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SBA and Pace University Small Business Development Center Convene Alternative Lending Conference

09/29/2016

SBA and Pace University Small Business Development Center Convene Alternative Lending Conference

Panel offers practical strategies for small businesses and entrepreneurs in need of funding

New York – Shawn and Claire Buitendrop, owners of Shock and Awww Custom Designs, said that even though Katy Perry wore one of their dresses, they still didn’t make a lot of money off of the design.

“We even had to pay to ship it to her,” Claire said, underlining the difficulty of owning a small business, which has also designed clothes for Betsey Johnson and Andrew Bevan.

“We’ve had a small amount of success and are looking for financing to help our business grow,” she added. “Actually that has been part of our problem: Banks look at us and say, ‘Well you’ve already been successful, so we’re not going to loan you money.’”

The Buitendrop twins were among roughly 75 participants at Pace University for the U.S. Small Business Administration (SBA)/Pace University Small Business Development Center (SBDC) alternative lending panel last week. The event featured six Community Development Financial Institutions (CDFIs) who share a mission of providing credit, development support, capital, and financial services to underserved people and communities.

Accion East, LES People’s Credit Union, NYBDC-Excelsior Growth Fund, Washington Heights & Inwood Development Corp., TruFund Financial Services, INC, and BOC Capital were panelists. Each institution uses creative solutions to finance small businesses that traditional banks overlook. This was the SBA’s third of six panels scheduled for this year.

Bryan Doxford of the New York Business Development Corporation (NYBDC) told the audience he wants to answer three questions when evaluating a loan application: “What, why, and how. Exactly what do you need the money for; why do you want this specific amount; and how are you going to pay it back. There’s a big difference between ‘I think I need this much’ and ‘I need this amount’,” Doxford said.

Andrew Flamm, director of Pace’s SBDC, helped organize the panel. He said, “We’re thrilled to have partnered with the SBA on connecting emerging small business owners with crucial financing. The CDFIs serve an integral role in helping business owners who would not be able to access financing from mainstream financial institutions due to poor or a lack of credit, are startups, or for a host of other reasons.”

Beth Goldberg, director of the New York District Office of the SBA said, “The SBA has a long-standing partnership with the region’s CDFIs. We have 1.6 million small businesses in the New York District that employ more than 5 million people; not all of these can access the capital they need through traditional means. All we are trying to do is educate the small business community about other alternative sources for capital.”

Shawn Buitendorp said the program was very “enlightening.” She and her sister had researched different types of lending in the three years since they incorporated their business. “It was very, very interesting to hear what the lenders were looking for (in a client) and to understand where we were in that process,” she said. “We also had a chance to talk to other small business owners and compare our different needs for capital. Overall, I’d say it was very helpful and informative.”

The panel ended with each of the lenders telling a story about how they’d helped a business similar to Shock and Awww overcome various business hurdles. Doxford, of NYBDC, told how his institution helped a restaurant owner consolidate high-interest rate debt accumulated through online loans. He said NYBDC helped him lower his monthly payment and learn better business management skills. TruFund Financial Services’ Stephanie Thomas told about a business that secured a loan from her institution after hearing “no” from four other lenders. Rene Cruz, of BOC Capital, told about a subcontractor who took over a $10 million contract with the MTA after the transit agency fired the lead contractor and hired BOC’s client for the job. Cruz said his organization helped their client secure much-needed short-term financing and worked with them step-by-step to finish the job.

For additional information on SBA lending programs: www.sba.gov/financing

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ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)

The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012, has served as a Cabinet-level agency of the federal government to aid, counsel, assist, and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov

ABOUT THE PACE UNIVERSITY SMALL BUSINESS DEVELOPMENT CENTER (SBDC)

The Pace University Small Business Development Center (SBDC) is part of a statewide network of 24 regional centers located throughout New York State. Funded in part by the U. S. Small Business Administration and the State of New York, the Pace SBDC combines the resources of Pace University, the private sector, and government to help small business owners and aspiring entrepreneurs launch or grow their business.

ABOUT THE LUBIN SCHOOL OF BUSINESS

Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at Pace’s suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance. Its programs are designed to launch success-oriented graduates toward upwardly mobile careers. www.pace.edu/lubin

Contact: Bailey Wolff, (212) 264-1489

Bill Caldwell (212) 346-1597

Internet Address: http://www.sba.gov/news

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La Opinión: "Clinton y Trump recrudecen la batalla por votos en estados clave"

09/29/2016

La Opinión: "Clinton y Trump recrudecen la batalla por votos en estados clave"

Photo: Los candidatos Hillary Clinton y Donald Trump se midieron en Hofstra University. Spencer Platt/Getty Images

. . . En declaraciones a este diario, Jessica Lavariega-Monforti, profesora de Ciencias Políticas de la Universidad Pace en Nueva York, explicó hoy que Clinton está tratando de aprovechar el impulso que le dio el debate el lunes pasado.

