Latest news with #emergencyfunding
CTV News
2 days ago
- Business
- CTV News
Emergency cash from province means Northern Ont. town won't cease operations Aug. 1
Facing an end to municipal operations Aug. 1, Fauquier-Strickland is receiving $300,000 from the province to help it get through the next few months. After going public with its financial crisis, officials in Fauquier-Strickland say the province has agreed to provide it with $300,000 in emergency funding to pay for operations for the next few months. Council had passed a motion to cease municipal services effective Aug. 1 and lay off remaining staff, getting the province's attention to its financial plight. It even planned to sell the community's snowplow. FS_PublicWorks News that the Township of Fauquier-Strickland could cease to exist at the end of the month was a shock to residents across the province, but especially to those in the community. (Lydia Chubak/CTV News) According to the agenda for a special meeting July 31, the township has accumulated an operating deficit of $2.5 million since 2014, in addition to $3.04 million in debts. All reserves had been exhausted and the township was getting by using its line of credit, which was almost exhausted. That led the township's council to vote to cease operations Aug. 1. $300K in emergency funds In a letter dated July 25, however, Robert Flack, Ontario's minister of Municipal Affairs and Housing, said the province would give Fauquier-Strickland $300,000 to fund operations for the next three months, provided they met certain conditions. The first condition was that they rescind the motion to cease municipal operations and lay off staff on Aug. 1. Councillors must also adopt its 2025 operating budget, including water and sewer, by Aug. 31. A spending freeze must also be put in place, tax bills have to be issued and financial documents have to be submitted to the ministry by Sept. 15. 'To ensure appropriate and prudent decisions are made with the best interests of the residents of your community, I expect council to fulfill its duties and responsibilities under the Municipal Act,' Flack wrote. That includes managing their finances in a way that ensures 'the financial integrity of the township.' If all conditions are met, the township would receive $32,200 in August, $195,000 in September and $72,800 in October. Read the full agenda for the July 31 meeting here.
CBS News
22-07-2025
- Business
- CBS News
Hill Country flood fund raises $60 million, but residents say help is slow
The Community Foundation of the Texas Hill Country announced Tuesday it has raised $60 million for those impacted by the catastrophic July 4 floods through its Kerr County Flood Relief Fund. Austin Dickson, CEO of the foundation, said about $9.4 million has been distributed to more than 35 organizations. On July 11, $5 million was granted to nonprofits, businesses, first responders, and crisis response groups. On Tuesday, the foundation announced its second round of grants, distributing another $4.4 million to local organizations, including $1.25 million to the Ingram Independent School District, one of the largest grants awarded so far. "The Ingram central administration level is a total loss; it's toxic to enter. I stood on the outside of it on Sunday, where the water level had risen 6 feet. All its technology, furniture, and fixtures are destroyed and inaccessible," Dickson said. "We made a $1.25 million grant so that the school district could meet some emergency expenses and work through the logistics it needs to be up and running for the first day of school in a few weeks." But some residents feel the funds aren't reaching those most affected. Mikaela Taylor, who lives in Kerr County, said many in her community still need help recovering, from basic necessities to debris removal. "I'm seeing people that are struggling that need help that don't know where to turn," Taylor said. "I know somebody that was sleeping on a floor that didn't have clothes until a couple of days ago." Despite the $60 million raised, Taylor believes it's not reaching the individuals and families who need it most. "There is a lot of money in our community sitting in a bank account that our residents should be able to tap into if they need to do so," Taylor said. The Community Foundation is one of several organizations collecting the bulk of donations meant for Hill Country flood victims. "We have existing relationships with these grantees, we know their staff, their volunteers, we know their advocates, and we all know their heart, and we know they are going to be able to deliver it for us," Dickson said. The foundation said it cannot legally give funds directly to individuals, which is why it distributes money to organizations that then provide aid through gift cards or supplies. CBS News Texas asked the foundation about the concerns. "We also feel that urgency, and we are working as fast as possible to stand up a professional, excellent, transparent process that's going to meet as many needs as possible," Dickson said. Dickson said the foundation is working to create a council to oversee the funds long-term. Of the $9.4 million already distributed, only $1 million has been set aside for families and individuals, according to the foundation's website. Taylor said that's not enough given the scale of the disaster. "We got to help the people, people before anything," said Taylor. "Nobody should have to suffer more than they already have, nobody." Taylor created to help individuals directly, by adding vetted crowdsourcing donation pages to the site.
