In this issue of ABF Journal, we highlighted the career paths of the most influential and innovative women in the asset-based lending industry while providing insight into the skills and motivations that drove them to where they are today.
The turnaround management industry, like most industries, has not always been particularly inclusive, but the industry’s inherent problem-solving roots make it one positioned to make significant improvements in diversity, equity and inclusion. To that end, the Turnaround Management Association is building off the initiatives at the chapter level to make DE&I a global focus.
Despite all we know about Chapter 11 bankruptcy, there is still a lot left to be uncovered. Examining how the process affects minority-owned businesses is an especially lacking area of study, but there are potential insights to be found in the limited research that has been done as well as the more largely available data on the consumer side.
Through the creation of a LGBTQ2+ business development officer role, TD Bank has made lending to businesses within the LGBTQ2+ community a priority. Steve Garibell, who fills the role in the New York market, shares his experience and how he helps businesses grow.
As more and more companies prioritize improving diversity, equity and inclusion (or at least say that they do), they must ensure that leadership is held accountable and that they maintain focus on this area in good times and bad. Otherwise, it may lead to poor performance in the future.
Building a more representative workforce takes more than just words. To really improve, companies can’t fall into the trappings of lazy excuses. Instead, they must be creative and intentional with how they attract, recruit, hire and promote employees of color.
The rise in efforts to better promote and institute diversity, equity and inclusion across the financial services sector (and most industries in general) has led to an increase in the hiring and appointment of chief diversity officers. But naming someone to the role is only the beginning for companies that are fully committed to making progress.
Businesses have been using factoring to fund gaps in working capital for an exceptionally long time, but businesses in real trouble and with immediate needs can really benefit from this type of funding. Nikolai Sands of CohnReznick outlines the pros and cons of factoring for distressed companies and why it should be considered as more than a last resort.
In a Q&A with ABF Journal, Paul Clarkson, executive vice president of U.S. financial institutions at nCino, and Van Dukeman, president and CEO of Busey Bank, discuss the benefits of cloud technology for commercial lenders and why such technologies have become mission critical.