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Wine Accepted as Loan Collateral

Wine Accepted as Loan Collateral


Need a loan? Why not offer up those thousand-dollar wines as collateral

One man's extensive wine collection was accepted as collateral by Goldman Sachs

The next time you need a loan, consider throwing in the vintage you’ve been saving for a special occasion.

According to Bloomberg News, Goldman Sachs accepted nearly 15,000 wine bottles as loan collateral from Andrew Cader, a former senior director of the bank’s specialist-trading unit. Loans are typically secured by assets like real estate, yachts, and artwork, but because of the low-seven-digit dollar market value of the wines, Goldman accepted the collection. Included in the mix of bottles, mostly from the Burgundy and Bordeaux regions of France, is a 1929 bottle of Domaine de la Romaine Conti that would normally sell for nearly $4,000.

Though Goldman Sachs does not comment on individual loans to preserve client confidentiality, the bank said in a statement, “We take great care to apply high standards of risk management and appropriately value any form of collateral on all loans.” So, continue to invest in those vintages you’ve been thinking over. They may be put to use in more ways than you think.


Jury Convicts Wine Dealer in Fraud Case

A renowned wine dealer was convicted on Wednesday of defrauding some of the country’s wealthiest by selling bottles of purportedly rare and sought-after vintages that were counterfeit products of his own kitchen alchemy: mixing old bottles of wine and creating bogus labels.

The dealer, Rudy Kurniawan, 37, was a fixture on the rare wine scene for years, after developing a reputation as a wine lover with an impeccable palate and unmatched cellar. At his peak, in the mid-2000s, he spent millions of dollars a year on wine and sold bottles for many millions more prosecutors said Mr. Kurniawan used his counterfeit scheme to make millions of dollars.

In an eight-day trial in Federal District Court in Manhattan, in which prosecutors showed jurors fake wine labels, new corks and other items that they said were tools of Mr. Kurniawan’s trade, the jurors returned a guilty verdict after less than two hours of deliberation. Mr. Kurniawan was also convicted of a second count of fraud, for securing a $3 million loan using his wine and art collections as collateral when he had already pledged them as collateral for another loan.

Mr. Kurniawan displayed no reaction to hearing the verdict.

In a business where the product itself is shrouded in dark glass and doubts about authenticity are endemic, Mr. Kurniawan was able to convince the world’s leading wine enthusiasts, including the billionaire William I. Koch, that the bottles he peddled were genuine. He sold $35 million in wine in 2006 alone.

But prosecutors said his buyers started asking questions about the bottles’ provenance.

A 1947 Burgundy lacked the “unctuousness” one would expect from a great wine. And the 1961 Petrus seemed “a little young.” There was concern that the corks were a little too new and the sudden availability of such rare wines was a little too good to believe.

Much of the evidence against Mr. Kurniawan came from a raid of his home outside of Los Angeles. Prosecutors said it was a winemaking factory, kept so cold that his mother, who lived with him, warmed her bedroom with a space heater. There were bottles on a treadmill, bottles soaking in the sink, bottles stacked against the wall. His computer contained files with scanned images of old wine labels.

One prosecution witness, Aubert de Villaine, the head of Domaine de la Romanée-Conti, a vineyard in Burgundy, France, that has been in his family for years, testified that he had never seen so many labels of old vintages from his vineyard. He said there were only 600 bottles ever produced of 1945 Romanée-Conti. Prosecutors found a stack of new-looking labels for the vintage in Mr. Kurniawan’s home.

A lawyer for Mr. Kurniawan, Jerome H. Mooney, said Mr. Kurniawan was disappointed by the verdict and planned to appeal. Mr. Mooney said throughout the trial that the fine wine market was rife with counterfeits, and that Mr. Kurniawan, a citizen of Indonesia born to Chinese parents, was singled out.

“It was almost a ‘don’t ask, don’t tell’ thing going on within the industry,” Mr. Mooney said. “I’m not sure that this sends a message to the contrary,” he added, referring to the verdict.

