Community Banks and Small Business Lending

Community Banks and Small geschftsleben Lending Credit Claudio Divizia / Shutterstock When it comes to financing, community banks have been providing support to small geschftliches miteinanderes for decades. However, a problem is emerging thats affecting small geschftlicher umgang Community banks are closing and consolidating due to pressure from regulation and an uneven lending playing field.The success of the American economy was built in part on the backs of small businesses that were financed by small banks, said Stephen Andrews, a former president of a few community banks based on the West Coast. Removing the community banks from the equation upsets and diminishes the potential of small business to compete effectively.When the 2008 financial crisis hit, the U.S. government responded with a bank bailout and increased regulation. In Washingtons eyes, it was time to hold Wall Street accountable and stop any future economic turmoil that could be spurred by big institutions. But the reach of Dodd-Frank, Washingtons answer to the 2008 crisis, extended beyond just the big banks on Wall Street. Local community banks suddenly had a whole host of regulation to adhere to.The sins of big banks brought on a crush of new regulations with Dodd-Frank legislation that disproportionately impacted smaller community banks, Andrews said. Community banks were forced to invest in new software, technology infrastructure, and compliance personnel, creating an unavoidable high level of fixed costs that are disproportionate to larger institutions.But Dodd-Frank is just the tip of the iceberg for an area of banking thats been on a slow decline for decades. Between 1994 and 2015, community banks share in bank lending and assets fell by 40 percent, according to a Harvard Kennedy School study on the state of community banking in 2015.Community banks are going away theyre consolidating, being purchased by big banks or just closing. As the community banking m arket erodes, small businesses are being squeezed businesses that cant meet conventional lending requirements from big institutions are having to turn to fintech lenders, which often charge higher interest satzs on shorter terms compared to what a community bank could offer.Small businesses suffer to a degree financing with a FinTech player, Andrews said. If they do fit the lenders criterium, they would likely pay a premium finance rate verse the rate a community bank would have charged.Editors note Need a business loan? Fill out the questionnaire below to have our vendor partners contact you with information for free.Why community banks are going awayRegulation is a big part of community bankings decline, but its only one factor that has led to the erosion. The emergence of FinTech lenders, tax considerations for leistungspunkt unions and the pressure to consolidate has affected community banks, according to Andrews.All these factors contribute to an uneven playing field for commu nity banks theyre being regulated like big banks, taxed like big banks and other lenders can provide the saatkorn services to small businesses without having to jump through the saatkorn hoops. Credit unions, for example, enjoy a different tax structure compared to traditional banks. However, lending practices from credit unions have begun to mirror community banks. Some credit unions enjoy the same functionality as a community bank without the tax or regulatory burdens.Credit unions are walking and talking like banks and while their powers to lend to small businesses have expanded, Andrews said. The playing field is not even with respect to credit unions as they enjoy taxation advantages that community banks do not enjoy, and this situation translates to a tax advantaged pricing advantage.The uneven playing field extends into the FinTech space as well. FinTech lenders ansprechbar lenders that boast next-day approvals and automated underwriting processes provide the same services as banks, but dont have to endure the same crushing regulations that community banks need to.On the regulatory side there has been the rise of FinTech that does not receive the same scrutiny as banks with respect to oversight, Andrews said. This creates an operating price disparity and compliance disparity favoring the new market entrants.In addition to an uneven playing field, banks are suffering from a talent gap, according to SBA lending consultant and BOLD Lender author Alex Espinosa. He said generational changes within community banks are encouraging older bank presidents to take buyouts and consolidate as opposed to giving the keys to an inexperienced executive. He also said the best and brightest minds are likely working for technology companies as opposed to banks.These factors have slowly chipped away at the community banking market for years, and the demise is hitting small businesses the hardest.How small business is affected by the decline of community banksCommunity ba nks provide 77 percent of agricultural loans and over 50 percent of small business loans, according to the Harvard Kennedy School study. What community banks offer small businesses in the lending process is almost intangible because banks know the community, theyre able to provide loans to businesses based on information that isnt just found in a businesss finances.Instead of meeting rigid requirements through a FinTech lender or going to a large conventional bank to be denied because of shaky financials, small businesses can turn to a local community bank to get the funding they need at an acceptable rate. Because the bankers are rooted in the community, they can consider additional factors regarding the borrowers situation that go beyond basic financial data.Community banks are more personal, and they provide more informed loans as a result. According to the Harvard Kennedy School study, in 2013 default rates on family real estate loans with community banks was 3.47 percent. In t he same year, larger banks experienced a default rate of 10.42 percent.Community banks generally are relationship banks their competitive advantage is a knowledge and history of their customers and a willingness to be flexible, the study reads.Community bankings decline has a direct impact on small businesses. With fewer and fewer community banks to turn to for financing, small businesses have to work with bigger banks or FinTech lenders. It can be hard to get approved with a bigger bank, and FinTech lenders generally have more higher interest rates and shorter terms compared to conventional bank loans.The business thats hurt the most in all of this is the one that doesnt meet the needs of FinTech lenders or big banks.Those businesses that require personal labor-intensive attention from a credit underwriting perspective for loan approval will not fit the automated underwriting process, Andrews said. Community banks offer and capture borrowers that dont have cookie cutter financing r equirements.Will this problem be solved?Andrews said major changes need to happen with taxation and regulation. Relaxing legislation that was intended for big banks will allow local banks to breathe again. Adjusting tax practices on credit unions will also help level the playing field for community banks.Community bankers are not afraid of competition or market disruption, but they do want the playing field balanced as it relates to taxation and regulatory burden, Andrews said.Espinosa agreed, saying that regulation needs to be changed so community banks have a chance to be competitive. Regardless of what the right course of action is, community banking is in decline, which means small businesses can no longer get the financing they need. Matt DAngelo Matt DAngelo is a Tech Staff Writer based in New York City. After graduating from James Madison University with a d egree in Journalism, Matt gained experience as a copy editor and writer for newspapers and various online publications. Matt joined the staff in 2017 and covers technology for geschftsleben.com and geschftsleben News Daily. 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When It Comes To Digital Marketing Skills, Colleges Arent Cutting It

