Connecticut Lending – CT Contra http://ctcontra.com/ Fri, 18 Nov 2022 07:32:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ctcontra.com/wp-content/uploads/2021/05/default-141x136.png Connecticut Lending – CT Contra http://ctcontra.com/ 32 32 Barbados spearheads climate disaster financing https://ctcontra.com/barbados-spearheads-climate-disaster-financing/ Fri, 18 Nov 2022 07:32:33 +0000 https://ctcontra.com/barbados-spearheads-climate-disaster-financing/ SHARM EL-SHEIKH, Egypt (AP) — At the United Nations climate summit in Egypt, leaders of developing countries repeatedly said it was unfair to expect them to cover the costs of rebuilding after devastating weather events in a warming world, in addition to investing in cleaner solutions. industry when they also pay much higher interest rates […]]]>

SHARM EL-SHEIKH, Egypt (AP) — At the United Nations climate summit in Egypt, leaders of developing countries repeatedly said it was unfair to expect them to cover the costs of rebuilding after devastating weather events in a warming world, in addition to investing in cleaner solutions. industry when they also pay much higher interest rates on loans than rich countries.

A plan proposed by Barbados Prime Minister Mia Mottley would overhaul how much of development lending works. It also gives a voice to developing countries grappling with mounting debt from climate damage.

“We were the ones whose blood, sweat and tears funded the Industrial Revolution,” Mottley said in a scathing speech. “Are we now going to face a double risk of having to pay the cost of these industrial revolution greenhouse gases?”

Debt has risen in developing countries, sapping funds for education, health and clean energy. Much of the rising debt in some Caribbean countries is linked to extreme storms, Mottley said in a recent essay. The plan would make it easier for countries in the Caribbean, Latin America, Africa and Asia to obtain funds to bolster their defenses against global warming and defer debt payments in the event of a disaster.

Here’s a look at Barbados’ plan, dubbed the Bridgetown Initiative for the island nation’s capital. Proponents say this could be a pathway to unlocking $1 trillion in climate finance.

THE BIG IDEA

The plan includes special loan clauses that allow payments to be suspended when a country is hit by a natural disaster or pandemic. This would immediately free up millions of dollars that governments could spend on relief and reconstruction. Barbados has been a pioneer in such clauses, issuing its first sovereign bond last month with a provision to defer payments to creditors for up to two years if the country suffers a “predefined natural disaster”.

The initiative includes a push to expand lending by international development banks such as the World Bank. The bank and its sister institution, the International Monetary Fund, were created after World War II with the aim of financing reconstruction and alleviating poverty. The power of rich countries like the United States and Germany is rooted in institutions. But the World Bank in particular has been criticized for being too risk averse in lending. The Barbados plan would alter risk ratings, crucially lowering interest rates.

Another idea is to create a Climate Mitigation Trust backed by $500 billion in special drawing rights, dues that member countries pay to the IMF that can be levied in times of crisis. Much of it is held by countries that don’t need it, said Avinash Persaud, Mottley’s special climate envoy. The trust could be used to borrow an additional $500 billion from the private sector which could be loaned out at low rates to invest in major climate change mitigation infrastructure projects. Up to $5 trillion in private funding could be unlocked this way, according to the architects of the plan.

Other proposals include a levy on fossil fuel production or an international border carbon tax.

WORTHY OF CREDIT

The Barbados Initiative tackles a central problem: poorer countries face much higher borrowing costs.

When most rich countries borrow money, they pay 1-4% interest, while so-called southern countries face rates of 12-14%, Mottley told reporters.

“You’re starting to see the disparity,” Mottley said. “The system is broken.”

After World War II, she said, the victorious Allied nations agreed to cap the cost of Germany’s debt so it could rebuild. Britain refinanced its First World War debt, repaying the last one only in 2014.

“We’re just saying in the developing world that we also need the space to be able to finance our development in the case of climate,” Mottley said. Rich countries account for four-fifths of global greenhouse gas emissions.

Hanan Morsy, chief economist at the United Nations Economic Commission for Africa, told The Associated Press that a number of ideas from the Bridgetown Initiative have also been put forward by African finance ministers. He pointed to another financial inequity: the green bond market that helps finance environmental projects has reached $500 billion, but only 1% reaches Africa.

RICH NATIONS

Mottley first unveiled his idea at the COP26 meeting a year ago in Glasgow, Scotland. Over the summer, she and Persaud convened economists, other academics and civil society groups to work on it.

Now, she says, the momentum of her ideas is gaining momentum.

French President Emmanuel Macron was the first leader of a wealthy country to lend his support.

“We need a huge financial shock of concessional financing,” Macron said in a speech at the opening of COP27. “We have to change the rules, the rules of our big international banks, the development banks, the IMF and the World Bank,” he said. “We can’t wait for the next COP.”

To support Mottley’s plan, “a group of wise minds at the highest level” has been set up tasked with developing climate finance solutions by spring 2023, when the World Bank and International Monetary Fund will hold their annual meetings, Macron said.

As climate-amplified disasters deepen suffering, the stilted international financial system designed for an early age could be about to change, led by those on the front lines.

Germany, the World Bank’s fourth largest shareholder, is among those calling for “fundamental reform”, including “climate loans on better terms”. Federal Reserve chief Janet Yellen said multilateral development banks must “evolve” beyond their traditional poverty reduction work to tackle climate and other global challenges.

