tag:blogger.com,1999:blog-10945300832635781952024-03-27T22:58:10.104-07:00RCGILTNER Services, Inc.Follow our knowledge base posts on bank digital lending for small business and consumers by entering your email below.RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.comBlogger277125tag:blogger.com,1999:blog-1094530083263578195.post-7631700863855805382020-09-08T06:48:00.000-07:002020-09-08T06:48:12.467-07:00Largest Efficiency Opportunity for Community Banks – Automating Credit Review and Renewal of Business Loans Under $250k<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-size: 14.0pt;">89%</span> of C&I business loans held by community
banks, banks under $10 Billion, are under $250,000 according to FDIC.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN5b669N7A2NgN8jboobQauB0-Xz3uPWhy9-LdLPmmSSvR_SonJxecQQM8774C1DXt2DRc-6tr__zTizAKrQZ-uCfpvXHGl74MpioYdcquKJTqUFeAwoqjmAQhrSgOW5xgVAQxnqOfHIzC/s1600/C%2526I+Loans.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="323" data-original-width="698" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgN5b669N7A2NgN8jboobQauB0-Xz3uPWhy9-LdLPmmSSvR_SonJxecQQM8774C1DXt2DRc-6tr__zTizAKrQZ-uCfpvXHGl74MpioYdcquKJTqUFeAwoqjmAQhrSgOW5xgVAQxnqOfHIzC/s400/C%2526I+Loans.png" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
Most financial
institutions monitor, risk-rate and schedule portfolio reviews for these loans
just as they would for loans over $1MM.
Officers and relationship manager contact the customer for financial and
other information for renewals and review.
Data is captured in spreadsheets and shared. Credit officers complete financial and
collateral analysis. Compliance
information is documented. These loans
follow workflow processes designed for much larger and more complex loans. The result is a highly inefficient process
for what is truly required for these loans and a unwieldly customer experience.</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
Sound and compliant
automation today allows a stream-lined and efficient process.<span style="mso-spacerun: yes;"> </span>Our Automated Lending EXperience (ALEX)
provides sound credit monitoring and underwriting in monitoring and renewing
these loans.<span style="mso-spacerun: yes;"> </span>Monitoring reports are
automatically generated with exceptions and action recommendations.<span style="mso-spacerun: yes;"> </span>Reviews and renewals are completed with
digital automation.<span style="mso-spacerun: yes;"> </span>And best of all, the
customer experience is greatly enhanced with automated notifications, simplified
processes and a great experience through e-sign.<span style="mso-spacerun: yes;"> </span>As Mike Moore of Pennian Bank pointed out, “<i>The
simplified and sound process of ALEX is greatly simplified over the workflow
required for our larger and more complex loans.</i>”<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
Learn more
about our Automated Lending EXperience for credit monitoring and loan renewals
at <a href="https://www.rcgiltner.com/">RCGILTNER</a>.<o:p></o:p></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-59507930029767785222020-08-31T07:10:00.004-07:002020-08-31T07:12:06.193-07:00Tech Report Says Automation Most ImportantCommunity bankers say the customer experience is their highest priority. Automation, in-branch or out, is their most important approach according to the <a href="https://www.dropbox.com/scl/fi/vei6xtlnfdasm0gkv3n9v/2020-Tech-Report.pdf?dl=0&oref=e&r=ABNmIoMaLfa0cHClImmo0N3svTRF196iT7xyzGPvnEMR9HxqfBaEn6KEuonFH4pxvkUeW0UwZvmnIT1YPlDysgv26Kih_VVMatZDMDpWxpXp1L1QazdETxpRS02fjc5ok_Qczp3_2DuUTSw6P7vH61ZgHg_QleX8Sul9jE3cp3fOd-CRInOxeK0yb5va7kB888s&sm=1">BankDirector 2020 Technology Report</a>. They rate service to customers through technology and personal branch service as equally important.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR0FTwE4hp-ANkE6O1JaRpX5yWILkDst2TE1YROX0hxYRhFGpR33FIY282s4bR1OB9UCsYZkXWC9YKmFpR4C94LPI3eiuebpcOWMjTnkLxhjios96YaHtZXZaU3SRBlmB_avQg8kRj56rM/s1600/tech+report.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="381" data-original-width="1600" height="95" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR0FTwE4hp-ANkE6O1JaRpX5yWILkDst2TE1YROX0hxYRhFGpR33FIY282s4bR1OB9UCsYZkXWC9YKmFpR4C94LPI3eiuebpcOWMjTnkLxhjios96YaHtZXZaU3SRBlmB_avQg8kRj56rM/s400/tech+report.jpg" width="400" /></a></div>
<br />
That is why our Automated Lending Experience (ALEX) leverages what is best about you - personal, local and relationship-based service - with the technology we provide to automate lending in-branch or out. Learn more about how banks $100M to $13B are drastically improving automation and the customer experience with ALEX at <a href="https://www.rcgiltner.com/">RCGILTNER</a>.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEia30NdPcQoNv9jhYk7VkgQjeNL_sDzxfjH1wkq3po1H25dR4LNqHI1Ws8yyBVDGXlYEMEBPSfyCgIvxHFO_2pZtl6z-N7gmYmn2tEtviR4wH8TF6iUENjtnzNlI42ey5NFK-lYr1SIWfDC/s1600/mobile+ML.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="514" data-original-width="372" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEia30NdPcQoNv9jhYk7VkgQjeNL_sDzxfjH1wkq3po1H25dR4LNqHI1Ws8yyBVDGXlYEMEBPSfyCgIvxHFO_2pZtl6z-N7gmYmn2tEtviR4wH8TF6iUENjtnzNlI42ey5NFK-lYr1SIWfDC/s320/mobile+ML.jpg" width="231" /></a></div>
<br />
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-10727064154730126922020-08-13T08:05:00.001-07:002020-08-13T08:06:00.751-07:00Lenders Going to Digital Loan Automation with Personal Service with COVID-19The BAI's new report,<a href="https://www.bai.org/wp-content/uploads/2020/08/lenders-going-digital-to-deal-with-covid-19.pdf?_gl=1*1fwx6xl*_gcl_aw*R0NMLjE1OTU0MzAxNDUuQ2p3S0NBand4OV80QlJBSEVpd0FwQXQwenVTNlBTdkY2dEluRS1kNFUyOGR2aS01NnlhcTBfUzZRYnItVmJNczdDYjVkOU9XLWQwQzVob0NzaUlRQXZEX0J3RQ..&_ga=2.211534293.1989224927.1597330446-1192059844.1595430080&_gac=1.215630437.1595430145.CjwKCAjwx9_4BRAHEiwApAt0zuS6PSvF6tInE-d4U28dvi-56yaq0_S6Qbr-VbMs7Cb5d9OW-d0C5hoCsiIQAvD_BwE"> Lenders Going Digital to Deal with COVID-19,</a> documents the requirement now to deal with customers often remotely. At the same time community banks leverage their local, personal and relation-driven service. As the BAI points out:<br />
<br />
<h2 style="text-align: center;">
<i>"Lenders need to balance the digital and personal."</i></h2>
<div>
