Accepted fickogames - Grant Application

[fickogames]

Firm Name
Vendeka Redmont Bank | VDRB

Which grant pool are you applying for?
Innovation, Startup, Research and Development (R&D)

How do you plan on using your grant funding?
The Vendeka Redmont Bank is developing new mortgage policy which should allow new players to access funding to buy their very own plots. a "New Player Mortgage" is low-interest mortgage where the interest follows FRB's policy rate.

FRB has for some time now been struggling to get the banks to follow its policy rate and allow for better control of lending operations. A direct link between the Bank's interest rate and FRB's policy rate is what the server needs, and the government of Redmont too.

These mortages will be drawn from their own fund, "New Player Mortgage Fund", which will be seeded with 100,000 in owner equity and 100,000 in client funds.

We believe this qualifies as Innovation and Development, as it is a new way of banking, one of social benefit to the new players, to get them to stay in the server because they own a piece of the server, their very own house.
We ask for in-kind grant of 100,000 Redmont Dollars, but of course would appriciate any funds the Department wishes to spare.

If funds are granted we shall report to the Department each loan issued, how much of the loan is from the grant money, and total number of new players the Department has helped in the process.

This grant shall serve dual purpose for the department, the above mention social benefit, but also another part. FRB's new deposit insurance is yet to be taken by any commercial bank, and the money that the Department grants will also serve as requirement for such deposit insurance policy, which states that equity must also be put in for every loan. This will mean that if the Department is to grant 100,000, we can loan out at least 600,000 in mortgages to new players and be covered by their insurance.
If there are any solvency issues, FRB would be the one to bear the cost of it, and not the Department or the Government.

Ideal Grant Amount R$ 100,000

If awarded, I intend to use the grant money allocated to me for its intended purpose on which it was approved for, and provide a breakdown in my application thread of how the funding was used.
Yes

 

[xerxesmcc]

Hi!

The DOC has a few questions we'd love some clarification on to help us make an informed decision.

1. Why do you need a grant with such a large in-game balance available?

2. Is there a reason why a report has not been sent since early this year?

 

[fickogames]

Hello,

1. Our in game balance is our customer deposits, we are still a commercial bank. Our current mortgage efforts are around 400,000 in loans, with 20,000 additionaly being used as new player starter loans. As stated in the grant filing, this is seeding money for our new and improved dedicaded mortgage lending fund. Each dollar the Department gives to the VDRB will be used to issue around 6 dollars in mortgages.
We feel this is not only beneficial to the larger economy, but also to new players who come to VDRB to get no-down-payment required mortgages which allow new players to obtain their first property and start their own businesses.

2. The VDRB has been run by inactive previous owners. I have only recently purchased all 100% controlling share of the parent company (RED Group) and have on day one engaged an accounting firm to bring the reporting up to date. We are having issues creating a complete accounting ledger due to the switch in plugins meaning we lost some transaction records, but the plugin records we have + our own internal bot's accounting and few other sources allow us to piece together the entire ledger. My accountants have promised that for August reporting period we will be fully up to date, filing all previous months currently missing.
As Executive Director of the VDRB I have full awareness of FI duties placed on us as a commercial bank, and have hired a team of accountants and lawyers to get the bank back to full compliance, but I cannot rush them more than I already have.

If you have any more questions please do not hesitate to ask.

 

[Dept. Commerce]

Accepted

Congratulations, a grant of $40,000 have been approved. As you use these funds, please provide evidence and details (i.e. screenshots) on how it is getting used to meet its intended purpose!

 

[edwardcul1en]