___

Wanjohi Kabukuru contributed to this report.

___

Follow AP’s climate and environmental coverage on https://apnews.com/hub/climate-and-environment

___

The Associated Press’s climate and environmental coverage receives support from several private foundations. Learn more about AP’s climate initiative here. The AP is solely responsible for all content.

]]>
Cannabis CT social equity businesses can apply for low-interest loans from $50 million fund https://ctcontra.com/cannabis-ct-social-equity-businesses-can-apply-for-low-interest-loans-from-50-million-fund/ Mon, 14 Nov 2022 19:21:20 +0000 https://ctcontra.com/cannabis-ct-social-equity-businesses-can-apply-for-low-interest-loans-from-50-million-fund/ Cannabis entrepreneurs in the state’s Social Equity Program can now apply for low-interest loans from the Social Equity Council’s $50 million fund, according to the Connecticut Cannabis Chamber of Commerce. The fund, which was approved by lawmakers when the adult-use cannabis program was created, is open to social equity partners with a provisional license. A […]]]>

Cannabis entrepreneurs in the state’s Social Equity Program can now apply for low-interest loans from the Social Equity Council’s $50 million fund, according to the Connecticut Cannabis Chamber of Commerce.

The fund, which was approved by lawmakers when the adult-use cannabis program was created, is open to social equity partners with a provisional license.

A business acceleration program is also planned, according to the Social Equity Council.

“Access to capital is critical to the success of any social equity venture, especially in a capital-intensive industry like cannabis cultivation,” chamber president Adam Wood said in an email. .

“Interest rates as high as 65% have been seen due to some of the uncertainties and legal challenges associated with lending to cannabis businesses,” he said. “The Connecticut Social Equity Council deserves huge credit for starting this $50 million loan program when it can still make a difference for these new businesses in our state.”

The state Social Equity Council also voted on Monday to accept CohnReznick’s recommendation on “the reconsideration of six social equity lottery applications that did not previously meet the ownership and control criteria established by the Council.” , said a spokesperson for the agency.

“Following this vote, reconsidered applicants who have also met the residency and income criteria will be referred to DCP for the next steps in the review process,” spokeswoman Kristina Diamond said in an e-mail. -mail.

“The Board also voted to accept CohnReznick’s recommendation to vary the SEC’s July 12, 2022 ruling by approving the social equity status of nominees The Goods THC Co and Hartford Cannabis Company, which had previously been denied,” according to Diamond. “Both candidates will now advance through the authorization process established in Section 149 of Public Law 21-1 for growers located in a disproportionately affected area.”

All applicants applying for social equity status are first reviewed by auditing and accounting firm CohnReznick, a third-party reviewer hired by the SEC to create a comprehensive review system.

Social equity applicants, who will account for half of the licenses approved by the state Department of Consumer Protection, are people who have lived in a “disproportionately affected area,” an area that had a rate of high sentencing or high unemployment due to the so-called war on drugs.

Bloomfield’s Mark Christie, who applied for a social equity license as FRC Holdings, is still pushing to raise the $3 million licensing fee that social equity applicants must pay to receive grants. provisional licenses.

Five things you need to know

Five things you need to know

Daily

We provide the latest coronavirus coverage in Connecticut every weekday morning.

“I don’t know why you can’t borrow it for the $3 million,” he said. “That’s not even a sensible business conclusion. If you’re going to give it to people for start-up costs, how can license fees not be included in start-up costs? »

He said a low-interest loan would help, though. “Obviously that will help in some way,” he said. “Our budget is about $35 million to do everything we’d like to do,” including the $3 million fee.

“It’s a capital-intensive business,” Christie said. “I think this loan program will probably help anyone who needs money, but it will definitely help people who want to participate and who don’t fall into the culture category.”

A requester who wants to make a delivery may have to spend $75,000 on a truck, Christie said. “If I can fetch $50 or $60 [thousand] there,” he said.

“It’s good to know he’s available,” he said.

“There’s going to be a lot of people that it’s going to help. We will definitely apply once I see what the conditions are. … We will try to enter where we can fit in. I’m just glad they’re doing something rather than nothing,” Christie said.

Ed Stannard can be reached at estannard@courant.com.

]]>
Tips for buying a house during the holidays | Immovable https://ctcontra.com/tips-for-buying-a-house-during-the-holidays-immovable/ Fri, 11 Nov 2022 17:55:39 +0000 https://ctcontra.com/tips-for-buying-a-house-during-the-holidays-immovable/ The holidays are a unique time to buy a house. Sellers are rare, weather less than cooperative, and many real estate professionals are on vacation, causing delays and other challenges. But there are also big, noticeable benefits to buying a home during the holiday season — as long as it’s done right. “While many people […]]]>

The holidays are a unique time to buy a house. Sellers are rare, weather less than cooperative, and many real estate professionals are on vacation, causing delays and other challenges.

But there are also big, noticeable benefits to buying a home during the holiday season — as long as it’s done right.

“While many people associate the holidays with family reunions and time off from work, for homebuyers the holiday season can be the perfect time to buy property,” says Alex Shekhtman, CEO and Founder of LBC Mortgage. in Beverly Hills, California.

