Credit Acceptance’s competitors in the industry. subprime space.

“I tend to think it will be a model,” Buckingham said. “I don’t think they’re going to be an outlier.”

– Automotive News contributed to this report

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GCAR ABS subprime auto loan Thu, 03 Jun 2021 23:47:00 +0000

A pool of subprime auto loans on new and used vehicles will guarantee $ 559.9 million in asset-backed securities, the sixteenth securitization of Global Lending Services since their market launch in 2014.

Global Lending Services grants loans through franchised and independent car dealerships, and CLS 2021-2 pool loans have a weighted average FICO score of 570, an average current balance of $ 18,688, and an average interest rate. weighted 18.38%, according to Kroll Bond Rating Agency.

The agreement, GCAR 2021-2, has a number of positive features from a credit perspective. The underwriting and risk management process is highly automated, technology-driven and multi-step. Every loan application decision is made this way.

GLS has been profitable since 2017 and reported positive annual net profit of $ 28.5 million as of March 31, 2021. At that time, the company also had total assets of approximately $ 3.1 billion and total equity. of $ 240.9 million.

KBRA found other positive points about the deal, mostly related to structure. Tickets are reimbursed according to a sequential structure. The principal of the Category A Notes will be refunded in full prior to the commencement of payment on the Category B Notes, followed by any Subordinate Notes which will be refunded through the Category E.

The initial overcollateralisation is 3.10% of the cutoff pool balance and will increase to a target overcollateralisation equal to the sum equal to 12.1% of the current pool balance, plus 1.5% of the cutoff pool balance . The transaction also benefits from subordination, a cash reserve account and excess spread.

The agreement also has an initial credit enhancement of 52.8%, the second highest level of initial credit enhancement on CGCAR transactions since 2017. Only the agreement immediately preceding GCAR 2021-2, GCAR 2021- 1, had a higher initial credit enhancement of 54.2 percent.

Geographic diversification is another advantage, as Texas accounts for 12.8% of the guarantee pool, followed by California (7.7%) and Florida. These three states represent the highest concentrations of states.

KBRA also noted that Wells Fargo is acting as a backup agent.

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JAKKS Pacific refinances term loan and signs new revolving credit facility Thu, 03 Jun 2021 12:23:00 +0000

By Chris Wack

JAKKS Pacific Inc. said it has successfully completed the refinancing of its existing term loan facility with a new term loan facility from Benefit Street Partners LLC and has entered into a new revolving asset-based credit facility with JP Morgan Chase .

The new senior term loan facility has a principal balance of $ 99 million maturing in June 2027. The term loan will bear interest at LIBOR plus 6.5% to 7%, subject to LIBOR floor of 1%.

JAKKS Pacific said the proceeds from the new term loan facility, along with available cash, were used to repay its existing $ 128.9 million 10.5% term loan facility maturing in 2023, plus unpaid interest and fees and expenses related to refinancing operations.

Under the BSP Term Loan, the Company can draw an additional $ 19 million to finance the redemption of one of its 2023 Senior Convertible Notes. The repayment of the term loan accelerates the maturity of the notes. convertible bonds until September 1, days from the repayment of the term loan. As of Thursday, the senior convertible bond balance outstanding was $ 18.9 million.

The company also successfully secured commitments from JP Morgan for a $ 67.5 million revolving asset-based credit facility maturing in June 2026. The new revolving credit facility replaced the existing 60 revolving credit facility. million dollars of the company due August 2022.

JAKKS Pacific stock rose 9% to $ 10 in pre-market trading.

Write to Chris Wack at

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Taxation of the recoverable part of the CEBA loan in 2020 | Dentons Wed, 02 Jun 2021 18:18:59 +0000

As the corporate tax filing deadline approaches for corporations with a December 31 year-end, businesses that have received the Canada Emergency Account Loan for Businesses (CEBA) in 2020, should be aware of the tax implications of the forgiveness portion of the loan.