<i> Terry Badger, Editor, BAI</i></div>
<br />
<div style="text-align: left;">
That is why we provide the Automated Lending EXperience (ALEX). <span style="color: #4d4d4d; font-family: "quicksand"; font-size: medium;"><span style="background-color: white;">It<b> </b></span></span><span style="background-color: white; color: #4d4d4d; font-family: "quicksand"; font-size: medium;">integrates what is best about you – </span><strong style="background-color: white; color: #4d4d4d; font-family: Quicksand; font-size: large;">local, personal, relationship service with sound underwriting</strong><span style="background-color: white; color: #4d4d4d; font-family: "quicksand"; font-size: medium;"> – with what is best about the technology we provide to you – </span><strong style="background-color: white; color: #4d4d4d; font-family: Quicksand; font-size: large;">simplicity, speed and efficiency.</strong></div>
<div style="text-align: left;">
<strong style="background-color: white; color: #4d4d4d; font-family: Quicksand; font-size: large;"><br /></strong></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjo8ruoV394lzqIaieDWzFnRXj6YZx-7YjI8nun56w9SzASfhLu5M816gG_STxw1UC9zCNC0SAumKXWdqiWKREovCB3InwucpX5ZufgoYDljqQMK3qbWxUzkQY0FXufXwlKF2BLHaPuSDV/s1600/Process+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="241" data-original-width="1075" height="88" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjo8ruoV394lzqIaieDWzFnRXj6YZx-7YjI8nun56w9SzASfhLu5M816gG_STxw1UC9zCNC0SAumKXWdqiWKREovCB3InwucpX5ZufgoYDljqQMK3qbWxUzkQY0FXufXwlKF2BLHaPuSDV/s400/Process+3.jpg" width="400" /></a></div>
<div style="text-align: left;">
<strong style="background-color: white; color: #4d4d4d; font-family: Quicksand; font-size: large;"><br /></strong></div>
<div style="text-align: left;">
<strong style="background-color: white; color: #4d4d4d; font-family: Quicksand; font-size: large;"><br /></strong></div>
<div style="text-align: left;">
<span style="color: #4d4d4d; font-family: "quicksand"; font-size: medium;"><span style="background-color: white;">Learn more about ALEX at <a href="https://www.rcgiltner.com/">RCGILTNER</a>.</span></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-22259910932182615512020-05-04T05:49:00.000-07:002020-05-04T08:38:01.341-07:00How to Prepare for Paycheck Protection Loan Forgiveness<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="font-size: 12.0pt;">Gregory S. Schreacke, CPA<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i><span style="font-size: 12.0pt;">CEO, RCGILTNER Digital Lending<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Many who have received Paycheck Protection Loans are eager to know
how to apply for the forgiveness component of these of these loans. <u>Ambiguity
still exists as specific guidance from the SBA has still not been released.</u> Hereis what bankers and borrowers might expect based on current information.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">For Bankers Concerning PPP Forgiveness<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt;">
<span style="background: white; color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.15pt;">Bankers are in the business of helping
their customers.<span style="mso-spacerun: yes;"> </span>However, the lack of
SBA guidance on how forgiveness of PPP loans will work leaves a frustrating
lack of clarity that bankers cannot remedy. Bankers are advised to acknowledge
we are all waiting for guidance, and:</span><span style="color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.2pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt; margin-left: 41.25pt; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo1; tab-stops: list 48.75pt; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.2pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.2pt;">Avoid
making statements that suggest that the rules for forgiveness assessment are settled.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt; margin-left: 41.25pt; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo1; tab-stops: list 48.75pt; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.2pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.2pt;">Recommend
that customers consult their other trusted advisors (accountants and lawyers)
for guidance in formulating strategies to achieve optimal loan forgiveness.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt; margin-left: 41.25pt; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo1; tab-stops: list 48.75pt; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.2pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.2pt;">Ensure
that any guidance provided clearly indicates that the standards are unsettled
and that the bank is in no position to opine on how the law will ultimately be interpreted.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt; margin-left: 41.25pt; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo1; tab-stops: list 48.75pt; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.2pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: "arial" , sans-serif; font-size: 10.5pt; letter-spacing: -0.2pt;">Suggest
be</span><span style="color: black; font-size: 12.0pt; letter-spacing: -0.2pt;">st practices that will be useful regardless of how the
law is ultimately interpreted (record keeping, account segregation, types of
records likely needed to demonstrate compliance with forgiveness standards);
and<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.9pt; margin-bottom: 4.5pt; margin-left: 41.25pt; margin-right: 0in; margin-top: 0in; mso-list: l2 level1 lfo1; tab-stops: list 48.75pt; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "symbol"; font-size: 10.0pt; letter-spacing: -0.2pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-size: 12.0pt; letter-spacing: -0.2pt;">Reference to relevant government issued rules
and guidance.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal">
<b><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">For Borrowers
Concerning PPP Forgiveness</span></b><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span><br />
<b><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">This section for borrowers in presented
in two parts: A. Review of Paycheck Protection Rules and Ambiguities which is
meant to assist in understanding the confusion about forgiveness, and B.