Are you planning to buy a house at the end of the year? Here’s what to expect – and how to do it successfully.

Benefits of buying during the holiday season

As Skekhtman mentioned, there are serious advantages to purchase a house while on vacation. On the one hand, there are generally less competition. This not only makes it easier to find a home, but also to get a good deal when you do.

“There are usually fewer buyers in the market, which gives you more bargaining power,” Shekhtman says. “Also, many sellers are motivated to sell during this time of year and may be willing to accept a lower offer.”

According to ATTOM Data Solutionshe’s right: the best days to buy a house – at least in terms of price – are both the last two months of the year (Nov 28, Dec 5, Dec 26, Dec 19 and Dec 12, until correct).

But it’s not just lower prices that you could enjoy with the purchase of a vacation home. Real estate agent Rachel Bennett says sellers are simply more motivated this time of year – and that means other valuable perks too.

“Buyers looking this holiday season will face much less competition and may be able to negotiate a number of things such as price, seller concessions and mortgage buyouts,” says Bennett, agent at Orchard in Austin, Texas.

Finally, we must also think about the tax advantages. Buyers able to close their mortgages before the end of the year could be eligible to write off their mortgage interest charges, property taxes and more in April.

Disadvantages of buying during the holiday season

Despite the many advantages of buying a vacation home, there are also some disadvantages to consider. First, agents say there are generally fewer sellers, which means fewer listings to choose from.

“The inventory is generally weaker during the holidays, which means shoppers have less choice overall,” says Christy Budnick, CEO of Berkshire Hathaway HomeServices, based in Irvine, Calif. “You also need to be able to look past all the holiday decorations to see the house as you would live in it.”

Additionally, real estate professionals – including agents, lenders, and home inspectors – tend to have limited availability during this season. This can lead to delays and scheduling difficulties.

“The main challenges will be timelines,” says Michael Nourmand, president of real estate firm Nourmand & Associates in Beverly Hills, Calif. “It’s harder to line up inspections because people are on vacation and the loan process is moving very slowly.”

Weather, not to mention shorter daylight hours, can also add an extra layer of difficulty, especially when visiting homes. In addition, the initial costs of buying a home, including the advance payment, closing costs and moving expenses – can pose a financial challenge, especially during an already expensive time of year.

Advantages The inconvenients
Less competition Fewer ads
More bargaining power Agents, lenders, inspectors and other professionals less available
Potentially lower prices Possible delays
May allow you to realize a new tax deduction if you buy before the end of the year Many initial costs during an already expensive period

Tips for buying a house while on vacation

If you’re choosing to buy a home this holiday season, real estate professionals say there are a few strategies that can make your journey easier.

1. Hire a good agent.

have a good agent your side is critical at any time of the year, but it’s especially important during the holidays. First and foremost, you’ll want one that’s experienced and well-connected in your area.

“Fewer homes are often listed from Halloween to New Years,” says Jon Sanborn, co-founder of real estate investment firm SD House Guys in Philadelphia, Pennsylvania. “You will need someone to find these key properties and use their network.”

Choosing an agent who has colleagues you can lean on is also a good idea.

As Bennett explains, “I would recommend working with a brokerage that has multiple agents on staff. This will ensure that your search does not need to slow down, even if agents take time off to be with their families.

2. Get pre-approved.

You should also get pre-approved for your mortgage. This gives you a clear idea of ​​what price you should be shopping at and also helps you act quickly when it’s time to make an offer.

“If you see the right house, it will help your agent make an offer on any day,” Bennett says. “You won’t need to spend time researching various speakers while on vacation.”

Getting pre-approved can also help you in a rising rate market, when you may need to make budget adjustments quickly.

“The single most important step a buyer can take to ensure a smooth transaction is to get pre-approved for a mortgage,” Budnick says. “With interest rates changing rapidly, it will be important to understand how much you are entitled to and what it will mean for your purchasing power if rates rise during your housing search.”

3. Plan ahead.

When shopping during the holidays, you can expect to encounter a few no-shows. Maybe your agent is going to visit family or you have a vacation planned as well.

“As soon as you step into the Thanksgiving holiday, people’s spirits kick in,” says Christian Ross, chief broker at Engel & Völkers in Atlanta, Georgia. “People don’t take two days off; they take a week’s vacation. Make sure you have additional points of contact so you can get your questions or concerns answered in a timely manner.

You should also line up other professionals early on in case they have other plans as well. They can be cleaners, painters, moving companies and, above all, a building inspector.

“Keep a home inspector on the lookout the closer you get to landing your dream home,” says Christa Kenin, agent at Douglas Elliman in Connecticut. “A delayed inspection can delay your mortgage process and frustrate the seller.”

4. Know the seller and be aggressive.

Since demand is down this time of year, agents say buyers have leverage — leverage they should use to get the best deal possible.

“Sellers would much rather unload a house before winter hits,” Kenin says. “Buyers can capitalize on this anxiety. I encourage my vacation home hunters to negotiate aggressively as we get closer to vacation.

To help you in these negotiations, work with your agent to understand the seller and their motivations for selling.

As Budnick says, “Determine the seller’s hot spots. Are there things important to the seller that are not important to you? If so, use them in your favor in the negotiations.