The CEBA was launched on April 9, 2020 to support businesses during the COVID-19 pandemic. Companies could benefit from CEBA loans under the following conditions:

  • If a business has borrowed $ 40,000 or less and the company fully refund the outstanding loan (other than the amount that can be canceled) by December 31, 2022, then 25% of the loan (up to $ 10,000) will be forgiven
  • If a business has borrowed more than $ 40,000 until $ 60,000, and the business repays the outstanding loan balance (other than the forgivable amount) in full by December 31, 2022, followed by a one-time loan forgiveness installment, up to $ 20,000, will be provided on the basis of the following weighted rate:
  • 25% at first $ 40,000; more
  • 50% on the upper uprights $ 40,000 and up to $ 60,000.

If the business does not fully repay the outstanding loan balance (other than the amount eligible for forgiveness), no discount will be given.

It is important to note that the non-repayable portion of the loan must be included in the taxpayer’s income in the year the loan is received. in accordance with paragraph 12 (1) (x) of the Income Tax Act (the “ITA”), unless the taxpayer elects under subsection 12 (2.2) of the ITA to reduce the amount of a disbursement or expense that is made or incurred by the taxpayer. This was recently confirmed by the CRA in technical interpretation 2020-0861461E5.

An election under subsection 12 (2.2) is made by means of a signed letter accompanying the applicable income tax return that includes the following: (a) the subsection under which the election is made; b) the amount chosen; and (c) the amount of the aid and the date on which it was received. Generally, this election must be filed no later than the date on which the taxpayer’s income tax return must be filed for the year in which the loan is received or the following year if the expenditure is made or incurred during the Next year.

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Iowa Student Loan Liquidity Corporation (ISL) Announces Consent Solicitation Process Results for its 2005-1, 2011-1 and 2012-1 Notes Wed, 02 Jun 2021 00:08:00 +0000

WEST OF THE MONKS, Iowa, June 1, 2021 / PRNewswire / –


Iowa Student Loan Liquidity Corporation Student Loan Asset Backed Notes, Series 2005-1 (the “2005-1 Notes”), consisting of:

Category A-3 tickets of $ 75,305,760, CUSIP: 462592AC0

$ 12,475,354 Category B tickets, CUSIP: 462592AD8

Iowa Student Loan Liquidity Corporation Student Loan Asset Backed Notes, Series 2011-1 (Libor Floating Rate Notes) (the “2011-1 Notes”), consisting of:

$ 97,516,328 CUSIP: 462590HW3

Iowa Student Loan Liquidity Corporation Student Loan Asset Backed Notes, Series 2012-1 (Libor Floating Rate Notes) (the “2012-1 Notes”), consisting of:

$ 142,325,871 Category A tickets, CUSIP: 462590JS0

$ 10,000,000 Category B Notes, CUSIP: 462590JT8

As the issuer of the 2005-1 Notes in circulation, the 2011-1 Notes and the 2012-1 Notes, Iowa Student Loan Liquidity Corporation (“ISL”) today announced the results of the solicitations for consent to obtain the consent of the holders of each of the 2005-1 Notes. , the 2011-1 Notes and the 2012-1 Notes (collectively, the “Notes”) in order to amend the respective acts governing the Notes to allow their early redemption.

DF King & Co., Inc., as Tabulation Agent, declares that it received the necessary consents for all three series of Notes prior to the expiration of the Solicitation Period at 5:00 p.m. New York City It’s time May 27, 2021.

Having received the consent of the holders of the majority of the aggregate principal amount of each series of Notes, ISL will now proceed to amend each series of Notes and the respective Indenture to allow early redemptions thereof, as described in the declaration of solicitation of consent for each of the dated Notes May 19, 2021. ISL plans to reimburse the tickets in full on or about June 4, 2021.

Contact: Erin Lacey
[email protected]

SOURCE Iowa Student Loan Liquidity Corporation

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Student loans eliminated for students from families earning $ 125,000 or less Tue, 01 Jun 2021 06:07:29 +0000

Expanded support will start with class 2026.

by Pierce Wilson | 06/01/21 2h00

On May 12, Dartmouth announced that starting with Class 2026, students from families with an annual household income of $ 125,000 or less will be eligible for full loan-free scholarships. The threshold marks an increase of $ 25,000 from the previous threshold of $ 100,000, according to Presidential Commission on Financial Aid co-chair Julie McKenna.

