Hotel income – Jelato Donna http://jelato-donna.com/ Tue, 21 Sep 2021 08:58:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://jelato-donna.com/wp-content/uploads/2021/06/icon-2021-06-23T175350.859-150x150.png Hotel income – Jelato Donna http://jelato-donna.com/ 32 32 Your complete guide to mortgages https://jelato-donna.com/your-complete-guide-to-mortgages/ https://jelato-donna.com/your-complete-guide-to-mortgages/#respond Wed, 23 Jun 2021 10:05:41 +0000 https://jelato-donna.com/?p=45 Most of us will need a mortgage in order to purchase a home, but they come in all sorts of different forms which can make a big difference to how much the loan will cost you. The main types of mortgage There are a couple of typical forms of mortgage, […]]]>


Most of us will need a mortgage in order to purchase a home, but they come in all sorts of different forms which can make a big difference to how much the loan will cost you.

The main types of mortgage

There are a couple of typical forms of mortgage, based on the way the interest is handled.


For example, the most common sort of mortgage is a fixed-rate mortgage. As the name suggests, with this sort of mortgage the interest rate is fixed for a set period.


That could be as little as a couple of years or as long as a decade.


The big plus point of a fixed-rate mortgage is that because the interest isn’t changing, you know exactly what your repayments are going to be for a set period.


You do pay a premium for that certainty though ‒ the longer the fixed-rate, the higher the interest charged on your loan is likely to be.


For more, check out our comprehensive guide to how fixed-rate mortgages work.


Then there are variable-rate mortgages. Again the name is a big clue here ‒ the interest rate on your loan can change over time.


For example, you might go for a tracker mortgage. The interest rate on a tracker mortgage follows movements in the Bank of England’s base rate for a specific period.


So when the base rate goes up, so too does your mortgage interest rate, and when it falls your interest rate follows suit.


And as your interest rate changes, so too does the size of your monthly mortgage bill.


For more, check out our guide to tracker rate mortgages.


There are other kinds of variable mortgages though. For example, there is a discount mortgage, which runs at a discount from your lender’s standard variable rate (SVR).


Lenders can set their SVR at whatever level they like and can hike or cut them whenever they like too, so it can be an unpredictable product to opt for.


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.






A crucial element of any mortgage deal is the term. That’s how long the loan runs for and can run from a year or two to as long as 35 years. 


Longer terms have become more common, particularly among first-time buyers, in recent years as a way of coping with rising interest rates. That’s because longer terms mean smaller monthly repayments.


However, the downside is that because you are taking longer in order to pay off the loan, it ends up costing you more overall. 


Let’s take an example of a £200,000 mortgage with a 3% interest rate.


If I took that loan out over a 25-year term, my monthly repayments would be £948, and the loan would cost me a total of £284, 527 overall to pay off.


But if I went for a longer 30-year term, those monthly repayments would drop to £843, potentially making them more affordable.


The downside though is that those extra five years of repayments would mean I paid a total of £303,555 ‒ around £18,000 more.


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.



Shelling out on mortgage fees

Compare mortgage fees (Image: Shutterstock)


The interest rate is only one consideration when it comes to looking into how much a mortgage is going to cost you.


You also need to look at any additional fees that you’ll have to pay.


The big one is the product fee, which can also be referred to as the mortgage fee or arrangement fee. This is effectively a fee you have to pay in order to take out that specific product and often costs around £1,000.


You can add the fee to the balance of your mortgage, but as you’ll be charged interest on it ‒ likely over a couple of decades ‒ then it will end up costing you far more than if you simply pay it upfront.


Lenders often provide fee-free mortgages too, which don’t come with this initial fee, though they will boast a higher interest rate. As a result, it’s a good idea to do your sums to see which will actually work out the best value for you.


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.



Using my savings to cut my mortgage repayments

If you have a significant pile of savings, then one type of mortgage well worth considering is an offset mortgage.


With this type of product you offset the balance of your savings against your outstanding mortgage and only pay interest on the remainder.


For example, let’s say that you have a £100,000 mortgage but £30,000 in savings. By going for an offset mortgage, you will only pay interest on £70,000 of that mortgage, meaning a smaller monthly bill. 


Of course, the downside is that you have to keep the savings in an account with your mortgage lender, and you won’t earn any interest on those savings, but in the current environment that may not be a huge sacrifice.


We’ve dug into offset mortgages deeper in our lengthy guide




Paying to leave your mortgage

Another form of fee that’s important to note before taking out a mortgage is the early repayment charge (ERC).


This is a fee that you’ll often have to pay if you remortgage to a new deal during the initial fixed or variable period of your mortgage.


For example, if I take out a five-year fixed-rate mortgage, then my lender will likely charge an ERC for remortgaging during those five years. This is calculated as a percentage of the outstanding loan, so it can work out as a massive sum.


It’s a good idea to think carefully about the ERCs on any mortgage you’re considering, and how likely you are to fall foul of them.


For example, if you are likely to move in the next couple of years, it’s not a great idea to sign up for a five-year mortgage, knowing that your move will likely mean you have to pay off the mortgage and therefore will incur those fees.


Again, some mortgage lenders offer ERC-free deals, meaning you can leave them even during that initial fixed or variable period, without any additional charges. However, these may come with a higher interest rate so you are paying for the privilege of that added flexibility. 


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.



Paying more than you need to

Most mortgages allow overpayments of up to 10% of the outstanding mortgage balance, before they will levy ERCs.


This is well worth considering if you can afford to do so, as it means the mortgage will be paid off quicker.


Not only does this mean that you will then have that money to spend elsewhere each month rather than on your mortgage repayment, but it will also save you a significant amount in interest costs.


Mortgage overpayments: the lesson we should all take from the under-25s


 




Traditionally some lenders have offered borrowers the option of a payment holiday, where the borrower can take a couple of months off making mortgage repayments.


Usually, this has been reserved for borrowers who have previously made overpayments on their loan, however, payment holidays have become far more prevalent following the Coronavirus pandemic.


While a payment holiday can provide some badly needed breathing space, it’s worth remembering that it is only a holiday from those repayments ‒ they will still need to be made, just at a later date.


We’ve put together a thorough guide covering everything you need to know about payment holidays




What happens when my rate finishes?

