This document discusses the importance of learning from mistakes and student ownership of learning. It provides examples of drawing targets for students to improve specific skills like using a wider range of tones or adding finer details. The document outlines the rules of critique for providing feedback to other students, including being kind, specific, and giving a top tip. It shows examples of a drawing improving from heavier outlines and less tone variation to a refined shape, better tonal range, and details. Students are given time to apply the feedback and advice to their final shell drawing.
Skype is a program that allows free video calls between users worldwide. It can be used in classrooms to connect students across locations and cultures. However, there are potential problems like distraction from educational goals and technical difficulties if not planned carefully. Teachers need to do advance work and set clear expectations to ensure Skype interactions effectively meet classroom standards and objectives.
1) The interviewee's mother, Benjamas Somboon, discussed her Buddhist beliefs and practices, including visiting the temple weekly and meditating.
2) She believes in animist spirits and has spirit houses on her property and place of work to protect against bad spirits and bring good fortune.
3) The mother has visited astrologers for advice and participated in Buddhist ceremonies like Bai Sri to bless weddings and rituals to rid houses of bad spirits.
This document provides advice for students who are not current with their journalism coursework. It recommends creating a plan to complete all missing assignments from Modules 6 through 10 by the last day of class on May 23. Students should determine how many assignments they are missing, and complete one each day in addition to their Module 10 project work. The document offers to communicate via messaging to help students develop their plan. It emphasizes the importance of getting work done by the deadline to have a happy summer and learn about journalism.
July 26 Webcast for the Electrical Engineering and Computer Engineering MS at...NYU Tandon Online
These are the slides from the July 26 live webcast that detailed the Electrical Engineering and Computer Engineering Master's Degree programs offered at NYU Tandon Online.
As we prove ourselves to be hard-working and competent people, we get more and more responsibilities and opportunities. The same thing happens with companies getting more and more demand for their services.
The problems arise when, at some point in time, we are forced by the limits of our time and resources to give up on something. Either we decide what that will be, or our circumstances will decide for us.
That is why companies have entire teams of people working to evaluate opportunities and demands coming their way, and politely but firmly saying “No” to those that don’t fit their big picture.
The goal of this presentation is to help you do the same!
This document discusses the importance of learning from mistakes and student ownership of learning. It provides examples of drawing targets for students to improve specific skills like using a wider range of tones or adding finer details. The document outlines the rules of critique for providing feedback to other students, including being kind, specific, and giving a top tip. It shows examples of a drawing improving from heavier outlines and less tone variation to a refined shape, better tonal range, and details. Students are given time to apply the feedback and advice to their final shell drawing.
Skype is a program that allows free video calls between users worldwide. It can be used in classrooms to connect students across locations and cultures. However, there are potential problems like distraction from educational goals and technical difficulties if not planned carefully. Teachers need to do advance work and set clear expectations to ensure Skype interactions effectively meet classroom standards and objectives.
1) The interviewee's mother, Benjamas Somboon, discussed her Buddhist beliefs and practices, including visiting the temple weekly and meditating.
2) She believes in animist spirits and has spirit houses on her property and place of work to protect against bad spirits and bring good fortune.
3) The mother has visited astrologers for advice and participated in Buddhist ceremonies like Bai Sri to bless weddings and rituals to rid houses of bad spirits.
This document provides advice for students who are not current with their journalism coursework. It recommends creating a plan to complete all missing assignments from Modules 6 through 10 by the last day of class on May 23. Students should determine how many assignments they are missing, and complete one each day in addition to their Module 10 project work. The document offers to communicate via messaging to help students develop their plan. It emphasizes the importance of getting work done by the deadline to have a happy summer and learn about journalism.
July 26 Webcast for the Electrical Engineering and Computer Engineering MS at...NYU Tandon Online
These are the slides from the July 26 live webcast that detailed the Electrical Engineering and Computer Engineering Master's Degree programs offered at NYU Tandon Online.
As we prove ourselves to be hard-working and competent people, we get more and more responsibilities and opportunities. The same thing happens with companies getting more and more demand for their services.