When It Comes To Digital Marketing Skills, Colleges Arent Cutting It By now, were all well awarehow rapidly technologyis changing the world we live and work in. While its pretty much impossible to avoid theinfluence of techinanyfield, there are certain industries where its impact is mora keenly felt than others like digital marketing.As a professional in this field, it can be pretty difficult to keep up with all the technological changes this industry is experiencing on a day-to-day basis. And these constant evolutions can seem even mora challenging to someone whos been out of the workforce for a few years and isnow looking to reenter it, especially.Astudyreleased by the Digital Marketing Institute confirms the existence of a skills gap in this industry. Testing over 900 marketing professionals in the U.S., U.K., and Ireland for digital marketing competency, their research found that a shocking 92 percent majority failed to qualify for even entry-level expertise. This, when more tha n half of respondents deemed themselves fairly competent at digital marketing in a self-assessment. Meaning? A majority of these marketers are lacking in the most current, relevant skills but they dont perceive themselves to be.Why exactly is this the case? Partly, its due to a lack of understanding and urgency within companies themselves. Though 63 percent of U.S. marketers surveyed (and a similar majority in the U.K. and Ireland) said that becoming more digitally focused will be crucial to their company within the next two years, digitaltraining programsand initiatives within many companies continue to remain subpar, if they exist at all. Only 18 percent of U.S. organizations were found to provideessential training support, causing 59 percent of American marketers to cite a sense of anxiety.New skills continue to be required in this highly evolving industry, and at an increasingly frequent rate. But if most employers arent making the effort to keep their workforce technologically up-to-date and relevant, neither are traditional education institutions. Bruce Cleveland, co-founder of themicro-education company GreenFig, explainedfruchtwein traditional education programs are not equipped to provide the hands-on and work-related experience students need to master geschftsleben application software and business science. Industry requirements and business applications change so rapidly that by the time a new curriculum is peer-reviewed and approved, it is already out of date and few university professors have current industry experience or are skilled in the use of business application software.Offering courses and micro-degrees in applied business science subjects (like digital marketing), GreenFig is one of the education startups looking to close the skills gap a lack of technology preparedness is creating. Stepping in where more established higher education institutions and businesses themselves are failing, the goal is to make students as job-ready and marke table as possible by providing current, of-the-moment training in accelerated doses, something GreenFigs founders plan to explain in greater detail at twoupcoming luncheon eventsin New York (June 22) and San Francisco (June 23).When it comes to boosting ones relevancy in digital marketing, there are multiple groups of people who could stand to benefit, GreenFig CEOLibby Unger explained.College students can augment their liberal arts education and move their resume to the top of the list for high demand business science jobs, she said. Professionals can prepare for a career shift into a new field, return to the workforce with relevant business science skills, or simply upskill to stay relevant. And, a veteran can accelerate his or her transition into the civilian workforce.The digital in marketing certainly isnt going anywhere. The real question is are you?Fairygodboss is committed to improving the workplace and lives of women.Join us by reviewing your employer

