we are also a part of the bank of san francisco, so we do pay their lending -- payday lending. we help people build up their credit before helping them to get a bigger loan amount. especially people who want to start a small business. credit unions offer micro loans. we do a lot of micro loans up to $50,000. this is -- we check credit. we need a business plan. then we look at the three-year tax return and that statement. we do a lot of home care and mom-and-pop shops. we also do start ups. we asked for approval through documents. we work a lot with people who do not know how to file taxes properly. we are mainly focused in san francisco. we are small. we focus mainly on the tenderloin, chinatown, bayview, visitation. we do a lot of expansion. people start small through the credit union and then want to go to the bank. we know we are limited. we cannot afford to give out a big loan. starting from the credit union, we educate them about filing taxes properly and then moving on to the bank, a small one, expansion, and we work with the bank. the bank and credit union are similar. w

we are also a part of the bank of san francisco, so we do pay their lending -- payday lending. we help people build up their credit before helping them to get a bigger loan amount. especially people who want to start a small business. credit unions

individual lenders such as yourselves can lends to that business as little as $25. as soon as that business funds working solutions is reimbursed. it provides marketing and exposure to the business and working capital for working solutions. also star bucks and the opportunity finance network has given us lending capital but i want to mention that wells fargo is the organization that initially capitalized our loan fund 2005. >> does the queva and prior loan status like a traditional loan provided to a client? >> that's a good question. i'm not sure but they have to meet our eligibility requirements but that's a good question. >> okay. >> any other commissioner comments or questions? great thank you very much. you guys do very, very good work. next speaker. >> thank you commissioners. next under financing your business is the u.s. business women owners. we're joined by mark quinn direct director for northern california. >> thank you. >> welcome. >> thank you president adams. nice to address you here. thank you commission. actually i'm privileged to be able to do this.

we choose not to lend for fire arms sales. medical cannabis, to be honest, as the ceo of a non-profit, i may not want to open up that can of worms. we have a lot of people that donate money to our program. given that that there is a discrepancy between federal and state law on that, strong beliefs that people have about it, we make a pledge that we will look at every loan to make sure there is positive community impact. i think that is at least controversial enough to choose not to do it. we have not had a request yet, so i have not had to rule on that. >> we have a question in the back. >> i wanted to ask wells fargo, what is your interest rate on a loan? >> 6%. 2.75% over prime. >> ok. the second question, is a line of credit like a payroll advancement? i am a small business. just recently got contracts in san francisco. as you say, they pay slow. i want to get a loan for $50,000, but i do not want to pay the interest. i would like to get a payroll advancement where the money is available to me, should i needed for payroll.

business lending and did not contribute significantly to. a credit union implosions i mean there could be some bad business loans as there could be some bad mortgages but credit unions also have the advantages where they know who their members are they would only be making loans to their members so a military credit union would make credit unions to veterans businesses say a doctor's credit union may make a loan to our hospital or a medical device company and it would still regulators could still nothing else changes except that this arbitrary cap is lifted you know it doesn't change capital ratios or anything or the amount of loans they could make or the quality of loans just that they can make add had business loans to more of their mix which would actually help diversify their when they get in and according to mr mots would make them safer and that's a good point because credit unions are member and they're not for profit meaning that they operate to start their members and not to maximize profits what are some of the advantages to credit

so, the key question is, why ar banks so -- so focused on lending and not lending and while the regulatorsing, hey , banks, we will let up on you. there has been too much talk from the fdic and others about the -- above closing down regulating lending so lending decreases, but there not going to do that. consequently, this market will go up and up, so you have an opportunity. the market reacted wrong, so yo can go in and buy stocks lower than you might have otherwise 3 and not argue set and how long time. then the question becomes for our viewers, should they fear that tapering of the fed easing that we have seen over the past one year plus? should a warrior not? >> no. investors should not worry abou this talk of easing. we are going to get bernanke a lot of credit. commodity prices have not moved up. he mentioned the fact that if there is some risk is inflation is too low, so the fed will not be tightening, and they will want banks to make loans perry and mortgage lending is to restrain. and sell the fed sees a big upside move in lending our grea economic data there not gone to do anythi