Mr. Kurniawan, who faces up to 20 years in prison, is scheduled to be sentenced on April 24. Mr. Mooney said the calculation based on federal sentencing guidelines would depend largely on the valuation of the counterfeit wine Mr. Kurniawan sold. “If it’s $30 million, that makes it look like one thing,” he said. “If it’s a million, that’s another.”


European Central Bank to Accept Some Junk-Rated Bonds as Loan Collateral

The headquarters of the European Central Bank in Frankfurt, Germany.

Tom Fairless

FRANKFURT—The European Central Bank said it would accept some junk-rated bonds as collateral for its loans in its latest move to ensure eurozone banks can access central bank cash during the coronavirus pandemic.

The decision, announced Wednesday, means banks could continue to use government bonds of Italy or Spain as collateral for ECB loans, even if those countries’ credit ratings were to be downgraded.

To qualify as collateral, the bonds must have been rated as investment grade on April 7, the ECB said. The bank will also demand “appropriate haircuts,” and the changes will remain in place until September 2021.

The ECB said earlier in April that it would start accepting a broader range of collateral at its loan operations including Greek government debt, and would allow banks to borrow more money against the same amount of collateral.


Collateral Factors to Consider When Borrowing a Loan

These days, loans can be accessed easily from banks and private lenders. Basically, there are different kinds of loans – unsecured and secured loans. Unsecured loans are borrowed money that needs collateral and may require you to present bank statements, proof of address, and income proof. On the other hand, secured loans are cash you can borrow so that you can mortgage your properties, and you may access them with low interests.

Basically, there are various ways of how you can use these loans. You may use them to finance your business, buy a property from a real estate platform like movoto , consolidate debts, and fund emergency issues. When applying for either unsecured or secured loans, you’ll have to consider some factors like the ones discussed below.

Most lenders use credit scores to determine how borrowers can pay their loans back. People with low scores are termed as risky borrowers, and may not qualify for a loan even when their cash flow is good.

On the other hand, high scores translate to loan approvals with low-interest rates. Therefore, before you apply for a loan, be sure to check your score. In case it’s below the required score, take some measurements to improve it in six to eight months before applying again.

Collateral is anything you own, which the lender may take in case you fail to honor your repayment contract. It may also be an item that holds value. Lenders can accept it to serve as an alternative way of repaying the loan.

However, the value terms of collateral depend on loan requirements. For instance, if you want an auto loan or mortgage, you can use your car or house as collateral, respectively.

Interests are the costs you incur when you use the money of another person, and may also accrue when you apply for a loan. There are various ways of calculating interests – some of them are profitable to lenders. Therefore, the decision to pay these interests is based on the profit you make.

On the other hand, banks and other lenders have the freedom to decide the rates they will impose on loans and deposits. With many microfinance institutions in the market, there are competitive interest rates, so you’ll have many options.

A home loan is an example of borrowed cash that has a lot of hidden charges. Some of these charges neither have regulations nor guidelines, but they differ from one bank to another. These charges are mostly included in the total amount of loan that has been recovered and sanctioned from EMIs . Among the hidden charges that you can incur, include:

⦁ Transaction fees
⦁ Standing fees
⦁ Loan fees
⦁ Insurance costs
⦁ Down Payment

Down payment or upfront payment is the amount of money you should make when buying a real estate property, car, or any other valuable asset. Down payments may come from your savings account or credit.

Mostly, down payment serves as a guarantee to lenders and may help to establish a trust relationship. In addition, when you make down payments, there is a chance that your interest rates will be low.

Repayment refers to an act of reimbursing the money borrowed from lenders. The repayment process can start through the periodic payments that include interest and principal.

Loans can also be cleared in lump sums anytime, but some repayment agreements may impose an additional fee for early reimbursement.

Loans are ubiquitous, and their repayment agreements are no exception. Loan agreements refer to contracts that exist between borrowers and lenders. They come in different forms, ranging from an easy promissory agreement between family members or friends to detailed notes, such as auto loans.

These loan contracts encompass collateral value, terms of interest rates, covenants, repayment duration, and guarantees. They may also have default terms, which are clearly outlined to avoid attracting court action. If the situation of default happens, the terms of collecting an unsettled debt should specify the penalties. This may also apply to parties, which are using simple promissory notes.

