Minneapolis Loans – Himspairport http://himspairport.com/ Wed, 23 Nov 2022 15:21:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://himspairport.com/wp-content/uploads/2021/05/default.png Minneapolis Loans – Himspairport http://himspairport.com/ 32 32 Gophers Head West for Henderson Hockey Showcase https://himspairport.com/gophers-head-west-for-henderson-hockey-showcase/ Wed, 23 Nov 2022 15:21:03 +0000 https://himspairport.com/gophers-head-west-for-henderson-hockey-showcase/ MINNEAPOLIS – The No. 3 Golden Gopher (9-2-2) women’s hockey team heads west for its first taste of non-conference action in the Henderson Collegiate Hockey Showcase this weekend in Henderson, Nevada. Friday’s game against Penn State No. 12 (10-7-1) will be at 6:00 p.m. CT at Lifeguard Arena with no streaming option. Minnesota will face […]]]>
MINNEAPOLIS – The No. 3 Golden Gopher (9-2-2) women’s hockey team heads west for its first taste of non-conference action in the Henderson Collegiate Hockey Showcase this weekend in Henderson, Nevada. Friday’s game against Penn State No. 12 (10-7-1) will be at 6:00 p.m. CT at Lifeguard Arena with no streaming option. Minnesota will face Boston University (6-8-0) or No. 5 Yale (6-0-0) on Saturday at 3 or 6 p.m. CT at the Dollar Loan Center on B1G+.

Last outing
Last weekend, the Gophers traveled to Madison, Wis., and scored 2 of 6 against the No. 3 Wisconsin Badgers (11-2-1). Minnesota and Wisconsin battled to a 3-3 tie on Friday, with Maroon and Gold earning the extra point in the shootout. Peyton Hemp recorded his second two-goal game of the season and Skylar Vetter stopped 40 shots. Murphy’s Abbey single goal in shootout proved to be the difference. On Saturday, Wisconsin ended Minnesota’s five-game unbeaten streak against the Badgers with a 4-1 win. Taylor Heise was the lone scorer in Game 2 – extending her points streak to seven games.

Non-conference action in Nevada
After losing its only non-conference game of the year, Minnesota is set to face unknown non-conference opponents in Henderson, Nevada. Minnesota will face Penn State on Friday for the fourth time in program history and the first since 2015. The only regular season series between the Gophers and Nittany Lions, Minnesota traveled to University Park and shut out the hosts. 2-0 and 5-0 on October 1 and 2, 2015. On Saturday, the Gophers will face Boston University (5-1 -0 record against) or Yale (9-0-0 record against) at the Dollar Loan Center. The ‘U’ is 44-5-1 in its last 50 non-conference games.

Survey monitoring
Minnesota fell to third in the USCHO and USA Today/USA Hockey national polls this week — the lowest ranking so far this season. Ohio State, Wisconsin and Minnesota make up the WCHA’s top three.

Neutral Site Tournament Numbers
In Minnesota’s previous three midseason neutral-site tournaments, the Gophers are 4-1-1. Last season, the Maroon and Gold defeated Mercyhurst before falling to Colgate at the Smashville Showcase in Nashville, Tennessee. In 2019, the Gophers won the Country Classic after beating Boston College (officially scored as a tie) and Harvard in Nashville, Tennessee. In 2018, Minnesota swept the Windjammer Classic in Burlington, Vt., with victories over St Lawrence and Vermont.

Zumwinkle climbs the ladder
After her goal on Friday, the fifth-year forward Grace Zumwinkle now stands at 92 career goals, good for eighth in program history. She leads her compatriot Dani Cameranesi (93) by one goal for seventh place. The Excelsior, Minn., native leads the team in points (19) and has found the scoresheet in 12/13 games this season. Zumwinkle also ranks second in program history in career shots with 696, behind Nadine Muzerall (726).

Mark milestones on the horizon
Fifth year forward Taylor Heise continues to climb the program ranks as Minnesota’s leading active scorer with 178 career points (74g-104a) in 147 career games. Fifth year forwards Abigail Boreen (44g-55a), Emily Oden (28g-68a) and Catie Skaja (38g-56a) are the closest active skaters of the century.

behind the bench
The head coach Brad Frost is back for his 16th season as bench manager for Gopher Women’s Hockey. Under Frost’s leadership, the program posted a 451-95-37 record with four national titles and seven conference titles. Nathalie Darwitz is back behind the bench for his fourth season as an assistant coach and is joined by Jessica Scottwho served as the program’s director of operations for the past three seasons.

Quest for the eighth national title
Minnesota has won seven national championships (2000, 2004, 2005, 2012, 2013, 2015 and 2016) and is seeking a historic eighth national crown in 2022-23.

]]>
Fintech start-up bridges trade finance gap for small businesses https://himspairport.com/fintech-start-up-bridges-trade-finance-gap-for-small-businesses/ Mon, 21 Nov 2022 04:00:04 +0000 https://himspairport.com/fintech-start-up-bridges-trade-finance-gap-for-small-businesses/ Greg Karpovsky had a formative experience at university that inspired the creation of Stenn, an online platform providing working capital to international suppliers. He was studying at Moscow State in the 1990s when Jack Welch, then chairman and CEO of conglomerate GE, came to give a lecture. Young Karpovsky asked Welch what line of business […]]]>

Greg Karpovsky had a formative experience at university that inspired the creation of Stenn, an online platform providing working capital to international suppliers. He was studying at Moscow State in the 1990s when Jack Welch, then chairman and CEO of conglomerate GE, came to give a lecture.

