Term loan – Kent Tribune http://kenttribune.com/ Fri, 11 Jun 2021 14:24:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://kenttribune.com/wp-content/uploads/2021/05/icon.png Term loan – Kent Tribune http://kenttribune.com/ 32 32 5 questions to ask before applying for a personal loan online https://kenttribune.com/5-questions-to-ask-before-applying-for-a-personal-loan-online/ https://kenttribune.com/5-questions-to-ask-before-applying-for-a-personal-loan-online/#respond Fri, 11 Jun 2021 14:05:24 +0000 https://kenttribune.com/5-questions-to-ask-before-applying-for-a-personal-loan-online/

With everything that is done online, banking has also evolved. With online banking, you can get all banking services from the comfort of your home, plus it’s safer, faster and easier. That being said, many people today apply for loans online. Especially personal loans because they are easy to apply and have lower interest rates. So, are you considering requesting a online personal loan? If so, then you are just a few clicks away from getting one.

But before you apply for a personal loan online, you need to know the answers to some questions about eligibility, interest rates, and your credit score.

Image source: ibb

To make sure you’ve covered all the basics, here are five questions you need to ask yourself before applying for a personal loan online:

  1. How much should I borrow?

The first question you need to ask yourself is how much do you need and how much can you repay. Because a personal loan is taken out to overcome a financial crisis or emergency, but the loan itself will become a financial crisis if you borrow more than you can repay. So, asking for the right amount is your responsibility. At the same time, the lender or financial institution decides your borrowing limit and the amount that will be offered to you based on your creditworthiness.

  1. Am I eligible for a personal loan?

Before applying for a personal loan, ask yourself: Do I qualify the personal loan eligibility Criteria? It would be best if you assess yourself before the lender does to plan your future decisions accordingly. The personal loan eligibility criteria consist of simple parameters such as the borrower must be a salaried employee and have a decent credit score. So check if you qualify all the parameters and then apply for a personal loan online.

  1. Are there other types of personal loans? If so, which one would be the best for you?

This is one of the most important questions you should just ask. Some financial institutions and banks offer two types of personal loans which are secured and unsecured personal loans. Secured debt is a loan held by collateral or an asset that the lender can seize if you don’t repay. In contrast, unsecured debt is guaranteed without any asset considered collateral. So, it mainly depends on your income, your credit rating, your current debts and many other factors.

  1. How much will I take to repay the loan?

You need to decide for yourself whether you want to go for a long term loan or a short term loan before applying for a personal loan online or offline. A long term loan has a lower EMI and is paid off over a longer period. On the other hand, a short-term loan can take a toll on your monthly income for a while, but it helps you get rid of loan payments faster.

  1. What is the interest rate?

The lender or bank charges interest on the amount you borrow from them. It is advisable to know your NDE before applying for a loan as it allows you to plan your monthly budget accordingly. Thus, when you take out a personal loan, you must repay the principal amount as well as the resulting interest. This interest rate will vary depending on the amount borrowed, your creditworthiness and other factors like income, existing loans, credit rating, etc. So, it would be better to use an EMI calculator to check the interest rate before applying for a personal loan online.

Taking out a personal loan online is simple, but the tricky part is managing it without letting IMEs interfere with your day-to-day spending. Therefore, it is very important to ask these five questions before making the final decision. To make the process flawless, you can go for reputable banks like Axis Bank which offer safe and smooth online banking and lower interest rates!

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CBI delivers big business boss Gautam Thapar for Rs 466-cr Yes Bank loan fraud: The Tribune India https://kenttribune.com/cbi-delivers-big-business-boss-gautam-thapar-for-rs-466-cr-yes-bank-loan-fraud-the-tribune-india/ https://kenttribune.com/cbi-delivers-big-business-boss-gautam-thapar-for-rs-466-cr-yes-bank-loan-fraud-the-tribune-india/#respond Thu, 10 Jun 2021 01:24:00 +0000 https://kenttribune.com/cbi-delivers-big-business-boss-gautam-thapar-for-rs-466-cr-yes-bank-loan-fraud-the-tribune-india/

Tribune press service

New Delhi, June 9

The Central Bureau of Investigation (CBI) registered an FIR against Oyster Buildwell Private Ltd, Avantha Group promoter Gautam Thapar and others, as its officials raided 14 sites in Delhi-NCR and three other cities as part of the of a case related to an alleged embezzlement of over Rs 466 crore in Yes Bank in 2017-19.