Expansion of eligibility for free tuition is part of $ 3 billion, according to college press release Call to Lead campaign. Julie McKenna said increasing the $ 125,000 loan-free threshold is part of the College’s “natural progression”.

“In 2005, the threshold was $ 45,000, then from 2012 to today it was $ 100,000,” said Julie Mckenna. “Our next step is to try to increase it to $ 150,000.”

According to Vice Provost Enrollment and Dean of Admissions and Financial Aid Lee Coffin, the new policy means eligible students will no longer have student loans included in their Dartmouth financial aid program. All their demonstrated needs will be met through scholarships, grants and work-study, he said.

“We won’t wrap any of these families with loans,” Coffin said. “However, a single family could still take out a loan, and that would be an independent process. The College says, “We are no longer meeting your needs with a federal loan.” ”

Director of Financial Aid Dino Koff said “many schools” do not include student loans in their financial aid programs and that Dartmouth is working to do the same for students of all levels. income – starting by increasing the threshold to $ 150,000. Currently, Dartmouth and Cornell University are the only schools in the Ivy League to provide student loans to undergraduate students, he said.

Koff added that even with the implementation of this policy, students and families can still apply for loans to help families and students contribute.

“Students can come in and apply for a student loan, whether it’s to help cover the family’s contribution, or if a student doesn’t want to work for a term,” Koff said.

Koff added that “many ‘loan-less’ schools still have high student loan debt” because students and families take on additional loans.

Coffin said loans to Dartmouth – which typically total around $ 25,000 over four years for students who receive loans as part of their financial aid program – are “lower” than what US colleges typically give. to families. However, he added that students can end up with more debt when families decide to borrow beyond what is granted to cover other costs. Koff explained that in these situations, families usually turn to private loans and federal loans for parents PLUS.

Koff said the college still has a “no loans for everyone” goal, and increasing the no-loan threshold to $ 125,000 is the next step in reaching that goal.

Ami Nwaoha ’23 said he had federal loans included in his financial aid program, although his family’s income exceeded the eligibility threshold of $ 125,000 for the class of 2026.

“It’s just boring to have to [take out loans] for Dartmouth, ”he said. “If it was in another school, I could understand the need to do it, but with the size of the endowment, it’s just frustrating.”

Nwaoha added that he believes eliminating loans for all students is an important aspect of attracting more students to Dartmouth, as well as reducing the financial stress students experience when studying at Dartmouth.

A member of the 2023 class, who requested anonymity as a condition of disclosing what he considers sensitive financial information, said his financial aid program included the maximum amount of unsubsidized federal loans. Although her family could afford to cover the rest of the school fees, they decided to take out more loans to help pay the family contribution outlined in her financial aid program.

He said that while his student loans aren’t a major source of stress for him, they will limit any post-graduation opportunities he could possibly pursue.

“My monthly payments should only be $ 200 to $ 400 per month – it’s pretty manageable,” he said. “But it’s still on my mind. I don’t really feel like I can leave college and say, ‘Oh, I’m going to take a year to do something cool. “I feel like I have to go out and start earning an income to be able to pay off my loans. “

The Presidential Commission on Financial Aid has led the widening of the eligibility conditions, according to the other co-chair David McKenna. He said the commission was formed last March and seeks to improve financial access to the Dartmouth experience.

“Financial aid is actually the key to bringing super talented kids to Dartmouth because if you have really good financial aid you can get these great kids who can’t afford it,” McKenna said.

David McKenna said financial aid is “the key to the community” because financial aid enables students to be on an economically equal footing as a community. He added that financial aid is also the “key to leadership” because “many of the best leadership jobs are the least lucrative jobs.”

“If you’re really planning to go and change the world, it’s often not on Wall Street – it’s often somewhere on Main Street where you have a lower pay,” he said. “If you are overwhelmed by a large number of loans, you might make a different decision as to what you want to do.”

Coffin said the announcement was important to signal the community that the Order is aware of how the pandemic may have had a financial impact on families.