Young Karpovsky asked Welch what line of business he should consider – markets were opening up rapidly in Eastern Europe and he was already a keen entrepreneur.

Welch’s response was to focus on trade finance. And that set Karpovsky on his journey to creating Stenn.

His first venture, Eurokommerz, focused on providing working capital to small businesses primarily serving domestic trade in Eastern Europe. But Karpovsky had global ambitions. After leaving Eurokommerz, and after other projects, he used his own capital to create Stenn in 2015.

Karpovsky’s goal was to offer money through digital channels to small businesses that trade goods internationally, but lack bank support.

“We have seen that there is a very large market of small businesses engaged in international trade and the digital economy that are significantly underserved by banks,” he says.

“I learned that it was over 20 years ago that there was an opportunity, so I started solving this problem in local markets. I am now trying to develop this idea globally.

The need for trade finance remains pressing. The international trade credit gap stands at $3 billion and is widening, according to the World Bank. A report by Accenture consultants, commissioned by Stenn, estimates that demand for trade finance will reach $6.1 billion over the next four years.

But the supply of finance to small businesses is lagging – a problem exacerbated by the 2008 global financial crisis, which caused big banks to back off from lending more widely.

Recently, supply chains have also come under pressure, hitting smaller suppliers. The Covid-19 pandemic and the war in ukraine have restricted the movement of goods globally, compounding the problem of suppliers receiving payments on time.


Stenn works to solve this issue. It aims to connect small and medium enterprises around the world to developed capital markets. Using its proprietary technology, Stenn can process trade finance applications in as little as 48 hours, in over 70 countries.

It is backed by major global financial institutions, including HSBC and Barclays, but focuses on businesses in need of financing and trade credit protection in the $10,000-10 million range. To date, Stenn has facilitated some $10 billion in funding in total.

“We realized that a lot of goods were sourced from emerging markets, such as China, India and Latin America, so we started meeting with suppliers from those countries and saw how underwhelmed they were. -banked,” says Karpovsky.

“Many of these suppliers serve companies in mature markets, for example the United States and Western Europe. But they also sell directly to the end customer in these markets.”

Although Stenn offers a range of financing options, its bread and butter is invoice financing: advancing payments to suppliers immediately and collecting from their customers later, in return for a commission. Its service allows suppliers to get paid as soon as their goods are shipped, while allowing buyers to receive their products and earn revenue before they have to pay the invoice.

Without invoice financing, suppliers could wait months to get paid when exporting goods to overseas buyers, which can hurt their cash flow and growth.

In return, Stenn charges the supplier a commission of between 0.65% and 4% of the invoice value, and also bears the risk of default by a buyer.

Unlike many other invoice finance providers, Stenn offers larger loans. “This company is doing it on a massive scale, up to $10 million in invoices, which is pretty impressive,” says David Brear, chief executive of fintech consultancy 11:FS.

“In this market, given the cash situation, I think there will be people lining up for this service,” he adds. “The pressures these medium-sized growing SMEs face [are] scary. I can only see Stenn lighten up in this space. So if he has a big enough book from a loan standpoint, the risk is pretty low when it comes to bill financing. It’s a bit of a blue ocean for them given the lack of competition at this scale.

Although banks offer commercial financing, their approval processes tend to take longer than the 48 hours suggested by Stenn. “Banks, in various guises, do some of that, but they make people jump through a lot of hoops,” Brear notes. Shane Burgess, from the venture capital fund BandagedKarpovsky’s adviser, says Stenn is “democratizing access” to working capital for entrepreneurs in emerging markets.

“Karpovsky shaped his worldview not only by sitting in London, he lived in Singapore, he went to meet merchants in China and other parts of the Far East, and he built a good understanding of their sore spot.”


In the heart of Sten’s competitive offering is its technology. “What we sell to investors is risk management,” says Karpovsky. “We can onboard customers, assess credit, manage customer risk; this is what our technology is designed for.

“We are a technology company focused on risk, credit, fraud and compliance management. We call this “risk reduction” for banks. . . 50 percent of [our] people are computer engineers, which allowed us to evolve quickly.

He says Stenn’s technology allows the company to “efficiently source and onboard customers online, as well as assess risk and verify transactions digitally.”

In the picture: Stenn Technology’s mobile app makes it easy for customers to get the financing they need © Emre Akkoy/Alamy

Larry Illg, of the venture capital firm Naspers and non-executive director of Stenn’s board of directors, sees it as a response to a need in emerging countries. “Western capital won’t finance the developing world because, frankly, they misjudge the risk,” he says. “Karpovsky is trying to help bridge the gap [and] bringing Western capital to the developing world; he built technology that can better assess risk.

Earlier this year, Stenn raised $50 million from private equity firm Centerbridge, giving the company a valuation of $900 million and putting it on track to become a “unicorn,” as it’s been dubbed. billion-dollar start-ups.

