Latest news with #Lenders
Hamilton Spectator
12 hours ago
- Business
- Hamilton Spectator
Next Hydrogen Announces Aggregate of $1.5 million in Loans and Provides Corporate Update
MISSISSAUGA, Ontario, July 23, 2025 (GLOBE NEWSWIRE) — Next Hydrogen Solutions Inc. (the 'Company' or 'Next Hydrogen') (TSXV:NXH, OTC:NXHSF), is pleased to announce that it is entering into a loan agreement with certain existing directors and officers of the Company (the 'Lenders') providing for the advance of an unsecured loan (the 'Loan') bearing interest at 5.0% per annum in the principal amount of $530,000. The Loan shall mature on the date that is one year from the advance of the Loan (the 'Maturity Date'). In conjunction with the advance of the Loan, the Company will also pay a set-up fee of $20,000 to the Lenders. The advance of the Loan is expected to take place on July 23, 2025, immediately prior to the advance of a $1 million loan from an arm's length commercial lender (the 'Original Loan') that is being negotiated between the Company and such lender. There can be no assurances that the Original Loan will be completed as proposed or at all. In consideration of the advance of the Loan by the Lenders, the Company shall, subject to the approval of the TSX Venture Exchange (the 'TSXV') in accordance with the policies of the TSXV, issue to the Lenders, an aggregate of 214,140 common shares of the Company ('Common Shares') at a deemed price of $0.495 per share as bonus shares (the 'Loan Bonus Shares'), representing approximately 20% of the principal amount of the Loan, subject to adjustment in accordance with the policies of the TSXV. In addition, subject to the approval of the TSXV in accordance with the policies of the TSXV, the Loan may be converted into Common Shares (the 'Conversion Shares') at the option of the Company, in whole or in part, on the earlier of the Maturity Date or the closing of an offering of equity securities of the Company. Next Hydrogen intends to use the proceeds of the Loan and the Original Loan for working capital and general corporate purposes. The Loan and the Original Loan will assist the Company in bridging its financial position in order to keep its talented team and continue operations while it evaluates longer term financial and strategic solutions. In conducting its review of financial and strategic solutions, the Company's board and management team are committed to acting in the best interests of the Company, its shareholders and its stakeholders. There is no deadline or definitive timetable for the completion of the review of financial and strategic solutions, and the Company does not intend to comment further unless the Company's board has approved a specific transaction or otherwise determined that disclosure is necessary or appropriate. There can be no assurances that the review will result in any specific transaction or outcome. This issuance of the Loan Bonus Shares and the Conversion Shares, if applicable, are subject to receipt of all required regulatory approvals, including that of the TSXV. The TSXV has in no way passed upon the merits of the Loan or the Original Loan and has neither approved nor disapproved the contents of this press release. All moneys quoted in this press release shall be stated and paid in the lawful money of Canada. The Company also advises that the last day of trading of the Common Shares on the OTCQX will be Thursday, July 24, 2025. The Lenders consist of Allan MacKenzie, Anthony Guglielmin, Adarsh Mehta, Jens Peter Clausen, Susan Uthayakumar and Walter Howard, each a director of the Company, Raveel Afzaal, the Chief Executive Officer and a director of the Company and Rohan Advani, the Chief Financial Officer of the Company. Each Lender is an Insider of the Company (as such term is defined under the policies of the TSXV) and the participation of Insiders in the Loan would constitute a 'related party transaction' within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(b) as the Company is not listed on a specified market and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(b), based on a determination that the fair market value of the Loan, insofar as it involves the related parties, will not exceed $2,500,000. The Company did not file a material change report 21 days prior to the expected closing date of the Loan as closing occurred on an expedited basis. An aggregate of 214,140 Loan Bonus Shares will be issued to the Lenders which in the aggregate represents less than 1.0% of the issued and outstanding Common Shares. About Next Hydrogen Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen's unique cell design architecture supported by 40 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors. Contact Information Raveel Afzaal, President and Chief Executive Officer Next Hydrogen Solutions Inc. Email: rafzaal@ Phone: 647-961-6620 Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements This news release contains 'forward-looking information' and 'forward-looking statements'. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes', or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the risk that the Loan and the Original Loan will not be completed as planned or at all; changes to the use of proceeds of the Loan and the Original Loan, risks associated with the pursuit of any financial or strategic transaction or the completion thereof, the risks associated with the hydrogen industry in general; delays or changes in plans with respect to infrastructure development or capital expenditures; uncertainty with respect to the timing of any contemplated transactions or partnerships, or whether such contemplated transactions or partnerships will be completed at all; the timing for any submissions or correspondences with applicable securities laws regulators; whether the uncertainty of estimates and projections relating to costs and expenses; failure to obtain timely necessary regulatory approvals and all required TSXV approvals; health, safety and environmental risks; uncertainties resulting from potential delays or changes in plans with respect to infrastructure developments or capital expenditures; currency exchange rate fluctuations; as well as general economic conditions, stock market volatility; and the ability to access sufficient capital. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, there will be no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
Yahoo
16 hours ago
- Business
- Yahoo
What is a fast business loan and how does it work?