The problems arise when, at some point in time, we are forced by the limits of our time and resources to give up on something. Either we decide what that will be, or our circumstances will decide for us.
That is why companies have entire teams of people working to evaluate opportunities and demands coming their way, and politely but firmly saying “No” to those that don’t fit their big picture.
The goal of this presentation is to help you do the same!
See how the three-headed monster of marketing works together to build brand. This session will look at how SEO, content, and social media interlock to form a holistic marketing organization. Attendees will gain practical, actionable information on how to structure digital marketing teams and how to create campaigns that score wins across the digital marketing spectrum. Also, learn how to mine data for the full story of a marketing campaign’s short and long term impact.
Hugging the Angry Mob: An Enlightened Approach to Community Engagementfuzeconf
This document discusses strategies for engaging with the public in a respectful manner. It advocates using an approach called RESPECT, which stands for being relevant, engaging, sincere, prepared, expert, collaborative and transparent. The document provides tips for applying these principles, such as thinking like a member of the public, being honest and vulnerable, sharing information, respecting people's time and concerns, and following up. It argues that using RESPECT can help address issues like fear, distrust and opposition, and instead promote trust, collaboration and positive outcomes.
For its baseline budget projections, CBO estimates the revenue effects of enacted legislation that changed the amount of funding for tax enforcement. Similarly, CBO’s annual analysis of the President’s budget includes its estimates of the revenue effects of the Administration’s proposals to change such funding. (But CBO does not estimate the changes in revenue from proposals to amend the tax code; those estimates are the responsibility of the staff of the Joint Committee on Taxation.)
However, for legislation being considered by the Congress, CBO does not include projections of additional receipts from proposed increases in funding for tax enforcement in its estimates of the budgetary effects that are used for budget enforcement purposes. That approach follows the budget scorekeeping guidelines specified in the conference report for the Balanced Budget Act of 1997.
These slides describe the circumstances under which CBO estimates the revenue effects of changes in funding for tax enforcement and the factors that affect those estimates. They were the basis for a presentation by Janet Holtzblatt, a unit chief in CBO's Tax Analysis Division, at the sixth annual Internal Revenue Service-Tax Policy Center Joint Research Conference on Tax Administration.
T.5.4 – Short-term optimization: operational, ongoing and contingency plannin...SLOPE Project
This document discusses Task 5.4 of the forest information system development project, which focuses on short-term optimization for operational, ongoing, and contingency planning. The task involves defining requirements for just-in-time short-term harvesting schedules, standard operating procedures, and contingency plans. Partners will work on stand and tree selection, workforce management, reducing storage, and avoiding stockouts. Models will be implemented or developed to optimize plans while considering biodiversity and integrity. The task runs from June 2015 to March 2016 led by BOKU with participation from other research groups. Challenges include interactive cable corridor planning and realizing just-in-time approaches in forestry supply chains.
El documento describe el proceso de digestión de los alimentos a través del aparato digestivo humano, que incluye la boca, faringe, esófago, estómago, hígado, páncreas, intestino delgado e intestino grueso, donde los alimentos son triturados, mezclados con jugos gástricos y digeridos para extraer nutrientes que pasan a la sangre.
As a professional in the shipping and transportation industry, Craig Raucher has accumulated more than three decades of experience in sales and management. Over the course of his career, Craig Raucher has also garnered experience in supply chain management. Establishing a successful supply chain management system requires the following important elements.
Worldwide IT spending is expected to decline 0.3% in 2016 according to Gartner forecasts. This decline can be partially attributed to the strengthening US dollar and declining device sales, which are predicted to fall by 7.5%. However, Gartner predicts that IT spending will return to more normal replacement cycles by 2018. Looking ahead, IT spending is expected to grow 2.9% in 2017, driven primarily by software and IT services spending. Long-term, Gartner believes IT will help create a new "civilization infrastructure" through technologies like the Internet of Things.
BMO acquired Marshall & Ilsley Bank in 2011, bringing Jud Snyder into BMO and entering the equipment finance industry. In 2015, BMO acquired GE Capital Transportation Finance, bringing in Dan Clark and further expanding its equipment finance business. Snyder and Clark emphasize developing strong customer relationships and integrating acquisitions smoothly. They see continued growth opportunities for BMO's equipment finance business in both the US and Canada.