Even the Covid-19 pandemic has been an opportunity for Stenn. “What we’ve seen during the pandemic, these companies have found it even more difficult to access capital from banks,” says Karpovsky. The group’s later-stage co-founder and chief financial officer, Chris Rigby, believes the “perennial benefit” of being able to extend credit terms with buyers has only been “emphasized by the pandemic”.

However, it is not a risk-free business activity. Or reviews. Invoice financing and its dangers came under intense scrutiny last year, when supply chain finance company Capital of Greensill collapsed. Greensill, who counted former British Prime Minister David Cameron among his advisers, had too much exposure to certain clients, some of whom were in default.

Stenn is keen to point out that he has a different business model. “We have never competed with [Greensill]; we were never in his business,” Karpovsky says.

“It was focused on larger, buyer-led transactions. We focus on suppliers and small businesses, globally. It acted like a bank and didn’t use technology like we do. So we have a different business model.

Brear at 11:FS said, “I don’t think Greensill has tainted the industry as a whole. Invoice financing has been around for a very long time because of the need to bridge the gap between earning the job and getting the job done. For anyone on a smaller scale, cash flow is king.

Karpovsky is keen to continue expanding. “We are going to plan new funding rounds, but we are in a very good position at the moment. We are profitable, which is almost unique for a young technology company.

There’s no sign of his waning ambition either. Where does he see the company’s valuation heading? “We expect to expand about 30 times over the next four to five years,” he says.

]]>
AD Ports Group acquires Noatum for $660 million https://himspairport.com/ad-ports-group-acquires-noatum-for-660-million/ Fri, 18 Nov 2022 07:01:53 +0000 https://himspairport.com/ad-ports-group-acquires-noatum-for-660-million/ AD Ports Group has acquired Spanish company Noatum, a global integrated logistics platform operating in 26 countries, for AED2.5 billion (€660 million/$660 million). Noatum’s trailing twelve months (LTM) revenue and EBITDA were €1.80 billion and €145 million, respectively. The total purchase consideration (enterprise value) for 100% ownership implies an LTM EV/EBITDA of 4.6x, according to […]]]>

AD Ports Group has acquired Spanish company Noatum, a global integrated logistics platform operating in 26 countries, for AED2.5 billion (€660 million/$660 million).

Noatum’s trailing twelve months (LTM) revenue and EBITDA were €1.80 billion and €145 million, respectively. The total purchase consideration (enterprise value) for 100% ownership implies an LTM EV/EBITDA of 4.6x, according to an official statement. “This value and earnings accretive acquisition, which significantly expands AD Ports Group’s global footprint and positions it among the world’s leading logistics and freight forwarding companies, will be fully financed by a new loan from ‘acquisition.”

Noatum will lead AD Ports Group’s logistics cluster, consolidating the company’s existing logistics offering into its operations, the statement added.

This will be AD Ports Group’s third major international acquisition in 2022 after acquiring a 70% stake in Transmar and TCI in September, and acquiring an 80% stake in Global Feeder Shipping (GFS), based in Dubai.

Noatum operates in three business areas – logistics, maritime and port terminals – with leading market positions in Spain and Turkey and a significant presence in the United States, United Kingdom, China and Asia Southeast, the statement said.

“Noatum’s global logistics business specializes in comprehensive freight management, project logistics, contract logistics, international supply chain management, customs and electronic solutions with offices and an extensive network of In particular, Noatum has advanced capabilities in the transport of heavy loads logistics, which the AD Ports group wishes to bring to the region.

“The company’s terminal operations include 15 ro-ro, dry bulk, general cargo and container terminals in Spain, supported by highly professional management, while its marine division provides ship agency services, including outsourcing and ancillary services, and freight services, such as bulk liquids, general cargo, refrigerated and dry cargo.”

The company, which employs more than 2,600 professionals, provides tailored multimodal transport solutions, comprehensive logistics services and advanced port operations in its key markets, and aligns well with AD Ports Group’s integrated business model, according to the press release.

“AD Ports Group continues to expand its global footprint through value-added acquisitions and partnerships with market leaders,” said Falah Mohammed Al Ahbabi, President of AD Ports Group. “This ambitious acquisition brings a major global logistics platform to the AD Ports Group family, significantly enhancing our global connectivity and expanding the range of maritime, logistics and port solutions we can offer as we pursue a determined growth strategy. AD Ports Group is one of the most important global players in finished vehicle logistics, which we intend to expand in our national and core markets.”

Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, added: “We thank the leaders of the United Arab Emirates for their guidance and support in this historic acquisition, which is expected to be one of the largest in the world. sector this year. Integrating Noatum into our integrated network of businesses will add scale and new layers of expertise, supporting both our global ambitions and our contribution to economic diversification within the UAE. Noatum operates an asset-light model with a high cash conversion rate and immediate contribution to our finances, while positioning us for international expansion. We will leverage the acquisition of Noatum to build a strong international logistics brand with deep roots in this region.

Subject to regulatory approvals, the transaction is expected to close in the first half of 2023. As part of the transaction, Noatum’s management is locked in for a period of three years to ensure a smooth integration, the statement added.

