Eastern Funding announces milestone of over USD1bn in financing small …

Eastern Funding announces milestone of over USD1bn in financing small business loans

Mar 19, 2014 (Menafn – M2 EQUITYBITES via COMTEX) –Eastern Funding LLC, a commercial finance company and a subsidiary of Brookline Bancorp BRKL, reported on Tuesday that it has achieved a new milestone in financing small business loans.

The company said that its customers operate in multiple industries in the US and it has funded USD1bn in direct loans to businesses operating in the coin laundry, garment care, grocery, fast food, tow and recovery and specialty vehicle industries. It added that unlike a broker, it is a bank-owned, finance company that provides loans directly to small businesses.

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New local businesses include candy shop

McClatchy-Tribune Information Services

March 20TAHLEQUAH — Warmer weather has brought a few new businesses to Tahlequah, offering customers candy, loan services, and training in salon techniques or firearms use.

Sweet Tooth Ice Cream and Candy Shop, 411 N. Muskogee Ave., is a colorful establishment with candy displays on the walls.

We offer Chets hot dogs, and have candy in bulk, said co-owner

Michelle Looney. Customers can get a bag and mix candy and chocolate as they want. We also have Flavor Burst ice cream. We also serve shakes, sundaes and blasts.

Looney said the venue is set up much like a traditional malt shop.

We try to offer a little bit of everything and build a kids paradise, she said. We saw this place was up for lease and we liked the location. Were right across from Norris Park. There really isnt anyplace like this in town.

Sweet Tooth opened March 12. Business hours are Monday through Saturday from 11 am to 9 pm For information, call (918) 772-5039.

Regional Finance, 3040 S. Muskogee Ave., Suite 101, is a loan company opening its first office in Tahlequah. Other offices are in Oklahoma, Texas, New Mexico, Alabama, Georgia, Tennessee, North Carolina and South Carolina.

We wanted to come into this community because we believe there is a need for our company, and Tahlequah is growing, said

Melissa Bales, office manager. We do personal loans, auto loans, furniture loans.

Bales said Regional Finance is a little different from other companies.

We really work to meet the needs of the customer, she said. We can make loans of as little as $300, all the way up to $20,000.

Regional Finance has been open since Feb. 10 and can be contacted at (918) 207-0495, or visit www.getregionalcash.com.

The Academy of Salon and Spa, headquartered in Fort Smith, Ark., recently opened a facility in Tahlequah at 3040 S. Muskogee Ave., Suite 105. The 5,000-square-foot space includes offices, classrooms and clinic areas for training in cosmetology, manicuring and estetics.

Another new Tahlequah business is Page Firearms Training, 1601-B S. Muskogee Ave. Call (918) 457-7307 for information.

A new business set to open April 1 is the Kawi Cafe, operated by the Cherokee Nation in the Cort Mall at 215 S. Muskogee Ave.

Kawi is Cherokee for coffee, said

Cheryl Williams, manager. We are a business through the Department of Commerce of the Cherokee Nation. We will be offering espresso-based drinks, coffees, salads, paninis, sandwiches. Muffins and cookies will also be available.

The cafe is adjacent to the Spider Gallery of the Cherokee Art Center.

We want to draw more foot traffic through the Cort Mall, Williams said. We also want to help to develop the south end of downtown Tahlequah.

Hours are 7:30 am to 3:30 pm Tuesday-Friday and 9 am to 2:30 pm on Saturday. For information, call (918) 458-6114.

One Tahlequah business has relocated.

Trae Ratliff, Shelter Insurance agent, has moved his agency to 536 S. Muskogee Ave.

Those wishing to locate a business in town can call the Tahlequah Area Chamber of Commerce for information at (918) 456-3742.

TELL US ABOUT IT

Do you know a new business thats expected to open in Cherokee County between now and mid-May? Email

Sean Rowley at srowley@tahlequahdailypress.com with contact information.

srowley@tahlequahdailypress.com

___

(c)2014 the Tahlequah Daily Press (Tahlequah, Okla.)