Preparing for Forgiveness, the steps borrowers can use to prepare for
forgiveness.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: .75in; mso-add-space: auto; mso-list: l4 level1 lfo6; text-indent: -.5in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">I.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><u><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Review of
Paycheck Protection Rules and Ambiguities<o:p></o:p></span></u></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">For
businesses, sole proprietors and self-employed individuals, the Paycheck
Protection Program allows loans equal to 2.5 time monthly allowable payroll and
related expenses. Components of these loans may be forgivable if the proceeds
are used for allowable payroll, rent, interest and utilities over the
eight-week period following the receipt of the loan.<span style="mso-spacerun: yes;"> </span>Certain limitations exist such as 75% of the
funds to be forgiven must be used for payroll.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri;">The American Institute of CPAs,</span><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> AICPA, has reviewed the ambiguities of PPP
forgiveness, and is making </span><a href="https://www.aicpa.org/content/dam/aicpa/press/pressreleases/2020/aicpa-ppp-recommendations-letter.pdf"><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">the following broad recommendations</span></a><span style="font-size: 12.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> for the PPP application and forgiveness
process<b><i>.<span style="mso-spacerun: yes;"> </span>We have no knowledge if
these will be accepted.</i></b><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; mso-list: l6 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">The
eight-week covered period under PPP should align with the beginning of a
pay period, not the date loan proceeds are received.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-top: 12.0pt; mso-list: l6 level1 lfo3; tab-stops: list .5in;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">The eight-week period should be flexible,
with businesses able to choose to commence it once stay-at-home
restrictions are lifted instead of when loan proceeds are received.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-top: 12.0pt; mso-list: l6 level1 lfo3; tab-stops: list .5in;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">Full-time equivalents (FTEs) should be
calculated using a simple wage-based proxy when hours worked are not
tracked by the employer (e.g., for salaried workers or those paid by
piece).<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-top: 12.0pt; mso-list: l6 level1 lfo3; tab-stops: list .5in;"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";">Payroll reduction calculations should be
based on an employee’s average payroll per week in the eight-week period
compared to the prior quarter, rather than comparing total compensation in
the periods. Loan forgiveness is reduced if an employee’s compensation
decreases by more than 25% but an eight-week period will naturally have
33% less payroll than a 12-week quarter.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">These recommendations reflect the confusion about exactly how forgiveness
may happen.<span style="mso-spacerun: yes;"> </span>The lack of clarity is
particularly well defined by </span><a href="https://evergreensmallbusiness.com/losing-ppp-loan-forgiveness/"><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Evergreen
Small Business</span></a><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> and summarized below.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The 8-week period for forgiveness
immediately after funding occurs while many states are still in quarantine,
making use of funds more challenging.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Headcount reduction or pay rate
reduction during the 8-week period after the receiving the loan could limit
forgiveness.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The re-hire window is limited and
leaves open what to do with re-hires after 8 weeks.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">D.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The 25% non-payroll costs limitation
and failing to spend at least 75% on payroll may present challenges.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">E.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Self-employed individuals and sole
proprietors are likely limited to 75% loan forgiveness by SBA rules.<o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 0in; margin-top: 12.0pt; mso-list: l6 level2 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">F.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Documentation is critical and not
fully clarified.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Our next section provides likely documentation required for
forgiveness by entity type for your preparation with thanks to AICPA, no
specific guidance exists.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 0in; margin-top: 0in; mso-add-space: auto; mso-list: l4 level1 lfo6; text-indent: -.5in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">II.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><u><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Preparing for Forgiveness<o:p></o:p></span></u></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 22.5pt; margin-right: -1.0pt; margin-top: 0in; mso-add-space: auto; mso-list: l6 level3 lfo3; text-indent: -4.5pt;">
<!--[if !supportLists]--><b><span style="color: #231f20; font-size: 12.0pt;"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b><u><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt;">L</span></u></b><b><u><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt;">o</span></u></b><b><u><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt;">a</span></u></b><b><u><span style="color: #231f20; font-size: 12.0pt;">n<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: .1pt; mso-font-width: 102%;">o</span><span style="letter-spacing: .05pt; mso-font-width: 106%;">r</span><span style="mso-font-width: 102%;">g</span><span style="letter-spacing: .05pt; mso-font-width: 115%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">v</span><span style="letter-spacing: .1pt; mso-font-width: 97%;">e</span>n<span style="mso-font-width: 97%;">e</span><span style="mso-font-width: 103%;">s<span style="letter-spacing: .1pt;">s</span></span><span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">d</span><span style="letter-spacing: -.1pt; mso-font-width: 102%;">o</span><span style="mso-font-width: 105%;">c</span>u<span style="letter-spacing: -.1pt; mso-font-width: 104%;">m</span><span style="mso-font-width: 97%;">e</span><span style="letter-spacing: -.05pt;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 120%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 97%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 102%;">o</span>n<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: .05pt;">f</span><span style="letter-spacing: .35pt; mso-font-width: 102%;">o</span><span style="letter-spacing: .35pt; mso-font-width: 106%;">r</span><span style="letter-spacing: -.5pt;"> </span><span style="mso-font-width: 97%;">corporations,
LLCs and partnerships.</span><span style="mso-font-width: 103%;"><o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="line-height: 8.0pt; margin-bottom: .6pt; mso-line-height-rule: exactly;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 38.5pt; margin-top: 0in; mso-add-space: auto; mso-list: l5 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.1pt; line-height: 110%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">P</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">a</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">y</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">r</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">o</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">l</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">l</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">t</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.05pt; line-height: 110%;">a</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">x</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.4pt; line-height: 110%;"> </span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">r</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">p</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">o</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.35pt; line-height: 110%;">r</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">t</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">s</span></b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">:</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">2</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">0<span style="letter-spacing: -.05pt;">2</span>0<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">I</span><span style="letter-spacing: -.1pt; mso-font-width: 88%;">R</span><span style="mso-font-width: 89%;">S</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 92%;">F</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">9</span><span style="letter-spacing: -.7pt;">4</span><span style="letter-spacing: -.95pt;">1</span><span style="letter-spacing: -.25pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 96%;">a</span><span style="mso-font-width: 97%;">x</span> <span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .1pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span>p<span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.4pt; mso-font-width: 96%;">(</span><span style="letter-spacing: .05pt; mso-font-width: 89%;">S</span><span style="letter-spacing: .05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">mm</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">b<span style="mso-font-width: 93%;">e</span></span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 104%;">w</span> <span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt;">g<span style="mso-font-width: 96%;">a</span></span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt;">d</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .1pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">p</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">ri</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt;">d</span><span style="letter-spacing: -.6pt; mso-font-width: 86%;">.