working solutions is one of those and we have others in the city and the bay area so we so micro-lending support but the main program is a guarantee loan program and 100 banks do those loans in the area and just san francisco city we did about 200 loans for about 105 million -- at 100 banks in a year. of that about 25% of the total for women owned business and 10% in addition were 50-50 ownership so about a third of the lending in san francisco we did last year were for businesses majority owned women or 50-50 women owned business so a significant percentage. nationally it's 20% of all sba funding is to women owned business so compare san francisco to the rest of the country we do larger percentage in san francisco. again those are larger businesses. as i mentioned they're businesses getting average loan size of $500,000 so a bigger business than the micro-enterprise side so a lot of sba lending in california and in the bay area are to women owned business but a higher percentage here in san francisco. i want to move from the finance side to really the contracting side though because i t

in london lend up the monetary base the fed can indirectly influence bank lending by keeping interest rates low which means that banks need to lend more and take on riskier investments to try to maintain their net interest margin but while the base has tripled we have seen the money supply increase substantially but it hasn't increased at the same rate we haven't seen an unprecedented expansion of the money supply which you might have expected when there is you might have expected some sort of amplification we haven't seen the inflation or even hyperinflation that some have expected while the monetary base was increasing we're just seeing why haven't we seen a more drastic increase in the money supply or one of the reasons that we haven't seen more drastic increase in the money supply is because of interest on excess reserves now this was something that the fed started in two thousand and eight during the crisis and it's sounds exactly like what it is the fed started issuing interest on x. is held and that basically meant we saw a spike huge spike up in excess reserves held there and

the united states the united states provided limited financial assistance to britain in the form of lend lease in a post-war transitional loan in return for which the british agreed to three things to eliminate imperial trade preference this is the arrangement by which we gave itself privileged access to the markets of the colonies and dominions it agreed to make the pound sterling vertical into u.s. dollars again a fixed exchange rate which was a mortal threat to british solvency because they had so few dollars and so little gold and finally they would have to accept the u.s. dollar as the global unit of account after the war but as british delegate lionel robbins put it at bretton woods we needed the cash while it sends the u.s. close the gold window and one nine hundred seventy one we have seen geomagnetic progression and the dollar debt white cat the u.s. dollar as the reserve currency there really wasn't any alternative in fact harry dexter wyatt had said before congress in one thousand nine hundred five when he was trying to convince congress to ratify bretton woods that it was inc

influence bank lending by keeping interest rates low which means that banks need to lend more and take on riskier investments to try to maintain their net interest margin but while the base has tripled we have seen the money supply increased substantially but it hasn't increased at the same rate we haven't seen an unprecedented expansion of the money supply which you might have expected when there is you might have expected some sort of amplification we haven't seen the inflation or even hyperinflation that some have expected while the monetary base was increasing we're just seeing why haven't we seen a more drastic increase in the money supply or one of the reasons that we haven't seen more drastic increase in the money supply is because of interest on excess reserves now this was something that the fed started in two thousand and eight during the crisis and it sounds exactly like what it is the fed started issuing interest on excess reserves of banks held and that basically meant we saw a spike huge spike up in excess reserves held there and these are two thousand and eight there are

in 2009, the sba approved $500 million in lending. next, we have the executive director of the san francisco small business office. she was in san francisco in 1986 to open the buffalo exchange limited store, and in the 13 years she worked for buffalo exchange, tennis district manager, she held her open the company from four to 11 stores. in 2009, the mayor appointed her as executive director to the office of small businesses. next, we have the ceo of opportunity funds. he has combined his background as a community organizer with an education from stanford to develop an innovative, not-for- profit financial incision that uses market principles to affect systemic change. it operates one of the nation's largest individual development, programs, a leading provider of micro loans in california, and has a robust community real estate finance unit. next, we have the ceo of ne community federal credit union. since 1988, she has been the ceo of northwest community federal credit union. under her watch, the credit union group to over 1600 memb

months earlier near bankruptcy in the us supplied them with billions of dollars in bailouts during lend lease act why why have brought in such a threat to this lad remarkable what harry dexter white from the time that he arrives at the us treasury in one nine hundred thirty four is convinced that britain is the natural geo political rival of the united states actually fundamental in his arc from one thousand thirty six eight years before bretton woods in which he writes the more sterling countries there are in the world the more powerful position england will be around the conference table when a conference of benchley takes place so he was determined to pass the british at bretton woods and bretton woods was really part of a larger geo political agenda that f.d.r.'s treasury had which was to eliminate britain as an economic and political rival in the post-war world and if that happened yes in fact the british agreed to a sort of faustine bargain with the united states the united states provided limited financial assistance to britain in the form of lend lease in a post-war transitional