]]>
Recession set for soon, Elgin Chamber members say https://ctcontra.com/recession-set-for-soon-elgin-chamber-members-say/ Tue, 01 Nov 2022 22:57:33 +0000 https://ctcontra.com/recession-set-for-soon-elgin-chamber-members-say/ A recession is likely to occur within the next six months and will last for six to eight months, members of the Elgin Area Chamber of Commerce said during the organization’s annual economic forecast for the year to come. “The economy is going to slow down and there will be a shallow recession,” said Jason […]]]>

A recession is likely to occur within the next six months and will last for six to eight months, members of the Elgin Area Chamber of Commerce said during the organization’s annual economic forecast for the year to come.

“The economy is going to slow down and there will be a shallow recession,” said Jason Turner, chief investment strategist and head of multi-asset strategy for Great Lakes Advisors, a Wintrust wealth management firm.

There are a myriad of factors at play in the current economic situation, including the Federal Reserve trying to rein in inflation by raising interest rates, Turner said last week at Elgin Community College. The Fed has raised interest rates five times since March and is expected to do so again this month.

Asked by Elgin Chamber President and CEO Carol Gieske what Turner would like to hear from Fed officials at their next meeting, he said he would like them to recognize that another hike was not necessary.

“I would like them to recognize the economic impact their policies are already producing,” Turner said.

It predicts the economy will begin to slow in the fourth quarter, which means authorities can begin to reduce pressure on interest rates, he said.

Because of the way the data is collected, any decline in the housing-related consumer price index — which is about a third of the CPI — is unlikely to show up until March or April, Turner said. . The category includes rents paid plus the estimated cost that landlords would pay if they rented out their properties.

Elgin has a number of new subdivisions in the works, but Turner said he thinks “they’re probably far enough away to be recession proof, depending on how long the recession lasts.”

The current housing market differs from the one that led to the housing crash of 2008, he said. The rise in prices was then driven by speculative buying and bad loans, Turner said, while the market is now fueled by pent-up demand that will most likely stay past any recession.

Elgin Development Group director Tony Lucenko said Turner’s comments reflected what they had seen locally. Inflation has had an effect and the city’s labor market remains tight, he said.

“The new unemployment figures have just been released for September, and the rate was just 4.5%. This is the lowest since November 2019,” Lucenko said.

The Illinois Department of Employment Security said the unemployment rate in Elgin in August was 5.1% and in September was 5.5%.

After Turner’s speech, Elgin Mayor Dave Kaptain said he remained optimistic about Elgin’s economy, particularly the business climate.

“A good number of businesses have moved to Elgin from all over the world,” said Kaptain.

Yet he remains concerned about rising energy and fuel prices and the impact they are having on people’s wallets.

There are almost always external forces at play with power and fuel, Kaptain said, and these cannot be controlled locally or even nationally.

Mike Danahey is a freelance writer for The Courier-News.

]]>
Time is running out for Stefanowski to launch his Hail Mary pass https://ctcontra.com/time-is-running-out-for-stefanowski-to-launch-his-hail-mary-pass/ Sat, 29 Oct 2022 18:40:38 +0000 https://ctcontra.com/time-is-running-out-for-stefanowski-to-launch-his-hail-mary-pass/ Let’s be honest, there isn’t much of a difference between the candidates from the two major parties in this year’s Connecticut gubernatorial contest. Ned Lamont, who subsidizes corporations and saves the wealthy from new taxes, is essentially a Republican dressed as a Democrat, checking off the right party boxes like giving bonuses and lucrative contracts […]]]>

Let’s be honest, there isn’t much of a difference between the candidates from the two major parties in this year’s Connecticut gubernatorial contest.

Ned Lamont, who subsidizes corporations and saves the wealthy from new taxes, is essentially a Republican dressed as a Democrat, checking off the right party boxes like giving bonuses and lucrative contracts to state workers’ unions.

His Republican opponent, Bob Stefanowski, is a true fiscally moderate Republican, saving the rich from new taxes, who can’t quite blue Connecticut voters in the right places because he can’t alienate Trump’s crazies. . in its base.

Both candidates are incredibly wealthy.

Lamont inherited his money from ancestors tied to unsavory things and all that loot a long time ago.

Hartford Courant columnist Kevin Rennie recently wrote about Thomas Lamont, founder of the family fortune, who historian Ron Chernow says was an accomplice of Benito Mussolini and funded his fascist government.

Stefanowski, doing what some say are unsavory things, lending to the poor at high interest rates and consulting for the Saudis, has at least made a fortune.

As a general rule, I would say that earning a lot of money is a better qualification to run the state than inheriting a lot of money, which doesn’t require a lot of common sense or intelligence, just good luck at the DNA lottery.

Indeed, I would say Lamont signing the deal with wealthy utilities in which the state covers all the spiraling cost overruns for the now quarter-billion-dollar remake of State Pier is a good example of this what is an ugly businessman.

More chillingly, Lamont said he felt comfortable covering cost overruns in the contract he signed because his assistant in charge of massive construction projects, the guy who is currently the subject of ‘a criminal investigation by the federal government, told him that everything was fine.

I’m sure Stefanowski, who made his fortune, would never have allowed himself or the state to be trapped by utility executives in expensive suits like Lamont did.