This document discusses how technology is transforming the equipment finance industry. It provides perspectives from leaders of technology companies on how finance companies can plan for and implement software upgrades. The key points are:
1) Technology is crucial for businesses to stay competitive and can help automate processes, improve customer experience and gain insights from data.
2) When planning an upgrade, companies should establish a clear technology strategy and vision, understand current and future business needs, and ensure any new system is flexible.
3) Choosing the right technology partner is important - companies should shortlist vendors based on functionality, integration, and knowledge before selecting one to work with closely.
1) The equipment ABS market is adjusting to less activity from large players like GE Capital, with smaller independent finance companies accessing the market more frequently through smaller deals.
2) After a slow start in 2016, the second quarter saw increased activity with four ABS deals coming to the market, including a large $787 million deal from MassMutual.
3) While overall issuance volumes are expected to be lower than 2015 due to less activity from large players like GE, ABS continues to provide a viable funding source for equipment loans and leases.
Eric Miller became the managing director of CIT Capital Equipment Finance in 2015. The article outlines Miller's career path, starting in bank collections and progressing to sales roles at Wells Fargo and GE Capital where he gained experience in sales leadership. At CIT, Miller aims to build out a direct national origination platform focused on the middle market using a customer-centric approach. His goals are to complete the platform, align with commercial banking, and establish CIT as a trusted advisor respected for its integrity.
The document summarizes discussions from the 15th Annual ELFA/IMN Investors Conference about developing strategies in an uncertain economic environment. There was a theme of uncertainty due to geopolitical issues like terrorism, the US election, and China's economic transition. Panelists discussed increasing costs of funds, a sluggish ABS market, and the need to develop strategies to deal with uncertainty and rising interest rates. However, others expressed optimism in the industry's resilience and ability to grow steadily despite challenges. New entrants in areas like marketplace lending and alternative financing were noted as ways the industry is adapting to changes.
The document discusses several key trends in the U.S. healthcare system: 1) Healthcare spending in the U.S. is the highest in the world at 16.4% of GDP but results in low quality of care rankings; 2) In response, the system is focusing on controlling costs and improving quality which has led to consolidation of hospitals and physician practices; 3) This has shifted medical equipment purchasing decisions from doctors to healthcare executives focused on total cost of ownership. Equipment financiers must address both clinical and financial concerns to help vendors navigate this changing landscape.
Paul Menzel, president and CEO of Financial Pacific Leasing, sees modest growth in equipment finance deal flow in 2016 driven by growth in direct middle-market and vendor origination channels. However, liquidity in the industry is tightening which will lead to consolidation among independent finance companies with less access to funding. While credit quality remains solid, delinquencies and losses are expected to rise slightly from historic lows as the economic environment softens. Overall, regulatory scrutiny from the CFPB is increasing for the industry and will require all lenders including independent brokers to improve record keeping and compliance.
The document summarizes the key findings of TD Bank's Annual CFO Survey. It reports that CFOs expressed increased optimism about the US economy and confidence in their companies' performance in 2016. Specifically, 56% of CFOs were optimistic about the economy and 61% expected to increase capital expenditures within the next year. However, CFOs also expressed concerns about data security and the outcome of the upcoming US presidential election. The survey indicates that CFOs plan to invest in technology, facilities improvements, data security, hiring, and other areas to support business growth.
The document discusses how regulatory changes since the Great Recession have impacted the credit risk assessment process in equipment financing. It interviews three credit managers who say that while fundamental underwriting processes haven't changed, there is now a greater focus on regulatory compliance, more robust risk frameworks, adjusting to client needs, and managing shared risk between credit and business lines. They also discuss managing competitive pressures by selectively adjusting pricing and terms, as well as ensuring younger credit managers can assess long-term risks despite not having lived through previous economic downturns themselves.