There is likely to be a significant distinction between the length of your initial fixed or variable rate, and the length of your mortgage term.


For example, your fixed rate might only last for two years, but your mortgage term runs for 25 years. So what happens when that fixed rate finishes?


After the initial rate ends, you’ll move onto your lender’s SVR. As we’ve highlighted, this is a rate set by the lender and can be changed at any time.


It’s worth remembering that the SVR is usually far higher than the best rates on offer from new mortgages ‒ in other words, moving onto your SVR likely means a significant jump in the size of your mortgage repayments. 


That’s why it’s a good idea to think about remortgaging when your rate ends, moving to a new product ‒ and potentially a new lender ‒ in order to secure a new fixed or variable deal. 


We’ve got a comprehensive guide to remortgaging that runs through everything you need to think about.



What size mortgage can I get?

The size of the mortgage you take out will determine the budget at your disposal for purchasing a property.


But there is no easy answer to how much you can borrow, as different lenders will have their own criteria for working out what they are willing to lend you.


For a full run-through of what will influence the size of any mortgage you might be able to borrow, check out our guide. 


 



Can I get a mortgage if I’m self-employed?

Self-employed mortgage options (Image: Shutterstock)


Mortgage lenders want to be confident that you can cope with the repayments before they will give you a mortgage, and your job will be a big factor in their calculations.


Having a steady job with a regular, predictable income is going to be more attractive than if you have an income that can fluctuate wildly, for example, if you are self-employed.


That said, self-employed workers can still get a mortgage, though they may face a more limited range of options or have to go through an intermediary. For more, check out our guide to self-employed mortgages


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.


 




Can I get a mortgage if I have a poor credit rating?

The best mortgage deals are reserved for borrowers with excellent credit scores. After all, lenders can feel most comfortable that they know how to handle credit responsibly.


However, even if you have a patchy credit record ‒ perhaps because of a late or missed payment on your energy or mobile phone bill ‒ then you can still get a mortgage, though the range of options is likely to be more limited. The interest rates are typically higher too.


Read How to get a mortgage when you have bad credit.



Mortgages for older borrowers

There are plenty of reasons why you might want a mortgage as an older borrower, yet actually getting one can prove more challenging.


Lenders all have their own criteria covering the maximum ages they will lend to and what sort of income they will consider in retirement.


Check out our guide on mortgages for older borrowers.


If you are hoping to tap into some of the value you have built up in your home, then equity release is also an option.


This is a type of mortgage product which allows you to stay in the property, often with no monthly repayments, with the loan instead paid off when the property is sold on after you die or move into long-term care. Read our guide to equity release.


We’ve teamed up with Compare the Market* to help you compare mortgages and find the right deal for you. Click here to find out more and start comparing mortgages.


 



Do I need to use a mortgage broker?

Should you use a mortgage broker? (Image: Shutterstock)


Lots of mortgage borrowers make use of a broker when taking out a mortgage. 


There are all sorts of benefits to doing so.


If you’re a first-time buyer and you’ve not been through the mortgage process before, it can be really useful to have an expert on hand to guide you through it.


Similarly, brokers are well placed to see precisely which lenders are most likely to accept an application from a borrower in your position, and which lenders may be wary.


It’s also worth remembering that some lenders only offer their products through these intermediaries.


As a result, finding a quality, independent broker will mean you have more options in terms of individual mortgage deals from which to choose.


However, brokers often charge for their advice. So it’s worth ensuring you understand precisely what that advice will cost from the outset.


We’ve gone into more detail in our guide to mortgage brokers here.





There are all sorts of schemes in place which can help people purchase a property, particularly if you are a first-time buyer.


For example, there is the Help to Buy scheme which allows you to purchase a property with a deposit of just 5%, supplemented by an equity loan from the Government worth up to 20% of the property’s value and a mortgage making up the rest.


Check out the loveMONEY guide to Help to Buy mortgages. 


And then there is shared ownership, where you purchase a portion of the property and share ownership with a housing association.


You pay rent on the portion of the property that you don’t own, alongside your mortgage repayments for the loan you’ve taken out to cover your share of the property.


We’ve broken down just how it works in our shared ownership guide



Residential vs buy-to-let mortgages

If you are buying a property that you are going to live in yourself, then you need to take out a residential mortgage.


However, if you’re buying a property as an investment and plan to let it out, then you need to take out a dedicated buy-to-let mortgage.


Failure to do so would be breaking the terms of the mortgage and leave you at risk of having the loan voided.


Buy-to-let loans tend to have slightly higher interest rates, while lenders will have different criteria in place, for example over how the size of the predicted rent will need to exceed the size of the mortgage repayment. 


Some buy-to-let lenders only offer their products through intermediaries, so that’s something else to consider as you will likely have to pay a fee for their advice. 



What about second charge mortgages?

Another type of property loan is a second charge mortgage, which is also known as a second mortgage or a secured loan.


These work a little differently, in that they are secured against the equity you own in the property rather than the value of the property itself.


So if you have a property worth £200,000 and have £50,000 left on your mortgage, then you have £150,000 equity.


If you need to borrow more and don’t want to touch your existing mortgage ‒ perhaps because you’ve got a great interest rate or would incur ERCs ‒ then a second charge mortgage could be the answer.


For more, read our guide to second charge mortgages


*loveMONEY has teamed up with Compare the Market to provide mortgage price comparison services. Your home or property may be repossessed if you do not keep up repayments on your mortgage. All applications are subject to status and lending criteria and are based on your individual circumstances. Applicants must be 18+ and a UK resident.