The Guardian
12-07-2025
- Business
- The Guardian
Thames Water spent £136m on securing emergency funding, leaked document suggests
Thames Water spent at least £136m on the effort to secure emergency funding over 12 months, according to a leaked document that suggests costs outstripped the £130m the struggling utility paid in fines. The law firms Linklaters and Akin Gump received £45m and £26m respectively during the financial year to March 2025, and another 10 firms were paid more than £1m, according to a document listing 'atypical expenditure' for the year, seen by the Guardian. It is the first time the fees paid by Thames Water have been detailed publicly. The water company scrambled in the last year to secure emergency funding to avoid temporary nationalisation as it struggled under a £20bn debt pile. That effort led to a court showdown in January and February to force losses on some debt holders in exchange for up to £3bn of rescue cash to see it through this year. Thames, which is quickly burning through that cash, is in talks with the regulator, Ofwat, over a takeover by creditors who hold much of its debt, after the private equity firm KKR walked away from an auction. Lenders, ranging from big institutional investors such as Aberdeen, BlackRock, Invesco and M&G to US hedge funds including Elliott Management and Silver Point Capital, propose injecting £5.3bn in new debt and equity. The creditors argue they will need relief from future fines – and possibly the reversal of past fines – if they are to invest in Thames, which provides water and sewage services to 16 million customers in London and south-east England. Yet the figures show that fees paid to advisers in the process to refinance and sell Thames – under the codename Project Crabtree – rival the fines levied by Ofwat for sewage spills and illegal dividend payouts in the last year. Thames was forced to pay the fees for its own advisers and for those of creditors, as is usual in restructuring processes. Thames has also faced criticism for refusing to recover millions of pounds in bonuses paid to senior managers. The UK water industry is also likely to face scrutiny over the coming weeks, as heatwaves lead to drought conditions in some parts of the country. Yorkshire Water and South East Water, covering Kent and Sussex, announced hosepipe bans in the last week. Legal fees related to Crabtree appear to be significantly larger than Thames's previous estimate, which were provided in a letter dated 30 May to Alistair Carmichael, the Liberal Democrat MP who chairs parliament's environment committee. In that letter, the Thames Water chief executive, Chris Weston, wrote that 'legal fees' in relation to the recapitalisation were £67.6m. However, the internal document suggests that fees paid to Linklaters, Akin Gump, A&O Shearman and Quinn Emanuel totalled £79m that year. Thames did not explain the disparity. Consultancies AlixPartners, Bain, Deloitte, KPMG, Kroll and Teneo were also paid £39m collectively under exceptional spending during the year. AlixPartners received £12.8m, including amounts not related to the recapitalisation. The payments to the company continued after partner Julian Gething was seconded to Thames Water to act as its chief restructuring officer in December 2024. Bankers at Jefferies representing the creditors received £3.1m, while Rothschild received £1.5m. People close to the process said the fees reflected its complexity, involving a restructuring worth billions of pounds, hundreds of creditors, and the UK's biggest water company. The highest legal fees coincided with the court case. The documents suggest Linklaters was paid £10.1m in January 2025 and £5.5m in February, while Akin Gump was paid £3m and then £3.7m. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Thames Water and the creditors have said all fees related to the recapitalisation will be funded by lenders rather than customers. Nevertheless, the payment of fees represents spending of money that might otherwise have been available for investment in Thames's infrastructure. Ofwat has also said customers will not bear the cost of the Project Crabtree fees, arguing that its calculation of water bill increases does not take into account advisory costs. Charlie Maynard, a Liberal Democrat MP, challenged the debt restructuring in court, arguing it would be better for bill payers for the company to enter special administration – essentially a temporary nationalisation. He drew attention to the high level of fees in court. 'This a massive fee bonanza for advisers,' Maynard said. 