Crossroads Capital Group has expanded dramatically since its founding in 2006 when it focused solely on equipment financing and originated $500,000 in new business. It now operates nationally and originated over $206 million in equipment financing in 2015. Crossroads has succeeded through determination and seizing new opportunities, such as obtaining licensing to provide SBA loans in 2013. The company now operates several business units and focuses on customers, employees, and functional efficiency across its divisions to support continued growth.
1) The GAMA president says passing reauthorization of the Export-Import Bank is critical to ensuring a level playing field for US aviation manufacturers globally. Failure to do so has significantly impacted the agricultural aircraft sector.
2) He argues opposition to reauthorization is illogical as the bank brings a net return to the federal budget through fees.
3) Leasing and finance have recovered since the recession but international political instability still poses a risk to industry growth. Streamlining certification processes could enhance safety and product development.
See how the three-headed monster of marketing works together to build brand. This session will look at how SEO, content, and social media interlock to form a holistic marketing organization. Attendees will gain practical, actionable information on how to structure digital marketing teams and how to create campaigns that score wins across the digital marketing spectrum. Also, learn how to mine data for the full story of a marketing campaign’s short and long term impact.
Hugging the Angry Mob: An Enlightened Approach to Community Engagementfuzeconf
This document discusses strategies for engaging with the public in a respectful manner. It advocates using an approach called RESPECT, which stands for being relevant, engaging, sincere, prepared, expert, collaborative and transparent. The document provides tips for applying these principles, such as thinking like a member of the public, being honest and vulnerable, sharing information, respecting people's time and concerns, and following up. It argues that using RESPECT can help address issues like fear, distrust and opposition, and instead promote trust, collaboration and positive outcomes.
For its baseline budget projections, CBO estimates the revenue effects of enacted legislation that changed the amount of funding for tax enforcement. Similarly, CBO’s annual analysis of the President’s budget includes its estimates of the revenue effects of the Administration’s proposals to change such funding. (But CBO does not estimate the changes in revenue from proposals to amend the tax code; those estimates are the responsibility of the staff of the Joint Committee on Taxation.)
However, for legislation being considered by the Congress, CBO does not include projections of additional receipts from proposed increases in funding for tax enforcement in its estimates of the budgetary effects that are used for budget enforcement purposes. That approach follows the budget scorekeeping guidelines specified in the conference report for the Balanced Budget Act of 1997.
These slides describe the circumstances under which CBO estimates the revenue effects of changes in funding for tax enforcement and the factors that affect those estimates. They were the basis for a presentation by Janet Holtzblatt, a unit chief in CBO's Tax Analysis Division, at the sixth annual Internal Revenue Service-Tax Policy Center Joint Research Conference on Tax Administration.
T.5.4 – Short-term optimization: operational, ongoing and contingency plannin...SLOPE Project
This document discusses Task 5.4 of the forest information system development project, which focuses on short-term optimization for operational, ongoing, and contingency planning. The task involves defining requirements for just-in-time short-term harvesting schedules, standard operating procedures, and contingency plans. Partners will work on stand and tree selection, workforce management, reducing storage, and avoiding stockouts. Models will be implemented or developed to optimize plans while considering biodiversity and integrity. The task runs from June 2015 to March 2016 led by BOKU with participation from other research groups. Challenges include interactive cable corridor planning and realizing just-in-time approaches in forestry supply chains.
El documento describe el proceso de digestión de los alimentos a través del aparato digestivo humano, que incluye la boca, faringe, esófago, estómago, hígado, páncreas, intestino delgado e intestino grueso, donde los alimentos son triturados, mezclados con jugos gástricos y digeridos para extraer nutrientes que pasan a la sangre.
As a professional in the shipping and transportation industry, Craig Raucher has accumulated more than three decades of experience in sales and management. Over the course of his career, Craig Raucher has also garnered experience in supply chain management. Establishing a successful supply chain management system requires the following important elements.
Worldwide IT spending is expected to decline 0.3% in 2016 according to Gartner forecasts. This decline can be partially attributed to the strengthening US dollar and declining device sales, which are predicted to fall by 7.5%. However, Gartner predicts that IT spending will return to more normal replacement cycles by 2018. Looking ahead, IT spending is expected to grow 2.9% in 2017, driven primarily by software and IT services spending. Long-term, Gartner believes IT will help create a new "civilization infrastructure" through technologies like the Internet of Things.