“Many families have seen their income or assets really affected by the economic conditions,” Coffin said. “[The announcement] Was a way for the College to say, “We remain committed to ensuring socio-economic access to families who feel the cost of an education in Dartmouth is beyond their reach.” ”

According to Julie McKenna, the commission has four additional goals: to transition to admissions blind to the needs of international undergraduate students – the admissions office was once blind to the needs of international students from the Class of 2012 to the Class of 2019 , But became “aware of the need” in 2015 starting with the Class of 2020 – offering scholarships to graduate students, funding off-campus programs for undergraduates, and supporting undergraduate students in need.

Koff explained the goal of supporting off-campus programs, explaining that for study abroad that costs more than normal tuition in Dartmouth, financial aid currently only covers 50% of excess costs. Ideally, he said, the costs of studying abroad or in Hanover would be the same for students who receive financial aid.

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What Happens When You Don’t Pay Your Federal Student Loans? Mon, 31 May 2021 14:00:01 +0000

Student debt relief has helped millions of Americans during the pandemic. As of March 27, 2020, federal interest rates on student loans have been set at 0% and payments have been suspended.

But the policy will currently expire on October 1, 2021, and many borrowers are still struggling financially, leaving many wondering: what if I can’t repay my student loan?

Private student loans do not have federal protections and have specific contracts that dictate the consequences of missing a payment. However, the consequences of non-payment of federal student loans often follow a common pattern.

Here’s a step-by-step guide to what happens when a borrower misses a federal student loan payment:

After graduation

Federal student loans are repaid when a borrower graduates or leaves school. However, most federal student loan borrowers receive a Grace period.

Borrowers on Directly Subsidized, Non-Directly Subsidized, or Federal Family Education Loans have a six-month grace period before they begin making payments.

Borrowers with Perkins loans are granted a nine-month grace period.

After the grace period, borrowers are expected to make regular payments in accordance with their selected repayment plan.

15 days after payment is due

Persis Yu, director of the NCLC’s Student Loan Assistance Project, says most federal student loans give borrowers a grace period of about 15 days after their normal due date to make a payment. This means that if you are less than 15 days late in making a federal student loan payment, there will likely be little consequence.

However, if a borrower has not made a payment after the end of this window, their loans will be considered past due and may start to impact borrowers’ credit scores, which can have significant consequences in the long run. term such as making it more difficult to buy a car or a home. Bad credit can also impact job opportunities when an employer performs a credit check.

“But at this point you still have time to get back on your feet. You can always make a payment and get back on track, “Yu said.” Really, really bad things don’t start happening until a little later. “

270 days after payment is due

After 270 days, the federal student loans are in arrears. Once federal student debt is in default, the government is able to garnish borrower salaries, Social Security checks, federal tax refunds, and disability benefits. In some states, borrowers with past due student loans may revoked professional licenses as well as their driver’s license.

“Private lenders have to get a court order before they can garnish your paycheck. The Department of Education is not obligated to do this, ”says Ashley Harrington, Federal Director of Advocacy and Senior Counsel at the Center for Responsible Lending. “All they need to do is send you a notice 30 days before the garnishment begins and give you the opportunity to appeal.”

“The government has extraordinary collection powers under the aegis of the Debt Collection Improvement ActYu says, listing all of the different ways the federal government can collect missed student loan payments. “The most common collection activity is that people will have tax refunds seized. When Social Security benefits or wages are garnished, they’ll typically take about 15% of those payments, but for tax refunds, they’ll actually grab the full amount. “

She adds that garnishing tax refunds, like the earned income tax credit, can have a detrimental effect on families and children.

“A lot of research has been done to show that the earned income tax credit is the most effective anti-poverty measure that we have in this country, “Yu said.” And so the impacts of taking that money are actually intergenerational. “

Yu adds that default borrowers “can apply for what is called a” 270 day forbearance “in which you can retroactively erase [the delinquency]. You must contact your service agent and you must complete a specific form. “

One year after payment is due

If a borrower hasn’t made a payment for more than a year, federal student loans will often transfer to a collection agency by default, Harrington says.

The Department of Education works with third-party collection agencies that will charge penalties and fees for not making a payment, sometimes up to 18% the balance of your loan.

