Word: loan
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Dates: during 1950-1959
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SMALL-BUSINESS LOANS will be speeded up by Small Business Administration to ease tight-money squeeze. S.B.A. now will allow its 15 regional directors-to approve credit up to $100,000 (v. $50,000 limit before), provided private banks put up 25% of the credit. Administration expects record 700 loan applications in October v. previous peak of 514 last June...
...Export-Import Bank authorized a $50 million development loan, its first to Mexico in three years. Most of the money will go for rehabilitation of railroads and for expansion of the Altos Hornos steel mill...
...Double Loan. Syd Albert was attracted to Nelson a year ago by its fat assets. The founding family that controlled the company snapped up his offer to pay $43.50 a share for 97% of Nelson's stock or a total of $4,850,000. To raise most of it, Albert borrowed $4,500,000 from Mas-tan & Co. of New York, pledging his Nelson holdings as collateral. -Then he got Chicago's Walter E. Heller & Co., a factoring house, to lend $3,600,000 to Nelson. When Heller's agents came to inspect the Nelson plant...
...borrowed in its name. Munroe directed Heller to deposit the check in the bank account of Albert's Bellanca Corp., which used it to pay off the bulk of the Mastan debt. But Nelson had to start paying back the $3,600,000 loan in monthly installments of more than $100,000, including 12% interest...
...over, Bankruptcy Referee William J. O'Herin ordered that no more payments be made on Nelson's debt until the courts can determine whether the original stockholders can legally win back possession of Nelson and the $1,000,000 the company has already paid out on the loan...