The Bottom Line

With many lenders in the market, including the private sectors, there are countless options of loans. Before you apply for any loan, it’s crucial to evaluate some of the above factors to increase the qualifying chance.

However, if it crosses your mind that any of these factors might negatively affect your approval odds, take the measurements of improving them before giving it another bet.


3. Future Paychecks

Another way that you can obtain a loan is by putting up money from your future paychecks as collateral. For a lender, this is a guaranteed way to receive something for their services. They know that they will receive collateral for the confidential cash loan which they’ve made available because they know the lendee is employed. With such an agreement you are borrowing money now which you will pay back when you are paid.


It’s Not Your Fault That Restaurants Are Going Out of Business During the Pandemic

First, we heard misguided messages to get one last meal or round of drinks before heading into shutdown. Then, it was incessant pleas to buy to-go meals, delivery, even get pantry items from our favorite spots as they shifted business models to try and stay afloat through the crisis. People devoted entire articles to hand-wringing the ethics and practicality of gift cards.

The implication was that if we wanted our favorite places to survive the pandemic, we needed to start shelling out, or it was game over. Delivery apps even got in on the fun by setting up phony promotions at the expense of the restaurants that they already preyed on.

The overall message was clear: It was up to us to spend our way out of this restaurant crisis.

At the same time, an entire nongovernmental support structure popped up, literally overnight. The foundation that I started in 2018, Restaurant Workers’ Community Foundation, launched its Covid-19 Emergency Relief Fund in March 2020 to provide direct financial assistance to individual workers facing emergencies, grants to nonprofits providing relief work, and to establish a zero-interest no-collateral loan program to support small businesses. To date, we have raised $7.6 million for its dedicated efforts.

Other relief funds emerged too: ROAR NY, The CoCo Fund, One Fair Wage and countless others. Guy Fieri raised $22 million. David Chang, my former boss, won $1 million on Who Wants to Be a Millionaire and donated it all to Southern Smoke Foundation. Everyone had a GoFundMe.

The thing is, we shouldn’t have had to fucking do any of it.

There are so many things we, as the richest nation on earth, could have done besides telling people it’s their fault if their favorite taco shop goes under.

When the pandemic hit, and public health safety measures started to affect the hospitality, travel and entertainment industries, the federal government lumbered into something resembling action to try to help. We got a paltry stimulus check, unemployment benefits were expanded, and the Paycheck Protection Program (PPP) was established.

The problem with PPP was that it made absolutely no sense for anyone in the restaurant industry because the loan forgiveness was predicated on the maintenance of payrolls. While some hospitality businesses and groups applied for and were awarded funds through the program, it was completely illogical for many restaurants to take loans that required them to keep or rehire their staff when they were operating at a fraction of their capacity.

Meanwhile, loans went to out to the companies of people who seemingly needed them the least: The Ayn Rand Institute Foremost Group, Mitch McConnell’s wife’s family company Yeezy, Kanye West’s apparel brand and Joel Osteen’s Lakewood Church, to name a few. The airline industry got $25 billion bailout but laid off tens of thousands.

For context, in 2019 the restaurant industry in New York City alone employed 60% as many people as the entire United States airline industry. Why weren’t we, the people, tasked with a charge to “Save airlines”? Did anybody feel any pressure to buy gift cards from Delta or take an unnecessary trip so that Southwest could stay in business? No, because that’s absurd. An industry that’s vital to our way of living shouldn’t have to be bailed out by individual consumers, and they weren’t.

The restaurant industry is the second-largest private-sector employer in the U.S. and contributed 4% to the national GDP in 2019. According to the National Restaurants Association, since the pandemic began, more than 110,000 restaurants across the country, or around 17% of the total, have permanently closed. Also in that time, about 60% of total job losses have been in the restaurant industry.

We could have given restaurants tax breaks or rent relief. We could have paid restaurants to pay their workers to stay home. We could have socialized healthcare. There are so many things we, as the richest nation on earth, could have done besides telling people it’s their fault if their favorite taco shop goes under.

I’m not saying we shouldn’t go out and spend money at restaurants right now. I actually encourage you to. But we can’t act like it’s the path towards industry recovery. The way we’re treating restaurants right now is yet another example of how our country works the best for those who need the least amount of help and leaves everyone else to fend for themselves, and it has to change.

