VEDA announces April 15 for federal stimulus bond applications

first_imgThe Vermont Economic Development Authority (VEDA) is inviting eligible and qualified borrowers to apply for an allocation of Vermont s $135 million in Recovery Zone Facility Bond (RZFB) tax-exempt bond issuance capacity.  The next round of applications is due at VEDA s offices on April 15, 2010. This special tax-exempt bond financing is only available through the end of 2010, said VEDA Chief Executive Officer Jo Bradley.  Financing a project with tax-exempt bonds enables borrowers to make needed investments at the lowest possible cost, and so the Authority is eager to commit all of the funding Vermont has been allocated.   Thus far, VEDA has committed approximately $30 million of Vermont s special tax-exempt bonding capacity.The RZFB Program was created by the American Recovery and Reinvestment Act (a.k.a. the Stimulus Act), enacted by Congress in 2009.  All of Vermont has been designated a Recovery Zone by Governor James Douglas, so eligible and qualified projects may be located anywhere in the state.  A qualified business is any trade or business (including some non-profits), except those engaged in the rental of residential property and certain other prohibited facilities such as golf courses, country clubs, gambling facilities and liquor stores.The RZFB Program allows borrowers the opportunity to avail themselves of tax-exempt, and consequently lower cost, financing for many types of assets.  Project funds may be used for the acquisition of machinery and equipment, the construction of new facilities, and in some cases, the purchase and renovation of existing real estate. Projects should total at least $2 million to make this type of financing cost effective for borrowers. Refinancing and working capital are not eligible uses.All applications for RZFB financing must be reviewed and approved by the VEDA Board.  This review is a two step process.  First, preliminary approval (Inducement) must be granted before any significant project expenditures are incurred.  VEDA Staff will review all applications received by April 15th, and the most qualified applicants will have their proposals presented to the VEDA Board for Inducement approval at the May Board Meeting. VEDA acts as a conduit issuer for RZFBs, and neither VEDA nor the State of Vermont guarantees payment of the RZFBs.  The ability to sell these bonds is based solely on the creditworthiness of the borrower.  Borrowing terms such as interest rate, amortization, collateral and required equity contribution are negotiated on a case-by-case basis between the borrower and the bond purchaser.  Successful applicants who receive RZFB Inducements in response to VEDA s solicitation for applications will have their bond issuance allocation reserved through August 15, 2010.  Project financings that have not received Final Approval and been closed by then will have to apply to VEDA for an extension, which, at VEDA s discretion, may or may not be granted.Recovery Zone Facility Bond inducement applications may be downloaded from the VEDA website (www.veda.org/RZFB(link is external) ), or obtained from VEDA s office by calling (802) 828-5627.  For more information about the program, businesses may contact any of VEDA s Commercial Loan Officers at (802) 828-5627.VEDA s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.  Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion. Source: VEDA 3.11.2010last_img read more

William Hill matches finance sector screening capacity with Accuity

first_img William Hill Plc has strengthened all components related to compliance and customer KYC operations by forming a comprehensive agreement with digital control risk solutions provider Accuity.Facing changing compliance and regulatory demands across all core markets, the FTSE betting group has appointed Accuity to ‘transform its customer screening approach with AI techniques’.The partnership sees William Hill install Accuity’s proprietary ‘Firco Insight’ platform as its lead KYC screening component.Updating stakeholders, William Hill detailed that its compliance and CS teams will be supported by a greater depth of tools and AI software, allowing the bookmaker to better evaluate customer behaviours and prioritise risks. Steven Armstrong, Group Director of AML at William Hill, said: “William Hill is always proactively looking for new ways to increase efficiency and enhance the experience of our customers. “Following a successful proof of concept, we could see that working with Accuity and investing in this technology would help us achieve greater financial crime screening accuracy, without adding to our manual workload.”Further operational benefits provided by Accuity will see William Hill reduce ‘false positives’ on customer screening from a ‘typical industry rate of 10-15% to less than 1%’, with the Firco Insight platform providing greater accuracy on customer name matching, risk assessment and prioritising alerts. Accuity developed its Firco Insight platform for high-risk / high volume financial services institutions for clients including Citadele, Deutsche Bank, Sterling Bancorp, Banco Postal and UNESCO.The partnership sees William Hill become the first gambling firm to uphold the same standard of financial crime screening as global banks.David Wilson, CEO at Accuity, said: “We are very proud of this project that marks a significant milestone for William Hill, Accuity, and the gaming industry. “By utilising entity resolution filtering and AI techniques to form an explainable, safe and high-performance screening program,  William Hill will achieve the same exceptionally high standards as the world’s largest banks. We look forward to working closely with the team at William Hill to deliver a new benchmark in customer screening for the gaming industry.” _______________________Global financial crime screening experts Accuity will host the next SBC Webinar on Thursday 9 July (14.30 BST): ‘Coming out of lockdown: Gambling, compliance, and the new normal’. Share Submit William Hill accelerates transformation agenda to overcome COVID realities August 5, 2020 Related Articles StumbleUpon SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Gamesys tops list for GambleAware Q1 donations July 10, 2020 Sharelast_img read more