</span><span style="mso-font-width: 98%;">)</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">I</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 95%;">y</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 97%;">z</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 99%;">h</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 96%;">a</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 101%;">l</span> <span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">ro</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt;">d<span style="mso-font-width: 93%;">e</span></span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 92%;">P</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">si</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">l</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 85%;">E</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 95%;">y</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 87%;">O</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 97%;">z</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">(</span><span style="letter-spacing: -.05pt; mso-font-width: 92%;">P</span><span style="letter-spacing: -.15pt; mso-font-width: 85%;">E</span><span style="letter-spacing: -.45pt; mso-font-width: 87%;">O</span><span style="mso-font-width: 98%;">)</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 95%;">y</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">u</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt;">p</span><span style="letter-spacing: -.15pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span> <span style="letter-spacing: -.15pt;">d</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 99%;">h</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt;">p</span><span style="mso-font-width: 101%;">o<span style="letter-spacing: .25pt;">r</span></span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 98%;">f</span><span style="letter-spacing: .05pt;">l<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 103%;">c</span></span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: .05pt;">g</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 96%;">a</span><span style="mso-font-width: 97%;">x</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 97%;">f</span>i<span style="mso-font-width: 101%;">l</span><span style="letter-spacing: .1pt; mso-font-width: 93%;">e</span>d<span style="letter-spacing: .1pt; mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 38.5pt; margin-top: 0in; mso-add-space: auto;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 156.15pt; margin-top: 0in; mso-add-space: auto; mso-list: l5 level1 lfo5; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.05pt; line-height: 110%;">C</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">o</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.05pt; line-height: 110%;">m</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">p</span></b><b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.05pt; line-height: 110%;">e</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">n<span style="letter-spacing: -.05pt; mso-font-width: 103%;">s</span><span style="mso-font-width: 97%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 120%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 115%;">i</span><span style="mso-font-width: 102%;">o</span>n<span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 97%;">a</span>n<span style="mso-font-width: 101%;">d</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .25pt; mso-font-width: 90%;">F</span><span style="mso-font-width: 99%;">T</span><span style="letter-spacing: .1pt; mso-font-width: 85%;">E</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">s</span></span></b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">:</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">I</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">n</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">g<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 93%;">e</span></span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">,</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">p</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">y</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">p<span style="mso-font-width: 101%;">o</span></span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.3pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">t</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">s</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">w</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">h</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">c</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">h</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">w</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">n</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">c</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">u</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">d</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.5pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">t</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">h</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"> <span style="letter-spacing: -.4pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.35pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.25pt;">g</span><span style="letter-spacing: -.1pt;">: </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 156.15pt; margin-top: 0in; mso-add-space: auto;">
<span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">.</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 8.4pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">G</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">os</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">s</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">w</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">g</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">s</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.4pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.35pt; line-height: 110%;">f</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">or</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">c</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">h</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">m</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">p</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">y</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">ee</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">f</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">t</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">h</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.4pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;">f</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">l</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">w</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">n</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.25pt; line-height: 110%;">g</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">:</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"> <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .5in; margin-right: 156.15pt; margin-top: 0in; mso-add-space: auto;">
<span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-spacerun: yes;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: 8.85pt;"> </span><span style="mso-font-width: 91%;">D</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .1pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span>p<span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span>d<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 48.95pt; margin-top: 0in;">
<span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;"><span style="mso-spacerun: yes;"> </span>i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">.</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 6.55pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">D</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">u</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">n</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 101%;">l</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">q<span style="mso-font-width: 99%;">u</span><span style="mso-font-width: 96%;">a</span></span><span style="letter-spacing: .25pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.3pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">b</span><span style="letter-spacing: -.2pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .05pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">ee</span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt;">p<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span></span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span>d <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 48.95pt; margin-top: 0in; text-indent: -22.5pt;">