For more essays by drinks professionals, visit Outpourings: Industry Voices.


A Guide to the King of Cheeses, Parmigiano-Reggiano

With just three ingredients—raw cow’s milk, salt and calf rennet—Parmigiano-Reggiano, the so-called “King of Cheeses,” was born nearly a millennium ago.

Parmigiano-Reggiano is a strictly controlled product, not to be confused with other, non-European Union cheeses labeled “Parmesan.” It has intense aromas and flavors of fruit, nuts, butter and hay, and its high glutamate content produces a savory, flavor-enhancing quality. Parmigiano-Reggiano’s granular texture flakes easily when broken with the stubby, sharp-pointed “almond knife” traditionally used to break and cut the cheese. And those crunchy “cheese crystals” are desirable, a sign of long aging.

“I personally love the texture, the complexity of flavors and the ease of use of Parmigiano-Reggiano,” says Ihsan Gurdal, owner of Formaggio Kitchen, a 39-year-old cheese shop with two locations in the Boston area and another in New York City. “I think being made in the same way for the last nine centuries, its richness and nutritional profile and the large wheel size easily qualify it as the ‘King of Cheeses.’ ”

What Is Parmigiano-Reggiano?

Parmigiano-Reggiano received its protected status in Italy in 1955, and the European Union followed in 1992. That hasn’t stopped countless cheese makers outside the EU to market poor imitations under misleading names like “Parmigiana” and “Reggianito.”

True Parmigiano-Reggiano can only be produced in the provinces of Parma, Reggio Emilia, Modena, and parts of Bologna and Mantua (the only province not in Emilia-Romagna). It also bears a stamp from the Parmigiano-Reggiano Consortium.

The huge wheels, which weigh about 90 pounds, are aged for one year and then tested by the Consortium. A good “beater” (or cheese tester) can determine worthiness in a matter of seconds with just a small percussion hammer and a screw needle used to extract a miniscule sample. Once branded, they can be sold as Parmigiano-Reggiano giovane (“young”), or aged another six to 12 months and sold as vecchio (“old”).

Parmigiano-Reggiano Fun Facts

● It takes more than 145 gallons of milk to make one wheel of Parmigiano-Reggiano. It accounts for approximately 15 percent of Italian milk production.
● Italy’s Credem Bank accepts wheels of Parmigiano-Reggiano as loan collateral. The bank has almost a half-million wheels stored in its warehouses.
● In Italy, babies are weaned on Parmigiano-Reggiano from a young age. Parmigiano-Reggiano stravecchio has high-quality and easily digested proteins, even for those who are lactose intolerant. The production and maturation process renders it lactose-free.
● Parmesan was a popular ice cream flavor in England during the late Georgian era.
● Parmigiano-Reggiano has a longstanding reputation as an aphrodisiac. While it hasn’t been formally studied in humans, a 2012 study claimed it caused increased sexual activity in rats.

Better examples are usually stravecchio (“extra-aged”). These are aged between two and three years, and they develop incredible depth of flavor. Some producers age wheels even longer. After four years, Parmigiano-Reggiano can take on notes of mushroom, spices, dried fruit, beef and tobacco. A few producers have aged wheels up to 12 years.

More than 300 producers make authentic Parmigiano-Reggiano, and each have subtle but noticeable differences.

“Every producer is different,” says Gurdal. “Keep in mind this an artisan-made, raw-milk product. The quality of animals and their milks, the pastures—the more wild herbs, flowers and greens, the better—and also the craftsmanship of the cheese maker can all account for the differences among producers.”

Buying and Serving Parmigiano-Reggiano

“My golden rule is to always taste before buying, to only buy what I need, and to make sure to get a fresh-cut piece the day before or the day I’m planning to use it,” says Gurdal. “Cut cheese has a short lifespan when it comes to retaining its texture and flavor in the fridge. You can slow down this process by keeping it wrapped in cheese paper and in the crisper drawer, but my experience when confronted with leftover Parmigiano-Reggiano is to use it as a binder, but not a main character, in my dishes. And always grate it at the very last moment, just before serving.”