Agency officials said: “Thapar is already under investigation in another case related to embezzlement of public funds at Yes Bank allegedly involving the former head of the bank, Rana Kapoor.

In the latest FIR, the CBI also appointed the directors of Oyster Buildwell Pvt Ltd – Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan – as well as unidentified officers of Avantha Realty Pvt Ltd and Jhabua Power Ltd.

In its FIR, the CBI alleged that Oyster Buildwell Pvt Ltd (OBPL) “is part of the Avantha group with over 97% of the capital held by Avantha Realty and the rest by the Thapar and Vani agencies”.

The Central Investigation Agency registered the case on the basis of a complaint dated May 27, 2021, which it received from Yes Bank’s vigilance chief Ashish Vinod Joshi.

The CBI alleged that the defendants engaged in criminal conspiracy, criminal breach of trust, cheating and forgery for embezzlement of public funds to the tune of Rs 466.15 crore, officials said.

After registering the case, the CBI team searched 14 locations in Delhi and the NCR, Lucknow (Uttar Pradesh), Secunderabad (Telangana) and Kolkata (West Bengal), including the premises of the accused, they said.

The complaint from Yes Bank, now part of FIR, alleged that Jhabua Power Limited (JPL), an OBPL group company, had entered into an operation and maintenance contract for its 600 MW power plant with its holding company Jhabua Power Investment Ltd (JPIL) for 10 years.

The OBPL was required to pay a refundable interest-free security deposit of Rs 515 crore to JPIL for which Yes Bank had authorized a long-term loan of Rs 515 crore for 10 years.

“The company defaulted on payment as the account turned into a non-performing asset on October 30, 2019. The total unpaid capital contributions amount to Rs 466.15 crore,” the complaint alleged.

In default of payment

  • The CBI case concerns a loan taken out by Oyster Buildwell Pvt Ltd (OBPL), a holding company of Avantha Realty Limited, and its misappropriation between 2017 and 2019
  • The OBPL was required to pay a refundable interest-free security deposit of Rs515 crore to JPIL for which Yes Bank had authorized a long-term loan of Rs515 crore for 10 years
  • The company defaulted and the account turned into a non-performing asset on October 30, 2019. Total outstanding principal contributions amount to Rs466.15 crore
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Use foreign currency loans from a group company as an alternative source of financing https://kenttribune.com/use-foreign-currency-loans-from-a-group-company-as-an-alternative-source-of-financing/ https://kenttribune.com/use-foreign-currency-loans-from-a-group-company-as-an-alternative-source-of-financing/#respond Wed, 09 Jun 2021 07:17:09 +0000 https://kenttribune.com/use-foreign-currency-loans-from-a-group-company-as-an-alternative-source-of-financing/

Data from the Central Bank of the Republic of Turkey indicates that private sector lending debt abroad and short-term lending debt in general, excluding commercial lending, have reached a level that will cause a economic malaise.

Due to economic fluctuations and the ensuing pandemic, the financing needs of businesses are increasing day by day. Businesses may need to increase their capital in order to meet these financing needs, assess their unused resources, and effectively manage their funds, if needed. However, in cases where this is not possible due to economic conditions, companies can temporarily meet their financing needs through loans made within the group, provided that the conditions prescribed by law are met.

The regulations on the use of foreign currency loans came into effect with Decision No. 32 on Protection of the Value of Turkish Currency (“Decision”). The procedures and principles regarding the implementation were determined within the framework of Communiqué No. 32 on the Protection of the Value of Turkish Currency (Communiqué No.: 2008-32 / 34) and the Circular on Capital Movements of 02.05.2018 published by the Central Bank of the Republic of Turkey in accordance with this press release (“Circular”).

Although joint stock companies resident in Turkey are free to use Turkish Lira denominated loans from abroad through banks; these capital companies can only obtain foreign currency loans through banks and within the framework of the principles set out in Article 17 of the Decision.

With this in mind, with the increase in foreign source loans used by the private sector, the condition of obtaining foreign currency income for the use of domestic and foreign currency loans has been introduced in accordance with the amendment made to the decree in 2018. Taking into account the needs, the exceptions provided for to this rule have been extended with new regulations since 2018.

Indeed, in accordance with article 21/15-d of the Circular, legal persons established in Turkey, 100% owned by foreign shareholders residing outside Turkey, may resort to foreign currency loans from group companies with interests foreigners capital by being exempt from foreign currency income criteria.