]]>
Minneapolis woman charged with orchestrating multi-million dollar accounts receivable factoring scheme and PPP loan fraud | USAO-MN https://himspairport.com/minneapolis-woman-charged-with-orchestrating-multi-million-dollar-accounts-receivable-factoring-scheme-and-ppp-loan-fraud-usao-mn/ Tue, 15 Nov 2022 19:08:55 +0000 https://himspairport.com/minneapolis-woman-charged-with-orchestrating-multi-million-dollar-accounts-receivable-factoring-scheme-and-ppp-loan-fraud-usao-mn/ MINNEAPOLIS — A federal grand jury has returned an indictment against a Minneapolis woman for orchestrating an accounts receivable factoring fraud scheme and a PPP loan fraud scheme, U.S. Attorney Andrew M. Luger has announced. . According to court documents, Khemwattie Singh, 52, was the chief executive of Global Medical Services, a Minnesota-based healthcare solutions […]]]>

MINNEAPOLIS — A federal grand jury has returned an indictment against a Minneapolis woman for orchestrating an accounts receivable factoring fraud scheme and a PPP loan fraud scheme, U.S. Attorney Andrew M. Luger has announced. .

According to court documents, Khemwattie Singh, 52, was the chief executive of Global Medical Services, a Minnesota-based healthcare solutions company. Between June and October 2018, Singh and others entered into factoring agreements with MD Capital Solutions, a Florida-based investment firm, to purchase accounts receivable from Global Medical Services and Minnesota International Medicine for over $2, $6 million. Factoring is a form of short-term financing in which a business sells its accounts receivable to a third party at a discount.

According to court documents, Singh defrauded MD Capital Solutions by failing to pay debts as they were collected and falsely represented to MD Capital Solutions that no funds had been received. Instead, Singh pocketed the money, moving more than $5 million overseas to bank accounts in Morocco and shell companies she controlled.

According to court documents, in September 2019, MD Capital Solutions sued Global Medical Services in state court in Minnesota and Florida. At the end of 2019, Global Medical Services closed its doors and no longer had employees on its payroll. In April 2020, Singh submitted a false and misleading request for Paycheck Protection Program (PPP) funds on behalf of Global Medical Services requesting approximately $383,408. Despite Global Medical Services not being operational, Singh falsely stated on the application that the average monthly payroll was $153,363 and that the company had approximately 40 employees. As a result of Singh’s material lies and omissions, she received approximately $296,800 in PPP funds. Singh transferred $116,600 to his personal bank account and used the funds to pay for personal expenses, including a home loan and credit card payments.

Singh is charged with seven counts of wire fraud. She made her first appearance in United States District Court yesterday before Magistrate Judge Elizabeth Cowan Wright.

This case is the result of an investigation by the FBI and the Minnesota Commerce Fraud Bureau.

Assistant U.S. Attorney Chelsea A. Walcker is prosecuting the case.

An indictment is only an allegation and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in court.

]]>
Biden administration suspends requests for student loan relief https://himspairport.com/biden-administration-suspends-requests-for-student-loan-relief/ Sat, 12 Nov 2022 00:44:16 +0000 https://himspairport.com/biden-administration-suspends-requests-for-student-loan-relief/ MINNEAPOLIS— On the issue of student debt relief, millions of Americans are now stuck in a financial vacuum after a federal judge struck down the president’s pardon program. For now, that means the Biden administration is not accepting new claims for relief as it appeals the decision. The debate over whether this was the right […]]]>

MINNEAPOLIS On the issue of student debt relief, millions of Americans are now stuck in a financial vacuum after a federal judge struck down the president’s pardon program.

For now, that means the Biden administration is not accepting new claims for relief as it appeals the decision.

The debate over whether this was the right political decision is almost irrelevant. The fact is, President Joe Biden’s debt cancellation program has created an opportunity for 26 million Americans to sign up and wait for the promised relief.

“I knew I wanted to go into the field of psychology and social work, and I learned while working that you kind of had to have a master’s degree in that field,” Sarah Hardy said.

Hardy, a Saint Mary graduate, originally planned to wait a few more years for her graduate school, but when Biden launched the pardon program, Hardy saw an opportunity to bank on the relief and kick off her enrollment. She is now in her first semester.

“It’s hard. I won’t belittle this. It makes me think I should start taking money out of my paychecks again to get a head start I’m accumulating?” said Hardy. “We’re doing these things to advance our education so we can get better jobs and have a home, and it’ll set me back a bit and change the timeline of where I want things to go in the future. .”

The US Department of Education reports that some 780,000 Minnesotans like Hardy have student loan debt, which combined is $26 billion. Biden’s plan, presented last summer, called for paychecks to arrive before Jan. 1, when interest on student loans would resume after a COVID-19 pause.

The administration’s appeal now goes from a Texas judge to the 5th Circuit Court of Appeals, which is one level below the Supreme Court. And anyone familiar with the legal process knows that nothing happens quickly. That means for students like Hardy, it’s a wait-and-see approach. But at least she applied, and it’s not going anywhere.

“I don’t have kids, I don’t have a mortgage. There are people out there that it’s a lot harder for them than it is for me,” Hardy said.

The current case in Texas is one of many legal challenges against Biden’s student loan forgiveness program, including an ongoing lawsuit from six other states that is heading to another circuit appeals court.