Visit the Tahlequah Daily Press (Tahlequah, Okla.) at www.tahlequahdailypress.com

Distributed by MCT Information Services

Court papers allege shifting of money in Moncure case

MORE: Read more news from Fredericksburg

BY BILL FREEHLING / THE FREE LANCE-STAR

A local real estate investor being investigated on complaints of fraud withdrew large amounts of cash from several banks the day before sending an email indicating he couldnt repay numerous personal loans, according to a search warrant affidavit filed Thursday in Fredericksburg Circuit Court.

The affidavit also indicates that $1.286 million was wired from one of James Ashby Moncures accounts with Virginia Partners Bank to several other banks between this past Jan. 8 and Jan. 29.

Fredericksburg police produced the affidavit this week to obtain warrants to search eight banks for financial records associated with Moncure and his wife between January 2009 and this past March 14.

The banks were Virginia Partners Bank, Central Pacific Bank, Chase Bank, Union First Market Bank, Stellar One Bank, PNC Bank, Bank of America and BBamp;T.

By obtaining copies of Moncures bank statements, wire transfers, deposits, etc., your Affiant intends to follow the money trail and ascertain what Moncure actually used the victims money for, reads the affidavit.

Moncure, 41, is a Stafford County native who graduated from North Stafford High School and Mary Washington College.

On March 4, he sent out a long email to people to whom he owed money and others in the community. The email indicated that Moncure would not be able to repay the promissory notes despite his original good intentions.

The day before that email went out, according to the affidavit filed Thursday, Moncure was driven to several banks and made multiple withdrawals of large amounts of cash.

Police have also learned that Moncure received a loan for $100,000 just 10 days prior to the email being sent, according to the affidavit. The money was supposed to be used for a land investment near the Quantico Corporate Center development in North Stafford, in which Moncure and his two brothers are partners.

Since the email went out, the Fredericksburg Police Department and FBI have been investigating claims that Moncure obtained millions of dollars by false pretenses from dozens of people and failed to repay the money as promised.

Detective Wayne Hunnicutt, a fraud investigation specialist leading the case for the city police, continues to receive phone calls about more individuals who lent Moncure money.

Last week, police searched a home at 1200 William St. in the city that Moncure has owned since July 2011 and seized financial records and computer hardware.

According to the search warrant affidavit filed at that time, there may be at least 30 individuals who lent Moncure a total of more than $13 million that was not used what it was intended for and was not repaid.

Moncure told individuals that he would use the money to make real estate investments in the area. In addition to being a partner in the Quantico Corporate Center development, Moncure owns all or parts of 16 different properties, most of which are in the area, according to a financing statement filed in Fredericksburg Circuit Court.

The properties are owned either by Moncure himself or through limited liability companies in which he is involved. Those LLCs include Moncure Valley, Saranna, Quantico Business Center, Quantico Business Center II, Moncure Brothers and Minor Moncure.

Union First Market Bank and a division of the Silver Cos. are among those with claims against Moncure, according to court documents.

Silver Capital, a division of the development firm, this past August lent Moncure $400,000 in the form of a promissory note, according to the financing statement. The loan was to be repaid with proceeds from sales of real estate Moncure owns.

Union First Market Bank recently received a judgment of roughly $1.9 million in Caroline County Circuit Court against Moncure. The judgment, which involved four separate cases, also requires Moncure to pay the bank 18 percent interest and costs.

Moncure is represented by attorney Steven T. Webster of the Alexandria-based law firm Webster Book LLP. Webster said in an email that he has been asked to make appropriate arrangements to repay Moncures lenders. He asked the community to withhold judgment until all the facts are known.

The charge that Moncure is being investigated forobtaining money by false pretenseis a Class 4 felony punishable in Virginia by up to 10 years in prison and a $100,000 fine. The FBI, which is already involved in the investigation, may soon take over the case.

No charges have been filed.

It is unclear how the borrowed money was used. In his March 4 email to noteholders, Moncure referenced that he used an Ameritrade account and became overextended. The email also noted the risks of using leverage and the options market.

Numerous people who received the March 4 email contacted authorities to report their concern about Moncures well-being. The father of two was found unharmed in Stafford later that morning.

Bill Freehling: 540/374-5405

bfreehling@freelancestar.com

P2P lender Lending Club forays to business loans

Venture capital-backed Lending Club is now offering business loans, TechCrunch reported.