On the other hand, for companies with a foreign capital ratio below 100% and companies with national capital, it does not seem possible to benefit from the exemption concerning the use of foreign currency loans. However, in accordance with article 38/2 of the Circular, provided that the transaction is carried out within the same holding company or within the group, and that the debit and monitoring are carried out in Turkish lira, it is possible to transfer the foreign currency the equivalent of debit transactions to the relevant national accounts on the basis of the written declaration of the company.

This regulation does not mean that foreign currency loans can be extended within the group in the country. There is no new regulation in the aforementioned article, only the practice whereby payments regarding Turkish lira loan transactions carried out within the group can be made in foreign currencies is reflected in the legislation.

As explained above, companies that want to cover their financing needs but do not increase their capital can assess whether they meet the above exceptions and use intragroup loans as a temporary alternative. However, it is extremely important to plan in advance the legal and fiscal aspects of these temporary funding sources in order to avoid later incompatibilities and possible sanctions.

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Greystone Provides $ 7.3 Million in HUD-Assured Funding https://kenttribune.com/greystone-provides-7-3-million-in-hud-assured-funding/ https://kenttribune.com/greystone-provides-7-3-million-in-hud-assured-funding/#respond Tue, 08 Jun 2021 16:44:12 +0000 https://kenttribune.com/greystone-provides-7-3-million-in-hud-assured-funding/

NEW YORK, June 08, 2021 (GLOBE NEWSWIRE) – Greystone, a leading national commercial real estate finance company, has provided a $ 7.3 million HUD-insured loan to refinance an assisted living community of 78 beds in Great Falls, MT. The financing was initiated by Scott Thurman and Leor Dimant of Greystone on behalf of Inspired Healthcare Capital, a loyal client, who acquired the property in March 2020.

The $ 7,360,000 Section 223 (f) funding provided by the HUD has a term of 35 years and amortization of 35 years, as well as a low fixed interest rate, and constitutes a permanent subscription to short-term bridge financing provided by Greystone. Built in 2001, The Lodge’s senior living community offers full-service amenities to its residents, including meals, transportation, laundry, housekeeping, as well as events and entertainment. The property is located within two miles of several major hospitals and health systems, including the Great Falls Clinic Hospital and Surgery Center and Benefits Health System – East Campus.

Currently the facility is occupied and configured with 70 beds in 70 studio, one and two bedroom units, and with the proceeds from HUD funding, some of the two bedroom units on the property will be converted into studios to meet the demand. strong demand for this type of unit.

“The process of transitioning to the HUD for healthcare real estate investors alleviates many challenges related to the timing of FHA acquisitions and financing, and Greystone’s transparent process sets the borrower in place for a 35-year permanent loan with a short-term credit cushion, ”Mr. Thurman said. “The higher proceeds offered by FHA financing are also beneficial for borrowers who wish to make capital expenditures and invest in property for the long term.”

About Greystone
Greystone is a national commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having ranked among FHA’s top lenders, Fannie Mae and Freddie Mac in these industries. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information, visit www.greystone.com.

PRESS CONTACT:
Karen marotta
Gray stone
212-896-9149
Karen.Marotta@greyco.com

]]> https://kenttribune.com/greystone-provides-7-3-million-in-hud-assured-funding/feed/ 0 Buy now, pay later vs. leasing with option to buy https://kenttribune.com/buy-now-pay-later-vs-leasing-with-option-to-buy/ https://kenttribune.com/buy-now-pay-later-vs-leasing-with-option-to-buy/#respond Mon, 07 Jun 2021 23:02:16 +0000 https://kenttribune.com/buy-now-pay-later-vs-leasing-with-option-to-buy/

Buy Now, Pay Later (BNPL) is emerging as a popular payment alternative to credit cards, layaway plans, and option-to-buy rental plans. An estimated 60% of Americans have used a shop now, pay later service at least once to make purchases online or in a store. Meanwhile, option-to-purchase leasing has grown into an $ 8.5 billion industry, focused primarily on expensive purchases like furniture, appliances, and electronics. When you compare buy now, pay later, and rent with the option to buy, here are some key differences to keep in mind.

Key points to remember

  • Buy Now, Pay Later plans allow consumers to make purchases online or in-store and pay for them in installments.
  • These point-of-sale installment loans may not require a credit check to qualify and charge no interest on purchases.
  • Option-to-buy rental plans also allow consumers to pay for their purchases over time without a credit check and quick approval.
  • However, leasing with an option to buy can mean paying a lot more for purchases compared to buying now, paying later.