they have to lend money to our population but they don't do a very good job of it so they out source it to us and then get tax credit frs it. that's the federal piece. that the tax credits for the banks have helped us form partnerships like first public bank so they're lending money directly to our clients. does that make sense? >> yeah. but what could we do as government agencies, commissions, to assist you in increasing that pipeline of capital access? >> well, i think you could actually -- let's see. so you could help spread the word about this to the other banks that maybe unwilling to lend to our population possibly. you could also -- let me think. well, where the sba comes in. are you on the agenda? yeah mark is on the agenda and he can talk best to this. i will pass this to mark. great. >> thank you. >> any other commissioner questions or comments? thank you. it was a very good presentation. >> i really appreciate your interest. >> thank you. >> commissioners next you have the renaissance center presentation by paula conley director of the womens' business center. >> welcome.

the united states the united states provided limited financial assistance to britain in the form of lend lease in a post-war transitional. and in return for which the british agreed to three things to eliminate imperial trade preference this is the arrangement by which britain gave itself privileged access to the markets of its colonies and dominions it agreed to make the pound sterling fully convertible into u.s. dollars again at a fixed exchange rate which was a mortal threat to british solvency because they had so few dollars and so little gold and finally they would have to accept the us dollar as the global unit of account after the war but as british delegate lionel robins put it at bretton woods we needed the cash well it sends the us close the gold window and nine hundred seventy one we have seen geomagnetic progression and the dollar debt white cat the u.s. dollar as the reserve currency there really wasn't any alternative in fact harry dexter wyatt had said before congress in one thousand nine hundred five when he was trying to convince congress to ratify bretton woods that it

funding for lending, if you want to give us cheaper borrowing rates, we'll go out and lend to the economy. totally different ball game. >> i guess be clear about what kind of unconventionals. >> about the credit side, not the rates. >> duncan, what's your take on all this? >> i think obviously a lot of conflicting views and opinions and confusion, as well. obviously, they're all market -- a bumpy volatile. the regulatory climate is equally as bad, and the politics around it likewise will be in different directions. i think they're trying to get some consistency. speak to a lot of bankers at the moment. ceos. they find a very hard environment in which to transport their course forward in terms of what capital requirements are going to be forced upon them, interest rates they have to contend with. the implications of qe, classes that are involved, as well. likewise in terms of the economy, i think we expect the contraction. i think from an investor's perspective, people find it a very tricky environment. if you turn back over the past month, april was one of those characteric months for the

lend. legitimacy . clinton. told her my language or what i will only react to situations i have read the reports to the players or the no i will leave them to the state department to comment on your letter play like the muslims say it's a hit list or k.l.a. car is on the docket. they get no more weasel words when you vain a direct question prepared for a chase when you have to punch be ready for a battle freedom of speech and a little bit on the freedoms of past. chemical weapons are reportedly found in the possession of syria. in turkey as concern to growers of the rebels we use the nerve agent to create a pretext for foreign military intervention. the hunger strike at guantanamo bay prison shows no signs of ending despite president obama's promise to speed up its closure archie talks with the father would you take me up on how his son's condition has deteriorated. and the blog of a new launches a legal battle against bridge and benefits was. a house crumbles with parents refusing to.

in the first quarter of the year, lending in california was the most we ever did. we did $1 billion worth of small business loans in december, for example. that is something we have never done before. but that was a one time funding piece. going forward, on the loan side, we are not going to see the cuts have an impact on sba lending. the big issue we see are two issues. the value of california real- estate, stability of businesses in california, and the confidence of our workers looking for credit. those are variables that would be important. >> thank you. we have a question in the back. >> good afternoon. thank you to nancy pelosi and for you panelists for providing this informative seminars. for our young company, we are a distribution company. i just heard you mention that you do not loan for the sale of alcohol. is that separate from distribution of wine? >> s.p.a. -- sba makes loans to winery's, stores that sell wine. i am not exactly sure what role you play in distribution. the federal government ought -- got out of prohibiting alcohol and long time ago. we

more in the capital where they have been lending a lot more and if you look at c. and i loans over the last few years they've been up the maybe eleven twelve percent annualized and that's a pretty big number historically speaking so we have seen loans picking up but are they high quality loans and what's going to happen when interest rates rise and i think we're going to see defaults and once this money starts going out is that going to exacerbate inflation and what if we do start seeing inflation doesn't the fed have the tools to scale it back so it's really you know a concern of well this. for saying that he has that he can reverse policy in fifteen minutes he does have the tools to rein in all this extra money but the question is is he going to use them at the right time the federal reserve is still be there you know that's that's one of the other points he's probably going to be out next january and we're going to have somebody new coming in and maybe and he said he's not even to go to jackson hole this year so maybe that's a sign he's just going to you know le