4 Ways to Compare Candidates Video Resumes

4 Ways to Compare Candidates Video ResumesVideo resumes can be a great tool for companies looking to get personal faster in the hiring process. After all, now employers can press play and see a candidates personality and communication skills on display. Its important to keep in mind that different candidates can bring different skill sets to the table. But not all video resumes are created equal, so how do you compare?You need to look at the profile video of a candidate very carefully. However these videos dont exist in a vacuum. At some point youre going to have to compare candidates to see which one fits the company and job best. This can be a hard process and its difficult to know what to evaluate. You want to find the best candidates for your open position, while at the same time not miss the hidden gems hiding in your profile video queue.Here are some ways to compare video resumes in order to find great candidates to move along in the hiring processRecognize the Difference Betwe en Shy Candidates and Assertive ApplicantsJust because a candidate is shy doesnt mean they dont have anything of value to say. Introverted employees can really bring a huge value to your company if you know to look for them. Unfortunately, assertive candidates can be much more flashy than their introverted counterparts. Assertive candidates might be better at projecting confidence at the expense of actually possessing the valuable skills you need in the workforce. Since they seem more self-assured and put together, hiring managers may ignore shy candidates in favor of the video resumes belonging to more aggressive workers.When comparing the video resumes of shy and assertive applicants, make sure to look for personality attributes above the surface. Do you need a leader, someone to stand up in front of a group and speak? If so, the shy applicant might not be the right person for the job. On the other hand, if you need someone who works well with others, an aggressive personality cou ld be a liability. Make sure to think critically about the personality needs of the position youre hiring. Its important to keep in mind the flashy candidate isnt always the best fit.Fact CheckSometimes not everything your candidate says in their application is 100 percent truthful. As we previously talked about the difference between introverted and extroverted candidates, its possible your more aggressive candidates might be stretching the truth a bit here or there on their qualifications. For instance, in job interviews (even ones through online video) a study found narcissists impress recruiters more than non-narcissists.While we want to give people the benefit of the doubt when we can, be on the lookout for statements and facts which seem too good to be true. When it comes to watching a video resume, refer to another source of information about the candidate. This can be a traditional resume or even a LinkedIn profile. And always resort to asking for more information if youre s till unsure. An honest candidate will appreciate that youre seriously considering them and quickly provide the information you need to confirm their qualifications.Focus on SkillsPersonality is important, especially when it comes to organizational fit. Even more important, however, is to make sure the applicant in your video resume has the necessary skills. When watching candidates video resumes, look for individuals giving concrete examples of how they will bring value to your company. The candidate who mentions a specific project which applies to the current opening or applicable past experience might be better than the candidate with a great personality avoiding specifics in their profile video.When to Give the Benefit of The DoubtIt can be tricky to know when to give candidates the benefit of the doubt, but its important to remember recording a video resume can be a stressful process. Just because a candidate stammers or nervously twirls her hair in the profile video doesnt mean the candidate is necessarily a badeanstalt hire. Were all human and we all get nervous. If the applicant can speak knowledgeably about the position and the industry, you might need to ignore the little things to find a great diamond in the rough.Comparing the video resumes of great candidates can be difficult. Everyone is different, after all, and will bring different strengths and weaknesses to your company. This is why its important to keep in mind the skills and personality attributes of your ideal employee when looking at video resumes. If you keep your goals in mind, youll be in a better position to judge these videos and find your next top talent.What are some ways you can compare candidates video resumes? Share in the commentsIMAGE Courtesy of Flickr by kharied