What is Buy Now, Pay Later?

Buy Now Pay Later refers to a type of short-term financing that allows consumers to pay for their purchases in installments and usually without interest. With one of these point-of-sale loans, buyers make a deposit on their purchases and then pay off the balance in three or more installments over time.

There are a number of platforms that offer Buy Now, Pay On Back loans, including:

Each of these platforms is partnering with a variety of major retailers to offer buy now, pay later as a payment option at checkout. Typically, no credit check is required to qualify for a point-of-sale installment loan. This can make this short term financing attractive to people with limited credit history.

Buy now, pay later, the services also do not charge interest or fees on purchases. The most common immediate purchases and subsequent purchases include clothing, electronics, furniture, appliances, housewares, and cosmetics.

advice

Unlike layaway plans, which require you to pay in full before you receive the items you buy, buy now, pay later allows you to take ownership of your purchases after you make your first payment.

What is leasing with an option to buy?

Leasing with an option to buy is an arrangement in which consumers make payments for items with the intention of eventually owning them. This is similar to how a lease with option to buy or lease with option to buy a home works.

There are a number of stores that specialize in buy-to-buy lease finance, including Rent-A-Center and Aaron’s Rent to Own. They allow people to buy items and then pay for them over time, often with:

  • No credit check
  • Fast approval
  • Low minimum deposits
  • Weekly, bi-monthly or monthly payments
  • Payment plans to fit individual budgets

With option-to-buy lease agreements, consumers don’t borrow money. Instead, they agree to pay the rent for one or more items for a specified period. If they make all scheduled payments in full, the item becomes theirs. But they can also choose to stop payments and return the item to the store.

Option-to-buy rental plans may require a deposit to start, although it can be as little as $ 1, depending on the store or vendor. Many stores also offer free delivery and installation of appliances, furniture and other bulky items.

To note

Option-to-buy rental stores may rent new or previously rented items returned by customers.

Buy now, pay later Pros and cons

Buying now, paying later, financing can offer distinct benefits to consumers who use these services. These include:

  • Be able to receive the items now and refund them over time
  • Flexible payment options
  • No credit check to qualify
  • Flexible spending limits
  • No interest charges on purchases (generally)

All of these things can make BNPL attractive, especially to consumers who may have a limited credit history. But there are some downsides to consider, starting with the potential for going over budget.

Among consumers who use point-of-sale installment loans, the average balance owing is $ 883. Fifty-seven percent of buyers who use Buy Now, Pay Later say they regretted making a purchase because the item was too expensive. So while these services can be convenient, there is a price to pay for buyers to end up overspending.

Buying now, paying later can also be problematic if the buyer can’t keep up with payments. Platforms that offer these loans may charge late fees for missed payments. In the worst case, they can report borrowers to the credit bureaus, which can damage the credit rating.

Important

Although many buy now, pay later, the services charge zero interest, this is not always the case. So make sure you know up front whether you will be responsible for any interest charges or fees.

Advantages and disadvantages of leasing with an option to buy

Option-to-purchase lease agreements share some similarities with buy-it-now and pay-out plans. For example, you can usually get the items you buy the same day you sign up for a lease with option to buy plan. You don’t have to wait for items to be fully paid for, like you would with a layaway plan.

Qualifying for lease finance with an option to buy can be easy if there is no credit check or if a hire store accepts buyers with low credit. It is possible to be approved the same day and leave with the items in hand.

When it comes to how opt-to-buy lease payments work, they can be flexible and fit your budget. For example, stores may offer weekly, bi-monthly, or monthly payment plans. You might have 12, 18, or 24 months to pay for your purchases.

The biggest downside to leasing with an option to buy is the cost. Renting with an option to buy is a rental transaction, not a credit transaction. In other words, it is not a loan so there is no interest payable. But option-to-buy rental stores may add a lease or rental fee to the cost of your items.

This can make any item purchased on hire purchase more expensive than if you were used to buying now, paying later, or using another form of payment. Aaron’s website, for example, states that “your total cost of ownership will be greater than the retail price.”

The total cost that you will pay for an item purchased on hire-purchase must be stated in your lease or rental agreement. However, at times these documents can be confusing and difficult to read, so it may be necessary to dig to understand what the articles will actually cost.

advice

Some option-to-buy rental stores offer an “same as cash” option, which allows you to pay only the store’s cash price for an item, plus applicable taxes. However, the cash price of this store may be higher than what you might find elsewhere.