'Whether these charges are directly put on our bills or loaded on to the walking disaster that is Thames Water's balance sheet, either way this is money out the door. If the customers aren't paying, can Ofwat explain who is?' A Thames Water spokesperson said: 'Customers will not pay for these fees, and fees relating to the recapitalisation will not lead to an increase in any customer bills. Adviser fees are commercially sensitive information, so we will not comment on their accuracy and cannot verify the source of information.' A spokesperson for the creditors said: 'The creditors have submitted a £17bn recapitalisation of Thames Water, expected to represent the largest financial loss suffered by investors on an infrastructure asset in British history. Several billion pounds of debt will be written off to restore financial resilience, improve environmental performance and restore customer trust as quickly as possible, with no taxpayer risk.' AlixPartners, KPMG and Teneo declined to comment. The other advisers were approached for comment but had not responded by the time of publication.
Yahoo
25-06-2025
- Business
- Yahoo
Online Payday Loans Same day No Credit Check Guaranteed Approval : Radcred Launches Instant Payday Loans for Emergency Financial Needs
Radcred Launches Digital Platform to Expand Access to Online Payday Loans for Underserved Americans Glendale, California, June 25, 2025 (GLOBE NEWSWIRE) -- Radcred has launched a digital-first lending platform to meet the rising demand for online payday loans, offering same-day funding and soft credit checks for borrowers historically overlooked by traditional banks. The new system aims to simplify access to small-dollar financing by matching applicants with licensed lenders through a fully secure online process. This platform responds to growing consumer needs for fast, flexible, and transparent lending especially in emergencies involving $400–$500. Rising Demand for Online Payday Loans in the U.S. According to the Federal Reserve, more than 60% of Americans say they wouldn't be able to cover a $400 emergency expense without borrowing, using credit, or selling assets. This gap in short-term financial security has driven millions to seek alternative financing, with online payday loans becoming a key solution. Search volume for terms like "$500 loan", "same day loan", and "instant loan approval" has risen dramatically in 2024 and 2025, particularly among gig workers, hourly employees, and individuals with credit scores under 580. These users are looking for simple, fast funding without the long wait times or rigid requirements of traditional credit systems. Digital platforms like Radcred's are helping fill this gap by enabling qualified borrowers to apply for online payday loans without visiting a storefront lender or submitting extensive paperwork. Radcred Launches Online Payday Loan Platform with Same Day Options Radcred's lending platform connects borrowers directly to a network of licensed, state-compliant payday lenders. With soft inquiry checks and same-day loan processing, the platform is built for speed and accessibility. Unlike traditional banks, Radcred offers options for those with poor or limited credit histories. The platform supports applications from users across all 50 states, focusing on underserved groups such as part-time workers, gig economy professionals, and those recovering from financial setbacks. Through encrypted processing and smart-matching technology, Radcred ensures quick turnaround times often funding requests within hours. Borrowers can secure a $255 payday loan, a $500 loan no credit check loans or another small-dollar amount based on the offers provided by Payday lenders. How Radcred's Online Payday Loan Process Works Radcred's loan process is built around simplicity and speed: Submit Application: Applicants fill out a short form with basic personal and financial information. No paperwork or faxing required. Get Matched: Radcred uses a proprietary algorithm to match users with licensed lenders based on state regulations, eligibility, and loan request. Review and Accept: Once matched, applicants can compare offers, review the APRs, fees, and terms, and accept the best loan. The process involves no hard credit pull, helping protect the borrower's FICO score. All offers are presented upfront, with clear repayment timelines and fee disclosures. The platform works seamlessly on both desktop and mobile devices, ensuring broad accessibility for users in need of instant Can Apply for Online Payday Loans Through Radcred? Radcred's eligibility criteria are designed to be inclusive: U.S. citizens or permanent residents Age 18 or older Monthly income (employment or benefits) Active checking account Valid phone number and email address