After all, the pier project only benefits two wealthy utilities, which will be better positioned against competitors who will use similar facilities on the East Coast that they had to help pay for. Such a huge government grant to two companies, one of which is foreign, also creates an incredibly small number of jobs in Connecticut.

Lamont, who ran a much better campaign this year, successfully demonized Stefanowski as a right-wing extremist who will suppress women’s reproductive rights.

I believe Stefanowski, who, while pointing to two educated girls he respects, says he would protect Connecticut’s abortion laws and the right to choose.

Where Stefanowski loses me is in his refusal to disavow Donald Trump and the former president’s democracy-denying supporters, possibly one of the most chilling political moves in American history.

Stefanowski admits Joe Biden won the 2020 presidential election, which he probably thinks is a brave stance for someone who wants to keep the GOP base in Connecticut in line.

It’s not.

Nor will it be enough to convince moderate Democrats and the large number of independent voters in the state who in the past have happily chosen Republican governors to control a Democratic-dominated legislature.

What’s different this year and is surely behind Stefanowski’s dismal polls — he released his in a press release that still shows him trailing, 49-43 — is his apparent alliance with the Trumpers, which scares many sane voters in Connecticut.

Stefanowski may have good business sense, but he’s not so good at gauging the mood of reasonable Connecticut voters.

He’ll be in town next week to debate Lamont at the Mohegan Sun.

This may be the right time to launch an Ave Maria and finally denounce the insurgent former president, thief of state secrets and denial of democracy. I could guarantee him big headlines.

It’s worked for other Republicans in blue states, who want to salvage what’s left of their party.

The Independent Party’s Rob Hotaling seems like a good alternative to a Trump enabler on the GOP line.

Otherwise, we can expect four more years of Ned Lamont.

This is the opinion of David Collins

d.collins@theday.com

]]>
Libraries have more than books: unusual things you can find https://ctcontra.com/libraries-have-more-than-books-unusual-things-you-can-find/ Thu, 27 Oct 2022 11:46:00 +0000 https://ctcontra.com/libraries-have-more-than-books-unusual-things-you-can-find/ (WYTV) — A public library is full of books, sure, and sometimes so much more. Across America, public libraries – and that includes those in the Mahoning Valley – are expanding their services with computers and Internet access, DVDs and music CDs. Some lend laptops and e-readers, others go a little further. The Hubbard Library […]]]>

(WYTV) — A public library is full of books, sure, and sometimes so much more.

Across America, public libraries – and that includes those in the Mahoning Valley – are expanding their services with computers and Internet access, DVDs and music CDs. Some lend laptops and e-readers, others go a little further.

The Hubbard Library has an award-winning toy lending library, as well as exercise equipment, telescopes, traffic cones, ukuleles, cake pans, Nintendo Switches, and VR gear, among others.

At the five branches of the Ann Arbor, Michigan library, you can take home a metal detector, a detailed model of the human brain, or a portable disc golf cart.

There’s more: you can also get framed art posters, as well as telescopes and microscopes.

The Library of Things in Sacramento, Calif., lends musical instruments, as well as a screen-printing kit to design your own t-shirts and a high-definition GoPro camera.

The Ottendorfer branch of the New York Public Library lends American Girl dolls.

Library cardholders in North Haven, Connecticut can check out dozens of decorative cake pans and cookie cutters.

Oakland’s Tool Lending Library has over 5,000 tools for your home repair and remodeling projects. Portland, Maine has one too.

And the Alaska Resource Library in Anchorage contains hundreds of specimens of stuffed animals, skulls and hides. The Boy Scouts come for the pelts, and if you’re planning a Harry Potter party, you bring home the stuffed snowy owl.

]]>
POLISH AND SLAVE FEDERAL CREDIT UNION CONTINUES TO REVERSE NEW GROUNDS IN THE MID-WEST https://ctcontra.com/polish-and-slave-federal-credit-union-continues-to-reverse-new-grounds-in-the-mid-west/ Fri, 21 Oct 2022 22:00:00 +0000 https://ctcontra.com/polish-and-slave-federal-credit-union-continues-to-reverse-new-grounds-in-the-mid-west/ BROOKLYN, NY, October 21, 2022 /PRNewswire/ — Innovative, literally and figuratively, the Polish and Slavic Federal Credit Union continues to expand its presence in the Midwest region. On a cool and windy Saturday afternoon in October 15the brooklynPSFCU, based at PSFCU, inaugurated the planned branch in Algonquin, IL, in the northwest suburb of Chicago. When […]]]>

BROOKLYN, NY, October 21, 2022 /PRNewswire/ — Innovative, literally and figuratively, the Polish and Slavic Federal Credit Union continues to expand its presence in the Midwest region. On a cool and windy Saturday afternoon in October 15the brooklynPSFCU, based at PSFCU, inaugurated the planned branch in Algonquin, IL, in the northwest suburb of Chicago. When completed, this will be the first branch of the credit union to Kane Countyseventh in Chicagoland, and the twenty-second PSFCU branch overall.

Extending further from the city of Chicago, the largest ethnic credit union in the country is determined to bring its successful formula to targeted areas that hold great promise for increased membership. “We will go where we are needed and where we can work with Polish-American communities to achieve financial success. After more than twelve years of our presence in the Midwest region, we now have over thirty-two thousand members in Chicagoland, with more than $400 million in deposits there.”