Key takeaways Fast business loans are a type of financing that can provide funding often within 24 to 48 hours. Fast small business loans often come with higher interest rates and shorter repayment terms than other business loans. Fast business loans are typically offered by online lenders that often have lenient eligibility requirements. When your business is facing a money crunch or requires cash quickly for a time-sensitive issue, a traditional business loan may not necessarily be your best bet. Three-in-four banks take five business days to approve a loan and many other banks take as long as 10 business days, according to the 2024 Small Business Lending Survey published by the FDIC. The good news is there's an alternative: Fast business loans. These loans can often provide funding much more quickly, sometimes in one business day. Before signing on for this type of loan, however, it's important to understand how they work and where you can find the best options. What is a fast business loan? A fast business loan is a type of funding for business owners who want fast access to capital. Many fast business lenders can provide funding within 24 to 48 hours, much faster than the week or longer that most lenders take. Lenders may use technology to determine if you're eligible, sometimes providing you with a loan decision in minutes. These loans also tend to offer quick online applications and minimal documentation requirements, helping you get through the application process quickly. How does a fast business loan work? You typically need to apply for fast business funding through an online lender specializing in quick applications as well as fast approvals and funding. The lender will usually advertise its quick approval process on its website. These lenders often have relaxed eligibility requirements and even offer fast business loans for business owners with bad credit. Once approved, the lender will provide you with a loan agreement that you will want to read thoroughly. To offset the convenience of quick funding, the lender may charge higher interest rates and fees than other lenders. You will want to fully understand the loan costs that you're responsible for before signing. Then, once you sign the agreement, you'll repay the loan with interest and fees over the specified term. Many fast small business loans will have short repayment terms, such as 24 months or less. These short terms mean that you will have higher monthly payments. You may also see higher interest rates than you'd find with other business loans. Fast business loans may be worth the extra cost if you have an emergency or need to capitalize on an opportunity. However, if cost is a factor, you'll want to compare multiple loans for their interest rates, fees and terms required for the loan before you sign. What are fast business loans used for? Fast business funding can serve various purposes, including: Cash shortfalls: Covering temporary cash shortages ensures bills are paid on time and avoids disruptions or negative impacts on credit. Debt consolidation: Debt consolidation loans can help you streamline your debt repayments into one loan. It potentially lowers your loan costs if the new loan offers faster repayment or lower rates than the previous loans. Disaster recovery: Aid in quickly rebuilding a business after a disaster. Emergencies: A fast small business loan can help address an unexpected financial crisis, such as equipment breakdowns or inventory losses, to avoid business closure. Seasonal / short-term borrowing: Loans can support businesses with seasonal fluctuations, aiding during slower periods. Time-sensitive opportunities: Capitalize on growth opportunities quickly with access to immediate funds. For example, you may have an influx of product orders but not enough capital to buy inventory to fill the orders. Unplanned expenses: Fast business funding provides a buffer for unforeseen costs that may impact cash flow. Are you eligible for a fast business loan? Fast business lenders tend to have lenient eligibility requirements, which can work in your favor if you're a startup or have bad credit. Requirements include: Credit score: Most fast small business loans accept fair personal credit of 600 or higher, though you can find loans accepting scores as low as 500. Current debt: Lenders will consider your current debt load to determine if you have a healthy level of debt and can take on new debt. They may use your debt-to-income ratio or debt service coverage ratio to assess your debt load. Revenue: Lenders want to see ample revenue usually at least $100,000 to qualify for a loan. You can find fast business lenders like Fundbox accepting revenue as low as $30,000. Time in business: Fast business lenders typically want to see at least six months in business. Some lenders require more, such as one to two years. Where can you get a fast business loan? If time is of the essence, online lenders typically provide the best route to fast business funding. Many online lenders can disburse funds in as little as 1 to 2 days. In some cases, banks may also be able to provide funds quick, depending on the bank. According to the 2024 Small Business Lending Survey, three-in-ten banks are able to approve a straightforward loan for a small business within one business day. That figure includes both large and small banks. However, many more banks take anywhere from five to 10 days for processing and approval, which is important to bear in mind if you need cash more quickly. If you're ready to apply for a fast business loan, the first step is finding a lender you'd like to work with. Once you've done that, you'll likely need to complete an online application that includes providing information about how long you've been in business, annual gross sales, debt and business formation documents. You may also be asked to provide a balance sheet, profit and loss statement or financial forecasts. Typically, you'll need to provide both business and personal information in order to be considered for a fast business loan. Business credit cards as an alternative To avoid having to take out a small business loan to cover short-term needs, consider keeping a business credit card on hand. Business credit cards may have useful perks like a 0 percent intro APR and rewards on every purchase. Plus, if you can pay your balance in full each month, you can avoid interest charges. Should you get a fast small business loan? Fast business loans work well if you need funding in 24 hours to 48 hours for emergencies or another pressing reason. Since these loans typically come from online lenders, you're more likely to be eligible for fast business funding even with subprime credit or little business experience. You're also more likely to pay higher interest rates than a traditional business loan in exchange for the convenience of fast loan approval. You can also expect short terms, like 24 months or less, and an aggressive repayment schedule. For example, repayments could be on a daily or weekly basis. Because of this, you'll need to know how to manage a tight repayment schedule and high loan costs — and be sure that the benefits of getting a fast business loan are worth it. If you can wait a week or two for funding, you may be able to get a lower-cost loan from a lender that doesn't fund business loans as quickly. Bottom line The best fast business loans can help your company overcome financial setbacks or expand operations. But before applying, carefully review the pros and cons of fast business funding to decide if it's worthwhile or if you should explore other options. If you decide to apply, use a business loan calculator to figure out how much of a business loan you can afford. Consider prequalifying with multiple lenders to see which one offers you the best interest rates and terms. Frequently asked questions How fast can you get a business loan? Many fast small business loans can be in your business checking account in as little as 24 to 48 hours, as long as you're approved. Can you get a fast business loan with bad credit? You can get a fast bad credit business loan. Many lenders are willing to work with business owners with personal credit scores of 600 and above. Some like Fundible are even willing to help people with even lower scores. Expect hefty borrowing costs, and collateral may be required to secure funding. You'll also generally have limited funding options than you would with a higher credit score. What is the fastest SBA loan? The SBA Export Express and Express loans are known to have faster turnaround times compared to other SBA loans; however, the lender determines the processing and funding for these loans. You can also work with an SBA Preferred Lender to receive other SBA loans with faster funding timelines than the usual 30 to 90 days. How do fast business loans affect your personal credit score? As a business owner, it is possible for a fast business loan to affect your personal credit score if you personally guarantee the loan. If you're late making loan payments or default on the loan altogether, your personal credit score will decline. What are alternatives to fast business loans? If a fast business loan isn't right for you there are many other options. Some of the common alternatives included a business credit card, business line of credit, crowdfunding and peer-to-peer funding. Invoice factoring and microloans are still other options to consider.