BMO acquired Marshall & Ilsley Bank in 2011, bringing Jud Snyder into BMO and entering the equipment finance industry. In 2015, BMO acquired GE Capital Transportation Finance, bringing in Dan Clark and further expanding its equipment finance business. Snyder and Clark emphasize developing strong customer relationships and integrating acquisitions smoothly. They see continued growth opportunities for BMO's equipment finance business in both the US and Canada.
This document discusses how technology is transforming the equipment finance industry. It provides perspectives from leaders of technology companies on how finance companies can plan for and implement software upgrades. The key points are:
1) Technology is crucial for businesses to stay competitive and can help automate processes, improve customer experience and gain insights from data.
2) When planning an upgrade, companies should establish a clear technology strategy and vision, understand current and future business needs, and ensure any new system is flexible.
3) Choosing the right technology partner is important - companies should shortlist vendors based on functionality, integration, and knowledge before selecting one to work with closely.
1) The equipment ABS market is adjusting to less activity from large players like GE Capital, with smaller independent finance companies accessing the market more frequently through smaller deals.
2) After a slow start in 2016, the second quarter saw increased activity with four ABS deals coming to the market, including a large $787 million deal from MassMutual.
3) While overall issuance volumes are expected to be lower than 2015 due to less activity from large players like GE, ABS continues to provide a viable funding source for equipment loans and leases.
Eric Miller became the managing director of CIT Capital Equipment Finance in 2015. The article outlines Miller's career path, starting in bank collections and progressing to sales roles at Wells Fargo and GE Capital where he gained experience in sales leadership. At CIT, Miller aims to build out a direct national origination platform focused on the middle market using a customer-centric approach. His goals are to complete the platform, align with commercial banking, and establish CIT as a trusted advisor respected for its integrity.
The document summarizes discussions from the 15th Annual ELFA/IMN Investors Conference about developing strategies in an uncertain economic environment. There was a theme of uncertainty due to geopolitical issues like terrorism, the US election, and China's economic transition. Panelists discussed increasing costs of funds, a sluggish ABS market, and the need to develop strategies to deal with uncertainty and rising interest rates. However, others expressed optimism in the industry's resilience and ability to grow steadily despite challenges. New entrants in areas like marketplace lending and alternative financing were noted as ways the industry is adapting to changes.
The document discusses several key trends in the U.S. healthcare system: 1) Healthcare spending in the U.S. is the highest in the world at 16.4% of GDP but results in low quality of care rankings; 2) In response, the system is focusing on controlling costs and improving quality which has led to consolidation of hospitals and physician practices; 3) This has shifted medical equipment purchasing decisions from doctors to healthcare executives focused on total cost of ownership. Equipment financiers must address both clinical and financial concerns to help vendors navigate this changing landscape.
Paul Menzel, president and CEO of Financial Pacific Leasing, sees modest growth in equipment finance deal flow in 2016 driven by growth in direct middle-market and vendor origination channels. However, liquidity in the industry is tightening which will lead to consolidation among independent finance companies with less access to funding. While credit quality remains solid, delinquencies and losses are expected to rise slightly from historic lows as the economic environment softens. Overall, regulatory scrutiny from the CFPB is increasing for the industry and will require all lenders including independent brokers to improve record keeping and compliance.
The document summarizes the key findings of TD Bank's Annual CFO Survey. It reports that CFOs expressed increased optimism about the US economy and confidence in their companies' performance in 2016. Specifically, 56% of CFOs were optimistic about the economy and 61% expected to increase capital expenditures within the next year. However, CFOs also expressed concerns about data security and the outcome of the upcoming US presidential election. The survey indicates that CFOs plan to invest in technology, facilities improvements, data security, hiring, and other areas to support business growth.