Debby Sosinpresident of the Algonquin Villagehosted the $2.5 billion PSFCU to the area. She thanked Credit Union for becoming a new member of the community and looked forward to fruitful cooperation in the future. In turn, Laura Schockdistrict manager for home representative Sean Casten from 6e The Congressional District read the congressman’s proclamation in which he congratulated PSFCU on the opening of a new location and commended Credit Union for its dedication to the community it serves.

The future Polish and Slavic FCU branch will be located at 2371 County Line Road in Algonquin, IL. It will be built on land purchased by the PSFCU and is expected to open the June 1, 2023.

About PSFCU

Founded in 1976 by a group of Polish immigrants to help other ethnic Poles obtain mortgages, the Polish & Slavic Federal Credit Union today has 21 branches in New York, New Jerseyand Illinois, Pennsylvaniaan operations center Fairfield, New Jersey and a mortgage center in New Britain, Connecticut. In addition, PSFCU offers mortgage loans on properties located in Florida. Caisse members can access its services through online banking, accessible via the www.psfcu.com website, or through the PSFCU mobile app, or use a mobile branch, a specially equipped vehicle used at special events, providing all the services available in a traditional brick-and-mortar location. Through its scholarship program, PSFCU has so far awarded more than six million dollars to more than 5,100 students. The 46-year-old credit union has over $2.5 billion active and serves nearly 112,000 members.

SOURCE Polish and Slavic Federal Credit Union

]]>
M&T faces brighter spotlight after People deal https://ctcontra.com/mt-faces-brighter-spotlight-after-people-deal/ Wed, 19 Oct 2022 21:00:00 +0000 https://ctcontra.com/mt-faces-brighter-spotlight-after-people-deal/ M&T Bank has had to navigate choppy political waters over the past month. M&T has received criticism from elected leaders over problems some Connecticut-based People’s United Bank customers had with converting their accounts to M&T over Labor Day weekend. These executives had also criticized M&T for the scale of the planned job cuts at People’s, […]]]>





M&T Bank has had to navigate choppy political waters over the past month.

M&T has received criticism from elected leaders over problems some Connecticut-based People’s United Bank customers had with converting their accounts to M&T over Labor Day weekend. These executives had also criticized M&T for the scale of the planned job cuts at People’s, stemming from M&T’s $8.3 billion deal for People’s.

Buffalo-based M&T is now in the spotlight, after a deal that expanded its presence throughout the Northeast and boosted its ranking among its peers. And with that higher profile comes more control.

People also read…

Connecticut Governor Ned Lamont tweeted a photo of himself meeting with M&T Chairman and CEO Rene Jones in his office.

“Rene acknowledges M&T’s issues and reaffirmed his commitment to getting it right,” Lamont wrote.

The governor added: “I will hold M&T accountable for its commitment to the state, ensuring at least 1,000 jobs are based in Bridgeport while also focusing on investing in underbanked and underserved communities. of Connecticut.”

M&T has also been criticized by Senator Richard Blumenthal of Connecticut and State Attorney General William Tong, who have vowed to keep M&T under close watch. Lamont, Blumenthal and Tong are all up for re-election this year.







Senator Richard Blumenthal

Senator Richard Blumenthal.


AP file


John Wilcox, who teaches economics and finance at SUNY-Buffalo State and follows the banking industry, said there was a political dimension to what M&T faced in Connecticut, especially in light of the cuts. of M&T jobs. Last year, M&T announced plans to cut 747 Connecticut jobs, mostly at what used to be People’s headquarters in Bridgeport.

“There’s this political sting for lawmakers, and there’s the sting for the community,” Wilcox said. “‘It was a big organization (People’s) in our community, and now this bigger organization from outside has come in and taken them over.'”

Elected officials could do little to stop or slow the people’s deal once regulators approved it, he said.

“I think it’s more about getting leverage to make sure M&T delivers on its commitments, which it always does,” he said.

That leverage could take the form of minimizing job cuts by M&T, or attracting more charitable donations or loan commitments for Connecticut from M&T, he said.

Bank mergers, by their nature, are sensitive transactions, given the different groups they affect:

• Employees of the acquired bank, some of whom could lose their jobs due to overlapping roles.

• Customers, who expect a smooth transition of their accounts to a new bank.

• Leaders of the communities served by the acquired bank, who are concerned about the long-term business impact of the deal.

A year ago, M&T announced a five-year, $43 billion loan and investment package that would affect all of its markets, including territories added under the popular deal.

But M&T still faced criticism on two fronts: the way customer accounts were converted and its plans to cut jobs.

M&T acknowledged that some customers encountered issues during the conversion, while seeking to put those issues into perspective. Jones said M&T onboarded nearly a million new People’s customers, with 1.7 million accounts, and complaints the bank received directly or otherwise accounted for 0.6% of converted customers.







Rene F. Jones

René F. Jones, Chairman and CEO of M&T.


Derek Gee/Buffalo News


Jones said there may be other customers who have issues but haven’t officially reported them, but M&T is working to resolve any outstanding issues.

M&T has also agreed to waive certain fees until the end of October for former People’s customers whose accounts have been transferred to M&T, whether or not those customers experience any issues. And the bank was reimbursing customers for late fees incurred if they were temporarily unable to access their accounts.