One of the best ways to serve Parmigiano-Reggiano is in big, room-temperature chunks, as the star of a simple appetizer. It works well with sliced pears and toasted hazelnuts, dates and walnuts, or crunchy celery hearts drizzled with good olive oil. A few drops of authentic aged balsamic vinegar can enhance Parmigiano-Reggiano’s flavors without overwhelming them.

It’s a no-brainer in pastas and risottos, but can also play a key role in soups, salads, cooked vegetables, beef carpaccio and savory meat or vegetable pies. And despite the oft-repeated Italian rule to never put cheese on seafood dishes, some chefs just can’t resist utilizing a beautiful piece of Parmigiano-Reggiano successfully with fish.

How to Cut an Entire Wheel of Parmigiano-Reggiano By Hand

Parmigiano-Reggiano Alternatives

Grana Padano is the cheese most closely related to Parmigiano-Reggiano. It’s a great alternative, and usually at a slightly lower price. Its production is similar, but it has fewer restrictions with things like geographic delimitation and cattle diet, and is aged less on average.

Two domestic cheeses worth trying are Sartori Sarvecchio and BelGioioso American Grana, though they differ considerably from Parmigiano-Reggiano.

“And on a mountain, all of grated Parmesan cheese, dwell folk that do nought else but make macaroni and ravioli, and boil them in capon’s broth, and then throw them down to be scrambled for and hard by flows a rivulet of Vernaccia, the best that ever was drunk.”—Giovanni Boccaccio, The Decameron. Written in 1348, it’s the first-known mention of Parmigiano-Reggiano in literature.

Gurdal encourages people to explore the world of Italian hard cheeses.

“My two favorites that compete with Parmigiano-Reggiano in my house are Calcagno, a Sardinian sheep’s milk grana, and Monte Veronese DOP di Malga, from Verona,” he says. “Calcagno is richer and gentler, and Monte Veronese has bigger, more pronounced flavors.

“Try Calcagno grated roughly over cooked greens or garden salads, and Monte Veronese over farm-fresh eggs or even grated and blended into fresh-ground chuck for amazing burgers.”

What about other Italian grana-style cheeses like Pecorino Romano?

“I like a less salty and non-mass-produced Pecorino Romano, and it’s definitely more affordable, but we’re talking apples and oranges here,” says Gurdal. “It’s not comparable to Parmigiano-Reggiano.”

The Wines to Drink with Parmigiano-Reggiano

Parmigiano-Reggiano is one of the most versatile cheeses to pair with wine. It can handle white or red, sparkling or still. Crisp but richer whites like Marsanne and Roussanne, Pinot Grigio from Collio or Friuli Colli Orientali are all delicious picks.

For reds, try fruity wines with high acidity and low tannins like those made from Corvina, Barbera and Gamay. Amarone della Valpolicella, considered a classic pairing, offers a raisiny blend of concentrated fruit and power that complements the cheese much like balsamic vinegar does.

On the bubbly side, a not-too-dry sparkling wine can balance the salt, refresh the palate and bring out the underlying richness of the milk. Lambrusco is the wine of the Parmigiano-Reggiano region, and it combines the best qualities of both red and sparkling wine. All of these suggestions work with Parmigiano-Reggiano on its own, or in dishes like pasta or risotto, where it’s the dominant ingredient.

Three of Gurdal’s Picks

Villa Di Corlo 2016 Lambrusco Grasparossa di Castelvetro
Fondo Bozzole 2016 Cocai Spumante Brut Rosato Lambrusco Mantovano
Tiberio 2016 Trebbiano d’Abruzzo

Three of Our Picks

Ferraton Pere et Fils 2014 Les Miaux Marsanne (Hermitage) $75, 91 points
Braida di Giacomo Bologna 2015 La Monella (Barbera del Monferrato) $19, 89 points
Ronco Blanchis 2015 Pinot Grigio (Collio) $20, 89 points

Finally, to enjoy Parmigiano-Reggiano by itself as a cheese course before dessert, Gurdal says “it’s always lots of fun with a Vin Santo, especially more aged wheels. Isole e Olena Vin Santo is my favorite.”