Clinton “quiere bloquear el camino de Trump hacia los 270 votos del Colegio Electoral, que ambos necesitan para ganar la presidencia.  Ella necesita alterar la narrativa de la contienda para que no sea solo un voto contra Trump sino un voto por ella porque tiene más experiencia”, argumentó.

Read more: http://www.laopinion.com/2016/09/28/clinton-y-trump-recrudecen-la-batalla-por-votos-en-estados-clave/

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Financial Times: "Hillary Clinton viewed as winner in first US presidential debate"

09/28/2016

Financial Times: "Hillary Clinton viewed as winner in first US presidential debate"

. . . David Caputo, a politics expert at Pace University, said the debate was “clearly a decisive win” for Mrs Clinton, although he cautioned that debates usually only have a minimal impact on voter preferences.

“She made more substantive points, was controlled and countered when necessary. Mr Trump started well but did not develop his major points as well. The split screen often showed him fidgety and he interrupted her too often.”

Read more: https://www.ft.com/content/2deb39a0-84b9-11e6-8897-2359a58ac7a5

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Accounting Today: "Sustainability Disclosures Making Headway in Reports"

09/28/2016

Accounting Today: "Sustainability Disclosures Making Headway in Reports"

Companies are beginning to revamp their financial reports to incorporate sustainability disclosures in response to demand from investors.

Elisse Walter, a former chair of the Securities and Exchange Commission and a current director on the Sustainability Accounting Standards Board, spoke at a Financial Executives International and Ernst & Young conference on financial reporting at Pace University in New York about SASB’s standards.

“What SASB is doing is trying to establish where possible metrics for each one of these standards as you go from industry to industry, sector to sector, and trying to use metrics that are already out there, to have it be cost effective and not having to reinvent the wheel,” she said. “We are at a critical juncture where we will be moving from the provisional to the final standards and we really want to hear from the community what their reaction is to the standards so that we can effectively move into the next phase.”

SASB has found, as the SEC has, that some of the most valuable input comes during working group meetings rather than the public comment period.

“What has always been my experience at the SEC, and I was a rule writer for a long time, is that the public comment process can be extraordinarily helpful but often isn’t,” she said. “The people who are commenting have at their disposal the information that you need to make really informed decisions and certainly to inform a cost/benefit analysis. But it’s not necessarily in their self-interest to give you that information, and frequently they don’t when it’s not in their self-interest. It makes things much more difficult for the rule writer. SASB found, much to its great chagrin, that the public comment process was somewhat helpful but not nearly as helpful as what happened in the working groups where there actually was a dialogue back and forth of people giving their views.”

Walter acknowledged that investors are clamoring for more sustainability information. “They are very dissatisfied with the quality of the information, and they are doing things like issuing an increasing number of shareholder proposals, which I don’t think is the most cost-effective way to do this,” she said.

Walter noted that SASB is now in the process of forming an Investor Advisory Committee.

Former Financial Accounting Standards Board chair Leslie Seidman, who is now executive director of the Center for Excellence in Financial Reporting at Pace University’s Lubin School of Business, moderated a panel that included Walter, along with FASB vice chair James Kroeker and SEC director of corporation finance Keith Higgins. She asked Kroeker about some of FASB’s recent attempts to change the standards for a new definition of materiality.

“It turned out to be a lot more controversial than I ever thought it was going to be,” Seidman said.

Read more: http://www.accountingtoday.com/news/audit-accounting/sustainability-disclosures-making-headway-in-reports-79382-1.html

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Associated Press: "'Pokemon Go' Fervor Has Cooled, but the Game Isn't Dead Yet"

09/27/2016

Associated Press: "'Pokemon Go' Fervor Has Cooled, but the Game Isn't Dead Yet"

. . . The big challenge for "Pokemon Go" is to avoid the fate of "Candy Crush," says Pace University marketing professor Larry Chiagouris. Created by King Digital, "Candy Crush" because a smash hit; Activision Blizzard subsequently bought King for $5.9 billion. But while people still play the game, the fervor around it has died down.

When the game was at its peak, "you were getting invited to play Candy Crush every day" on Facebook, he said. "You don't get too many invitations to play Candy Crush anymore."