 






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Women run fewer than 13% of India’s MSMEs; inaccessibility of credit, govt schemes and now COVID are key hurdles-India News , Firstpost https://jelato-donna.com/women-run-fewer-than-13-of-indias-msmes-inaccessibility-of-credit-govt-schemes-and-now-covid-are-key-hurdles-india-news-firstpost/ https://jelato-donna.com/women-run-fewer-than-13-of-indias-msmes-inaccessibility-of-credit-govt-schemes-and-now-covid-are-key-hurdles-india-news-firstpost/#respond Wed, 23 Jun 2021 10:02:23 +0000 https://jelato-donna.com/?p=36 The biggest challenge faced by women entrepreneurs in India is gender bias in access to finance as studies show that their loan applications are more likely to be delayed or rejected as compared to men Editor’s Note: In this two-part series, Indiaspend explores the factors that inhibit women’s participation in businesses. The first part looks at the biggest hurdle: […]]]>

The biggest challenge faced by women entrepreneurs in India is gender bias in access to finance as studies show that their loan applications are more likely to be delayed or rejected as compared to men

Editor’s Note: In this two-part series, Indiaspend explores the factors that inhibit women’s participation in businesses. The first part looks at the biggest hurdle: access to finance. The second part will focus on the other issues that hold back women entrepreneurs — the absence of support networks, skewed social norms and restricted mobility — and collate suggestions from experts on how best to tackle these problems.

By Shalini Singh

New Delhi: Software entrepreneur Niyati Chander, 30, ran into gender bias fairly early in her career. A Bengaluru-based management graduate, she had set up a software enterprise, an MSME, with eight employees in June 2020. “I wanted to be in control of where I’m going in life,” she said.

From investors and government officials to real estate agents and even friends and former colleagues, Chander found that she was not being taken seriously.

“People assume you don’t know what you want. When we were looking for office space, the emails from the landlord would go to my male co-founder though it was made clear that I am the main founder — it was assumed that the final call would be his,” she said, “The networking platforms are dominated by men and there are none for start-ups run by women. Your skills, education, age are analysed more closely (than for men).”

Women business-owners could potentially create 150-170 million jobs in India by 2030, as per a 2019 report, ‘Powering The Economy With Her: Women Entrepreneurship In India’, published jointly by Google and Bain & Company, a Boston-based consulting firm.

Female entrepreneurship is particularly critical for India because it catalyses women’s participation in the labour force, at a time when India’s Female Labour Force Participation Rate (FLFPR) is at a historic low, having fallen to 17.5 percent in 2017-18. Only 7 percent of working-age women in India have paid jobs currently, as per a recent report in The Economist.

Yet, only seven of 100 entrepreneurs in India are women and of them, nearly half (49.9% percent) get into business out of necessity rather than aspiration, says a November 2020 report of the Initiative for What Works to Advance Women and Girls in the Economy (IWWAGE), a gender research and advocacy organisation.

Globally, India ranks third among countries reporting gender gaps in business — only 33 percent of the early-stage entrepreneurs in India are women, as per ‘Financial Inclusion for Woman-Owned Micro, Small & Medium Enterprises (MSMEs) in India’, an August 2019 report of the International Finance Corporation (IFC). India also ranks 70th among 77 countries covered in the Female Entrepreneurship Index, as per the IWWAGE report.

“Globally, it (female entrepreneurship) is a tool of empowerment since it helps the entrepreneur take decisions, lead, manage and develop skills in production and even personal leadership,” said Sona Mitra, principal economist at IWWAGE. Running a business also allows women greater independence, financial and otherwise, in their personal lives, said Mitali Nikore, founder, Nikore Associates, a policy and research group.

Why then are Indian women poorly represented in business? We interviewed women who run a range of enterprises, from consultancies to grocery shops and found that they are obstructed by gender bias every step of the way, by institutions and society at large.

Every woman entrepreneur we interviewed complained of loan applications being either rejected or delayed by institutions. This bias has already been established by studies — over 70 percent of the total finance requirement of women entrepreneurs in the country is unmet, as per the 2019 IFC report.

The few government schemes that aim to promote female entrepreneurship are either not visible enough or are tied up in red tape, we were told.

Women-run MSMEs hit worst by pandemic

Total early-stage Entrepreneurial Activity (TEA) rate is the percentage of working-age adults in a population who are either nascent entrepreneurs or owner-managers of new businesses. In India, the female TEA rate in comparison to male TEA rate fell from 79.6 percent to 62.1 percent between 2018 and 2019, as per Women Entrepreneurs as Powerhouse of Recovery, a 2020 IWWAGE report. This was despite a government push for the MSME sector in 2018.

Up to 95 percent of all MSMEs in India are micro-businesses and for women, this percentage is even higher — 98 percent of women-led MSMEs are in the micro category, as per the 2019 IFC report. And these were the vulnerable businesses that folded up first in the pandemic-led crisis, as we explain.

There are approximately 63 million micro, small and medium enterprises (MSMEs) in India, and women run about 8 million (12.6 percent). MSMEs are critical to India’s economy — they are the second biggest employers after agriculture and contribute to over 30 percent of the GDP.

The 2019 Google-Bain report estimated that women owned 13.5-15.7 million or 20 percent of all enterprises. An earlier estimate, the Sixth Economic Census (2013-14) calculated that women owned 13.76 percent of enterprises in India. Among MSMEs, these figures improve for women but only by a small percentage: Of the 63.3 million MSMEs in India, 60.8 million (96 percent) were proprietary concerns and of these men ran 79.6 percent of enterprises and women, 20.4 percent, according to the 2019-20 annual report of the MSME ministry.

To deal with the economic crisis caused by the pandemic, the government announced relief measures for MSMEs in 2020. But there were no specific measures to help women entrepreneurs though 73 percent of women-run businesses were hit badly, and nearly 20 percent were on the brink of closure, as per an October 2020 Bain-Google-AWE Foundation report.

Nano and small set-ups like food and cigarette stalls, with their low scale and low turnover, were the first to wind up. The crisis has also added to a drop in the already low FLFPR.

Both female entrepreneurs and employees have been impacted more than their male counterparts by layoffs and business losses because of gender bias, as per a recent analysis by the McKinsey Global Institute cited in the IWWAGE report.

In India, 90 percent female entrepreneurs reported a significant decrease in their sales revenues post-lockdown. With characteristic low levels of profits and higher rates of unpaid and domestic work, the recovery for women-led MSMEs is also likely to be slower, said the report.

No collateral, no loan

Almost every woman entrepreneur interviewed by IndiaSpend spoke of hardships in accessing institutional finance. The problems related mostly to social attitudes and bias, difficulty in securing collateral-based loans (most women do not own property), and poor awareness or knowledge of financial schemes including those that provide collateral-free financing.

