If a loan is for debt consolidation we will take into account the potential for increased disposable income when assessing affordability. Credit Scoring – The credit scoring system assesses factors such as length of time trading, accounting information, payment method etc. This is a guideline and the Credit Committee will use their experience to offer alternative terms where appropriate. Credit Check – A credit check will show how many accounts, lenders and any court history the applicant might have.
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Group picked by Quinn administration made no loans, but kept $150,000 – chicagotribune.com
“So from our perspective this was not an issue of not vetting them, this was an issue of wanting to do a program with them that the federal government thought they could do as well, and that we were going to work with them to make sure it was a success.” Less than a year later, the state agency suspended the contract, records show. The group had not issued a single loan, according to a letter the agency wrote to CCV. Officials pointed to the May 2011 firing of CCV President Anita Hollins, who had been accused by her board of directors of misusing about $960,000 from a separate loan program not affiliated with the state. The agency formally canceled the contract in February 2012, citing “serious concerns about the organization’s continuing capacity to carry out the program activities in a timely manner.” The group was allowed to keep $153,384 in federal funds, after the state first subtracted $19,000 it determined CCV had improperly spent on back rent. State economic development officials said the amount was fair compensation. “Although the organization’s client documentation was substantially inconsistent, the organization appeared to make a good faith effort” to initiate loans, even if they were not successful in doing so, the agency wrote in a letter canceling the contract. Five loans totaling $56,432 that the organization had initiated were transferred to and completed by another lender, according to the state agency. “The outcome is exactly what you would want from the state monitoring a grant, making sure that when something does go wrong that we take prompt, prompt action and fix and ameliorate the situation, so from our perspective this should be, I think, an example of the state being effective in caretaking the taxpayer funds,” Pollet said. Warning signs 8 But questions remain about how Chicago Community Ventures was picked to participate in the loan program to begin with and how much vetting was done of an organization that records show was in the midst of financial collapse.
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