<span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-spacerun: yes;"> </span><span style="letter-spacing: -.15pt;">b</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: 8.35pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 96%;">I</span><span style="letter-spacing: -.1pt;">d</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: .2pt; mso-font-width: 119%;">f</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 95%;">y</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">d<span style="mso-font-width: 99%;">u</span></span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">p<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span></span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 101%;">o</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.3pt;">2</span><span style="letter-spacing: -.4pt;">0</span><span style="letter-spacing: -1.0pt;">1</span><span style="letter-spacing: -.5pt;">9</span><span style="letter-spacing: -.2pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 99%;">n </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">nn</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 97%;">z</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt;">$</span><span style="letter-spacing: -.65pt;">1</span><span style="letter-spacing: .1pt;">0</span><span style="letter-spacing: .05pt;">0</span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 95%;">y</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">os</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">l</span> <span style="letter-spacing: -.1pt;">p<span style="mso-font-width: 101%;">l</span><span style="mso-font-width: 96%;">a</span></span><span style="mso-font-width: 103%;">c</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">si</span><span style="letter-spacing: -.05pt;">d<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 103%;">c</span></span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">u</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 91%;">U</span><span style="letter-spacing: -.1pt; mso-font-width: 86%;">.</span><span style="letter-spacing: .05pt; mso-font-width: 89%;">S</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 40.6pt; margin-top: 0in; text-indent: -.25in;">
<span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">c</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">.</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 8.6pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: 0.3pt; line-height: 110%;">S</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">t</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.2pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">t</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.45pt; line-height: 110%;"> </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.15pt; line-height: 110%;">a</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">n</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">l</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 96%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 97%;">x</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">ss</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">ss</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p<span style="mso-font-width: 101%;">l</span></span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 95%;">y</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.1pt;">e</span></span><span style="letter-spacing: -.45pt; mso-font-width: 80%;">’</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt;">p</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span> <span style="letter-spacing: -.1pt; mso-font-width: 96%;">(</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 86%;">.</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 89%;">S</span><span style="letter-spacing: .1pt; mso-font-width: 91%;">U</span><span style="letter-spacing: -.8pt; mso-font-width: 98%;">T</span><span style="letter-spacing: -.2pt; mso-font-width: 94%;">A</span><span style="mso-font-width: 98%;">)</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">d<span style="mso-font-width: 99%;">u</span></span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .05pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">ee</span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">p<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span></span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span>d<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 40.6pt; margin-top: 0in; text-indent: -.25in;">
<span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">d<span style="mso-font-width: 86%;">.</span><span style="letter-spacing: 8.15pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 98%;">T</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.5pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.45pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.3pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.35pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.25pt;">g</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 99%;">nu</span><span style="letter-spacing: -.3pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.25pt;">b<span style="mso-font-width: 93%;">e</span></span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.5pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.35pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.4pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.2pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.4pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.35pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.35pt;">q<span style="mso-font-width: 99%;">u</span></span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.35pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.4pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 96%;">(</span><span style="letter-spacing: .05pt; mso-font-width: 92%;">F</span><span style="letter-spacing: -.1pt; mso-font-width: 98%;">T</span><span style="letter-spacing: -.25pt; mso-font-width: 85%;">E</span><span style="letter-spacing: -.8pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 98%;">)</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.25pt;">p<span style="mso-font-width: 93%;">e</span></span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.35pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 99%;">h</span><span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.5pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.6pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.4pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.5pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.4pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.55pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.5pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.4pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.4pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.5pt;">g</span><span style="letter-spacing: -.1pt;">:</span> <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 29.35pt; margin-top: 0in; text-indent: 31.5pt;">
i. During the 8-week covered period <o:p></o:p></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 29.35pt; margin-top: 0in; text-indent: 31.5pt;">
ii. Feb. 15 through June 30, 2019 <o:p></o:p></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 29.35pt; margin-top: 0in; text-indent: 31.5pt;">
iii. Jan. 1 through Feb. 29, 2020 <o:p></o:p></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 29.35pt; margin-top: 0in; text-indent: 31.5pt;">
<span style="mso-spacerun: yes;"> </span>Note: borrower elects which
period, ii or iii, to compare to i<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 29.35pt; margin-top: 0in; text-indent: 31.5pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 55.2pt; margin-top: 0in; text-indent: -.25in;">
<span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">3</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">.<span style="letter-spacing: 4.7pt;"> </span></span><b>Group health care benefits</b>: Documentation showing
total costs paid for all health care benefits, including insurance premiums
paid by the organization under a group health plan. a. Include all employees
and company owners. b. Do not include employee withholdings for their portion
of contributions to the plan.<span style="font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 52.15pt; margin-top: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .25in; margin-right: 52.15pt; margin-top: 0in; text-indent: -.25in;">
<span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 102%;">4</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">.<span style="letter-spacing: 4.6pt;">