Only 17 percent of women entrepreneurs interviewed in a survey for the IFC report were aware of the financial schemes rolled out by the government or financial institutions. Even among those who were aware, there was little clarity on the specific features of schemes, their relevance in addressing their challenges and points of access.

Kavneet Sahni, 40, organises cookery events and registered her culinary consultancy as a micro enterprise in 2013.

“My vision was that food shows would be the next big thing here, so I quit my job to pursue this dream from the basement of my home,” she said. Based in Gurugram, she now manages a team of 10 and clocks a turnover of over Rs 1 crore. But it has been a difficult journey, she said.

“When I started in 2012, banks refused to give me a loan because I didn’t have collateral. I had to use up my personal savings,” she said.

Given India’s gender-skewed inheritance laws, women have, historically, rarely owned property. Thus, they lack the collateral needed to seek start-up loans, as the IWWAGE report showed. An August 2020 judgement of the Supreme Court that granted equal property rights to women seeks to change this scenario.

When asked why they opted out of seeking formal credit for their businesses, about 36 percent of women entrepreneurs said they preferred to use personal resources, and 25 percent said they had “limited access to collateral”, as per a survey conducted for the 2019 IFC report.

There are two significant factors in this, as per the study: First, most women-owned MSMEs — 95.6 percent — are unregistered, which means they cannot access institutional finance. And, even for those that were registered and could — and did — seek credit from financial institutions, the average loan amount sanctioned was only about 68 percent of the average amount required.

Data show no grounds for this bias, as per the IFC study. Both men and women earned similar average annual profits — men made Rs 2.82 lakh and women Rs 2.68 lakh.

But women entrepreneurs who applied for loans faced more than twice the number of rejections (19 percent) than men (8 percent). And 70 percent of the total finance requirement of women entrepreneurs in the country is unmet, as we said.

It was only in 2016, when Sahni secured the sponsorship of a top media house, that a private bank granted her a non-collateral loan. The pandemic hit her businesses badly — she had to close her office for five months and defer salaries. The expectation, she said, was that being a woman she would not be able to deal with the crisis and would shut down the business.

“But I wanted to be resilient and prove we can still handle/manage the company even if unable to grow it in a difficult time like the pandemic,” said Sahni.

A three-month loan moratorium was announced in March for businesses in the wake of the lockdown and this was later extended to 31 August, 2020.

“In the first moratorium, we only got relief for two months and in the second, we didn’t get any relief. We’ve been paying our EMIs on time, but the bank denied extensions without citing reasons. We wrote to the bank, even the RBI but there was no response. The government should have announced some relief or special measures for women MSMEs at a time like this,” Sahni said.

The pandemic also hit the small business run by Sarita Devi, 40, a vegetable vendor in south Delhi’s Okhla Industrial area. She knows nothing about government schemes such as Mudra that could have given her access to a small loan to sustain her micro business. S he had to take a loan of Rs 30,000 to pay the rent on her carts and manage home expenses during the lockdown.

“We borrowed from a middle-man who came to our neighbourhood and offered loans at a 5 percent monthly interest,” she said.

Longer wait for credit

On average, women have to make four to five visits to the bank if they are seeking credit, men need to only visit twice, said the IFC report.

Ashwini Mhetre, 31, a Mumbai-based fashion designer, has been planning a venture employing rural craftspersons but will need to borrow the entire Rs 49 lakh it is likely to cost her.

“A government loan seemed the best option for me because it comes collateral-free,” she said. She heard of the Chief Minister’s Employment Generation Programme (CMEGP) started in August 2019 to help micro and small enterprises, both rural and urban, and offered loans of up to Rs 50 lakh. She applied for the loan and is still waiting for it.

“For six months we kept chasing (officials). Everything was in place, except that I did not own any property. Even some nationalised banks that claim to give collateral-free loans asked for security. A private bank said, ‘We are not into government schemes’,” she said.

There are three government loan schemes available for small businesses under the government-run Mudra or Micro Units Development and Refinance Agency Ltd — Shishu, Kishor and Tarun. These offer loans ranging from Rs 50,000 to Rs 10 lakh and of these, women tend to ask for the lowest bracket, Shishu.

“Women don’t have the confidence to secure high-value loans. They find it intimidating. There is social conditioning that tends to undervalue what women do by women themselves. Women are risk-averse and hence settle for smaller loans which they think they can repay easily,” explained Mitra of IWWAGE.

Banks, on the other hand, hesitate to give these loans because they earn low interests, said Mumbai-based business consultant Shubhadip Das. “Business loans come at 11-14 percent interest, while Mudra loans are less than 10 percent,” he said.

Women ended up as Mudra’s biggest recipients (70 percent) because the scheme does not require collateral, said an IWWAGE report. “These only allow women to develop nano enterprises at best, given that over 80 percent of Shishu loan takers are women,” said Mitra.

Last year, a revised definition was announced for MSMEs: both manufacturing and service MSMEs would be seen as one instead of two types of enterprises. Investment in plant and machinery/equipment, as well as annual turnover, would be seen as a composite criteria when earlier the annual turnover was not taken into account. Also, for micro enterprises, the investment required would be no more than Rs 1 crore (up from Rs 10 lakh-Rs 25 lakh) and the annual turnover no more than Rs 5 crore. Similarly, for small enterprises, the caps were raised to Rs 10 crore (earlier, Rs 2 crore-Rs 5 crore) and Rs 50 crore turnover, and for medium, to Rs 50 crore investment (earlier, Rs 5 crore-Rs 10 crore) and Rs 250 crore for turnover.

“This is likely to increase the number of firms that fall under the sector’s purview and this means more firms will vie for limited resources,” said Mitali Nikore. “And for Indian women-owned enterprises, for whom the credit gap was estimated to be $20.52 billion, the situation is likely to worsen due to women’s historically low access to land and other collateral.”

Government schemes ‘not visible, too much red tape’

The Prime Minister Employment Generation Programme (PMEGP) is a flagship programme started in 2008-09 that extends financial assistance to micro enterprises. Women have an extra incentive under the scheme — they only need to deposit 5 percent of the initial capital compared to the 10 percent specified for general categories. The number of women benefiting from this scheme was the highest in 2018-19, at 25,399. But this dropped to 12,529 the next year (as per data available till December 31, 2019).