April 6th, 2020 - Colin O'Brien

We always have the makings of a few signature cocktails close to hand. There’s nothing wrong with reaching for an ice-cold beer or a glass of wine at the end of the day, but sometimes you just need something a little more special.

Food and drink can be a great way to relive memories, especially in times like these. And while there’s no substitute for enjoying one of these with friends after a long bike ride in Italy or Portugal, we’re tipping our hat to all the places we can’t wait to go with these signature cocktails. So bottoms up, and here’s to raising a glass together real soon.

With its roots in early 20th century Florence, this is the quintessential Italian cocktail. Legend has it that Count Camillo Negroni wanted his favorite drink, the Americano, to have a little more kick, and so the bartender replaced the soda water with gin. Great as an aperitivo and the perfect choice whenever there’s an edge that needs to be taken off, this is the gold standard in cocktail cool.

Ingredients:

1 oz Dry gin 1 oz Campari 1 oz Vermouth rosso Orange (for garnish)

Method:

01. Fill an Old Fashioned glass with ice. 02. Add all of the ingredients and stir until cold. 03. Garnish with a half-wheel of orange.

Think of the Hugo as the generic Spritz’s cooler cousin from the mountains. Perfect for an afternoon refreshment or to open the appetite before dinner, it’s light, perfumed, and fruity – and if it’s made well, the most revitalizing cocktail you can have.

Ingredients:

Prosecco Elderflower cordial (to taste) Soda water Fresh mint leaves

Method:

01. In a large wine glass filled with ice, combine the prosecco and a splash of soda water with the cordial and mint leaves and stir until mixed well. 02. As an added flourish, add a slice of lime or a sprig of rosemary to finish.

No, this isn’t a cute nickname for our beloved company founder. The Portuguese Daisy is a simple but elegant cocktail that packs plenty of flavor, thanks to its star ingredient, the Port wine of the Douro Valley, which is one of our favorite places in the world to ride a bike. Think of it as sangria’s cooler cousin.

Ingredients:

2 oz Good quality port 1 oz Brandy, to taste Fresh lemon juice, to taste Half a teaspoon of fine sugar A dash of grenadine

Method:

01. Combine all the ingredients and some ice cubes in a cocktail shaker and shake well. 02. Serve in an old-fashioned glass, with a lemon wedge to garnish.


Like the Portuguese Daisy, this is a stylish alternative to the cheap punch that unfortunately has become synonymous with sangria. The best of Spain is represented here, because the red wine is replaced by wonderfully effervescent cava and we’ve swapped out the brandy normally used in sangria, in favor of sherry for some nutty depth and a hint of sweetness.

Ingredients:

1 Bottle cava 5 oz Manzanilla sherry 3 oz Simple syrup 1.5 oz Combier liqueur d’orange Lemon wheels, mint sprigs, orange peels and raspberries, for garnish

Method:

01. Pour all of the ingredients into a large pitcher. Add ice and stir gently to combine. 02. Serve strained into a tall glass, with an expressed orange peel, a raspberry, a lemon wheel and a mint sprig to garnish.

Cocktail nerds might argue over this drink’s origins, but most will agree that France is its spiritual home, and we can’t think of anything that suits that country better, whether we’re living it up at a stylish bar after the last stage of the Tour de France, or enjoying a balmy summer’s evening after a stunning ride in Provence.

Ingredients:

1 oz Cognac 1 oz Orange liqueur 1/2 oz Lemon juice 1/2 oz Simple syrup A dash of lime juice

Method:

01. Sugarcoat the rim of a cocktail glass. 02. Combine all the ingredients with some ice, shake, and then strain into the glass. 03. If you wish, garnish the drink with a small wedge of orange.


Because California knows how to party. The Mai Tai has a strong Tahitian vibe, but it was born in Oakland, and although these days the hipsters would probably shun its mid-century exuberance for being too uncool, we love the Tiki vibe, and the way it reminds us of the golden age of Hollywood.