Collection agencies “harass people with calls and texts, which can add to the mental stress of debt,” says Harrington, noting that at that time, the impact of default on a borrower’s credit would be. important. “Default loans impact your credit score, can limit access to credit, and make credit more expensive overall. This makes your life even more difficult.”

At this point, Harrington recommends borrowers contact their administrators to see if they are eligible for postponement of economic difficulties or if they can switch to a repayment plan that works best for them so they can get back on track. But ultimately, she says some borrowers have their hands tied.

“Failure to pay your federal student loans and going bankrupt and in arrears can have truly dire consequences. Consequences that can make your life more difficult in many ways and we need to be clear about that, ”says Harrington. “But it’s also important to note that a lot of people are really struggling and student loan repayments are one of them. Some do not make the decision not to pay their debts, but they have many other commitments: they have to pay rent, we are in a pandemic, there are job losses, there is underemployment, there are child care needs, there are all these other things that student borrowers have to deal with.

“And they have to keep the lights on.”

“One of the things that is really unique about federal student loans is that there is no limitation period,” Yu says. The consequences can therefore last a very long time. ”

Fortunately, unlike some private student loans, federal student loans are discharged upon death.

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How to Avoid Paying Too Much on Your Student Loan in the UK Sun, 30 May 2021 16:15:46 +0000

There are a few simple tips to avoid paying too much on your student loans. Photo: Getty

In the fiscal year between 2019 and 2020, 54,516 graduates overpaid their student loans because their payments did not stop once the debt was settled.

It is according to the data of the Student Loans Corporation. Hargreaves Lansdown’s analysis found the average overpayment to be £ 424 ($ 602). In total, £ 23.1million was overpaid.

Despite this alarming figure, the average overpayment has fallen by 30% over the past four years, and the number of people affected has fallen by 38%, after the Student Loans Company changed the system.

The massive overpayments in previous years were largely due to reimbursements being made via PAYE and until April 2019, HMRC only sent the Student Loans Company details of the reimbursements once. per year, so in the gap between full refund and sending data, millions of people overpaid.

From April 2019, it started sending employee-reported student loan information once a week, and for people paid monthly by PAYE, it sends it monthly.

Still, the number of people overpaying is a cause for concern.

“Part of the problem is that people took out these loans so long ago that their contact details may have changed, so the protections the Student Loan Company put in place to avoid overpayments won’t help them. at all, ”said Sarah Coles, personal finance manager. analyst, Hargreaves Lansdown.

Read more: Two-thirds of UK stores face looming rent lawsuit

“Any advice on how to avoid overpayments will end up sitting on the carpet of a house they used to live in, or cluttering up the inbox of an email account they no longer use.

“The same goes for their bank account. Any overpayment between £ 25 and £ 750 should be automatically refunded, but if the student loans company has an old bank account on file, they can’t do it. “

The five mistakes that mean you’ll overpay

  1. Ignore any messages from the student loans company regarding the direct debit system. Joining this is the easiest way to avoid paying too much.

  2. Failing to keep your contact details with the student loans company up to date – including your mailing address, email, and cell phone numbers. This means that you will miss all the posts on how to avoid paying too much.

  3. Ignore any messages asking you to pay off the full balance. It might sound like a cheeky request out of the blue, when you’ve been diligently paying back for years, but it’s designed to avoid overpayments, so if you can afford to do that, it will keep you from overpaying.

  4. Do not sign up for the online refund service, which is the best way to check if you’ve overpaid and need to request a refund.

  5. Do not update bank details held by the student loan company, so overpayments cannot be automatically refunded

Watch: How Much Money Do I Need to Buy a Home?

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Russia Confirms $ 500 Million Loan to Belarus as West Tightens Sanctions | Europe News Sun, 30 May 2021 02:03:24 +0000

Vladimir Putin and Alexander Lukashenko hold a second day of talks in Sochi as the United States imposes sanctions for the hijacking scandal.

Russia agreed to release a second $ 500 million loan to Belarus as Moscow ramped up support for Belarusian President Alexander Lukashenko amid outrage in the West over the grounding of a European passenger plane and the arrest of a dissident journalist.