In 2018, the Indian government had promised to promote women power in the economy.

“There are specific instruments available (within the government) to help women entrepreneurs. Beyond that, an entrepreneur is an entrepreneur,” said a former private secretary at the WCD ministry, indicating that the government can only offer limited assistance to businesses.

Archana Garodia-Gupta has been running a costume jewellery business for 30 years and finds that government schemes for businesswomen rarely work because of poor access and red tape.

“I’ve not seen a single penny for women entrepreneur schemes. The only time I got something was an allotment in a women’s industrial park in Greater Noida, which I’d helped the Uttar Pradesh government to float back in 1999,” said Garodia-Gupta, who is also the former national chair of the MSME committee of the Federation of Indian Chambers of Commerce and Industry and its women’s wing.

“No bank loans, no subsidies, I started a venture with my own savings. I got a bank loan later as a regular business person, at the normal MSME rate.”

There are schemes for women, she said — for example, when women entrepreneurs go abroad for business exhibitions, they are reimbursed upto 80-90 percent of their costs; men get less: 60-70 percent.

“But the process is so cumbersome. If you want to deliver a scheme, make it available to a woman entrepreneur (through) regular conduits, such as income tax, GST returns, or her regular bank, instead of making some barely visible scheme.”

This article originally appeared on IndiaSpend, and has been republished with permission. Read the original article here.

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Belarus negotiates infrastructure financing with international organizations https://jelato-donna.com/belarus-negotiates-infrastructure-financing-with-international-organizations/ https://jelato-donna.com/belarus-negotiates-infrastructure-financing-with-international-organizations/#respond Tue, 09 Mar 2021 10:57:16 +0000 https://jelato-donna.com/belarus-negotiates-infrastructure-financing-with-international-organizations/ An archive photo MINSK, March 5 (BelTA) – Fundraising projects of international financial organizations to finance infrastructure projects in Belarus were discussed by First Deputy Minister of Economy Yuri Chebotar during a meeting of the college of ministry, BelTA learned. “One of the sources of investment are funds from international financial organizations. Loan agreements in […]]]>

An archive photo



MINSK, March 5 (BelTA) – Fundraising projects of international financial organizations to finance infrastructure projects in Belarus were discussed by First Deputy Minister of Economy Yuri Chebotar during a meeting of the college of ministry, BelTA learned.

“One of the sources of investment are funds from international financial organizations. Loan agreements in excess of € 1 billion have been concluded in the past four years alone. These are road reconstruction projects, energy efficiency, solid waste management, to name a few. However, cooperation was severely hampered in 2020. Nevertheless, we managed to raise 190 million euros from the World Bank for projects in the social sector, including projects to strengthen the health system during the pandemic. These funds are used today to buy medical equipment, ”said Yuri Chebotar.

He stressed that this work will continue. Negotiations are underway to mobilize resources for infrastructure projects. “We will look for other options, first of all those that are ready to lend a hand to Belarus. These are the Eurasian Development Bank, the Asian Infrastructure Investment Bank and the OPEC Fund for International Development. Cooperation with other banks is also on the agenda, we will look for ways and opportunities to build a dialogue with them, ”he added.

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SHC dismisses conviction appeal in bank loan default case https://jelato-donna.com/shc-dismisses-conviction-appeal-in-bank-loan-default-case/ https://jelato-donna.com/shc-dismisses-conviction-appeal-in-bank-loan-default-case/#respond Tue, 09 Mar 2021 10:57:16 +0000 https://jelato-donna.com/shc-dismisses-conviction-appeal-in-bank-loan-default-case/ The Sindh High Court (SHC) dismissed the appeal of a businessman, Mian Waqar Akhtar Paganwala, in a default of payment case. The appellant, general manager of a Mass Dairies milk processing plant, was sentenced to seven years’ imprisonment and a fine of Rs 50 million by a court of accounts on March 13, 2001. According […]]]>

The Sindh High Court (SHC) dismissed the appeal of a businessman, Mian Waqar Akhtar Paganwala, in a default of payment case. The appellant, general manager of a Mass Dairies milk processing plant, was sentenced to seven years’ imprisonment and a fine of Rs 50 million by a court of accounts on March 13, 2001.

According to the prosecution, the former management of the milk processing plant obtained a loan of Rs 29 million from the Agricultural Development Bank in 1981 for the import of machinery at a cost of Rs 26 million and the purchase of local machines worth 3 million rupees.

The company was then transferred to Akhtar and other directors with debts of 37 million rupees and it was alleged that at the time of the transfer of the project to the new management, an amount of 37.1 million rupees was unpaid against said company that the new management had accepted by taking over the project with the acceptance of all the covenants / terms and conditions of the previous management.

According to the prosecution, the new management successfully operated the project from 1986 to 1987 but failed to repay the loan. The NAB referral alleged that the project had been closed and was in the custody of Akhtar and others and that an amount of Rs 200.970 million was unpaid which they had not repaid despite the notices. formal notice and defaulted on payment.

Counsel for the appellant argued that Akhtar was innocent and had committed no offense since he had not received any money from the bank, but that the loan was obtained by the former owners of the plant and that the appellant had not entered into any agreement with the bank.

He argued that the loan was not used by the appellant and that it was a case of simple default and that it did not meet the definition of intentional default since he could not not be refunded for the reason that the unit could not function properly.

A special NAB prosecutor argued that the prosecution had proven its evidence against the appellant beyond a reasonable doubt by producing reliable, trustworthy and confidence-inspiring evidence that the loan was admitted by the appellant and was obtained by the previous owner for whom the appellant took all the liabilities including the loan and signed his personal guarantee with the bank.

He argued that the appellant also admitted that he had not repaid the loan to the bank and that the reason given by the appellant for not repaying the loan was not satisfactory and that there was no evidence to show him. support for his defense has not been produced.

He argued that the court of first instance had made a well-reasoned judgment and that a lawsuit filed by the bank had also been entered in favor of the bank. The NAB official asked the High Court to dismiss the appeal.

A CHS division bench led by Judge Mohammad Karim Khan Agha after hearing the case observed that the prosecution had proved the evidence against the appellant beyond a reasonable doubt by producing reliable, trustworthy evidence and inspiring confidence. The court upheld the appellant’s conviction and dismissed the appeal.

