爱上海,上海龙凤419,上海419论坛 – Powered by Coral Miller!

Why the SBA Paycheck Protection Program will change business lending forever

Posted on by

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ian Lampl Ian Lampl is CEO & Co-Founder of LoanStreet Inc., an innovative online platform that helps financial institutions share, manage, and originate loans.Prior to launching LoanStreet, Ian served as Deputy … Web: https://www.loan-street.com Details Until this March, your typical small business owner could run their entire life from their smartphone.  The one exception: their business banking relationship. That experience had not changed since the advent of email and, in some cases, the fax machine. If that small business needed to apply for credit, update financials, or make a draw request, then fax, email, or physically showing up at a branch was the primary and most effective method. No other part of their life worked in this fashion. That all changed with the SBA’s Paycheck Protection Program.The COVID crisis and the urgent PPP opportunityThe combination of urgent needs and social distancing requirements made many of the antiquated procedures associated with business lending impractical, if not impossible. Business members needed those loans immediately, and credit unions needed a means of receiving online applications, performing online reviews, and issuing credit online, while working remotely at speed and scale. Many credit unions responded to this crisis by putting into place tools, technologies, and procedures that enabled them to meet this member need. Given the narrow scope of the PPP combined with the digital knowledge that already supported modern consumer banking experiences, for many credit unions this crisis-response entailed only a small investment in specialized PPP software.Once credit unions modernized their lending processes for PPP loans, their small business members could submit online applications, deliver supporting documentation, and information into online datarooms (with audit trails), all the while allowing various credit union staff members to review applications and fund loans — all of it performed online, remotely and efficiently at scale with information and timely updates being communicated to members. This SBA PPP experience was fundamentally different from all prior business lending experiences with their credit union even if natural and expected in the consumer world for these business members.No going back…Business members that have experienced this online solution are not going to understand why they need to return to antiquated ways of doing business banking once the crisis is behind us. Rightfully so, they will expect that if a credit union can execute in an all-online environment during a crisis, provide strong member communication, and have access to information in real-time, then surely a credit union can do the same during normal times.Credit unions that want to win business banking and grow will have no alternative but to provide small business borrowers with a modern digital experience for originating and servicing loans. The inefficiencies that were tolerated in large part due to inertia, as well as an excessively cautious approach to modernization, will no longer suffice. Simply put, the question of whether credit unions can deliver a modern digital commercial lending experience has been answered. Now, credit unions will need to rise to the occasion across all commercial and business banking. PPP cannot be and will not be a one-off experience. There is no going back.What this means for credit unions moving forward…Credit unions now enter the future having demonstrated that their organizations are ready to deliver a fully digital lending experience, knowing that small businesses will expect it. What’s still required is investing in enabling technologies that can support that process for a wider variety of commercial loans. Given the positive economics of small business lending, this technology decision will receive renewed attention. Gone will be the status quo bias and inertia that can frequently delay investments. Even capital constrained budgets can leverage SaaS-delivered solutions with volume-based pricing that integrate easily, and at low cost, with any technology stack. Once such new software is adopted, credit unions will immediately be able to efficiently deliver a modernized commercial lending experience to their small business members, gain greater market share and grow just as they successfully accomplished during the SBA’s Paycheck Protection Program.last_img read more

Tagged: , , , , , , , , , , , .

Indianapolis 500 moved to August 23 due to coronavirus

Posted on by

first_imgTopics : The 104th Indianapolis 500 was moved from May 24 to August 23 on Thursday by IndyCar and the Indianapolis Motor Speedway in the wake of the coronavirus pandemic.It will mark the first time the US classic on the famed 2 1/2-mile (4km) oval will be staged outside of May since its 1911 debut, with Frenchman Simon Pagenaud looking to defend his title.Organizers also moved the IndyCar Grand Prix of Indianapolis, which had been scheduled for May 9 on the road course at the Speedway, to July 4 — the American Independence Day holiday — as part of a revamped IndyCar season schedule. “The Month of May at the Indianapolis Motor Speedway is my favorite time of year, and like our fans, I am disappointed that we have had to reschedule the Indianapolis 500,” series and speedway owner Roger Penske said.”However, the health and safety of our event participants and spectators is our top priority, and we believe that postponing the event is the responsible decision with the conditions and restrictions we are facing.”I’m confident we will welcome fans with a transformed facility and a global spectacle when we run the world’s greatest race.”The Indy 500 will begin with practice sessions August 12-14 and qualifying on August 15-16 with a final practice session on August 21. ‘Expected finale TBD’Moving the Indy 500 required shifting two other races on a 2020 IndyCar schedule now shrunk from 17 to 14 races with Alabama, Long Beach and Austin, Texas, events cancelled due to the pandemic.To accommodate the Indy 500 shift, an August 16 race at Mid-Ohio was moved to August 9 and the Gateway 500 near St. Louis will be contested August 30, eight days later than originally planned.The season is now set to open with two Dual in Detroit street races May 30-31 as planned followed by races at Texas, Road America and Richmond before the Indy Grand Prix and races as scheduled in Toronto and Iowa.After the revamped August run, IndyCar concludes with events at Portland and Laguna Seca but IndyCar listed an “expected finale TBD” 14th race on the streets of St. Petersburg, Florida.The Florida street race was to have been the season opener on March 15 before being called off. “This August, we’ll also have a unique and powerful opportunity to honor the contributions and heroism of the doctors, nurses, first responders and National Guard members serving on the front lines of the fight against COVID-19,” Penske Entertainment president Mark Miles said.”We’re grateful for the patience of our fans as we’ve navigated this situation.”The Indy Grand Prix will open an unprecedented double-header featuring the first Indy road course race for NASCAR, the closed-cockpit stock car series that is the most popular form of US auto racing.”For very good reason, this historic pairing will be circled on the calendar of every motorsports fan,” speedway president J. Douglas Boles said.”We appreciate our friends at NASCAR for their flexibility and support in this matter and will work with them on a memorable, exciting weekend of racing action.”Enhanced coronavirus safety measures will be used at the speedway, including more hand sanitizer stations, less hand-to-hand contact between fans and concession staff, more frequent facility cleaning and cleaning products that meet health expert standards for coronavirus disinfectants.last_img read more

Tagged: , , , , , , , , , , , .

Chevron budget ‘down for the fourth consecutive year’

Posted on by

first_imgU.S.-based oil major Chevron has announced a 2018 capital and exploratory spending program of $18.3 billion, which is down for the fourth consecutive year. This amount includes $5.5 billion for the company’s share of expenditures by affiliated companies, Chevron said on Wednesday.“Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading,” said Chevron Chairman and CEO John Watson, who will retire from the company on February 1, 2018, after 37 years of service, including eight years as chairman and CEO.About a year ago, Chevron  reduced its capex for 2017 to $19.8 billion, a reduction of 42 percent from 2015 outlays.Watson continued, “We’re fully funding our advantaged Permian Basin position and dedicating approximately three-quarters of our spend to projects that are expected to realize cash flow within two years.”“With production currently exceeding guidance in the Permian, our 2018 plan should deliver both strong production growth and solid free cash flow, at prices comparable to what we’ve seen this year.”In the upstream business, approximately $8.7 billion is forecasted to sustain currently producing assets, including $3.3 billion for the Permian and $1 billion for other shale and tight rock investments. Approximately $5.5 billion of the upstream program is planned for major capital projects underway, including $3.7 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan.Global exploration funding is expected to be about $1.1 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.Approximately $2.2 billion of planned capital spending is associated with the company’s downstream businesses.last_img read more

Tagged: , , , , , , , , , , , .