]]>
BOC Aviation completes $500 million term loan https://himspairport.com/boc-aviation-completes-500-million-term-loan/ Mon, 31 Oct 2022 07:15:13 +0000 https://himspairport.com/boc-aviation-completes-500-million-term-loan/ Hong Kong-listed BOC Aviation has signed a $500 million unsecured five-year term loan facility. “The facility will be used to repay a maturing term loan facility. The borrower under the facility is BOC Aviation (Ireland) Limited and the facility is guaranteed by BOC Aviation,” says an official statement. Steven Townend, Deputy Managing Director and Chief […]]]>

Hong Kong-listed BOC Aviation has signed a $500 million unsecured five-year term loan facility.

“The facility will be used to repay a maturing term loan facility. The borrower under the facility is BOC Aviation (Ireland) Limited and the facility is guaranteed by BOC Aviation,” says an official statement.

Steven Townend, Deputy Managing Director and Chief Financial Officer of BOC Aviation, said: “We are very pleased to complete another unsecured term loan financing at a similar price level to our existing agreement. This commitment from a diverse group of lenders demonstrates their confidence in our strong credit profile and will support our future growth.”

BOC Aviation is a global aircraft operating leasing company with a fleet of 612 aircraft including five owned and one freighter managed. Its owned and managed fleet was leased to 81 airlines in 38 countries and regions around the world as of September 30, 2022.

Revenue increased 8% to $1.2 billion in the first half of 2022, and the net loss was $313 million compared to a profit of $254 million in the first half of 2021. The main reason for the loss was the impairment of the net book value of 17 aircraft that remain in Russia of $804 million . “This was partially offset by cash collateral held against these aircraft of $223 million and tax credits of $63 million. Excluding this impact, core net profit after tax (NPAT) was $206 million.”

“In the first half, BOC Aviation generated base NPAT of $206 million, demonstrating the resilience of our underlying businesses,” said Robert Martin, Managing Director and Chief Executive Officer of BOC Aviation. “Our strong balance sheet and high levels of liquidity position us well to continue to deliver long-term sustainable earnings for our shareholders.”

BOC Aviation generated positive operating cash flow, net of interest expense, of $717 million in the first half of 2022, and ended the six-month period with $6 billion in free cash.

]]>
Carapace 2 5 Mn Bags For Starlings Lab In Round Of Attendance https://himspairport.com/carapace-2-5-mn-bags-for-starlings-lab-in-round-of-attendance/ Thu, 20 Oct 2022 18:44:56 +0000 https://himspairport.com/carapace-2-5-mn-bags-for-starlings-lab-in-round-of-attendance/ The funds will mainly be used to develop the technical team and to launch the protocol Carapace raises $2.5 million in pre-seed funding for its development company Starlings Lab and the launch of its test version. The funds will mainly be used to develop the technical team and launch the protocol which requires full legal […]]]>

The funds will mainly be used to develop the technical team and to launch the protocol

Carapace raises $2.5 million in pre-seed funding for its development company Starlings Lab and the launch of its test version. The funds will mainly be used to develop the technical team and launch the protocol which requires full legal due diligence and technical audits. India will be a key axis for Carapace in terms of recruitment.

Founders Taisuke Mino and Rohit Sabnis noticed that DeFi (decentralized finance) lending was growing exponentially, but lender protection was limited.

Speaking about the company and its funding, Morgan Beller, General Partner at NFX, said, “Crypto lending is growing at an incredible rate, from nominal to over $25 billion in the last year, and will only continue to explode.” With very little protection for lenders of under-collateralized loans, Carapace’s protocol will provide a key piece of the infrastructure DeFi will need to grow.

Bipin Shah, Partner at Titan Capital, said: “We invested in Rohit and Tai because they are strong founders who understand the DeFi space well. Titan wants to support crypto infrastructure projects that solve real problems for users. , and we see Carapace becoming a key cornerstone of DeFi lending.”

]]>
Altigreen to foray into passenger space next year, raise $120m: CEO https://himspairport.com/altigreen-to-foray-into-passenger-space-next-year-raise-120m-ceo/ Tue, 18 Oct 2022 15:11:26 +0000 https://himspairport.com/altigreen-to-foray-into-passenger-space-next-year-raise-120m-ceo/ Credit: 123RF.com Electric vehicle company Altigreen Propulsion Labs Pvt Ltd will seek to raise $120 million from new and existing investors to enter the passenger segment next year and also add a layer of credit to its offering, a senior said. leader. “We will look to tap into the different segments of EV. Starting with […]]]>

Credit: 123RF.com

Electric vehicle company Altigreen Propulsion Labs Pvt Ltd will seek to raise $120 million from new and existing investors to enter the passenger segment next year and also add a layer of credit to its offering, a senior said. leader.

“We will look to tap into the different segments of EV. Starting with three-wheeled passengers. We will continue to add more wheels in the future,” said Amitabh Saran, co-founder and CEO of Altigreen.

The Reliance Group-backed company raised Rs 300 crore in February this year from investors including Sixth Sense Ventures, Xponentia Capital and Reliance New Energy, among others.