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Programs allowing deferrals have mixed results https://jelato-donna.com/programs-allowing-deferrals-have-mixed-results/ https://jelato-donna.com/programs-allowing-deferrals-have-mixed-results/#respond Tue, 09 Mar 2021 10:57:15 +0000 https://jelato-donna.com/programs-allowing-deferrals-have-mixed-results/ The relief on loan payments required by the federal CARES law in response to the disruption in household income caused by the pandemic has produced mixed results, the Wall Street Journal (WSJ) reported. Borrowers who held the type of debt covered by the law – mortgages and student loans – were able to skip payments […]]]>

The relief on loan payments required by the federal CARES law in response to the disruption in household income caused by the pandemic has produced mixed results, the Wall Street Journal (WSJ) reported.

Borrowers who held the type of debt covered by the law – mortgages and student loans – were able to skip payments without penalty or damage to their credit rating, the WSJ reported. In contrast, borrowers with car loans or credit card debt were more likely to be financially penalized for late payments and to suffer damage to their credit scores.

The reason for the difference is that the federal government has more influence in the mortgage and student loan markets, the WSJ reported. The government has been successful in getting lenders with federally guaranteed debt to give borrowers some pardon.

Credit card and auto debt, however, tend to be beyond the reach of federal lawmakers, according to the report.

One effect of the difference is that borrowers who have a college education and own their homes tend to fare better, the WSJ reported, noting that the increase in unemployment benefits tended to benefit more to the unemployed. low-income workers than higher-income workers.

The WSJ cited data from the Federal Reserve indicating that the average homeowner household has a net worth of $ 255,000, while the average renter family has a net worth of $ 6,300. Additional Federal Reserve data cited by the WSJ showed that in low-income areas, 72% of borrowers had neither student loans nor mortgage debt.

In separate news, WSJ cited data from TransUnion, the credit bureau, putting the number of consumer loans on hold in May at 100 million. As of June, 7.3 million auto loans were sort of on hold.

In November, the Federal Reserve Bank of New York reported that U.S. households repaid $ 10 billion in credit card debt in the quarter ended September 30 and $ 76 billion in the quarter ended July 31.

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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021

On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

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Viagogo obtains a new loan of 330 million dollars. No reimbursement by the advertised consumer. https://jelato-donna.com/viagogo-obtains-a-new-loan-of-330-million-dollars-no-reimbursement-by-the-advertised-consumer/ https://jelato-donna.com/viagogo-obtains-a-new-loan-of-330-million-dollars-no-reimbursement-by-the-advertised-consumer/#respond Tue, 09 Mar 2021 10:57:13 +0000 https://jelato-donna.com/viagogo-obtains-a-new-loan-of-330-million-dollars-no-reimbursement-by-the-advertised-consumer/ MADRID, SPAIN – OCTOBER 11: Fans enjoy the performance of “La Polla Records” on stage during “Ni Descanso” … [+] ni Paz tour on October 11, 2019 in Madrid, Spain. (Photo by Carlos Alvarez / Redferns) Redferns I often write about Viagogo, the UK based ticket reseller who recently bought StubHub because its founder, Eric […]]]>

I often write about Viagogo, the UK based ticket reseller who recently bought StubHub because its founder, Eric Baker, is the Travis Kalanick of tickets. He sets his own rules and often they stick to them.

Yesterday, to the surprise of many in the industry, it became public that Viagogo can still borrow money. This was unexpected as the coronavirus caused almost all live entertainment events around the world to shut down, crushed Viagogo’s ability to resell tickets, and really reduced their cash flow. This week, I published an article on refunds owed to consumers by Viagogo and their wholly owned sister company StubHub.

MORE FORBESViagogo ticket market faces music amid denial of refund claims

These refunds, which I estimate to be between $ 1 billion and $ 3 billion, accumulate as companies only offer vouchers to consumers. Given the extent of these repayment obligations, I thought there was almost no chance that Viagogo would get a business loan.

However, Moody’s Investors Service reported yesterday that Baker’s company PUG LLC, which operates as Viagogo, has received a $ 330 million loan to add liquidity to its balance sheet. The loan is due in February 2027. The taking of this loan did not affect the credit rating of the company. Why?

The key phrase from Moody’s report is buried in the details: “We expect excess cash will remain on Viagogo’s balance sheet to ensure that cash is available to run operations during the pandemic and will not be used to fund distributions or payments. acquisitions. Moody’s goes on to say that Viagogo has over $ 700 million in cash and the ability to operate on “nominal amounts of income for two years.”

The ticket sales outlook, as set out in Moody’s report, foresees a gradual increase in revenue by mid-2021, but 2021 revenue for Viagogo will remain well below 2019 levels. In other words, the earliest they see a return to normal ticketing activity is 2022. That tells me that anyone holding a Viagogo or StubHub voucher instead of a refund should expect to keep between 18 and 24 months before they attend an event. . I have a request for comment from Viagogo and will update this story if they respond.

Companies run by dynamic entrepreneurs always seem to find a way out of the crisis. Viagogo continues to surprise. I intend to continue to monitor them closely. Eric Baker has more lessons to teach those of us who are listening.

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KKR Provides Bridge Loan for Luxury Apartment Complex near Amazon HQ2 – Commercial Observer https://jelato-donna.com/kkr-provides-bridge-loan-for-luxury-apartment-complex-near-amazon-hq2-commercial-observer/ https://jelato-donna.com/kkr-provides-bridge-loan-for-luxury-apartment-complex-near-amazon-hq2-commercial-observer/#respond Tue, 09 Mar 2021 10:57:13 +0000 https://jelato-donna.com/kkr-provides-bridge-loan-for-luxury-apartment-complex-near-amazon-hq2-commercial-observer/ Investment giant KKR provided a bridge loan of $ 141.79 million to Erkiletian Development Corporation recapitalize The Sur, a recently completed 360-unit luxury apartment community in the National Landing submarket of Arlington, Va., near Washington, DC Phillips Realty Capital facilitated the transaction on behalf of the owner. “Erkiletian offers an exceptional community located in one […]]]>

Investment giant KKR provided a bridge loan of $ 141.79 million to Erkiletian Development Corporation recapitalize The Sur, a recently completed 360-unit luxury apartment community in the National Landing submarket of Arlington, Va., near Washington, DC

Phillips Realty Capital facilitated the transaction on behalf of the owner.