The document discusses how regulatory changes since the Great Recession have impacted the credit risk assessment process in equipment financing. It interviews three credit managers who say that while fundamental underwriting processes haven't changed, there is now a greater focus on regulatory compliance, more robust risk frameworks, adjusting to client needs, and managing shared risk between credit and business lines. They also discuss managing competitive pressures by selectively adjusting pricing and terms, as well as ensuring younger credit managers can assess long-term risks despite not having lived through previous economic downturns themselves.
Crossroads Capital Group has expanded dramatically since its founding in 2006 when it focused solely on equipment financing and originated $500,000 in new business. It now operates nationally and originated over $206 million in equipment financing in 2015. Crossroads has succeeded through determination and seizing new opportunities, such as obtaining licensing to provide SBA loans in 2013. The company now operates several business units and focuses on customers, employees, and functional efficiency across its divisions to support continued growth.
1) The GAMA president says passing reauthorization of the Export-Import Bank is critical to ensuring a level playing field for US aviation manufacturers globally. Failure to do so has significantly impacted the agricultural aircraft sector.
2) He argues opposition to reauthorization is illogical as the bank brings a net return to the federal budget through fees.
3) Leasing and finance have recovered since the recession but international political instability still poses a risk to industry growth. Streamlining certification processes could enhance safety and product development.
Marc Paulhus has returned to his home state of Rhode Island to take on the dual roles of president of Citizens Asset Finance and president of Citizens Bank Rhode Island. During his 30-year career in equipment financing, Paulhus has held various roles including credit, sales, and syndication. As president, Paulhus aims to continue Citizens' focus on serving customers and the community, while ensuring disciplined practices. Looking ahead, Paulhus sees opportunities from the GE Capital divestiture but expects only moderate industry growth, with increasing rates and competitive pricing posing risks.
David Drury has taken over as president of MB Equipment Finance after industry icon Ed Dahlka retired. Drury is looking to continue building on the foundation laid by Dahlka and position MB Equipment Finance as a national player in the industry. Drury gained experience over 12 years at GE Capital and is now excited to lead MB Equipment Finance as a smaller, more nimble company. He wants to shift the business more toward direct origination channels rather than relying on purchases through the buy desk.
1) Vincent Belcastro was hired by Santander Bank to expand its middle-market and large corporate equipment finance and leasing business due to his extensive experience in leadership and credit management.
2) Belcastro plans to grow the business in a meaningful and measured manner by hiring experienced professionals and focusing on industries like logistics, manufacturing, and healthcare.
3) His goals are to build a best-in-class equipment finance operation and team at Santander to become a primary participant and leader in the industry.
Barry Kastner recently took on a new role as executive vice president of Bibby Financial Services after working for several other financial institutions. He was attracted to Bibby because of its growing asset-based lending business and need for someone with experience transforming into ABL. Kastner's extensive experience in ABL made him a strong fit for this position. After only four months, he was promoted to head the large business unit due to quickly gaining the trust of staff and sharing Bibby's vision. In his new role, Kastner is expanding Bibby's ABL offerings and cross-training staff.
The document summarizes key discussions from the 14th Annual ELFA/IMN Investor Conference. There was high confidence in the equipment finance sector. Competition in the industry was increasing due to more players entering the space, but this also fueled innovation. However, some panelists warned that rising competition could lead to weaker underwriting standards over time. Overall, the investor demand for equipment ABS was strong and continuing to grow the market.
1. W
ith almost 30 years of combined ABL,
commercial banking, factoring and auditing
experience under his belt — including a
number of liquidation scenarios — Albert Perez was
ready for the next step. “You reach a point in your
career where you know the transition to the CRO posi-
tion is the next natural progression,” he says. “I felt
that I was at a crossroads.”
When Hana Financial launched a new ABL group,
Hana Business Capital, Perez was eager to get on board.
“As we started to discuss things early on when I was
interviewing, we felt that there was a grossly under-
served market of lower middle-market companies,”
he says, adding that companies within Hana’s target
market have borrowing needs up to $5 million.
Due to the increase in regulatory requirements on
commercial banks, Perez says he and Clark Griffith,
president and senior managing director of Hana
Business Capital, were attracted to the opportunity
to start up an ABL shop. “We credit Sunnie Kim, our
parent’s CEO, for having the foresight to support this
initiative,” he adds.