“We will raise around Rs 800-1000 crore in the next financial year to enter new segments and also start offering credits to its customers,” Saran said on the sidelines of the launch of its first showroom in the west. from India to Thane, Maharashtra. “We have a lot of incoming interest. The new round will come from a new set of investors,” he added.

Founded in 2013 by Saran, Shalendra Gupta and Lasse Mocklegaard, Altigreen designs, designs and produces electric vehicles for the last mile transport segment. Based in Bangalore and with regional footprints across India, the company is looking to close the current financial year at Rs 250 crore plus revenue.

“We plan to create 40 dealerships across the country. We will continue to expand our footprint,” Saran added.

The company sells in over 60 countries and has 26 patents to its name.

Saran has set a goal of selling around 40,000 vehicles each year and says profitability is a matter of choice for the company. “Right now, we’re focused on addressing the total market and deepening our offerings,” he said.

The company will seek to offer loans and credits to its customers, mainly drivers of small vans, he added.

“We are also looking to expand into emerging markets where we believe the demand and market needs are consistent. Markets such as Southeast Asia, Africa and South America, Saran said.

]]>
3 Twin Cities foundations are experimenting with radically different forms of philanthropic giving – Twin Cities https://himspairport.com/3-twin-cities-foundations-are-experimenting-with-radically-different-forms-of-philanthropic-giving-twin-cities/ Sun, 16 Oct 2022 02:05:14 +0000 https://himspairport.com/3-twin-cities-foundations-are-experimenting-with-radically-different-forms-of-philanthropic-giving-twin-cities/ When the Venn Foundation funds access to extracurricular music lessons, medical technology research at the University of Minnesota, or traveling exhibits at the Minnesota Children’s Museum, it expects the money to be returned. The St. Paul-based charity lender specializes in issuing low-interest, interest-free loans, among other “programme-linked investments” or PRIs – below-market-rate financial obligations that […]]]>

When the Venn Foundation funds access to extracurricular music lessons, medical technology research at the University of Minnesota, or traveling exhibits at the Minnesota Children’s Museum, it expects the money to be returned. The St. Paul-based charity lender specializes in issuing low-interest, interest-free loans, among other “programme-linked investments” or PRIs – below-market-rate financial obligations that are intended to continue to give to other worthy initiatives because they are paid.

It’s a different approach than that led by Andrew Dayton at the Constellation Fund, where an economist, evaluator and research associate made direct service philanthropic giving an analytical science. Working with advisers such as the Federal Reserve Bank of Minneapolis, the Constellation team evaluates grant applicants based on some 200 metrics before issuing the nonprofit checks for up to $200,000 to fight the poverty.

“A lot of philanthropy is really rooted in relationships and getting access to people with resources, frankly people like me,” said Dayton, son of former Minnesota Governor Mark Dayton, whose family was once known for its department stores such as Dayton’s, Champs Marshall and Target. “And my perspective is that I’m not the best person to make a decision on how to tackle poverty,” he said. “I have never known poverty. (Our assessment is) rooted in evidence, the best we have, as opposed to my preferences or predilections as a donor.

The Venn Foundation and Constellation Fund are two of the Twin Cities‘ youngest philanthropic foundations, where Minnesotans — including the wealthiest — have turned charitable giving into an art form.

Their approaches, heavy with financial analysis, differ significantly from that of the John and Denise Graves Foundation, an emerging Minneapolis-based family foundation that has shown a growing interest in unproven ventures, even if that means starting a new organization in non-profit organization and to select its personnel.

“New ideas need time and space to form,” said Bill Graves, who runs the foundation on behalf of his parents. “Graves Ventures is really focused on incubating new ideas, new businesses, new products, new campaigns that weren’t there before, and helping them grow towards sustainability.”

DIFFERENT APPROACHES TO GIVING

For 20 years or more, foundations and other major donors to charitable causes have been calling for nonprofits to be run more like businesses, with data-driven strategies that deliver measurable ROI. The pushback has been palpable, with some frontline workers noting it’s hard to measure the tangible impact of mentoring young people, erecting public art, feeding the hungry or coaching a little league.

Even some major donors have found that the philanthropic world has become too cautious and disinterested in experimenting with new, promising but unproven solutions to old problems.

Others see data-driven analytics as a key lens through which to help small, emerging nonprofits scale their operations and grow sustainably, much like a start-up looking to grow. develop.

In the Twin Cities, three foundations dedicated to fighting poverty and launching new initiatives have taken widely divergent paths on the continuum, each focusing, at least in part, on helping start-ups grow through very different ways.

THE GRAVES FOUNDATION SUPPORTS YOUTH HOUSING BY HIRING ITS STAFF

Working out of his garage, John Graves founded a computer software company in the mid-1980s, gradually transforming Convey Compliance Systems into a tax compliance software company that would net his family a multi-million dollar profit when he started it. sold in 2014. His son, Bill Graves, was then tasked with spending much of the family fortune on worthy causes, to the tune of $3 million a year for 30 years.

How best to direct the roughly $47 million in John and Denise Graves Foundation funds? Circa 2017, the foundation made its first major gift to a housing development project in the Lowry Hill neighborhood of Minneapolis, centered in part on aging youth out of foster care.