“Erkiletian offers an exceptional community located in one of the most active and dynamic areas of the DMV”, Adam biebersaid the CEO of Phillips Realty Capital, who structured the transaction. “KKR sees the value of the asset as well as the added value Erkiletian brings to the table. This new influx of capital will contribute to the additional rental of what will undoubtedly be one of the region’s most sought-after new addresses.

The loan was arranged as a three-year, non-recourse, interest-only, bridge loan with extension options. Proceeds from the new financing will be used to recapitalize the construction asset pile, with reserves financing additional rental costs.

“Capital markets have been inconsistent and turbulent,” Bieber said. “The strong sponsorship, exceptional quality of real estate and the continued strength of the Greater DC market have resulted in an extremely competitive bidding war for this project.”

Located at 3400 Potomac Avenue on 1.67 acres, the 12-story community features modern interiors and amenities, along with plenty of outdoor space. It also offers 16,503 square feet of retail space and overlooks the Potomac River and downtown DC

The community is about a mile from Amazon‘s HQ2 and Virginie Tech‘s Innovation Campus.

Phillips Realty Capital Malcolm shaw and Ball wrench joins Bieber on the case.

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What Experts Say About Recent Home Loan Cuts https://jelato-donna.com/what-experts-say-about-recent-home-loan-cuts/ https://jelato-donna.com/what-experts-say-about-recent-home-loan-cuts/#respond Tue, 09 Mar 2021 10:57:12 +0000 https://jelato-donna.com/what-experts-say-about-recent-home-loan-cuts/ ICICI bank cut interest rate on home loans by up to 75 lakh to 6.70 percent The country’s major lenders including the State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank, as well as ICICI Bank recently cut interest rates on home loans. In addition to low interest rates, banks have a variety of […]]]>

ICICI bank cut interest rate on home loans by up to 75 lakh to 6.70 percent

The country’s major lenders including the State Bank of India (SBI), Kotak Mahindra Bank, HDFC Bank, as well as ICICI Bank recently cut interest rates on home loans. In addition to low interest rates, banks have a variety of offers, including discounts on processing fees or special customer benefits to attract home buyers. On Friday March 5, ICICI Bank, the country’s largest private lender, announced that it was cutting its mortgage interest rate down to 75 lakh to 6.70%, its lowest level in 10 years. (Also Read: ICICI Bank reduces the interest rate on home loans to the lowest in 10 years)

It came days after the country’s largest lender, the State Bank of India, cut its mortgage interest rate down to 75 lakh to 6.70%, its lowest rate on loans. real estate never registered. As the year draws to a close, major banks have cut interest rates on mortgage loans to take advantage of easing stamp duties and compete in an industry with weak credit demand.

Here are some comments from real estate industry experts on the recent drop in mortgage interest rates and its effect on the industry as a whole:

“The reduction in mortgage interest rates by major banks for a limited period has extended the best buying opportunity for home buyers. Banks are competing to foreclose home loan customers before year-end. an all-time low in 15 years, as banks compete in a market where demand for credit is weak. The favorable interest rate environment will continue for some time and interest rates are unlikely to fall further from current levels, ”said Pritam Chivukula, Co-Founder and Director, Tridhaatu Realty (Secretary , CREDAI-MCHI)

For the next few days, buyers can enjoy great deals thanks to the lowest interest rates on home loans, the easing of stamp duties, offers and the availability of good developer picks. We can already see that the demand for residential properties has increased now that people are starting to believe that it is the best time to buy a property, ” added Pritam Chivukula.

“There is already a growing desire to own a home as consumers see it as a necessity in this unprecedented time of the COVID-19 pandemic. With the last days remaining to enjoy the stamp duty advantage, there is stiff competition among financial institutions to offer consumers the best interest rates for home loans, ” said Ashok Mohanani – President, NAREDCO Maharashtra

“This is the best time to buy a home because it gives aspiring homebuyers a lifelong opportunity to purchase their dream home with reduced stamp duties as well as historically low interest rates. These factors are also proving to help stimulate real estate demand which has been temporarily affected following the pandemic, ” added Ashok Mohanani.

“The reduction in mortgage rates by the major banks will help demand enormously. Currently, the lowest interest rates ever, below 7%, encourage consumers to buy and complete transactions quickly. the rates also help improve homebuyer eligibility, which brings more customers into the market, ”said Jayesh Rathod, executive director, The Guardians Real Estate Advisory.

A low interest rate regime is doomed to catapult unimaginable economic growth into the country due to increased consumption. Low interest rates coupled with negligible or zero transaction costs bode well for the ready-to-move-in homes and the affordable housing industry. Both of these categories will benefit greatly from the reduced fares, ” Jayesh Rathod added.

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GOP leaders promote Trump as wartime commander with a focus on security and peace https://jelato-donna.com/gop-leaders-promote-trump-as-wartime-commander-with-a-focus-on-security-and-peace/ https://jelato-donna.com/gop-leaders-promote-trump-as-wartime-commander-with-a-focus-on-security-and-peace/#respond Tue, 09 Mar 2021 10:57:11 +0000 https://jelato-donna.com/gop-leaders-promote-trump-as-wartime-commander-with-a-focus-on-security-and-peace/ Speakers at Tuesday’s Republican convention presented President Donald Trump as a commander-in-chief determined to ensure national security, but also focused on peace rather than “endless wars” abroad. “President Trump is the first president in a generation to seek to end the war, rather than start one,” said Kentucky Senator Rand Paul, who ran against Trump […]]]>

Speakers at Tuesday’s Republican convention presented President Donald Trump as a commander-in-chief determined to ensure national security, but also focused on peace rather than “endless wars” abroad.

“President Trump is the first president in a generation to seek to end the war, rather than start one,” said Kentucky Senator Rand Paul, who ran against Trump in the primary Republican presidential election of 2016. “He intends to end the war in Afghanistan, he is bringing our men and women home.