Wilcox said any customer account conversion issues seemed to fade away after the first wave of attention. The conversion phase is a critical step for banks, he said.

“You want to do it successfully because it keeps people in the loop,” Wilcox said. “You bought a million customers and you want to have them with you. You want to have their deposits with you in a year.

“That’s what you paid for: not just the buildings, not just the employees, but you also paid for the customers,” he said.

On the jobs front, M&T made public its reduction plans in August 2021, well ahead of the scheduled completion date. The elected officials of the time were alarmed by the number of cuts.

The bank said it would prioritize affected People’s employees for other vacancies at M&T. And the bank has pledged to employ at least 1,000 workers within a year of converting systems at M&T’s new regional office in Bridgeport, Connecticut.

Although M&T received strong criticism from elected officials, it was in the bank’s interest not to make matters worse with its responses, Wilcox said. “You want to make this as user-friendly and efficient as possible, and you don’t want to create any enemies along the way.”

Want to know more? Three stories to catch up with you:

• M&T feels more heat over issues People customers had with conversion

• M&T strikes $8.3 billion deal for People’s United

• M&T ready to capitalize on People’s deal

THE LAST

Keep up to date with the latest economic news from Buffalo Niagara:

Community groups are demanding a significant portion of the funding this will be part of a Buffalo Bills community benefits agreement.

Former 43North CleanFiber Award Winner plans to further expand its Hamburg plant.

A Cleveland developer plans a sprawling senior housing complex in Amherst.

A state-backed program to transform properties bought by speculators in Niagara Falls and stimulate development there carried out one of his first projects.

A pair of new retailers – Sierra and Homesense – chose Amherst for their first stores in Western New York.

Josh Allen and Kaleida executives announced the largest donation to date for the Patricia Allen Fund – $2 million from West Herr Automotive.

A strike has ended at Sysco Syracusewhich affected approximately 30 drivers in the Buffalo area.

Buffalo Bills stadium deal won’t be done for months while another extension agreement has been reached.

Local hotel operator Jay Patel bought the Millennium Hotel in Cheektowaga.

The final phase of the Colvin Estates housing development in Buffalo kicks off.

ICYMI

Five reads from Buffalo Next:

1. It’s 43North week and 15 startups are competing for five million dollar prizes in this year’s revamped competition. The organizers have made the necessary changes to keep the competition relevant in an increasingly competitive market in order to attract – and nurture – promising startups.

2. As New York moves toward legalizing cannabis sales, the experience of other states gives a good indication of what works – and what doesn’t.

3. For children with autism, another way to learn: The Autism Research Institute at Canisius College offers a unique social skills intervention that begins with young children, but could improve the quality of life for all people with autism.

4. As Micron Chooses Syracuse, Will Genesee County Ever Claim Its Own Semiconductor Victory? The Science and Technology Advanced Manufacturing Park, or STAMP, showcases its ability to attract workers from Rochester and Buffalo. But is its location, in a remote location in the city of Alabama, more of a liability than economic development officials think?

5. A handful of solar farms proposed for sites in Western New York will be among the largest in the state, which is working to get more electricity from renewable sources.

The Buffalo Next team gives you insight into the economic revitalization of the region. Email tips to buffalonext@buffnews.com or contact Associate Business Editor David Robinson at 716-849-4435.

Was this email forwarded to you? Sign up to get the latest news delivered to your inbox five days a week.

]]>
Largest Phenix Salon Suites franchisee continues to expand, with more than 50 locations open https://ctcontra.com/largest-phenix-salon-suites-franchisee-continues-to-expand-with-more-than-50-locations-open/ Mon, 17 Oct 2022 10:49:46 +0000 https://ctcontra.com/largest-phenix-salon-suites-franchisee-continues-to-expand-with-more-than-50-locations-open/ By: Phoenix Salon Suites | 0 shares 21 readings October 17, 2022 // Franchising.com // ENCINITAS, CA – Phoenix Salon Suitesthe country’s leading lounge suite franchise turned international pioneer, continues to thrive alongside its largest franchise operator, Kevin Davis, who has opened a total of 51 locations with the brand in ten years. Davis, a […]]]>

By: | 0 shares 21 readings

October 17, 2022 // Franchising.com // ENCINITAS, CA – Phoenix Salon Suitesthe country’s leading lounge suite franchise turned international pioneer, continues to thrive alongside its largest franchise operator, Kevin Davis, who has opened a total of 51 locations with the brand in ten years.

Davis, a longtime Phenix franchisee who first joined the brand in 2012 as its second franchisee, has 51 locations open in New York, New Jersey, Connecticut, Maryland, Virginia, North Carolina, Washington DC and California. Now, after opening eight locations so far in the third quarter of 2022, Davis is also on track to open five more before the end of the fourth quarter of 2022. Davis has 22 additional locations currently in development across New York City, New Jersey, Connecticut, Maryland, Virginia, North Carolina, Washington DC and California.

Davis began his franchising career in the restaurant industry and moved into salon suites when he was exhausted from the day-to-day operations of restaurant ownership and looking for a semi-absentee ownership model. . Following an insightful conversation with Jason Rivera, then-CEO of Phenix Salon Suites, Davis signed his first franchise agreement with the brand to open a location in Catonsville, MD and soon added additional East Coast locations to his portfolio. In addition to owning and operating his own locations, Kevin was instrumental in building the Phenix brand and helped lead the development of 11 locations that are now owned by other franchisees.