The financial support was announced after Russian President Vladimir Putin held a second day of talks with Lukashenko and offered his guest a yacht trip to the Black Sea resort of Sochi on Saturday.

The money is part of a $ 1.5 billion loan that Russia pledged to Belarus as part of Moscow’s efforts to stabilize its neighbor after mass protests erupted against Lukashenko’s rule for nearly from three decades last year.

Minsk received a first installment of $ 500 million in October and will receive the second installment before the end of June, the RIA news agency reported.

The two-day Putin and Lukashenko summit came as the European Union and the United States denounced Belarus for using a bomb hoax threat to force a Ryanair plane to land in Minsk. Belarusian authorities sent a fighter plane to escort the plane, before arresting journalist Roman Protasevich and his partner Sofia Sapega, a Russian citizen.

Both are in prison accused of orchestrating mass riots. Protasevich could be jailed for up to 15 years.

Several European countries have imposed flight bans on Belarusian aviation, while the United States has said “complete block sanctions” against nine Belarusian state-owned companies will come into effect on June 3. Washington also said it was working with the EU to develop a list. targeted sanctions against key members of Lukashenko’s government.

Putin criticized the West’s response, agreeing with Lukashenko on Friday that the reaction was “an explosion of emotion.”

Russia has also pledged to consider increasing flights with Belarus to offset the effect of EU flight bans, according to Kremlin spokesman Dmitry Peskov.

Putin and Lukashenko “discussed the organization of air traffic, taking into account the decision of the European authorities and many airlines that have canceled flights via [Belarusian] airspace, and taking into account that Belavia is no longer welcome in European cities, ”Peskov said. “The transport ministries of the two countries – Russia and Belarus – are responsible for organizing all aspects of air communication … considering that a large number of Belarusians somehow have to return in their homeland. “

Putin also raised the subject of Sapega, Protasevich’s partner, Peskov said.

“At the initiative of the Russian president, the subject of the Russian citizen, who was detained, was raised… Of course, we are not indifferent to her fate,” Peskov said.

He added that the Kremlin would take note that Sapega also has a Belarusian residence permit.

“Therefore, we start from the fact that everything must be done within the framework of the law. The President instructed the Russian Foreign Ministry to follow the case of Russian citizens with the greatest attention, ”Peskov added.

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Southern Arkansas Water and Sanitation Projects Receive Loans, Grants | Regional news Sat, 29 May 2021 09:42:00 +0000

The Arkansas Department of Agriculture’s Natural Resources Commission this week approved $ 64,102,718.80 for water and wastewater projects serving more than 15,593 people in 12 counties across Arkansas.

South Arkansas projects on the list:

The Town of Crossett, Ashley County, received a loan of $ 939,365 from the Sewer and Solid Waste Fund for the planning, design and acquisition of easements and rights of way for improvement of the sewer system. This project will benefit approximately 3,050 clients.

The Town of Eudora, Chicot County, received a loan of $ 543,404 and a loan of $ 1,630,221 with principal forgiveness of the Arkansas State Drinking Water State Revolving Loan Fund . The funding will be used to improve the water system, including the replacement of water pipes and fire hydrants. This project will benefit approximately 955 clients.

The Town of Strong in Union County received a loan of $ 146,327 and a loan of $ 62,712 with principal cancellation of the Arkansas State Revolving Fund Program for System Improvement wastewater treatment. The number of clients who will benefit from this project is estimated at 432.

The Town of Mitchellville, Desha County, received an additional loan totaling $ 75,000 with principal cancellation of the Arkansas State Drinking Water State Revolving Loan Fund Program for Facility Improvements wastewater treatment plant to complete a previously approved project. About 180 clients will be served by the project.

The Boeuf-Tensas Regional Irrigation Water Distribution District in Chicot, Desha and parts of Drew, Ashley, Lincoln and Jefferson counties has been approved to convert a loan balance of $ 27,101 into a grant to receipt of unspent funds of $ 40,000 as of June 30, 2021. Previously approved funds were to be used to match federal funds for the construction of a flood control and water supply project for agricultural irrigation, but federal funding was not received.

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