The bottom line

Compared to option-to-buy lease agreements, buy now, pay later can be more transparent in terms of how much you can spend and how much you’ll pay for anything you buy. But leasing with an option to buy may give you more time to pay. When choosing between either of the payment options, consider the affordability of payments and what you will pay in total after factoring in fees or other charges. Learn about the best buy now, pay for apps later to decide which ones might be right for you. Also consider the benefits of using a rewards credit card to pay instead if you want to earn miles, points, or cash back on purchases.

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S4 Capital increases its forecast for 2021 on the acceleration of the second quarter https://kenttribune.com/s4-capital-increases-its-forecast-for-2021-on-the-acceleration-of-the-second-quarter/ https://kenttribune.com/s4-capital-increases-its-forecast-for-2021-on-the-acceleration-of-the-second-quarter/#respond Mon, 07 Jun 2021 06:30:00 +0000 https://kenttribune.com/s4-capital-increases-its-forecast-for-2021-on-the-acceleration-of-the-second-quarter/

By Adria Calatayud

S4 Capital PLC said on Monday it had raised its net sales growth forecast for 2021 in light of an acceleration in the second quarter, and reiterated its three-year target.

UK digital advertising and marketing services company, founded by former WPP PLC chief Martin Sorrell, said it now expects organic growth in net revenue of 35%, up from 30% previously . In May, the company raised its forecast from 25% to 30%.

The company said it does not yet have figures for May, but early indications are that May will be similar to April – when like-for-like net sales accelerated significantly from the first quarter. – and that its pipeline continues to be robust in June.

Net revenue for the first four months of 2021 increased 84% on a reported basis, S4 Capital said.

The company said it was confident in achieving its three-year plan for the period 2021-2023, which foresees an organic doubling of the group both in terms of turnover and earnings before interest, taxes, depreciation and amortization, or Ebitda, levels. .

S4 Capital said it was raising a term loan of more than $ 350 million to fund its expansion because it has already deployed previously raised equity funds.

Write to Adria Calatayud at adria.calatayud@dowjones.com

]]> https://kenttribune.com/s4-capital-increases-its-forecast-for-2021-on-the-acceleration-of-the-second-quarter/feed/ 0 Glasgow Warriors announce 18 players leaving the club https://kenttribune.com/glasgow-warriors-announce-18-players-leaving-the-club/ https://kenttribune.com/glasgow-warriors-announce-18-players-leaving-the-club/#respond Sun, 06 Jun 2021 11:46:54 +0000 https://kenttribune.com/glasgow-warriors-announce-18-players-leaving-the-club/

Adam Hastings leaves the pitch at Scotstoun after his final home game for the Glasgow Warriors, against Leinster.  Photo: Craig Williamson / SNS

Adam Hastings leaves the pitch at Scotstoun after his final home game for the Glasgow Warriors, against Leinster. Photo: Craig Williamson / SNS

They join the three already gone, exposing the extent of the reconstruction work undertaken by Danny Wilson, the club’s head coach.

Among those heading for the exit door are former Scotland winger Lee Jones, Ireland international Ian Keatley and mainstay Aki Seiuli.

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We already knew that experienced internationals Adam Hastings, Huw Jones, Leone Nakarawa and Niko Matawalu were moving on.

Niko Matawalu gives his boots to the fans after his last home game for the Glasgow Warriors. Photo: Alan Harvey / SNS

“We would like to thank all of our graduates for what they have done as Warriors this season,” Wilson told glasgowwarriors.org.

“Their contributions on and off the pitch cannot be underestimated and we wish them the best for the future.”

Glasgow has already announced a number of new signings for next season, including Lewis Bean, Simon Berghan, Jamie Bhatti, Sebastian Cancelliere, Jack Dempsey, Josh McKay, Ally Miller, Domingo Miotti, Sione Tuipulotu, Duncan Weir. Additionally, Rory Darge has already joined the club from Edinburgh.

Alex Allan (109 appearances)

Scotland are losing their lead after seven years with the Glasgow Warriors, having helped the club win the Guinness PRO12 title in 2015.

Full-back Bryce left in January to join US Major League rugby team LA Giltinis.

The Fijian international hooker scored two tries on his debut against Zebre in February 2020 but used sparingly.

Loosehead leaves after a short term loan from the Scarlets.