How to Write News Stories That Have an Impact

How to Write News Stories That Have an ImpactHow to Write News Stories That Have an ImpactSend a group of berichterstattung reporters to cover the same story and each one will write something different, even while using the same facts. But, if youre a reporter who wants to stand out from your competition, there are ways to write news stories that have an impact and make your coverage stand out from the crowd. Focus on What the Audience Wants to Know Most The mayor holds a news conference to list all of his accomplishments. Hes presenting information the way he wants it told so that it benefits himself. Look at what he said and consider what the audience wants to know. If the mayor is proud he negotiated a new sewer deal, tell that information in a way that interestspeople at home. Will their sewer bill be less? Thats the information to highlight. If the mayor presents information that doesnt have an impact on the people at home, drop it from your story. For instance, if he says h e reorganized his staff, readers or viewers wont likely see as important,unless theres a reason it helps them. Convince Viewers or Readers on Why They Should Care Sometimes, viewers or readers dont have to be convinced why they should care about a news story. If youre writing a story on their taxes going up, they will pay attention. Other times, theyll need to be told. If your city is repairing a bridge on one side of town, people on the other side may think the project doesnt affect them. As a reporter, find out how to make your story have a broader reach. You can write a line like, Even people who never use the bridge will benefit from it. Thats because it will ease besucherzahlen all over town. Or, The bridge will cost so much to fix that the citys plan to put a new park downtown is now on indefinite hold. Write Shorter Stories That Are Also Complete Writing shorter news stories can dramatically increase the impact of your writing. Thats because you will start eliminating the clutter that interferes with the important content you want to present. Shorter news stories are more focused and memorable. Be careful not to ignore the information that your audience needs to know. That includes the background information that makes your story understandable. For instance, if youre covering a murder trial, you cant simply cross out sentences about what the defendant is accused of doing. Just work on presenting those sentences succinctly. Look for the Emotion in Your News Writing If youre writing a story about a nursing home thats closing, sticking solely to the facts means youll likely miss an opportunity to reach the hearts of your viewers and readers. Thats why you should always write about a news storys emotional component. Look for the families of the nursing home residents and tell their personal stories. They will have to find a new place to put their loved ones. The workers at the home will have to find new jobs. These emotional hooks will help peo ple at home understand and appreciate what these people are going through. Even if the audience has never heard of the nursing home, youve created a riveting emotional connection. Sell Your Story Through an Effective Headline Creating a news story with impact starts with a compelling beginning. That may be a great website headline, newspaper headline or TV news lead-in for the news anchor to read. Decide if generating that great beginning is better for you to do first, before you write your news story, or last, once you get the body of your story finished. Its usually a matter of personal preference. School Officials Outline Goals is a flat headline because theres no emotion or a reason for people to care. School Officials Want Tax Hike to Pay for Teachers Insurance will get those people to read on because their money is at stake and theyll want to know whether itll be put to good use. Before you write a news story, prioritize all the facts and information you have on this 5-poi nt checklist. Youll discover you can quickly get to the heart of any news topic, which will improve your reporting skills and help your media career.

