9/4/2023 0 Comments Gap financesWe also isolated 8,470 survey responses from employees in the financial sector. To learn more about the financial-services sector specifically, we carved out the employer data of 27 asset-management companies (excluding private equity), 25 banking and consumer-finance companies, ten insurers, and nine payments companies, which collectively employ over 500,000 employees. All data were collected between May and August of 2021. The latest Women in the Workplace report, released in September 2021, is based on data from 423 employers across the United States and Canada as well as a survey of more than 65,000 people from 88 companies. At the same time, women leaders have taken on the additional responsibilities of supporting employees and investing in diversity and inclusion during the COVID-19 pandemic-but they aren’t being rewarded for this critical work.įor the past seven years, McKinsey and LeanIn.Org have tracked the progress of women in corporate America. Consistent with previous years, women in financial services continue to experience a “broken rung” at the first step from entry level to manager-where they are significantly less likely than men to be promoted (for more about our research, see sidebar “About the research and findings”). A new industry-specific analysis of data from the latest Women in the Workplace report, a McKinsey collaboration with LeanIn.Org, reveals a leaky pipeline from which women are falling out in greater numbers as they progress up the career ladder, resulting in significant inequality at the top. Yes, non-profits are fully eligible assuming they meet all other requirements.At the beginning of 2021, women in North America remained dramatically underrepresented in the financial-services workforce-particularly at the level of senior management and above. Start-ups are technically eligible but typically do not meet either the underwriting standards for the BFA’s gap financing options. The BFA charges no application fee for any program. However, the total economic impact must be sensible in relation to the size of the loan and the risk of the transaction. There is no fixed number of jobs that must be created and/or maintained. Are there minimum job creation requirements for gap financing? The best approach is to contact us online or via telephone to discuss the opportunity. The application process for gap financing varies on whether the loan is being provided by the BFA directly or via one of our partners. ![]() No, residential real estate is not eligible. Is residential real estate eligible for gap financing? However, this will vary case-by-case based on the overall risk inherent in the transaction. As such most gap lenders have no fixed collateral requirements. What are the collateral requirements on these gap financing loans?Ī “gap” in a loan structure usually occurs due to a collateral shortfall. However as these loans are typically riskier than your standard bank loans, expect to pay an interest rate marginally higher than a conventional bank loan. Since the majority of these loans are provided by BFA’s partners, the BFA is not setting the final interest rate. What are the interest rates on these gap financing loans? An up-to-date personal financial statement for the borrower’s personal guarantor is also typically required. However, most request monthly and/or quarterly financial statements as well as copies of the borrower’s annual tax returns. What are the reporting requirements when obtaining a gap financing loan?Įach lender in the Regional Development Corporation has different requirements. ![]() Simply reach out to us online or call us directly any time. The BFA is happy to make the introduction to the appropriate RDC. ![]() The BFA then provides the final approval after receiving all pertinent information from our RDC partner. For a gap financing transaction to be approved you must seek approval from the RDC’s board of directors. RDC’s borrow funds from the BFA to provide gap financing to borrowers in their region. While there is no official maximum, typical transactions of this type range between $50,000 and $2,000,000 What is the approval process for gap financing?Įach region of New Hampshire is served by a Regional Development Corporation (RDC). What is the maximum amount of gap financing available?
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