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aboriginal loans

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1aboriginal loans Empty aboriginal loans Wed Feb 03, 2010 3:27 pm

Deank

Deank
contributor eminence
contributor eminence

http://www.winnipegfreepress.com/breakingnews/First-Nations--83464662.html

An aboriginal loan guy is complaining because he is not part of a Federal program that guarentees loans made on reserve.

and he quotes this oh so fun stat.

"
Park says in the last two decades aboriginal lenders have provided more than 35,000 loans worth $1.4 billion to aboriginal businesses. He said the businesses have had a success rate of 58 per cent."

ONLY 58 PERCENT success?? holy CEERRAPP! Seems to me that would mean they are losing money.. no?

I wanted to go check out their website in the hopes of seeing what lending percent was or if possible a P&L.

unfortunately none of that is available
http://www.twcc.mb.ca/annual_report.php

2aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 3:44 pm

JT Estoban

JT Estoban
major-contributor
major-contributor

58% eh?

Is that glass half full, or half empty...I can't figure that one....

Can't say I blame the Federal Program for denying this...

("We’ve been doing these loans for 20 years," said Park. "It just defies logic the government wouldn’t include us.")

Ok, defy this logic....42% of 1.4 billion dollars worth of loans....over two decades...that's 29.4, heck lets say 30 million in losses every year!...

Gah? My logic works perfectly fine....I'd say the taxpayers don't want to be covering 42% losses, or 30 million in losses! Go figure!

The Feds gave 2.8 mill to Assiniboine to cover it's losses on aborigional loans....as you can clearly see by the numbers, 2.8 millin wouldn't be nearly enough for a single year of losses!

No thanks!

3aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 3:46 pm

Deank

Deank
contributor eminence
contributor eminence

anyone have a clue what the normal success rate is for business loans?

4aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 5:41 pm

grumpy old man

grumpy old man
administrator
administrator

Whatever that number is it should be what everybody in the loan business should strive for.

Can our aboriginals brothers and sisters not see the problem associated with this constant need for special handling of seemingly everything?

5aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 7:08 pm

Triniman

Triniman
general-contributor
general-contributor

grumpy old man wrote:Whatever that number is it should be what everybody in the loan business should strive for.

Can our aboriginals brothers and sisters not see the problem associated with this constant need for special handling of seemingly everything?

Perhaps we should stop coddling them and treating them like victims. Enough already.

6aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 7:25 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

There is a small loan set-up for African entrepreneurs, generally loans of as small as $50 to open a shop selling stuff, or for buying a goat , sewing machine, etc. that is aimed at women. I believe their return rate is 100%. These would be women who need a helping hand and work hard, similarly to "our" aboriginals here who expect a helping hand and manage to be successful 42% of the time
Does anyone know about these "aboriginal" loans?

http://www.elansofas.com

7aboriginal loans Empty Re: aboriginal loans Wed Feb 03, 2010 7:50 pm

rosencrentz

rosencrentz
uber-contributor
uber-contributor

http://www.elansofas.com

Sponsored content



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