“After first investing in Phenix in 2012, it immediately became clear that this model was solid,” Davis said. “There was clear interest from lifestyle professionals looking to rent the self-catering suites, as well as clients who needed their services, and as an investor the benefits were there almost instantly. The real selling point of the Phenix model is its scalability – I have 51 locations open across the country and the day to day work for me is minimal, which is why I’ve been able to continuously grow in multiple states After years of franchising with restaurants, there is no doubt that Phenix is ​​the winning investment. Jason, Gina and the entire team at Phenix have built an incredible business; one that I am proud to be a part of, and look forward to continuing to build alongside them.

Phenix Salon Suites continues its positive growth trajectory, both nationally and internationally. Solidifying its stellar reputation as one of the fastest growing entrepreneur franchises for the eighth consecutive year, the brand is already exceeding growth expectations in 2022 with the goal of signing more than 25 additional franchise agreements before the end of the year.

“After more than a decade in business, it’s franchisees like Kevin that help Phenix thrive,” said Gina Rivera, Founder of Phenix Salon Suites. “As a franchisee who joined our business early on, he has been integral to our growth as we have worked nationally and internationally from Phenix. He is a great example of a franchisee who understands our brand mission. family business that offers lifestyle professionals the opportunity to own their own business, combined with a recurring opportunity for expansion that will truly strengthen a portfolio. Now, in the strongest position we have ever had as a brand, we look forward to seeing Kevin continue to grow with us and benefit from the Phenix model.

Phenix Salon Suites was one of the first salon suite concepts to offer luxurious and spacious suites for independent salon and lifestyle professionals to rent on a monthly basis and become their own boss. The suites are equipped with high-end amenities, including a styling chair, shampoo chair, cabinets, hair dryer, and shampoo bowl that hangs directly over the sink. Salon essentials are designed to meet the basic needs of every professional while giving them the flexibility to customize their suites, set their own hours, and operate their business as sole proprietors.

While no salon experience is necessary, the most successful franchisees have a working knowledge of commercial real estate, general business experience, and are well capitalized with the ability to invest $500,000 or more. Financing is available through our lending partners.

To learn more about Phenix Salon Suites and its franchise opportunities, visit www.phenixsalonsuitesfranchising.com.

About Phoenix Salon Suites

The California-based Salon Suite Franchise is a salon suite rental concept that offers salon and lifestyle professionals the opportunity to run their own business in a private salon suite within a larger salon. large and well located. Phenix Salon Suites does not sell haircuts. The brand licenses custom suites so professionals can serve their clients in a safe and secure environment. Founded in 2007 by beauty expert and celebrity hairstylist Gina Rivera, who has family roots in the industry dating back to 1929, the Phenix Suites concept has reinvented the salon industry. The company began franchising in 2012 and today has over 330 salons in 33 states with ongoing plans for international expansion. Recognized for 9 consecutive years on the Top 500 Entrepreneurs list, Phenix Salon Suites is recognized as an industry leader with franchise opportunities available in a number of key markets across the United States. For more information on franchising with Phenix Salon Suites, please visit www.phenixsalonsuitesfranchising.com/.

SOURCE Phoenix Salon Suites

###

Media Contact:

Tyson Frucci
PR of all points
Cell: 847-505-9013
tfrucci@allpointspr.com

Comments:


comments powered by

]]>
Foundation to pay off mortgage on Sergeant DeMonte’s house – NBC Connecticut https://ctcontra.com/foundation-to-pay-off-mortgage-on-sergeant-demontes-house-nbc-connecticut/ Fri, 14 Oct 2022 22:58:01 +0000 https://ctcontra.com/foundation-to-pay-off-mortgage-on-sergeant-demontes-house-nbc-connecticut/ The Foundation of the tower tunnel announced that they would pay off the mortgage of Sgt. Dustin DeMonte’s home after he died in the line of duty in Bristol. DeMonte was a 10-year veteran of the force. He is the father of two young children and a third is on the way. The foundation said […]]]>

The Foundation of the tower tunnel announced that they would pay off the mortgage of Sgt. Dustin DeMonte’s home after he died in the line of duty in Bristol.

DeMonte was a 10-year veteran of the force. He is the father of two young children and a third is on the way.

The foundation said it would immediately mortgage DeMonte’s home. The Tunnel to Towers Fallen First Responders Home Program pays the mortgages of families of first responders who are killed in the line of duty and leave behind young children.

Bristol community members remember how Sgt. Dustin DeMonte marked their lives.

The Bristol Police Chief said that at just 35, DeMonte had already received recognition and awards, including Officer of the Year. He received a commendation for saving life in 2019 and he was a school resource officer at Greene Hills and West Bristol Schools.

“These cowardly acts of violence targeting our first responders must stop. Instead of preparing to celebrate the birth of their third child, the DeMonte family now faces a future without her husband and father. Two children will grow up with only memories, while their youngest brother was robbed of the opportunity to be held by their father,” said Frank Siller, President and CEO of Tunnel to Towers.

For more information on the program, visit their website.

]]>