There is no minimum credit score required. Applicants with poor or no credit history are still eligible to receive loan offers. Many users who turn to same-day payday loans through Radcred have been declined elsewhere due to credit score thresholds or outdated bank policies. What Makes Online Payday Loans Different from Installment Loans? While both are forms of short-term financing, payday loans are typically due in full on the borrower's next payday, making them ideal for immediate, one-time expenses. Installment loans, on the other hand, are repaid over a set number of months with fixed payments. Radcred's platform focuses on instant payday loans for urgent needs typically between $255 and $500 offering borrowers a short-term fix without long-term obligations. This model provides more flexibility and quicker resolution for those facing financial stress. Common Uses for Online Payday Loans People apply for online payday loans for a wide range of urgent expenses: Emergency medical bills Rent shortfalls Utility disconnections Car breakdowns Unexpected travel Childcare or school-related costs Radcred's platform supports same day loan decisions, helping users address financial shortfalls without delay. The goal is to provide immediate help while maintaining lender transparency and data Benefits of Online Payday Loans from Licensed Lenders Radcred's network of verified lenders provides several user-centered advantages: Same-day deposit available No hard credit checks 100% online, paperless process Transparent APR and fee structure Not reliant on traditional FICO credit scoring State-compliant offers only These benefits make online payday loans via Radcred a reliable choice for individuals seeking $500 loan offers or instant loan approval during financial emergencies. Radcred's Technology Ensures Secure, Fast Loan Matching Security and speed are at the heart of Radcred's digital platform. Using end-to-end encryption and a smart-matching engine, Radcred filters lender matches based on borrower profile, location, and eligibility. Borrowers receive real-time feedback, meaning they are not left waiting days for a decision. The matching engine also filters out any unlicensed or non-compliant lenders, helping users receive legitimate, regulated offers only.H2: Radcred's Platform vs. Traditional Payday Lenders Traditional payday lenders often require in-person visits, paper documentation, and post-dated checks. In contrast, Radcred offers: Fully remote application and funding process Transparent, upfront disclosure of fees and repayment terms Integration only with licensed, compliant lenders Same-day processing without collateral This distinction matters particularly for borrowers who cannot afford to wait or travel to a physical location to secure funding. Who Is Turning to Online Payday Loans in 2025? In 2025, the largest demographic applying for online payday loans through Radcred includes: Ages 22–45 Gig economy workers Part-time or hourly wage earners Individuals with credit scores below 580 People with limited savings or thin credit files These borrowers often face barriers with traditional lenders and are turning to same day payday loan options that align with their income and lifestyle. Legal & Licensing Compliance Radcred operates as a loan marketplace, not a direct lender. All matched lenders: Are state-licensed Provide transparent APR and fee structures Adhere to lending laws by jurisdiction Disclose repayment terms clearly before agreement Borrowers are encouraged to review all offers carefully and choose based on repayment ability and transparency. About Radcred Founded in 2018, Radcred is a fintech platform offering secure access to small-dollar loans. Through advanced technology, Radcred connects applicants to licensed lenders offering products like $255 payday loans, $500 loans, and same-day funding with no hard credit pull. Its mission is to increase access to responsible borrowing for Americans underserved by traditional credit systems. Final Thoughts: Online Payday Loans Must Prioritize Speed & Transparency As demand for online payday loans grows, borrowers need fast, transparent, and secure options. Radcred's platform is designed to meet these expectations by offering same-day decisions, instant funding potential, and a borrower-first experience that eliminates guesswork and hidden terms. Disclaimer Radcred is not a lender and does not make credit decisions. Loan offers are based on third-party lender criteria and state-specific laws. Terms, availability, and APR may vary by applicant and location. CONTACT: Sarah Johnson PR Manager, Radcred Email: press@ Phone: +44 20 7946 1234
Yahoo
11-06-2025