The peer-to-peer lending marketplace, which takes banks out of the picture when it comes to making investments among peers, will offer business loans ranging initially from $15,000 to $100,000 and is set to offer up to $300,000 in the future. The loans will bear fixed interest rates that start from 5.9% with average interest rates pegged at 12.5%. The loan terms range from one year to five years and has no prepayment penalties and no hidden fees, the report said.

Estate Planning 101

If you have done estate planning, when did you do it? Where do you keep the documents? Does your family know where they are?

If you have not done any estate planning, and about half of our listeners haven’t done any, Massachusetts has some laws that will do it for you.

Listeners tell me they dont think they need estate planning because they don’t have enough money to warrant a will. Or they own everything jointly so why bother with a will.

Do you have kids? Who would you want to care for your kids if you should die? Do you have stuff you want to go to friends or family?

An estate plan helps to distribute your assets upon your death and it can do more. If you have kids, you can name a guardian who will take care of your children if both you and your spouse should die.

All you may need is a simple will, but if your life and finances are complicated then your estate planning should also be complicated.

And if you did do some estate planning a long time ago, find those documents and review them. These documents are very important but should not be kept in a safety deposit box. If something should happen, you and your family will want access to them. Good to leave a copy with your attorney but better to have them accessible.

Documents you will need while you are alive are your Power of Attorney and Health Care Proxy. These should be kept at home. The people named in those documents as your proxy should have copies as well.

If you have set up a Living Trust, you want that document readily available and again accessible to the person you have named as your alternate trustee.

As for your will, your executor should know where your will is stored and have access to it. Along with any instructions such as funeral arrangements.

EXECUTIVE SUMMARY FROM THE IRS:

The length of time a document must be retained depends on the action, expense, or even the document records. Generally, records that support an item of income or deductions on a tax return must be retained until the period of limitations for that return runs out.

PERIOD OF LIMITATIONS DEFINED:

The period of limitations is the period of time in which a tax return can be amended to claim a credit or refund, or that the IRS can assess additional tax.

Weve listed below the periods of limitations that apply to income tax returns. (Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.)

KEEP RETURNS FOR 3 YEARS IF:

If you file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.

KEEP RETURNS FOR 4 YEARS IF:

It is an employment tax record.  Keep all such records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

KEEP RETURNS FOR 6 YEARS IF:

You do not report income that you should report, and it is more than 25% of the gross income shown on your return.

KEEP RECORDS FOR 7 YEARS IF:

You file a claim for a loss from worthless securities or bad debt deduction;

KEEP RECORDS INDEFINITELY IF:

You have filed a fraudulent return, or You do not file a return;

PAY SPECIAL ATTENTION TO RECORDS CONNECTED WITH PROPERTY:
Records relating to property must be retained until the period of limitations expires for the year in which you dispose of the property in a taxable disposition.

Those records are needed to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

Generally, if property is received in a nontaxable exchange, your basis in that property is the same as the bases of the property you gave up, increased by any money you paid.  Records must be retained on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.

One more thing:

ACTIVE MILITARY MEMBERS, VETERANS AND THEIR FAMILIES
Operation Money Wise Is Designed for Those with Military Backgrounds

The state’s Office of Financial Literacy announced that registration is open for an upcoming “Money Conference” geared specifically toward veterans, active military members, and their families.  The Conference will commence at 8:00 am on Saturday, March 22nd in McKenzie Auditorium at Massachusetts Bay Community College in Wellesley.   

The free first-ever Conference, dubbed Operation Money Wise, will provide instruction on matters such as how to sharpen spending and saving skills, how to protect assets from predatory lending practices, and what financial tools and benefits are available to service members and veterans.  State officials said that, particularly given the complexity of the military benefit system, some veterans and service members might not take advantage of the financial benefits available to them or might expect to receive a benefit for which they don’t qualify.

The event is jointly sponsored by Massachusetts Department of Veterans’ Services, the Massachusetts National Guard, and the Financial Literacy Trust Fund.

A free continental breakfast and box lunch will be made available to people attending the Conference.  For more information and to register, interested parties can visit www.mass.gov/treasury/operationmoneywise or call (617) 367-9333 Ext. 615.