Announced his retirement earlier this month. Third highest number of appearances in Glasgow Warriors history.

The Scottish impasse reaches Gloucester.

Joined London Irish ahead of the 2020-21 season.

Scotland outside the center should move to France.

Faithful winger Jones, 30, passes after seven years, 92 appearances and 18 tries for Glasgow.

The Irish international stalemate starts after a short-term deal.

Born in Inverness, Kelly was part of the Great Britain 7s program earlier this year.

Flanker will join the French team in Agen next season.

The fan favorite passes at the end of his second stint at Scotstoun. The club’s third top scorer behind DTH van der Merwe and Tommy Seymour.

Former Scotland Under-20 winger Nairn has scored three tries in his 12 appearances.

Another in his second spell with the Warriors. Ready to join Ulster.

Tighthead will move to the Jersey Reds this summer, having played there on loan.

The Scottish international mainstay will join Bath after seven years in Glasgow.

Loosehead Samoan Seiuli has been nominated for the club’s player of the season in 2019/20.

An exceptional servant announced his retirement earlier this month. Scored 48 tries for Glasgow in a career that also included 20 tries in 55 Scottish caps. Top try scorer on the 2017 British and Irish Lions tour.

The opening half left in February to join Cheetahs in his native South Africa.

Old Scottish accessory U20.

Read more

Read more

Glasgow Warriors set to regenerate for next season as 18 players leave the club

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Maria Sanchez gives the NWSL another blow with Dash https://kenttribune.com/maria-sanchez-gives-the-nwsl-another-blow-with-dash/ https://kenttribune.com/maria-sanchez-gives-the-nwsl-another-blow-with-dash/#respond Sat, 05 Jun 2021 17:26:15 +0000 https://kenttribune.com/maria-sanchez-gives-the-nwsl-another-blow-with-dash/ Maria Sanchez is one of the elite players in Mexican women’s football, but this month she will be in Houston to decide if she possibly wants another shot at the challenge presented by the NWSL.

After helping the Tigers win their fourth Liga MX Femenil Trophy last week, Sanchez joined Dash on a short-term loan until the end of June. Houston acquired the NWSL rights to Sanchez through an exchange with Chicago in March.

His first chance to prepare for the Dash is Sunday at 1 p.m. in Kansas City (0-2-2, 2 points). The Dash (1-2-1, 4 points) will try to catch up with the May 23 game in Houston in which they conceded a goal in the 92nd minute and drew 2-2.

Because she’s already in good shape and should only be with the squad for three games, Sanchez is very likely to get minutes on Sunday. The Dash would like this to be the first in a long run in Houston for Sanchez.

For now, however, the plan is for her to return to Tigers in July as preseason training begins for the next Apertura.

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East County Water Recycling Program Gets Huge $ 388 Million EPA Loan https://kenttribune.com/east-county-water-recycling-program-gets-huge-388-million-epa-loan/ https://kenttribune.com/east-county-water-recycling-program-gets-huge-388-million-epa-loan/#respond Sat, 05 Jun 2021 00:23:27 +0000 https://kenttribune.com/east-county-water-recycling-program-gets-huge-388-million-epa-loan/
An EPA representative will present a “check” for $ 388 million to the East County Advanced Water Prescription (AWP) program. @EPAWater Photos via Twitter

Is US Environmental Protection Agency Assigned on Friday East County Advanced Water Purification Program $ 388 million Law on financial innovation of hydraulic infrastructures Funding to support the funding of the system.

This is the first WIFIA loan granted to this program, the largest EPA loan granted to a project in East San Diego County, and the second largest loan in San Diego County.

The East County AWP program, slated for completion in 2025, aims to create a new, sustainable and drought-resistant drinking water supply for the region, using cutting-edge technology to purify recycled water in County of East San Diego. It is said. The program aims to produce up to 11.5 million gallons of new potable water per day. This represents about 30% of the current drinking water demand for residents of East San Diego County.

“The East County Advanced Water Purification Program is the result of many years of strategic and long-term planning, and this WIFIA loan is a historic milestone in its development,” said Allen Carlisle, CEO / Director general of the company. Said. Padre Dam Municipal Aqueduct“By providing East County with the management and independence of drainage and water communities, this program ensures long-term solutions to increase community stability, economic vitality and quality of life. I will protect you. “

The Padredham City Water District, El Cajon, Helix Water District and San Diego County held a press conference on Friday. Steve Gobel.