“If you hate war like I hate war, if you want us to stop sending $ 50 billion every year to Afghanistan to build their roads and bridges, instead of building them here at home, you have to support the President Trump for another term. “

The second day of the convention – forced into a televised and online presentation by the ongoing coronavirus pandemic – was themed “Land of Opportunity,” but had a strong thread of national security on the part of party leaders.

Florida Lt. Gov. Jeanette Nunez called Trump “Commander-in-Chief with a bold agenda” who has helped strengthen “our heroes in uniform” through his strong support for the military.

Secretary of State Mike Pompeo, who received significant criticism before his remarks, delivered a speech during an official visit to Israel, which State Department officials insisted did not violate no rules restricting the participation of federal employees in certain political activities.

Unlike his predecessors, who declined invitations to speak at conventions, Pompeo used his appearance on Tuesday evening to congratulate Trump on balancing strong US military power with the goal of “securing peace” in the world. world.

“Today, thanks to the president’s determination and leadership, ISIS’s caliphate is wiped out. Here we go, ”he said. “Its evil leader, Abu Bakr al-Baghdadi is dead. And our brave soldiers, they are going home.

He praised Trump’s harsh rhetoric on Iran, China and Russia (all of which have been criticized for being less effective than the president insisted), but also for his diplomatic contact with North Korea and unprecedented negotiations with the leader of that country, Kim Jong-UN.

“Securing the peace is the first requisite, indeed, the main constitutional function of the national government,” Pompeo said. “It’s about making sure that your family and mine are safe and have the freedom to live, work, learn and pray as they please… This president has led bold initiatives in almost every country. corners of the world. “

Democratic leaders criticized Trump as commander-in-chief at their convention last week, calling him an erratic and unstable leader and promoting former Vice President Joe Biden as a much-needed response to Trump’s failures.

The agenda for Wednesday night’s Republican convention – themed “Land of Heroes” – is expected to once again touch on military and national security themes, with Vice President Mike Pence scheduled to speak from Fort McHenry in the Maryland and Sen. Joni Ersnt, R-Iowa, and Representative Dan Crenshaw, R-Texas, among the guest speakers.

Leo covers Congress, Veterans Affairs and the White House for Military Times. He has covered Washington, DC since 2004, focusing on policies relating to military personnel and veterans. His work has earned him numerous honors, including a 2009 Polk Award, a 2010 National Headliner Award, the IAVA Leadership in Journalism Award, and the VFW News Media Award.

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A look at the future of Chuck E. Cheese https://jelato-donna.com/a-look-at-the-future-of-chuck-e-cheese/ https://jelato-donna.com/a-look-at-the-future-of-chuck-e-cheese/#respond Tue, 09 Mar 2021 10:57:06 +0000 https://jelato-donna.com/a-look-at-the-future-of-chuck-e-cheese/ Few restaurant chains generated as much speculation during the pandemic as Chuck E. Cheese. The chain sparked some controversy after discovering that it had created a secondary brand called Pasqually’s which sold its pizzas on delivery. More recently, however, its potential bankruptcy suggests it may close all of its stores. Chuck E. Cheese isn’t going […]]]>

Few restaurant chains generated as much speculation during the pandemic as Chuck E. Cheese.

The chain sparked some controversy after discovering that it had created a secondary brand called Pasqually’s which sold its pizzas on delivery. More recently, however, its potential bankruptcy suggests it may close all of its stores.

Chuck E. Cheese isn’t going anywhere, of course. Its parent company, CEC Entertainment, might not even file for bankruptcy. But it appears to be destined for some sort of sale coming out of the pandemic. And the fact that several buyers are interested in the company shows that many investors see its profitability before the pandemic as too attractive to ignore.

CEC, which also owns Peter Piper Pizza, has been in the market in one form or another for quite some time. The company, which is owned by private equity firm Apollo Capital Management, explored an initial public offering in 2017. Last year it agreed to a merger with shell company Leo Holdings as part of a deal that would have made CEC go public through the back door. . This agreement collapsed last year.

Its sales plummeted during the pandemic, and the company hired advisers in May to analyze strategic alternatives. Earlier this month, reports revealed that he was considering filing for bankruptcy as part of that process.

The company’s main problem is that it has $ 1 billion in debt, a legacy of the channel’s takeover by Apollo in 2014. Last year’s merger was intended to write off some of that debt.

Leveraged buyouts have killed many restaurant businesses. The CEC paid $ 87.2 million in interest last year on $ 912.9 million in revenue. Spending almost 10% of your income on interest payments makes it all the more difficult to earn a profit, and the CEC did not, losing $ 29 million.

But get rid of that debt and the CEC has a lot to do. As the attention paid to Chuck E. Cheese in recent months shows, the company enjoys great notoriety. Additionally, its games tend to be very profitable, and certainly more profitable than selling food to consumers in a restaurant format.

The company’s adjusted EBITDA margin, or earnings before interest, taxes, depreciation and amortization, was 20.2% last year. This kind of margin is intended to attract buyers who see the notoriety of the business and decide to get started.

And, indeed, some buyers seem to be considering it. One of them, according to the Wall Street Journal, is grocery mogul John Catsimatidis, who apparently bought some of the CEC bonds on the open market.

Another group of bondholders are apparently willing to invest up to $ 100 million and avoid the chain’s bankruptcy.

These potential buyers apparently adopt a “loan-to-own” strategy, in which potential buyers take on debt in secondary markets, where they are negotiated at a discount by former loan holders who fear for the future of a business. These bondholders then leverage that debt to acquire equity in the business.

Seems like a good way to buy chain restaurants these days. Fortress Investment Group used such a strategy to grab Krystal and the old Craftworks chains. This should be a popular M&A strategy in the coming months, as more channels seem to be heading into Chapter 11.

Granted, there’s usually a reason why corporate debt trades at a discount. CEC’s credit rating has been downgraded since the pandemic, and it’s important to note that the company’s EBITDA margin was achieved in a world before the coronavirus.

The pandemic looks likely to change the way consumers use restaurants for a long time. And that will hurt most of the chains that depend the most on restaurant customers. Chuck E. Cheese certainly fits this bill.

Still, for these potential buyers, it might be worth it. After all, kids will always want birthday parties. It might just be a matter of when their parents are comfortable having them.

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