Read more: http://www.nytimes.com/aponline/2016/09/26/technology/ap-us-tec-pokemon-go-fad-or-not.html

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WSJ CFO Journal: "Investors Demand More Sustainability Disclosures From Companies"

09/27/2016

WSJ CFO Journal: "Investors Demand More Sustainability Disclosures From Companies"

Photo: U.S. Securities and Exchange Commission (SEC) Director of Corporation Finance Keith Higgins at SEC headquarters in Washington November 20, 2014. Photo: REUTERS

Investors are asking companies to bolster the information that appears in company financial filings regarding sustainability efforts.

While many companies issue  corporate social responsibility reports, there is little standardization of reported metrics or third party oversight of the disclosure, raising a number of concerns for investors, said Mary Morris, investment officer at the California State Teachers’ Retirement System, or CalSTRS.

“We really should be moving some of that information into the financial statements because it’s audited and it’s assured,” she said, speaking on a panel at the Pace University Pacesetters In Financial Reporting Conference on Monday.

Read more: http://blogs.wsj.com/cfo/2016/09/26/investors-demand-more-sustainability-disclosures-from-companies/

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Agence France-Presse: "Massive hack is yet another blow for ailing Yahoo"

09/23/2016

Agence France-Presse: "Massive hack is yet another blow for ailing Yahoo"

Yahoo faces pressure to explain how it sustained a massive cyber-attack allowing hackers to steal data from half a billion users two years ago ©Karen Bleier (AFP/File)

. . . Pace University marketing professor Larry Chiagouris said the news could drive people away from Yahoo, hurting its advertising base, noting that "10 to 20 percent of its existing email subscribers have been contemplating moving over to Gmail or some other platform."

"The hacking will only accelerate the loss of the subscribers and ultimately translate into a loss of advertising revenue," he said.

Read more: http://www.dailymail.co.uk/wires/afp/article-3804463/Huge-hack-blow-aili...

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Law360: "Wells Fargo Fraud Exposes Soft Spot In Bank Supervision"

09/20/2016

Law360: "Wells Fargo Fraud Exposes Soft Spot In Bank Supervision"

. . . "This is not a regulatory failure. It's an internal governance failure," said John A. James, a professor at Pace University's Lubin School of Business.

Read more: http://www.law360.com/banking/articles/839996

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New York Daily News: "How Hillary Clinton’s pneumonia has left her campaign ailing less than two months before Election Day"

09/19/2016

New York Daily News: "How Hillary Clinton’s pneumonia has left her campaign ailing less than two months before Election Day"

Hillary Clinton's forced disclosure of her diagnosis after a fainting episode on Sept. 11 reinforced fears of her campaign's secrecy and dishonesty. (Photo: Justin Sullivan/Getty Images)

Hillary's pneumonia could end up sickening her entire presidential bid, politicos are warning.

Clinton's forced disclosure of her diagnosis after a fainting episode on Sept. 11 not only reinforced fears of her campaign's secrecy and dishonesty, but it also came at the exact same time Donald Trump suddenly decided to run a more traditional campaign.

And if voter attitudes continue to change as quickly as they already have, according to polls, the Clinton camp could be facing a negative prognosis.

"There can be little doubt that the presidential race has not only tightened, but there are indications that Donald Trump may establish a clear lead in the next week to 10 days,” David Caputo, president emeritus and professor of Political Science at Pace University, told the Daily News, referring to national and swing state polls showing Clinton's lead dwindling or disappearing altogether.

"Why this change? Some would argue it is the fact that Trump is now running a more typical campaign. Another reason may be the public's reaction to the 'deplorable' comment and Secretary Clinton's reported pneumonia."

Read more: http://www.nydailynews.com/news/politics/hillary-clinton-pneumonia-left-...

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BBC: "How a dog made Chinese netizens share the pain of rejection"

09/16/2016

BBC: "How a dog made Chinese netizens share the pain of rejection"

Photo credit: WangZhao / AFP / Getty Images

. . . Of course, sharing emotion and anthropomorphism are not specific to the Chinese internet - this happens all over the world. But Marcella Szablewicz, assistant professor of Communication Studies at Pace University who has researched the Chinese internet, points out that the internet and memes are a simple way of reflecting people's dissatisfaction.

"Everyday life hasn't panned out in the way they hoped it would," she says, adding that with content open to interpretation, people can and do project their own emotions onto it and this transforms into what she describes as a "collectively felt emotion".

Read more: http://www.bbc.com/news/world-asia-china-37363615

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