Zawya
2 days ago
- Business
- Zawya
Euro zone banks see rising loan demand despite trade standoff, ECB survey shows
FRANKFURT - Loan demand from euro zone firms rose last quarter despite a drag from geopolitical and trade tensions, and another increase is likely this quarter, the European Central Bank said on Tuesday based on a survey of the bloc's biggest lenders. Bank lending, the primary source of finance for businesses, has been slowly recovering for the past year as the ECB has cut interest rates quickly, and firms remained relatively upbeat about their prospects despite a trade standoff with the United States. "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions," the ECB said based on a quarterly survey of 155 lenders. The ECB is all but certain to keep interest rates unchanged on Thursday but will keep the door open to further easing later this year, and markets still expect one more rate cut before the bank is done lowering borrowing costs. Credit standards - banks' internal guidelines or loan approval criteria - were unchanged for firms last quarter, despite earlier expectations for a modest tightening, and lenders see little change in the current quarter. While perceived risks related to the economic outlook continued to contribute to a tightening of credit standards, banks reported no specific additional tightening related to geopolitical uncertainty and trade tensions, the ECB added. Credit standards tightened in commercial real estate, manufacturing, wholesale and retail trade and construction, while they eased slightly across most services. Demand for housing loans continued to increase substantially last quarter and banks see a further rapid increase in the third quarter, the ECB added. Credit standards for mortgages tightened slightly but banks see a modest easing in the current quarter, the ECB added. In consumer credit, there was a more pronounced tightening of standards last quarter and banks see further tightening ahead.
Yahoo
2 days ago
- Business
- Yahoo
Euro zone banks see rising loan demand despite trade standoff, ECB survey shows
FRANKFURT (Reuters) -Loan demand from euro zone firms rose last quarter despite a drag from geopolitical and trade tensions, and another increase is likely this quarter, the European Central Bank said on Tuesday based on a survey of the bloc's biggest lenders. Bank lending, the primary source of finance for businesses, has been slowly recovering for the past year as the ECB has cut interest rates quickly, and firms remained relatively upbeat about their prospects despite a trade standoff with the United States. "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions," the ECB said based on a quarterly survey of 155 lenders. The ECB is all but certain to keep interest rates unchanged on Thursday but will keep the door open to further easing later this year, and markets still expect one more rate cut before the bank is done lowering borrowing costs. Credit standards - banks' internal guidelines or loan approval criteria - were unchanged for firms last quarter, despite earlier expectations for a modest tightening, and lenders see little change in the current quarter. While perceived risks related to the economic outlook continued to contribute to a tightening of credit standards, banks reported no specific additional tightening related to geopolitical uncertainty and trade tensions, the ECB added. Credit standards tightened in commercial real estate, manufacturing, wholesale and retail trade and construction, while they eased slightly across most services. Demand for housing loans continued to increase substantially last quarter and banks see a further rapid increase in the third quarter, the ECB added. Credit standards for mortgages tightened slightly but banks see a modest easing in the current quarter, the ECB added. In consumer credit, there was a more pronounced tightening of standards last quarter and banks see further tightening ahead. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
Euro zone banks see rising loan demand despite trade standoff, ECB survey shows
FRANKFURT, July 22 (Reuters) - Loan demand from euro zone firms rose last quarter despite a drag from geopolitical and trade tensions, and another increase is likely this quarter, the European Central Bank said on Tuesday based on a survey of the bloc's biggest lenders. Bank lending, the primary source of finance for businesses, has been slowly recovering for the past year as the ECB has cut interest rates quickly, and firms remained relatively upbeat about their prospects despite a trade standoff with the United States. "Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions," the ECB said based on a quarterly survey of 155 lenders. The ECB is all but certain to keep interest rates unchanged on Thursday but will keep the door open to further easing later this year, and markets still expect one more rate cut before the bank is done lowering borrowing costs. Credit standards - banks' internal guidelines or loan approval criteria - were unchanged for firms last quarter, despite earlier expectations for a modest tightening, and lenders see little change in the current quarter. While perceived risks related to the economic outlook continued to contribute to a tightening of credit standards, banks reported no specific additional tightening related to geopolitical uncertainty and trade tensions, the ECB added. Credit standards tightened in commercial real estate, manufacturing, wholesale and retail trade and construction, while they eased slightly across most services. Demand for housing loans continued to increase substantially last quarter and banks see a further rapid increase in the third quarter, the ECB added. Credit standards for mortgages tightened slightly but banks see a modest easing in the current quarter, the ECB added. In consumer credit, there was a more pronounced tightening of standards last quarter and banks see further tightening ahead.