To open the Peris Hill affordable housing development in Minneapolis last year, the Graves Foundation hired an executive director specific to the 45-unit housing project, with the hope that after two years of fundraising and applications for low-income housing tax credits, the director would no longer be an employee of the foundation and would continue the project independently. Peris Hill now has its own non-profit board of directors.

“We were new to philanthropy and didn’t realize what we were doing was different,” said Bill Graves. “Now we realize that philanthropy most often takes the form of grants to organizations that already exist, that have already proven themselves doing good works.”

Through the foundation’s Graves Ventures unit, Bill Graves seeks to reverse that trend and fully engage in what some might call the startup world of nonprofit ventures, even if that means selecting their staff.

“We were basically the philanthropic developer,” said Graves, who worked with Volunteers of America to manage the Peris Hill property. “We have a long-term commitment to providing finance services for young people in construction. We fund an organization called LINK that provides the services. They were a (Peris Hill) supporter all along and remained committed to us.

Working out of the Midtown Exchange building in south Minneapolis, Graves plans to dedicate about $2 million a year to established youth, education, and anti-poverty initiatives in Minneapolis and its inner suburbs, and the less than $1 million a year to new, less proven initiatives. by Graves Ventures.

“They interest us as much as a foundation,” said Bill Graves.

Among its grantees, the foundation has funded the Minneapolis Educator Leadership Awards, a project with Achieve Twin Cities to recognize outstanding educators, and Close Knit, a nonprofit that invests in existing “chosen family” arrangements to prevent child abuse. youth homelessness. Other grants, in the areas of housing and community building, will be awarded by invitation only.

CONSTELLATION FUND

While working in the office of the mayor of San Francisco, Dayton became familiar with a foundation called Tipping Point, which seeks to alleviate poverty in the Bay Area by helping small organizations expand their services. He was so impressed that he decided to start a similar effort in Minneapolis.

With grants ranging from $75,000 to $200,000, the Constellation Fund has supported more than 25 grantees since its launch in 2018. The goal is to fight poverty in the Twin Cities by supporting direct service organizations, but recipients are all offered – and almost all accept – “Beyond Dollar Benefits that go beyond a one-time financial donation.

This includes pitching grant winners to private companies that can provide volunteer hours, advice, technology assistance, and other expertise.

Even nonprofit applicants who don’t receive funding but pass a comprehensive review come away with an in-depth, data-driven assessment of their organization, the kind of report a private-sector firm could handsomely pay consultants for. .

“We do a benefit-cost analysis on every organization we fund,” said Rose Carr, Constellation Fund’s director of impact. “We also provide these analyzes to organizations that do not receive funding. They provide us with data and we want them to come away with something useful. … We look specifically at the people organizations serve.

Through the Constellation Fund, the Ostara Initiative, which oversees the Minnesota Prison Doula Project, partnered with Piper Sandler, an investment bank and financial services firm, which helped them rethink their business model. , from building their employee base to exploring new options for earned income.

“Most nonprofits don’t have those kinds of skills in-house,” Dayton said.

Other recipients include the new Dougherty Family College, which offers a two-year associate degree at the University of St. Thomas, Lutheran Social Service work on youth homelessness, YWCA of St. Paul and the Family Tree Clinic in Minneapolis.

VENN FOUNDATION

For 50 years or more, leading foundations have provided low- or interest-free loans, equity, and other forms of capital investment for unproven orphan drugs, seed technologies, and other young risky initiatives.

Since 2018, Jeff Ochs and two partners have attempted to connect individual, socially responsible investors with similar opportunities, whether or not they have the capital to lend that a larger foundation might have.

Based in St. Paul’s Highland Park, The Venn Foundation pools funds from philanthropists in some 80 donor-advised accounts and counting. The accounts have issued 30 program-related investments to date, totaling some $16 million in donations. These financial bonds, offered at below-market rates, are expected to be repaid in funds to support more good works down the line.

Recipients range from a baker opening her first commercial space to helping researchers at the University of Minnesota develop a prognostic test for osteosarcoma, the most common form of bone cancer in children.

“Our goal as a public charity is to bring a very powerful but underutilized tool into philanthropy,” Ochs said. “We’re trying to really unleash the power for maximum impact.”

For example, many low-income families don’t take advantage of Minnesota’s $1,000 per child education tax credit to pay for after-school music lessons, tutoring, and other tuition because they don’t can’t afford to pay the money and wait until April for a tax refund.

To better connect families eligible for the tax credit, The Venn Foundation is working with nonprofit organization Youthprise to provide zero percent, low-cost loans to pay for after-school learning, at provided that the tax credit of each beneficiary family is automatically retroceded to the foundation.

“We will do over $1 million this year to over 1,000 families statewide through this program, and we are looking to expand this program,” Ochs said. “This is an interest-free, no-fee, unsecured loan that is repaid only through a tax credit.”

Ochs added: “If I am a philanthropist, I give once and it helps a child during that year. You have to find a way to maintain this. The PRI recycles dollars that could be used more than once.