Put goals in writing to guide estate planning

Dear Michael: We have been talking for years about what we want to put into an estate plan. Our son has been working with us, but he fears he will take on too much debt if he starts taking over our livestock and machinery operation. Even though he is the logical choice, he seems hesitant about what to do in taking on some of this risk. In our day, we didn’t have the choice of being hesitant – it was kind of thrust upon us whether we liked it or not, and we had to go through a lot of tough years. Now we can’t seem to put our plan together because we just can’t tell what he is thinking. What should we do? No Mind-Reader

Dear No Mind-Reader: I can think of a few basic reasons your son hasn’t jumped into the farm operation with two feet. Maybe he is dealing with someone in upper-echelon management (Dad and Mom) who is a bit too overbearing and doesn’t want to upset the applecart and live a life of disappointing his parent(s). Or maybe he just isn’t an aggressive-type person.

If it’s the first thing, whoever in upper management who is not listening or is shutting off ideas before he gets started ought to learn to let him make a few mistakes.

Parents often are pretty set on the right and wrong way to do things – learned through the school of hard knocks. Or maybe they are parents who don’t want their children to go through the same school of hard knocks the way they did.

No one out there worth his or her salt has ever made 100 percent correct decisions throughout their agri-business career. Everyone’s gambled, lost and then gambled again in small business. That’s what it is. Being good and being bad at small business is a thing he needs to experience for himself. He has to know one thing: Good times and bad times have one thing in common – neither lasts forever.

If you’ve been preventing him from making some decisions, let him give it a try. Now is a good time to try a few things, and if he fails, he fails. The lesson learned isn’t whether he succeeded or failed, but that he can fail, pull himself out of the mess and go on.

If he won’t make decisions, you’re going to have to be brave enough to toss him into the deep end of the pool and let him sink or swim – on a small scale, of course. You’re going to have to force him to make some decisions (take this field and plant what you want, buy some cows, etc.)

If he absolutely won’t do it, remember that 5 percent of the people make up the leaders and the other 95 percent are followers. You can’t leave a farm operation to a follower and expect it to succeed.

The other reason I find a lot of kids are reticent to do anything is because they don’t have a clear picture in front of them. One key element in estate planning is to write down what you want to see happen in the event of your death. Later, after lengthy discussions with the parents, when we bring the farming child in and explain it to him, it’s usually the first time this child has been shown where things are headed in his family’s business.

As surprising as that might seem to you, even more surprising is that normally this is the first time the parents have put these goals down in writing.

When you put goals down on paper and both sides of the equation – parents and children – see these goals, it sets the brain in motion from both sides working toward those goals. Suddenly, Mom and Dad understand their estate planning goals and see how all the day-to-day decisions they make along the way in life will affect the long-term future of the farm. They hadn’t seen it in this light before.

Junior, for the first time, sees the order of life, of maturing and aging and finally of death, and understands the day-to-day decisions he makes now will have a huge long-term effect on his own life, his family’s life and his success.

Estate planning forces you to put your goals down in writing, and it’s fun to see a business with both sides of the equation tracking toward their goals – now that they finally know what those goals are.

You might be surprised how quickly Junior starts making better decisions on the farm when he knows where he’s heading and how he’s supposed to get there. Your transition from active to retired will be made so much easier.

Goals aren’t set in stone when they are put into writing and are subject to changing conditions. But failing to write down goals in for your estate plan only leaves everyone wandering around without knowing where they’re going.

AEA’s Net Income Rises In Conservatorship

While operating under conservatorship, the $234 million AEA Federal Credit Union in Yuma, Ariz., posted year-end net income of $5.23 million for 2013, up from $3.15 million in the prior year.

The NCUA said AEAs strong commitment to member service led to the credit unions financial improvement.

AEAs total assets increased by $3 million from 2012 and the net worth ratio improved by 70 basis points, ending the fourth quarter at 4.72 percent.

AEA, established in 1942, currently serves 41,000 members and operates five branches. Membership at AEA is open to individuals and their family members, who live, work, worship or attend school in Yuma or La Paz counties in Arizona.

In December 2010, the NCUA placed AEA into conservatorship due to its declining financial state, deriving from problems with its member business loan portfolio.

We have again seen progress in many areas, resulting in the credit unions positive performance in 2013, said Elizabeth Whitehead, NCUA Region V director and agent for the conservator, on Thursday.