Perez believes non-regulated lenders in Hana’s
target market have a number of advantages. “Most
commercial banks prefer ABL deals in the $10 million and above range
and view anything less as too small for the costs involved,” he explains.
“Non-regulated lenders very seldom require personal guarantees, contrary
to commercial banking policy, and do not burden borrowers with a large
number of financial covenants.
“We believe in the next five to ten years, the smaller middle market
segment will continue to be grossly underserved as the economics — cost
and time invested — of managing these credits become less worthwhile for
commercial lenders,” he continues. “Even some of our competitors believe
the economics makes more sense to pursue the middle and larger middle
market segments. With pressure to meet loan goals and increase their
books either through new business generation or portfolio acquisitions,
this trend to up-market is expected to continue.”
Threefold Path of Pursuit
Hana plans to utilize a threefold process to pursue its underserved target
market. “First of all, we’re going to leverage our factoring division relation-
ships,” Perez says. “They’ve got access to thousands of customers and
hundreds of clients, so quite a number of them are under tri-party arrange-
ments with other banks but to try to consolidate that and keep it under
one house.”
Second, Hana plans to maximize relationships with commercial banks
to finance deals that have increased perceived risk that preclude the banks
from pursuit. “Due to heavy regulatory requirements, they are very conser-
vative,” Perez explains. “If there is even a little bit of a blip or a slight loss
that results in covenant defaults, commercial banking ratings will likely
deem these companies as ‘not a good fit’, so they’ll refer those over to us.”
And third, Hana intends to leverage long standing relationships with
industry referral sources — boutique investment banking, private equity,
appraisal and law firms. “We look upon these more as personal friend-
ships in the community rather than mutually beneficial business partners,”
Perez says. “They’ll let us know transactions that are in our target market.”
To really stand out from the crowd, Hana plans to differentiate itself
through its ability to provide timely responses to prospects as all of the
The Small and Swift Advantage —
HanaBusiness Capital Servesthe Lower
MiddleMarket at Light Speed
BY RITA E. GARWOOD
Newlyappointedchiefriskofficer,AlbertD.Perez shares the threefold process that Hana Business Capital
plans to employ in its quest to cater to the underserved lower middle market. Thanks to the small size, depth
of knowledge and experience of his team, Perez says Hana has decision making speed unrivaled by competitors.
ALBERT D. PEREZ
Hana Business Capital
ABFJ EXCLUSIVE: NEW ON THE SCENE
“We don’t have a bureaucratic process where it’s back and
forth between business development officer and a credit officer.
We have unified roles within our group and so that kind of hands-
on approach and the speed in which we can respond to the
market will help us, more so than our competitors.”
42 • abfJournal • OCT 2015
2. Business Capital is trying to accomplish today. “From my perspective,
factoring made the transition to ABL much smoother and enabled me
to pay closer attention to detail as a result of learning the minutia of
receivable management inherent in factoring,” he explains. “Those
skills and discipline have naturally carried over to the minutia of ABL,
particularly in interpreting field exam results with regard to receivable
roll-forwards and inventory tracking.”
When asked to describe an underwriting situation that was both
memorable and instructional, Perez points to a transaction that was
referred by Hana’s factoring group, which exhibited all the classic
warning signs of a problem factoring relationship. “After discussing
details of a contemplated ABL loan structure and the company’s
financial performance, we discovered the company was not in any
serious trouble but needed additional capital in the form of inventory
advances,” he says. “We are in the process of transferring this relation-
ship over to the ABL division while maintaining our factoring volume.
I think this really demonstrated the synergy that our ABL group will
have with our factoring group.”
Rate Hikes & Regulation Ahead
Looking ahead at the possibility of increases interest rates, Perez says
the net effect would be neutral for Hana, provided it matches funds.
“From a practical standpoint, Hana Business Capital will be sourcing
capital/debt on a floating rate and in turn, will redeploy capital based
on floating rates such as LIBOR and WSJ Prime,” he explains.