Ingredients:

2 oz Good quality aged rum 3⁄4 oz Fresh lime juice 1⁄4 oz Rock candy syrup (2 parts sugar, 1 part water) 1⁄4 oz Almond syrup 1⁄2 oz Orange Curaçao

Method:

01. Add all the ingredients to a shaker and fill with crushed ice. 02. Shake vigorously until the shaker is well-chilled and frosty on the outside. 03. Pour into a glass of your choice, and garnish with half of a juiced lime and a fresh mint sprig.


New Star-Studded Digital Cookbook Supports Coronavirus Relief Fund for Restaurant Workers

Samin Nosrat, Alison Roman, Ina Garten, Kwame Onwauchi, and more contributed recipes.

In early May, a new cookbook with recipes from Samin Nosrat, Alison Roman, Ina Garten, Kwame Onwauchi, and more will become available online𠅊nd it’s supporting a really important cause.

Announced this week by Penguin Random House, Family Meal: Recipes from Our Community, is a digital-only cookbook with over 40 recipes from big-name chefs and food industry professionals. All proceeds will benefit the COVID-19 Emergency Relief Fund set up by the Restaurant Workers’ Community Foundation, which provides direct relief to workers, supports non-profits doing on-the-ground work, and has established a zero-interest, no-collateral loan program to help keep restaurants on their feet amid the coronavirus pandemic. COVID-19 has left the industry in crisis, forcing restaurants all over the country to close,ꃊusing mass layoffs.

“My hope is that though the impact of this virus has brought about devastating loss, it has helped more and more people come to realize just how vital the restaurant industry is to our lives,” John deBary, co-founder of the Restaurant Workers’ Community Foundation and former bartender, wrote in the book&aposs foreword. “If there’s any silver lining to this tragedy, it’s that we now have the opportunity to work together to rebuild the restaurant industry to be safer, healthier, and more equitable.”

In addition to recipes from Nosrat, Garten, Onwauchi, and Roman, and a punch recipe from deBary, other contributors include Eric Ripert, Hugh Acheson, Dominique Crenn, Danny Trejo, Ruth Reichl, and a few Bon Appétit editors. Readers will find recipes for dishes like “My Perfect Breakfast" (Roman), Ligurian Focaccia (Nosrat), and Miso Milk Bar Pie (Christina Tosi), among many others.

Family Meal will be on sale electronically on May 5 for $5.99 and is currently available to pre-order via PRH’s website, Barnes & Noble, and Amazon. In the meantime, several other spring cookbooks have been rolling out over March and April, including The Phoenicia Diner Cookbook, Dimes Times, and Dinner in French from Melissa Clark𠅌heck out our roundup to see what else you can add to your shelves.


What You'll Need to Apply

Before you can apply for a pre-qualification offer, Annie Millerbernd, personal loans expert at NerdWallet, says you&aposll need to have some basic information handy. "You will at least need to provide your name, address, and income," she says. "Some lenders may also ask about citizenship, whether you rent or own, work part-time or full-time and possibly what education level you have." While you won&apost necessarily need to know the number off the top of your head, Ashaunda Davis, a financial advisor at Northwestern Mutual, says you should be prepared for a lender to check your credit score as you go through the pre-qualification process. "This process is typically a soft credit inquiry, which means your credit won&apost be negatively impacted," she explains. "These details will provide a potential lender with your record of borrowing funds and paying them back."


Interest Rates and Fees

The last factor to consider when loan shopping is interest rates and fees. These vary by the type of loan, the length of the loan, as well as the lender. Have a clear understanding of interest rates, which are informed by your credit score: The better your score, the lower the interest rate as well as the longer the duration of your loan.

Prepayment penalties also factor into how much you&aposll pay in the end. While it may seem like a good idea to pay your loan off early, some lenders will charge you a prepayment penalty to make up for the interest they missed. "You don&apost want to put yourself in a situation where you can&apost pay back the loan on time and in full. Even if you lower your interest rate, there&aposs a chance your loan could cost you more if you stretch out your repayment period for too long," says McCreary. "For instance, if you use a personal loan with a five-year repayment term when you&aposd otherwise have repaid the debt in two years, you&aposll pay interest for three years longer."

Having a loan payback plan in place before signing is key when loan shopping. McCreary urges loan seekers, "You don&apost want to find yourself in a situation where you&aposre accruing unnecessary debt through fees and interest."


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