</span><b><span style="mso-font-width: 86%;">R</span><span style="mso-font-width: 97%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 120%;">t</span><span style="mso-font-width: 115%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">r</span><span style="mso-font-width: 97%;">e</span><span style="mso-font-width: 104%;">m</span><span style="letter-spacing: .05pt; mso-font-width: 97%;">e</span>n<span style="mso-font-width: 120%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 101%;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 115%;">l</span><span style="mso-font-width: 97%;">a</span>n<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 101%;">b</span><span style="letter-spacing: .1pt; mso-font-width: 97%;">e</span><span style="letter-spacing: .1pt;">n</span><span style="letter-spacing: .15pt; mso-font-width: 97%;">e</span><span style="letter-spacing: .1pt; mso-font-width: 105%;">f</span><span style="letter-spacing: .1pt;">i<span style="mso-font-width: 120%;">t</span></span><span style="mso-font-width: 103%;">s</span></b><span style="letter-spacing: .1pt; mso-font-width: 95%;">:</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 91%;">D</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 106%;">m</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 101%;">l</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span> <span style="letter-spacing: -.1pt;">p<span style="mso-font-width: 101%;">l</span><span style="mso-font-width: 96%;">a</span></span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt;">d</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">os</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span>d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.25pt;">b</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 101%;">o<span style="letter-spacing: -.2pt;">r</span></span><span style="letter-spacing: -.1pt;">g<span style="mso-font-width: 96%;">a</span></span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 97%;">z</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: -1.0pt; margin-top: 0in; text-indent: -.25in;">
<span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 96%;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 86%;">.</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: 8.4pt;"> </span><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">I</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">c</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">l</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">u</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">d</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">f</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">un</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">d</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">i</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span></i><i><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 101%;">l</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p<span style="mso-font-width: 101%;">l</span></span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 95%;">y</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.1pt;">e</span></span><span style="mso-font-width: 101%;">s</span></span></i><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p<span style="mso-font-width: 96%;">a</span></span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">rs</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 46.75pt; margin-top: 1.35pt; text-indent: -.25in;">
<span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">b</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 86%;">.</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: 8.35pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 91%;">D</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.4pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.25pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 116%;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.4pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">c</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">u</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">d</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.4pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">m</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">p</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">y</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">ee</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.4pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">w</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">h</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">h</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">ol</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">d</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">g</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">s</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.3pt;">f</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">r</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">h</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">r</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.4pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">p<span style="mso-font-width: 101%;">o</span></span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: 0.3pt;">r</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 99%;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.25pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 119%;">f</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 103%;">c</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">ri</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">b</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 99%;">u</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">s</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.35pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;"> <span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 46.75pt; margin-top: 1.35pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 42.05pt; margin-top: 0in; text-indent: -13.5pt;">
<span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.3pt;">5</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 86%;">.<span style="mso-spacerun: yes;"> </span></span><b><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: 0.15pt;">O</span></b><b><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 120%;">t</span></b><b><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">h<span style="letter-spacing: .05pt; mso-font-width: 97%;">e</span><span style="mso-font-width: 106%;">r</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 101%;">d</span><span style="mso-font-width: 102%;">o</span><span style="mso-font-width: 105%;">c</span>u<span style="mso-font-width: 104%;">m</span><span style="letter-spacing: .05pt; mso-font-width: 97%;">e</span>n<span style="mso-font-width: 120%;">t</span><span style="mso-font-width: 97%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 120%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 115%;">i</span><span style="mso-font-width: 102%;">o</span><span style="letter-spacing: -.15pt;">n</span></span></b><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 95%;">:</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.5pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">C</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">c</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">d<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.3pt; mso-font-width: 98%;">k</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt;">,</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">un</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span> <span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">li</span><span style="letter-spacing: -.15pt;">g</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt;">b</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 101%;">r<span style="letter-spacing: -.2pt;">r</span></span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">ri</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span> <span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">p</span></span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">e</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.05pt; line-height: 110%;">r</span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">i</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">o</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 99%;">h</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: .3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.3pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt;">g</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.4pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.25pt;">p</span><span style="letter-spacing: -.35pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 95%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 99%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="letter-spacing: .1pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 42.05pt; margin-top: 0in; text-indent: -13.5pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 42.05pt; margin-top: 0in; text-indent: -13.5pt;">
<b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">B</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">. <span style="mso-spacerun: yes;"> </span><u>For Sole