Having previously reduced the expense structure, streamlined operations and introduced new products and services we continued the process of returning AEA to the core credit union business model through the introduction of a member-centric sales-through-service culture.

Cheapest personal loan rates fall to all-time low

The cheapest personal loans

Santander is offering the joint-cheapest personal loan rate on the
market for borrowing between pound;7,500 and pound;15,000, at just 4.5pc
representative. Customers can repay the money from between one and five
years.

Borrowing pound;12,000 over three years will cost pound;356 in monthly
repayments. Over the entire life of the loan, it will cost pound;833
in interest.

More details: Santander
personal loans

Sainsburys Bank offers a rate of 4.5pc representative on
borrowing between pound;7,500 and pound;15,000. The loan rate is available to
Sainsburys customers with a Nectar card only (your Nectar card must have
been swiped instore or used online in the last 6 months).

Customers can repay the money from between one and three years.

Borrowing pound;12,000 over three years will cost pound;356 in monthly
repayments. Over the entire life of the loan, it will cost pound;833
in interest.

More details: Sainsburys
personal loans

Clydesdale and Yorkshire Banks charge 4.6pc on their personal
loans of pound;7,500 to pound;15,000. The loan rate is available to new (you must be
over the age of 23) and existing customers.

Customers can repay the money from between one and five years. Borrowing
pound;12,000 over three years will cost pound;357 in monthly
repayments. Over the entire life of the loan, it will cost pound;869
in interest.

More details: Clydesdale
personal loans

More details: Yorkshire
personal loans

Derbyshire Building Society matches the 4.6pc rate offered by
Clydesdale and Yorkshire, on borrowing between pound;7,500 and pound;15,000.

Customers can repay the money from between one and five years. Borrowing
pound;12,000 over three years will cost pound;357 in monthly
repayments. Over the entire life of the loan, it will cost pound;869
in interest.

More details: Derbyshire
personal loans

Hitachi Personal Finance is offering a rate of 4.8pc on its
personal loans between pound;7,500 and pound;10,000 over two to four years.

Borrowing pound;12,000 over three years will cost pound;358 in monthly
repayments. Over the entire life of the loan, it will cost pound;907
in interest.

More details: Hitachi
personal loans

New edition of “Farm Estate and Business Planning” released

This 496 page soft cover book is an excellent guide for farmers and ranchers who want to make the most of the state and federal income and estate tax laws to assure the least expensive and most efficient transfer of their estates to their children and heirs. This book contains detailed advice on assuring worry-free retirement years, using wills, trusts, insurance and outside investments as estate planning tools, ways to save on estate settlement costs, and option for an approach to setting up a plan that will eliminate arguments and friction in the family.

The book contains extensive coverage of current legislation and updates the 26 chapters with recent developments in farm and ranch business planning since the 17th edition was published in 2013. The book is written in easy-to-read language and is designed for use by farm and ranch families.

The book also includes discussion of employment taxes, formation and advantages of use of business entities, federal farm payments, state laws on corporate ownership of farm land, federal gift tax law, annuities, installment obligations, charitable deductions, all with an eye to the least expensive and most efficient transfer of the farm to heirs. Also covered are planning options for dealing with unwanted C corporations; discounting values of farmland during life and at death; the unearned income medicare contribution (the 3.8 percent tax); effects of the Agricultural Act of 2014 (2014 Farm Bill); and dealing with powers of appointment in wills and trusts.

Nearly 176,000 copies of the book, which traces its history back to the first edition in 1973, are in circulation.

Neil Harl, who is retired from the Iowa State University faculty after 40-years service, holds a law degree from the University of Iowa and a bachelors degree and PhD in economics from Iowa State. He is the author of 29 books and more than 450 publications in legal and economic journals and bulletins as well as more than 1,000 in farm and financial publications. Dr. Harl has made more than 3400 presentations in 43 states and 17 foreign countries and has received more than 30 major awards during his long career at Iowa State.

New for the 18th Edition, the book is available in print and PDF files, readable on all digital devices. The book can be purchased at www.agrilawpress.com and Amazon.com.

Orders are also accepted by e-mailing robert@agrilawpress.com or by calling 360-200-5666.