- Business
- Yahoo
Republican senators mystified by $1 billion added to their megabill
A mysterious $1 billion for a law that lets the president mobilize certain industrial sectors during an emergency is tucked into the Senate's version of President Donald Trump's megabill. And Republicans told Semafor they aren't sure what the Defense Production Act money is for. The funding has become something of a mystery among Banking Committee Republicans, who said in interviews this week that they are trying to figure out what the cash is intended to do before they vote on the bill. But as one Republican senator said about the Trump administration: 'They won't tell us.' 'It's hard to be supportive of it if we don't know what it's for,' Sen. Kevin Cramer, R-N.D., said. 'It's uncomfortable, for sure. A billion dollars is a billion dollars. And it would be nice if we knew what it was specifically aiming at.' Some GOP aides suspect the money could be tied to Trump's recent use of the Defense Production Act to boost US production of critical minerals, like aluminum and coal, in order to reduce reliance on supplies from less-friendly nations like China and Russia. The president signed an executive order invoking the law in March and issued a waiver of key legal requirements — including some congressional approvals — last month. A White House official said in an interview that the administration is looking at using the funding to use subsidies, grants and loan guarantees to support 'critical energy projects that have a defense nexus.' That could include shaping the production and refinement of critical minerals, boosting the US coal industry and helping develop more domestic LNG. Promoting 'private-sector activity in order to make the nation more secure and the grid more reliable, is, I think, the name of the game here,' the official said. A spokesperson for Senate Banking Chair Tim Scott, R-S.C., pointed to a hearing the committee held on the Defense Production Act in May, where witnesses testified on China's use of critical-minerals exports as leverage and the need to revamp the law. Congress will need to reauthorize the statute later this year. 'As Chairman Scott has stated, the Defense Production Act plays an important role in strengthening supply lines critical to our national defense and emergency preparedness,' the spokesperson said in a statement.'The Banking Committee's provisions in the One Big Beautiful Bill will provide important funding to bolster domestic production of key national security components.' Some Republicans didn't even know the $1 billion provision was in there. Sen. Cynthia Lummis, R-Wyo., said she 'would have had a duck fit' had she known about it earlier. 'I've asked the same question; I don't have an answer yet,' Sen. Mike Rounds, R-S.D., told Semafor. 'If you want a billion dollars, I want to know what it's being used for.' The White House official acknowledged that there's probably 'a little bit of work to do' in educating Republican lawmakers about the request: 'We want to make sure that we're clear and transparent with our colleagues on the Hill about the priorities that we're seeking.' The Defense Production Act has been used regularly since its passage, including to boost production of goods to fight the coronavirus pandemic. The then-Democratic Congress passed a provision in the 2022 Inflation Reduction Act directing $500 million to increase production of energy technologies. That was in response to a Biden administration request; indeed, a Senate Banking Committee press release on its reconciliation text describes the provision as 'a priority of President Trump.' The questions around the DPA provision are just one hangup for the Banking Committee's proposed section of the megabill. Panel Republicans leaving a Thursday briefing expressed skepticism that some of Scott's proposed changes to the House bill would survive the Senate's strict budgetary rules. 'There was some weird stuff that happened on Thursday,' Lummis said. Given the stakes of the larger bill, $1 billion won't make or break its passage, but it's unusual for senators from the president's party to not know what money in their legislation is for and say they can't get answers about it. Democratic senators are, understandably, highlighting that uncertainty as they push for a hearing on the legislation. 'I have no idea' what the money is for, said the Banking Committee's top Democrat, Elizabeth Warren of Massachusetts. 'Have you asked them? Do any of them know?' 'There's been no hearing. No briefing. Nothing,' Warren added. The Trump administration is waiving some requirements under the Defense Production Act, Reuters reported.