Proprietors Having More Than One Employee</u><o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 8.0pt; margin-bottom: .7pt; margin-left: 0in; margin-right: 64.6pt; margin-top: 0in; mso-line-height-rule: exactly;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 31.5pt; margin-right: 31.5pt; margin-top: 0in; mso-add-space: auto; mso-list: l6 level4 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 98%;">T</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 99%;">h</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">2</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">0</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.75pt;">1</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">9<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 92%;">F</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">or</span><span style="mso-font-width: 106%;">m</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.65pt;">1</span><span style="letter-spacing: .1pt;">0</span><span style="letter-spacing: .25pt;">4</span>0<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 89%;">S</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt;">d</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 90%;">C</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: .15pt; mso-font-width: 119%;">f</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 96%;">(</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">li</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">3</span><span style="letter-spacing: -.8pt;">1</span><span style="mso-font-width: 98%;">)</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 93%;">e</span> <span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 31.5pt; margin-right: 43.25pt; margin-top: 0in; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 31.5pt; margin-right: 43.25pt; margin-top: 0in; mso-add-space: auto; mso-list: l6 level4 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">P</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">r</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.25pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">v</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">d</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">p</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.25pt;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">y</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">r</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.45pt;"> </span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">d</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 101%;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">c</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">u</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">m</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.2pt;">t</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">i</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">o</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 99%;">n including </span><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.1pt; line-height: 110%;">2</span><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">0<span style="letter-spacing: -.05pt;">2</span>0<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">I</span><span style="letter-spacing: -.1pt; mso-font-width: 88%;">R</span><span style="mso-font-width: 89%;">S</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 92%;">F</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">9</span><span style="letter-spacing: -.7pt;">4</span><span style="letter-spacing: -.95pt;">1</span><span style="letter-spacing: -.25pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 96%;">a</span><span style="mso-font-width: 97%;">x</span> <span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt;">8</span><span style="letter-spacing: .1pt; mso-font-width: 86%;">-</span><span style="letter-spacing: -.2pt; mso-font-width: 104%;">w</span><span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 98%;">k</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span>p<span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt;">d</span></span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.15pt;">,</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;"> <span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.15pt;">d<span style="mso-font-width: 101%;">i</span></span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">ir</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span>b<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 99%;">n</span><span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 97%;">f</span><span style="letter-spacing: .05pt;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 116%;">t</span><span style="letter-spacing: .05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .2pt; mso-font-width: 85%;">E</span><span style="letter-spacing: -.25pt; mso-font-width: 97%;">x</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 93%;">e</span>
<span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">w</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 106%;">m</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 31.5pt; margin-right: 43.25pt; margin-top: 0in; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 31.5pt; margin-right: 38.45pt; margin-top: 0in; mso-add-space: auto; mso-list: l6 level4 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 90%;">C</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">a</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">n</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">c</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.05pt;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; letter-spacing: -0.1pt;">l</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial; mso-font-width: 93%;">e</span><span style="color: #231f20; font-family: "arial" , sans-serif; mso-fareast-font-family: Arial;">d<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.3pt; mso-font-width: 98%;">k</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt;">,</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">un</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.05pt;">d</span><span style="mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span> <span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">li</span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt;">b</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span>d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">d<span style="mso-font-width: 99%;">u</span></span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">n</span>g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt;">p<span style="mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">r</span></span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span>d <span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="mso-font-width: 99%;">h</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: .25pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.3pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.05pt;">g</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.35pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.1pt; mso-font-width: 95%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt;">,</span><span style="letter-spacing: -.45pt;"> </span><span style="mso-font-width: 99%;">u</span><span style="letter-spacing: -.2pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">il</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">i</span><span style="letter-spacing: .1pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 96%;">a</span><span style="mso-font-width: 95%;">y</span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 86%;">.</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 98%;">N</span><span style="letter-spacing: -.35pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.5pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.25pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.15pt;">:</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: .1pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 95%;">y</span>p<span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">s</span> <span style="letter-spacing: -.25pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 119%;">f</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.05pt; mso-font-width: 97%;">x</span><span style="letter-spacing: -.05pt;">p<span style="mso-font-width: 93%;">e</span></span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">s</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="mso-font-width: 101%;">s</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 106%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 116%;">t</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">h</span><span style="letter-spacing: -.3pt; mso-font-width: 96%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span>b<span style="mso-font-width: 93%;">e<span style="letter-spacing: -.05pt;">e</span></span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.1pt;">d</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.05pt; mso-font-width: 103%;">c</span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 93%;">e</span>d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 99%;">n</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">t</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt;">2</span><span style="letter-spacing: -.2pt;">0</span><span style="letter-spacing: -.75pt;">1</span>9<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.1pt; mso-font-width: 92%;">F</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="mso-font-width: 101%;">r</span><span style="mso-font-width: 106%;">m</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.65pt;">1</span><span