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Key Takeaways Trepp's head of Commercial Real Estate Finance outlined the current CRE market and looked at the future of CRE during Abrigo's recent ThinkBIG conference. The overall CMBS delinquency rate in September declined from a near peak rate earlier this year. Forebearances rose in September, topping $31 billion. The pandemic's impact on CRE. This post by Hayley Collier , Trepp's Marketing Communication Specialist, was originally published on Trepp's blog and can be found here.
According to the Urban Institute, a Black-owned bank is defined as a financial institution that provides services to minority communities and is 51% or more Black-owned. [1] Black-owned banks have been around since 1888, but they’ve stagnated in recent years. Although there were 48 Black-owned banks in 2001, there are fewer than 25 today (not including a number of credit unions). [2] As the Black Lives Matter movement continues to be at the forefront of people’s minds, it’s a good time to be mo
In this post, we talk about tips to handle your accounts receivable in a recession. Thank you to Brad for putting together these videos! Brad has been in the credit and collections industry for the last four significant recessions. He has also helped companies in various industries, including construction, finance, food, media, distribution, retail, transportation, petroleum, and many more.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Key Takeaways SBA payments to lenders for forgiven Paycheck Protection Program (PPP) loans are starting to flow. Lenders are continuing to work with other borrowers to apply for forgiveness, and they’re now incorporating the SBA’s newest alternative form: SBA Form 3508S for borrowers who received loans of $50,000 or less. The SBA also clarified that while SBA forms expire Oct. 31, that is not a deadline for borrowers to apply for forgiveness.
Top Grants for Nonprofits. 3M Foundation. The Carnegie Foundation. The Coca-Cola Foundation. Walmart Foundation. Ford Foundation. Amazon Web Services Imagine Grant. Bank of America. Google Ad Grants. Google for Nonprofits. Does your nonprofit organization have an amazing project but need funding to get started? Despite your noble intentions and philanthropic efforts, you still need capital to launch programs that benefit individuals, communities, and even our planet.
In this post we will discuss why a safe culture workplace is so important. Have you ever worked at a place where you were scared to make mistakes? Where you felt limited by what you could and couldn’t do because of harsh feedback or micromanagement? Have you ever been reprimanded by your supervisor in front of your colleagues for something you did and thought to yourself 'W ow, I'll never do that again'?
Networking events for just about every industry you can imagine have moved online, removing the human aspect out of the process and replacing it with screens and webcams.
Key Takeaways Financial institutions are currently awash with liquidity and competitive markets are squeezing rates. Answer this question: Are we trying to decide what to do with the money you already have on the books, or are we trying to find ways to grow the balance sheet and going to need new funds as a result? Follow the simple decision guide as a starting point in your assessment of alternative options for excess liquidity.
Organizing your business receipts is an important part of tracking your business expenses. Not only does keeping your receipts organized help you prepare your business tax return, but it also helps you protect your business from a loss of profitability and even fraud. Unfortunately, organizing receipts falls under the category of “filing”—a part of business accounting dreaded by many business owners and their administrative staff.
“When I grow up, I want to be a debt collector.”. Said no one ever. I didn’t. I was raised on the farm, so my first career choice was to own an equipment repair shop. My dad and uncles could fix anything. (I mean anything!). As I got older, being clean and dressing in a suit held much more appeal. I remember driving down Jasper Ave in downtown Edmonton telling my parents.
Overwhelmed by accounting apps? Conquer your FoMO (fear of missing out) because by no means are they all useful. The post Cloud accounting apps – are they all useful? appeared first on Blue Dot Consulting.
How to Track Business Expenses in 6 Steps. Separate your business finances. Invest in software. Keep your receipts. Track your expenses. Choose an accounting method. Use a professional. Keeping track of business expenses is one of the essential elements of accounting for your small business. Tracking your business expenses not only helps you claim all the tax deductions you are due, but it also helps you run your business profitably.
7 Steps to Create a Company Disaster Recovery Plan. Appoint a disaster recovery team. Make safety a priority. Check your insurance policies. Routinely backup important data. Assess the damage and respond accordingly. Fine-tune your remote working capabilities. Communicate with your vendors, suppliers, and clients. Developing a business disaster recovery plan feels especially relevant these days.
It’s been over six months since the Paycheck Protection Program first began accepting loan applications from small business owners affected by the coronavirus pandemic. Since then, the majority of borrowers have been left in the dark on whether the federal government will forgive their loan, according to Fundera’s latest survey of business owners. The PPP has undergone many changes since the program was first unveiled as part of the CARES Act.