]]>
Congressional candidates Angie Craig and Tyler Kistner tried to define themselves in their only debate – Twin Cities https://himspairport.com/congressional-candidates-angie-craig-and-tyler-kistner-tried-to-define-themselves-in-their-only-debate-twin-cities/ Thu, 13 Oct 2022 23:25:25 +0000 https://himspairport.com/congressional-candidates-angie-craig-and-tyler-kistner-tried-to-define-themselves-in-their-only-debate-twin-cities/ In Minnesota‘s most contested congressional district, where moderates could swing the election, Angie Craig and Tyler Kistner are both too extreme — for each other. On Thursday, the two candidates squared off in their only debate in Minnesota’s 2nd District, which encompasses much of the southern metro. The contest is a rematch of 2020, when […]]]>

In Minnesota‘s most contested congressional district, where moderates could swing the election, Angie Craig and Tyler Kistner are both too extreme — for each other.

On Thursday, the two candidates squared off in their only debate in Minnesota’s 2nd District, which encompasses much of the southern metro.

The contest is a rematch of 2020, when Craig, a Democrat first elected in 2018, defeated Kistner, the Republican challenger. The race is attracting national attention because it is widely seen as a draw. The seat has swung between parties over the years and Craig, while the incumbent, faces the same headwinds other Democrats face in next month’s election amid high inflation and approval in decline of President Joe Biden.

Thursday’s debate played out similarly to the campaign, with each candidate trying to frame their opponent as extreme – while both sought to come out in relatively moderate tones on issues ranging from abortion to crime.

THE ECONOMY A MAIN ISSUE

Kistner and Craig agree that the economy — and inflation in particular — is the biggest issue for voters.

In keeping with a national Republican strategy, Kistner has repeatedly sought to pin the blame for the economy on Craig by tying her to Biden via “the disastrous policies of Joe Biden, Angie Craig and the Democrats.”

At one point on Thursday, he even pivoted from a question of whether he accepted Biden’s 2020 win to framing it around the economy.

“There’s no denying it, look at gas prices,” Kistner said at the debate organized by the Dakota County Regional Chamber of Commerce and held at the Dakota County Technical College in Rosemount. “Look at the inflation. Surely you know he’s the president. I think Joe Biden won the 2020 election just after what the last two years have been.

Craig’s perspective on economic challenges was more nuanced. She noted, for example, that the national unemployment rate of 3.5% is the lowest in half a century.

She said inflation is a “serious global problem” and that “supply chains disrupted by a once-in-a-lifetime pandemic have caused inflation,” she said.

She sought to parry Kistner’s criticism of the massive federal spending plans approved by Congress by asking the audience, “What was that spending…wouldn’t you have done?” before ticking off several bipartisan pandemic spending plans that aimed to bolster local businesses.

CRAIG ‘PUSHES BACK’ ON BIDEN

But Kistter’s attempts to tie Craig to Biden, as well as his more liberal Democratic colleagues, are clearly a concern for Craig. On several occasions, she pointed out, she “pushed off” her fellow House members, as well as Biden himself.

For example, on Thursday, she delivered her strongest criticism yet of Biden’s decision to forgive the college loan debt of tens of millions of Americans, without congressional approval.

“I have a lot of questions for the president,” Craig said. “Can a president spend $400 million without congressional authorization or approval, and I have to say I disagree in principle that it should.”

Speaking to reporters after the event, Craig reiterated her strongest attempt to distance herself from Biden: She doesn’t want him on the ballot in the 2024 election, but would rather see “new leadership.”

KISTNER ON OPPOSITION TO ABORTION

Since the U.S. Supreme Court in June overturned Roe v. Wade — concluding that there is no federal constitutional right to abortion — Craig and outside groups who support her have relentlessly attacked Kistner’s anti-abortion stances, including being a member of the board of directors of a group that opposes abortions. It’s a strategy Democrats have employed in campaign after campaign across the country.

After the Dobbs decision, Kistner refused to clarify his position, and a section of his website discussing his “100% pro-life” views was no longer visible.

Craig accused Kistner of opposing abortion in all cases, without exception – but Kistner denied this, and on Thursday when questioned by reporters, Craig did not provide evidence to support this specific claim. .

Nonetheless, Kistner repeatedly attempted to downplay the potential importance of abortion rights in the campaign. Kistner’s current position on abortion is that he favors exceptions for rape or incest, but he refused to consider how he might act on the issue if elected to Congress.

On Thursday, for example, he declined to say whether he would support a 15-week federal abortion ban proposed by U.S. Sen. Lindsey Graham, R.S.C., saying he hadn’t seen the specific language.

DUEL POLICE APPROVAL

Although the topic of public safety did not surface during Thursday’s hour-long debate, the issue figures prominently in this campaign, as it has in many states and countries: amid historically high violent crime rates in the wake of riots following the police killing of George Floyd in Minneapolis, Republicans have sought to frame Democrats as anti-police, while Democrats have struggled to provide a clear vision that would include reducing crime while increasing police accountability.

Kistner accused Craig of supporting the “defund the police” movement – even though Craig has always opposed such efforts.

Last month, Craig pulled off a coup by winning the endorsement of the Minnesota Police and Peace Officers Association, which represents some 10,400 public safety workers. The group had endorsed Kistner in 2020, but in its endorsement, the MPPOA cited a number of initiatives that Craig had supported that were also supported by law enforcement groups.

However, this week Kistner won the endorsement of the Minneapolis Federation of Police Officers, the union that represents Minneapolis cops.

Election day is November 8.

]]>