On the positive side, Perez says increased interest rates would
improve risk returns for the ABL industry. “The cons are overall cost of
funds may also increase for lenders like Hana, which will experience
tighter margins with existing transactions that may be priced lower
than the newer higher priced deals in the market,” he adds.
Perez sees regulation as both an opportunity and a concern for
the ABL industry’s future. “The non-bank financial ABL lender space
should strengthen and grow as regulations increase,” he explains.
“This means that overall returns can grow, which over time will allow
lenders to take more risk and allow entrepreneurs and business owners
to have more access to capital.” Perez believes this could enable the
industry to return to its roots, as a non-bank financial space, with rates
that offer lenders increased returns and borrowers their desired capital.
“The greatest concern is that regulations that have been enacted
continue to focus on financial performance metrics and not facility
risk, most of which ignore the benefits of the ABL structure and its
protections,” he explains. “This would conceivably reduce the number
of commercial banks that would offer a conforming ABL product.
While this may be a boom for non-regulated lenders, the volume will
far exceed the available capital to satisfy the demand.” abfj
RITA E. GARWOOD is interim editor of ABF Journal.
credit committee members, including Perez, are located in the same
office. “We don’t have a bureaucratic process where it’s back and
forth between business development officer and a credit officer. We
have unified roles within our group and so that kind of hands-on
approach and the speed in which we can respond to the market will
help us, more so than our competitors,” he says.
However, timely decision making is not the only differentiator.
Perez says Hana’s depth of knowledge and experience enable a
true understanding of a prospect’s business model and thus, its
borrowing needs. “More often than not, lenders generally get
caught up in pitching loans based on a borrower’s responses and
structure accordingly,” he explains. “We instead pride ourselves on
our ability to understand a business owner’s concerns and history
better than our contemporaries to arrive at solutions that meet the
borrower’s true working capital needs.”
There is one additional differentiator, and that is the culture
at Hana, which is a lender with global perspective. Sunnie S.
Kim, who founded Hana Business Capital’s parent 21 years ago,
is of South Korean descent. Many of Hana’s borrowers, of which
approximately half are of Korean origin, can be assured that they
are working with a lender that is culturally sensitive. Additionaly,
Griffith lived over 12 years in Japan and travelled several years
back and forth to Spain. Hana brings this global perspective to
lending and understands the importance of international trade.
Mitigating Risks
As chief risk officer, Perez’s primary responsibility is to structure,
analyze and manage the credit underwriting process for each
transaction. “Clark and I will take a look at a company’s financial
statements, look at their collateral pool, and I have the authority
to determine whether or not this would be a worthwhile relation-
ship,” he explains. “Then we will discuss it with the other credit
committee members if we indeed feel it’s worthwhile to proceed.”
This approach allows Hana to respond to prospect requests
quickly. “We’re not wasting a client’s time,” he says. “It adds to
our ability to provide a timely response and, with regard to our
factoring division, to try to enhance opportunities there.”
Another aspect of Perez’s role includes informing his factoring
and SBA colleagues about solid leads for the division. Since the
ABL factoring and SBA divisions analyze credit differently, this
approach enables Hana to leverage opportunities. To ensure fidu-
ciary duty and remain objective, Perez says third party field exams
are required to independently assess a prospect’s books, records
and inventory to determine the liquidation value of the asset pool
in the event that Hana is exposed to the collateral.
“Obviously we are looking at companies that are a little bit
more volatile in earnings but we can’t afford to make too many
mistakes,” he says, before adding. “Mistakes do happen, and I
think that’s inherent in any opportunity or potential borrower that
you analyze. If you want to move forward with it, our job is to try to
mitigate those risks by clearly identifying them based on common
mistakes made in the past.”
Focus on Factoring
Perez began his career in factoring, as a credit analyst with Heller
Financial, before transitioning to ABL later in his career. He says
that he is able to utilize what he learned at Heller with what Hana
“The non-bank financial ABL lender space should strengthen and
grow as regulations increase. This means that overall returns can
grow, which over time will allow lenders to take more risk and allow
entrepreneurs and business owners to have more access to capital.”
OCT 2015 • abfJournal • 43