For small businesses impacted by the coronavirus pandemic, actions taken by their state and local governments affected them as much (if not more) than aid and resources offered by the federal government. In a new survey, a majority of business owners said that their state or city’s response to the pandemic influenced how they’ll vote in the upcoming 2020 election. .
Running a small business comes with a lot of responsibilities, particularly when you have employees. Managing employee payroll is an important task that can often feel overwhelming. Luckily, thanks to innovative payroll services on the market, handling payroll can be streamlined and simplified. Two of the top names in the payroll business are Gusto and Square.
What Is a Timesheet? A timesheet is a system for employees and contractors to record the number of hours worked during a specific time period or the amount of time spent on a specific job. Timesheets are often used to calculate payroll. You can use a piece of paper, a spreadsheet, or cloud-based software to create a timesheet. Having a good timesheet system helps every worker feels like their work matters and that they are fairly compensated.
FormSwift is an online legal service that focuses on legal documents and forms. Not only can they help you craft things like employee handbooks and contracts, but they’ll also guide you through a business plan and even a job application. You can also upload your own documents and edit them with FormSwift’s PDF editing tool. The pricing options depend on how many people within your business will be using FormSwift.
How to Write a Business Continuity Plan. Identify Your Business Objectives. Evaluate Your Risks. Develop Recovery Strategies. Pick a Designated Disaster Team. Enact Ongoing Training and Testing. Explore Your Business Financing Options. There’s nothing worse than an unexpected disaster, especially if you’re a busy business owner. No matter how much insurance you have, a severe disaster can (literally) destroy your business overnight.
Getting money from a loan is just the start of a journey that will affect your business’s taxes, accounting, and budgeting until the loan is fully paid back. Therefore, understanding business loans and, more specifically, the concept of the loan principal is crucial for small business owners. . The truth is, when you take out a loan, you actually pay back two different things: the loan principal and the loan interest.
As a business owner, the last thing you want is a dispute with a customer. Unfortunately, with the increased incidence of chargebacks due to “friendly fraud,” businesses are at a greater risk of losing money from customers who opt to file a dispute with their bank instead of working directly with merchants to resolve the issue or receive a refund. [1].
One of the first challenges new business owners face is managing their business’s bookkeeping. Not only is solid bookkeeping required to file your tax returns each year, but it is also necessary to have the financial information you need to make sound business decisions. Even with this inherent knowledge about the importance of bookkeeping, many business owners are still confused about it.
BSA/AML Day was created by Abrigo in 2017 to honor the hard work BSA/AML professionals do each and every day to protect our financial industry and country. It is often a thankless job that operates behind the scenes and under strict regulatory scrutiny. We want BSA/AML professionals to know how much we appreciate the work they do to fight financial crime and stop illicit funds from entering our financial system.
Key Takeaways Gain an understanding of the current state of banking and future expectations. Learn how to support company culture and hiring long-term talent. Plan for new technology and innovations. The banking industry has faced many challenges in 2020, from transitioning to CECL, managing Paycheck Protection Program loans, and navigating an unprecedented economic recession.
Honor BSA/AML Professionals on October 26th Professionals across the nation are encouraged to celebrate National Financial Crime Fighter Day. . Share your story! Read More. History of BSA/AML Day Learn why BSA/AML Day was created and the significance of the day. How to Celebrate Find ways to honor and celebrate BSA/AML professionals. National Day Calendar Get more resources on this nationally recognized day.
If you’ve ever owned a house or a car, you’re likely familiar with collateralized loans. What this means is that your bank or lender essentially owns the asset—like your house or car—that you’ve pledged to secure your loan. If you default on your loan, the lender will seize and liquidate that asset to recoup the debt. Cross collateral loans do the same thing in practice but alongside an existing collateralized loan.
Top Collaboration Tools for Business. Google Docs: Best for document sharing. Slack: Best for communication. ProofHub: Best for project management. InVision: Best for product design. Hightail: Best for security. Evernote: Best for note-taking. Basecamp: Best for remote workers. Trello: Best for assigning tasks. Huddle: Best for client management. BambooHR: Best for HR.
As an entrepreneur, you’re likely of the mind that coming up with a great idea is much more exciting than having to raise the funds to make it happen. It’s tough to get a good idea off the ground, particularly if you’re a newly minted entrepreneur without a ton of experience with business financing. This paradox leads quite a few small business founders to platforms like Kickstarter, where they can appeal to individuals for the money they need to start their business, without needing to navigate
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