a south bay family is lending a hand. you might recall last month police say two cars were racing when one of the drivers lost control plowing into the home. that's where nbc bay area kimberly terry is telling us how neighbors are raising money for the family. >> raj, a good old fashioned lemonade stand was set up last weekend and they plan to set another one up this weekd end to raise money for the family. when colis that david son found out a car crashed through a home in her neighborhood, she wanted to do something for the family that lived there. >> i felt really bad for the family and i felt angry that two kids were so selfish they had to race or something and they ended up hitting the house. >> last week two cars were racing down the avenue and one of the cars ploud through the house severely injuring the mother. >> over the weekend they put up a lemonade stand and were able to raise $3500 for the family. >> the more we raise, that's money they don't have to worry about. >> it's just about coming together in the tim

he is running the lend/lease, what else is he doing? >> guest: harry hopkins, i think, is the greatest unsung villain that we never heard about. because one of the amazing things about harry hopkins is how he disappeared from our history books. he died in january 1946, and that in some ways was the last we heard of him. >> host: how convenient. >> guest: how vehement, yeah, a -- convenient, yeah, a lot of these people did that. >> host: right. >> guest: he actually ran much of american foreign policy through roosevelt. roosevelt and he had a special bond. roosevelt relied on him. for example, to give you an idea of his access, when winston churchill came to washington in december of 1941 for the very first wartime conference which went on for weeks, harry hopkins, franklin roosevelt and winston churchill ate breakfast, lunch and dinner every day. this was a tight, symbiotic presidency. and, indeed, he was often called the co-president. now, i have studied the record on ari hopkins -- harry hopkins, and he's a very controversial figure p

slovenia's lending institutions are mainly state-owned, and many are staggering under bad loans. they have become a major burden. this year's deficit is forecast at 5% of gdp. the prime minister wants to keep her country from sharing the fate of greece and cyprus. them as lavinia is no bad apple, but we are in a difficult position at the moment -- >> slovenia is no bad apple, but we are in a difficult position at the moment. there are two key projects we want to enact this year and in the coming years. the recovery of our economy and consolidation of our finances. van at a key reason for the slovenian economy's sluggish performance is they have been starved of credit. the country's indebted banks have practically stopped lending, but the government believes markets have not given up on slovenia. his decision to resume its big bond sale is an indication of that confidence. >> there is more momentum in the global campaign to boost tax revenues by going after people with secret assets and tax havens. the british finance minister now says european countries will be working more close

however, one thing is certain, for banks to lend are twofold.ty, confidence in their capital and confidence in the economy. and the ecb can only address the first part which they have done already. they will look at haircuts on loans potentially and create ago new lending program with liquidity using just s&e loans as collateral, something like that. >> we've heard from that mario draghi in the past. just curious, as well, if you can shed some light on the extend to which a rate cut here, for example, is going to go around and actually spur lending and growth across the you are row economy. >> no, it definitely won't. what it will do is flatten the curve further out as it's a more important deposit rate which we will see unchanged with the euro will be -- at a much later date because then the sequence of tightening will involve the rate to go up. so the rate expectations are, therefore, adjusted with this rate cut and the expectations are clear that liquidity will stay in the system for longer with a more -- >> all right. thanks for that. good t

. - how's the lending environment these days for that? - awful. it's absolutely awful. but, our organization, and another organization called accion, provides micro-lending, and much of our micro-lending does go to childcare providers. - hedy ratner, thank you so much for joining us today. you are the founder of the women's business development center, a terrific organization here in chicago. we want to give you some information about the upcoming childcare business expo as well: it is this saturday, june 1st, from 7 a.m. until 5:00 p.m. at the university of illinois at chicago. the cost is $35 per person. you can network, you can connect with other people doing this sort of thing, you can get marketing tips, ways to improve the quality of your business. for more information, log on towww.wbdc.org. thank you, chuck. still ahead, is sears dangerously close to running out of money? we'll go behind the numbers, next. another tough quarter for sears: the retail chain recently reported a loss of $279 million, 4 times more than analysts expected. margaret bogenrief of acm par

