Who were the intended PPP grant recipients? At first, it was any company with fewer than 500 employees but then companies with access to other sources of investment, particularly the capital markets, were deemed ineligible. As news about the program spread, some suggested that profitable companies shouldn’t be eligible for the money. [Continue]
Shawn Rost, immediate past chair of the South Dakota Bankers Association, relates the ups and downs of local ag, loan demand and tourism, describes how adoption of technology and working from home have accelerated, and shares FDIC Chair Jelena McWilliams message to SDBA bankers at their annual convention. [Continue]
Intentionality is the key to maintaining your relationships. Schedule a set date and time each month for a one-on-one meeting. Set an agenda to make sure important topics such as high payoff activities, behavioral and business goals are discussed. Consider these meetings non-negotiable and do not get in the habit of rescheduling, as this sends your team member the wrong message. [Continue]
As America continues to combat the public health and economic consequences of COVID-19, local banks are doing their part to keep money flowing to small businesses. Ensuring that banks maintain liquidity, and have an interest rate benchmark appropriate to their business model, is critical to our nation’s recovery. [Continue]
This is a moment where community banks can ride this wave to poach some really good talent. On the technological front, there are folks who may have fast-tracked some of their technological strategies around disaster and continuity planning and equipment. [Continue]
All over my social media feeds, I’ve seen chronicles of outsized efforts by dozens of other community banks to process PPP loans. I congratulate all of these banking teams for stepping up to help customers and non-customers alike. Millions of business owners are breathing a bit easier because of your efforts — kudos to you and your teams. [Continue]
“Diversity is inviting people to the dance; inclusion is asking them to dance,” said Shirley Davis, president of SDS Global Enterprises. Davis believes bank leaders should engage in self-assessment, asking themselves if they are the kind of leaders who build more leaders through vision, inspiration and inclusiveness, because inclusive cultures will attract top talent. [Continue]
Brad Lane, chair of the Iowa Bankers Association, describes how the pandemic has impacted the state’s ag industry especially livestock farmers, the state of retail and the PPP impact, and how loan demand has fared so far this year. [Continue]
Do you know how much it costs your bank to process a loan? If the answer is “no,” then how do you know if you are making (or losing) money on the loans you originate? Banks of all sizes experience pressure on profits. Certainly a variety of forces are contributing to any bank’s relevancy in its particular market. [Continue]
It the bank knows a business personally, the face time will be worth it. Digital applications will, this time, take longer. Banks with strong community relationships should have an advantage. It sounds old fashioned, but a face-to-face meeting is often the key to giving pause fraudulent applications. [Continue]