The Life of a Model During Fashion Week

The Life of a Model During Fashion WeekThe Life of a Model During Fashion WeekFashion Week to models is similar to what the Olympic Games are to athletes. It is a chance for models to showcase their talent, travel the world, and make a name for themselves. Both take months and even years of preparation and hard work to get to the ultimate momentof arriving on the world stage. For everyone involved from models, designers, show producers, model agents, makeup artists, stylists, photographers, magazine editors, buyers, and even musicians, Fashion Week is often a frenzied and exciting time without much sleep. But, the frenzy doesnt just begin with the shows, it starts many months before with models attending casting calls, fittings and rehearsals. What, When, and Where Fashion Week happens twice a year in each of thefour main fashion capitals of the world New York, London, Milan, and Paris, respectively. During each Fashion Week, countless shows from iconic and up-and-coming designer s take place. It all began with New York Fashion Week in 1943, followed by Paris Fashion Week in 1945, Milan Fashion Week in 1958, and finally, London Fashion Week which was established in 1994. While other major cities have their own Fashion Weeks, these four cities are considered the Big Four of the fashion world, and they get the most attention and drive the biggest crowds and celebrities. In February and March, Fashion Week showcases styles for the upcoming fall/winter collections. In September and October shows for next years spring/summer collections take place. Doing the shows so far in advance gives buyers the opportunity to purchase and plan for upcoming seasons, and gives fashion editors a sneak peek at new trends. Backstage to the Runway Before each show, models attend final fittings with the designers who will make final determinations on what the model will be wearing and exactly how they will be presenting it. Once the outfits are selected and fitted, theyll be hu ng on a rack, usually with a picture of the model and any other special instructions. Designers may also hang a goody bag on each rack that will include things like a nude pantie or thong, makeup remover, razors,deodorant, and other hygiene products, just in case the model forgot to bring some essentials. Shows take place during all hours of the day and night, so many models are working from before the sun comes up until long after it goes down. There are early call times for hair and makeup, and there are often extravagant after-parties that models are expected to attend that are crucial for networking in the modeling and fashion world. Since most models walk several shows a day during the week, there is always a mad dash to get to each and every show on time and if one of the shows happens to run late it can cause chaos for all the other shows scheduled afterward. Models often run on minimal sleep and only have time to eat and catch up with their agents while theyre traveling to the next show. Part of being a model is always looking his or her best, which is hard to do when youre running on little sleep, so a healthy diet and lots of water is essential. Luckily, models have some of the best hair and makeup people in the world who also work wildly long hours to help models look their absolute best. Although most people only landsee the glitzy part of Fashion Week, hours and hours of work by hundreds of people go into every single show even though they only last for a few minutes. Fashion and modeling are no doubt exciting industries to work in, but they are also industries that require a lot of hard work, preparation, and dedication.

How to Talk Your Boss Into Letting You Have a Flexible Schedule

How to Talk Your Boss Into Letting You Have a Flexible Schedule How to Talk Your Boss Into Letting You Have a Flexible Schedule The way America works is changing fast, but some businesses refuse to accept it. Many companies cling to traditional work models despite countless studies showing the benefits flexible work programs have for both workers and the entities for which they work for.In these cases, its up to the employee to convince management of the value of flexible work. When the company completely lacks a flexible work policy, this can be easier said than done. Luckily, a recently releasedfact sheetfrom flexible work advocacy group 1 Million for Work Flexibility (1MFWF) offers a step-by-step guide to drafting a flexible work proposal for your supervisor.The Reasons for Flexible WorkThere are many reasons an employee may decide they would be better off with a flexible schedule, but its important to focus a proposal on the benefits for the business.Employees are typically dri ven to ask for work flexibility for a personal reason, often in response to a personal crisis or dramatic change a sick loved-one, a personal health issue, a move, a pregnancy, says Emma Plumb, director of 1MFWF. If you havent thought through the details, youre likely to emphasize those personal reasons for needing flex in your proposal, which isnt going to help you make your case.Before rushing into your bosss office to beg for flexible hours or telecommuting options, you need to get your proverbial ducks in a row. According to Plumb, its important to focus your proposal on thefollowing information- Identify exactly what type of flexibility makes the fruchtwein sense for both you and your job requirements.- Understand the landscape at your company and establish whether theres precedent for your case.- Delineate how you will continue to communicate and collaborate with your boss and colleagues.- Plan for a trial period.- Choose a time to discuss the issue when your boss will be most receptive.- Showcase how flexibility is a win-win for employers and employees. Emphasize that its not a perk or an accommodation, but rather a strategy for improving performance and productivity.The key to winning flexible work isto show your boss how the proposed plan will positively impact not only the company, but also the manager themselves.Bosses fear that flex will end up meaning mora work for them, Plumb explains. They worry that an employee they cant see wont get their work done, or that flexible schedules will be difficult to manage. Its key to emphasize all the ways that flex makes good business sense and will make things better and easier for them.Need help formulating a few convincing reasons why flex is a good idea? Plumb has some suggestionsFlex will help you do your own job more effectively. That might be because youll be more engaged, healthier, and/or because youll have less stress and be better able to focus - or all of the above.Reducing or eliminating your comm ute will allow you to be more prompt or more available during times when youd otherwise be in transit.Its likely youll take fewer sick days, and be more available overall. Youll also be better positioned to continue working in a weather disaster like a snowstorm or some other unforeseen emergency.Because of that increased availability, you may even be able to take on additional responsibilities.If applicable, mention the cost savings that could come from remote work (less real estate, less equipment usage).Point out successful examples of flex in action. If theres a colleague or another team working flexibly at your company, all the better.The Impossible BossWhat about those bosses who are practically guaranteed to shoot down a flexible work proposal on sight? Employees working for organizations with no flexible work precedent or an extreme dedication to traditional work models are likely to face heavy pushback, but that doesnt mean they should give up all hope of progress.If a comp any doesnt have any precedent for allowing flex, that may just be because theyre used to doing business a certain way and no one has spoken up yet about how things could improve, Plumb says. If a company has denied previous requests, its possible thats because the requests didnt emphasize the business case strongly enough or at all. You may be better at making the case than anyone else before you, or you may speak to the right person with whom no one else has discussed this issue before. Its certainly worth making the attempt.Even if a boss says no, that doesnt have to be the end of your dream of better work/life balance. Plumb herself has experienced hitting a brick wall with flex requests. When her high-ups repeatedly turned her proposals down, she decided to take a more drastic step.At that point, I had to evaluate my own priorities very carefully, and I realized that flex was so important to me that I needed change to happen or I would quit my job, she says. Once I made that dec ision, I felt comfortable elevating the conversation all the way up to the president of the organization. After meeting with him and getting stymied yet again, I knew Id exhausted all my options, and I handed in my notice and moved on.If a boss says no on the first try, wait awhile and try again. Plumb kept at it for two years before deciding it was time to leave. Ultimately, of course, the goal is not to quit your job, but to change it.