money to one of the wall street banks you will lend to them to see evidence shows you'll lend them money at a rate fifty basis points a half a percent three quarters maybe a four percent lower interest rates than you would lend to a community bank and sycamore ohio or cold water high or to one of the big regionals in columbus like huntington because the market understands that these large banks are too big to fail so there is there is virtually no risk in your lending money to wall street bank because they because implicit in that is there is no risk so you'll lend them money at lower cost so they they automatically clooney could according to bloomberg these largest six banks get about an eighty billion dollars a year subsidy from taxpayers from. government implicitly in the form of lower interest rates on the capital markets just because people assume of theirs or because the interim because the markets are assuming that there's less risk there this is the moral hazard in reverse as it's more hazardous a good way to say it the market assumes there's virtually no risk because the governm

her exotic attire lends the picture an aura of tranquility. like leonardo davinci monalisa as the most famous painting in the world. while the girl's face is modeled with invisible brush strokes, her clothing are much more expressively painted. small subtle reflexes of life ven compass the compositions and her eyes and lower lips and her famous pearls. her ultra marine pigment, la paz lapis lazuli -- in a wet mixed with paint. broad thick brush work where her jacket is more rendered. a paint which applied over a dark background has darkened considerably with age. at the time the painting was stable but it's appearance was far from ideal. the tinted varnish yellowed with age and created an uneven effect. these products of previous restorations were removed without damageing the original paint and the thin layer of varnish was added. retouching was executed. today the masterly reflections of light are once again revealed. the final gallery of exhibition is devoted to genre paintings that seem to be taken from everyday life. their subject matter

tell me about the lending business. >> yeah, so in our lending business, it's really two businesses.ndous mortgage refi business going on, because of the low interest rates. so some banks have seen a slowdown. we haven't seen that, but that's frankly because we were underpenetrated in the mortgage business, and so what you're getting is a lot of customers who didn't have mortgages with us realize now we're in the morning business and say, well, geez, i would much rather do it with my bank. so i think we're going to continue to see that as a very strong growth industry. and i think it can be withstained, even with some backups in interest rates. i think the commercial business is still strong. we're still getting kind of 8%, 9% growth in the commercial lending business. i think the bigger risk that we see there is that the market is racing for yield and some people are lowering their credit standards as they search for that yield. and we won't go there. we won't lower our credit standards. so that's the main drift. >> i think people are very happy about that. and then, of course, ther

melissa: wow. >> while lending is loosening up for the middle class, trust me the lending and financingd requirements are a lot more stringent and strict today than they were back as you mentioned during the early 2000s which of course contributed greatly to the recession. melissa: i hope so. i know. i hope we learned something from all this. phil, thanks so much. >> all right. melissa: so we have some breaking news in case you recently joined us. president obama is going to deliver a statement on the widening irs scandal. that is 6:00 p.m. eastern time. just about 20 two minutes from now. fox business will take it live so be sure to stay tuned. >>> in the meantime, wait until you hear this because it is definitely not something you hear every day, the congressional budget office says our federal deficit is going down. new projections say it will be about 25%. that is $200 billion less than was the forecast just three months ago. that is a nice change from four straight years of trillion dollar deficits but, does it mean that we owe thanks to higher taxes? come on! or other things that

how do you feel about peer to peer lending and some of these social lending banks do you see that as a child as well as in more v.c. is going on in these types of. investments as well i think i think that's going to continue to grow and i think i think that coin helps enable that because you don't have to go through traditional banks to its own system that's easily integrated with i think peer to peer lending and back point i mean i think you can say some of the same challenges of having to deal with all the state regulations and are you guys working together at all with the critic you're living talking to and yeah not any specific company now can you see any correlation between the two. for sure i mean they're both the roads emerging technologies that enable people to really you know control their finances you know in ways that we're not we're not accustomed to normally when you when you want to move a large amount of money you go to the bank now you can use because when you want to loan money to someone normally you would go to the bank so you can bypass the entire thing. is wall s

and expose of several heart wrenching stories about predatory lending and just days after the shareholder referendum on jamie dimon the let him keep his top spot on the board of morgan is going on the off and they are already for enforcement action against the bank. resulting from alleged money laundering violations and risk management issues from the one did well debacle now in response j.p. morgan is diverting hundreds of people to its oversight and control group and cutting costs from several new programs that were just wondering and mark your calendar on the day that it happens exactly when it dave you were hired top shadow regulator problem for a financial group to rubber stamp its initiatives and finally according to the wall street journal the world is running out of u.s. treasury bonds. you might think that's an extraordinary claim considering the trillion dollar deficit but the forty five billion dollars per month of purchases by the fed are removing a key source of quadrille for the shadow bang. system hedge funds are banks. and hedge funds and banks traded treasury securities f