How to Treat Your Admins in Your New Job

How to Treat Your Admins in Your New JobHow to Treat Your Admins in Your New JobCongratulation on your new job The day has finally come.You had many interviews, and finally, you are sitting at your desk. Most new work situations will begin with an orientation and a chance to learn about your new company.As you meet your new team and getting to know the lay of the land.Here are some tips on how you should be treating the admins in your new job.Notice the colleagues you never seeSome of us get so busy with a new job that we fail to notice the other people in the rooms. I am not talking about your co-workers or your other members.I am talking about the people we dont see the admins, cooks, janitors, etc who work at a company. You rarely see them, yet their contributions to the company are of great importance.Most of us see these people around the sekretariat as a form of nuisance maintenance manager.We ask for them for something when it involves cleaning up something in the kitchen or c leaning up a mess.unterstellung very admins could be the business leaders of tomorrow, but as of now, they are making an impact on everyones life. So, the next time you see them give a smile.Find out what type of work the admins performThe next time you are early to work, if you see a dirty cup in the sink, please wash it or put it into the dishwasher.It wont take very long at all. Be mindful of the people that are working around you.The admins are the front line of their company. They are the first face you see in the morning and the last face when you leave. Trust me, I have seen them working hard.Their job is hard. Admins are making appointments, getting food, setting up events, cleaning up after us when we create a mess in the conference room.Admins deal with confrontation in ways you no longer experience. They do endless chores for us, sometimes even when they are the admin for another team.Admins keep smiling through it all and will help in any way they can around the office. We should be thanking them endlessly.Treat them like an office firefighterThe next time you have a fire to put out and ask for their help, make sure you really need it. Be mindful of their duties for the day. Admins are very helpful, but they have priorities, too.It might be something you can do yourself. Ask them if they have the time and never assume they will do it for you.Remember they do much more than you realizeBe polite to the admins who magically make things happenAdmins get everything done when it needs to be done. Its like they have magic powers.Yes, I use the phrase magic powers because they make things happen now and fast.The next time you see an Admin, give them a high-five because they deserve it.And a long time ago, before you became a successful executive, you were an admin, too.