style="letter-spacing: .1pt;">0</span><span style="letter-spacing: .25pt;">4</span>0<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: .05pt; mso-font-width: 89%;">S</span><span style="mso-font-width: 103%;">c</span><span style="letter-spacing: -.05pt; mso-font-width: 99%;">h</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt;">d</span><span style="letter-spacing: -.15pt; mso-font-width: 99%;">u</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">l</span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 90%;">C</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 116%;">t</span><span style="mso-font-width: 101%;">o</span> b<span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">l</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.15pt;">g</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">i</span><span style="letter-spacing: -.1pt;">b<span style="mso-font-width: 101%;">l</span></span><span style="mso-font-width: 93%;">e</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 119%;">f</span><span style="mso-font-width: 101%;">or</span><span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">f</span><span style="letter-spacing: -.05pt; mso-font-width: 101%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 101%;">r</span><span style="letter-spacing: -.1pt;">g<span style="mso-font-width: 101%;">i</span></span><span style="letter-spacing: -.2pt; mso-font-width: 96%;">v</span><span style="letter-spacing: -.05pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 99%;">n</span><span style="letter-spacing: -.1pt; mso-font-width: 93%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 101%;">s</span><span style="mso-font-width: 101%;">s</span><span style="mso-font-width: 86%;">.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0in; mso-line-height-rule: exactly;">
<br /></div>
<div class="MsoNormal" style="line-height: 8.0pt; margin-bottom: .35pt; mso-line-height-rule: exactly;">
<br /></div>
<div class="MsoNormal" style="line-height: 110%; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 13.5pt; margin-right: 42.05pt; margin-top: 0in; text-indent: -13.5pt;">
<b><span style="color: #231f20; font-size: 12.0pt; letter-spacing: -0.3pt; line-height: 110%;">C</span></b><b><span style="color: #231f20; font-size: 12.0pt; line-height: 110%;">. <span style="mso-spacerun: yes;"> </span><u>For Sole
Proprietors Having One Employee, 1099 Provider or Self-Employed</u><o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-size: 12.0pt;">For individuals with self-employment
income who file a Schedule C (for farmers Schedule F, line 34) or a 1099, the Administrator,
in consultation with the Secretary, has determined that it is appropriate to
limit loan forgiveness to a proportionate eight-week share of 2019 net profit
or 1099, as reflected in the individual’s 2019 Schedule C (for farmers Schedule
F, line 34) or a 1099.<span style="mso-spacerun: yes;"> </span>You will only be
eligible for about 74% of your loan to be forgiven, although final guidance may
allow you to round this to 75%.</span><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-size: 12.0pt;">To illustrate this, if your 2019 Schedule
C or 1099 shows exactly $48,000 of profit or income in 2019, so you earned
$4,000 a month and $923 a week in 2019.</span><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-size: 12.0pt;">Your loan likely equaled 2.5 times
$4,000, or $10,000. But forgiveness equals 8 weeks times $923 per week, or
$7,384.<span style="mso-spacerun: yes;"> </span>You will want to provide your
2019 Schedule C or 1099 as documentation for profit last year, and your payroll
records and/or cancelled checks showing you paid yourself the $7,384 during the
eight-week forgiveness period. Sole proprietors or self-employed may be able to pay themselves at a higher rate during the 8-period to achieve full forgiveness of the loan.</span></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<span style="color: black; font-size: 12.0pt;"><br /></span></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<br /></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<span style="color: black; font-size: 12.0pt;"><br /></span></div>
<div class="MsoListParagraph" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; mso-add-space: auto; mso-list: l0 level1 lfo8; text-indent: -.25in;">
<span style="color: black; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-9993470086563150992020-03-08T11:07:00.000-07:002020-03-08T11:10:33.408-07:00Fully Automate New Start Loan Program with MinuteLender®<br />
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto;">
Many financial
institutions provide a 0% interest New Start Loan to customers unable to clear
up their overdrawn accounts.<span style="mso-spacerun: yes;"> </span>The loan
allows the customer to recover from a deficit balance while continuing to use their checking account.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
However, these programs have typically required manual delivery and
management of this loans in an inefficient manner.<span style="mso-spacerun: yes;"> </span>MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span> provides a fully automated,
compliant solution with invitation-only loans to customers who meet the overdrawn
status and criteria.<span style="mso-spacerun: yes;"> </span>All is e-signed on
a smart device, in-branch or out, in minutes by the customer.<span style="mso-spacerun: yes;"> </span>$850 MM Two Rivers Bank and Trust is implementing
the New Start Loan digital process as part of implementing MinuteLender® for consumers and small business.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0yww3Nh5N0rUZzV6XFHOfo7Gwvp3H8ofh8Xld61X8sTEnRsoX2Py0SJfHyZIAjd85f2PlbFbg2AA58QD7k6mTZ7KWr8Df4CLGDm2hVzFeFClZ6-xLsl52B8e7nhQhH9ogtihArOCP_C32/s1600/New+Start+Loan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0yww3Nh5N0rUZzV6XFHOfo7Gwvp3H8ofh8Xld61X8sTEnRsoX2Py0SJfHyZIAjd85f2PlbFbg2AA58QD7k6mTZ7KWr8Df4CLGDm2hVzFeFClZ6-xLsl52B8e7nhQhH9ogtihArOCP_C32/s400/New+Start+Loan.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br />
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 16px;">MinuteLender® generates a loan application in 15 seconds, provides a loan offer or disposition in 30 seconds, and executes all loan documents and completion in minutes, in-branch or out, all digitally on a smart or mobile device. All is under the FIs control of branding, underwriting, compliance, and control for loans on their books. Visit us at RCGILTNER Services, Inc. to learn more.</span><br />
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 16px;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9OwUVknGvWbjq-9kJvwGUS5Tun2uw7xodooiE1alOj5iRMIJHsajY_XMQL-ZO0UHiEMTj3gBOvODNDSFtqEhGpVrgOCCvSRFDaLY_LbFmZ5wBkFunugUcd3vsvRZg5r3HtmgVsL__BFgt/s1600/mobile+ML.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="514" data-original-width="372" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9OwUVknGvWbjq-9kJvwGUS5Tun2uw7xodooiE1alOj5iRMIJHsajY_XMQL-ZO0UHiEMTj3gBOvODNDSFtqEhGpVrgOCCvSRFDaLY_LbFmZ5wBkFunugUcd3vsvRZg5r3HtmgVsL__BFgt/s400/mobile+ML.jpg" width="288" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 16px;"><br /></span></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com12tag:blogger.com,1999:blog-1094530083263578195.post-63265887437756502782020-02-12T09:12:00.004-08:002020-02-12T09:17:24.409-08:0088% of Small Business Loans At Community Banks are Under $100k: A $4B Digital Profit Opportunity<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Nothing
more exemplifies the purpose of community banks than serving small businesses
in their communities.<span style="mso-spacerun: yes;"> </span>However, our research
of 2019 FDIC shows <b>88% of small business loans</b> held by community banks according
are under $100k.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFyeSBKPfMEeSbVE0P9OrjrMupyaAOjYag_Y5r6g0U78ZZQG8ZaqRcGVFvJQ_e3YhFO4oSFQzAE1cWPN5bA9qOfRqzcYcq43zpMCl8XQItRKV0I9fbq3ZWz3OpjEWBNifYkvtuVDdIZ44D/s1600/88%2525.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="188" data-original-width="276" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFyeSBKPfMEeSbVE0P9OrjrMupyaAOjYag_Y5r6g0U78ZZQG8ZaqRcGVFvJQ_e3YhFO4oSFQzAE1cWPN5bA9qOfRqzcYcq43zpMCl8XQItRKV0I9fbq3ZWz3OpjEWBNifYkvtuVDdIZ44D/s400/88%2525.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">These
2.5 million loans held by community banks have a loan face value averaging about
$20k and an average outstanding balance of $7,745.<span style="mso-spacerun: yes;"> </span>Research published by <a href="https://www.bai.org/banking-strategies/article-detail/making-small-business-loans-profitably">BAI
from Paynet and FIC Advisors</a> shows these loans cost $2,500 to underwrite
and deliver even with some streamlined processes, making average costs of the
loan over its life $714 a year.<span style="mso-spacerun: yes;"> </span>Even at premium
pricing providing an 8% net interest income rate, we estimate these loans
generate an annual loss of $714 per loan. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrMhFBz_lTGhYFIR5iVJFB5JmBWj5jDOLEBT_Y8KJ5Qas-nKPGxALWxVf6OKIETXsIskZfqBH1sxWPrvwf_dNXSFL5FCSGtQwxP1XReUBu6wZOWYLG4tOuqwHMeYd1Bj6WxE_iKaxbrbje/s1600/sbloss.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="241" data-original-width="470" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrMhFBz_lTGhYFIR5iVJFB5JmBWj5jDOLEBT_Y8KJ5Qas-nKPGxALWxVf6OKIETXsIskZfqBH1sxWPrvwf_dNXSFL5FCSGtQwxP1XReUBu6wZOWYLG4tOuqwHMeYd1Bj6WxE_iKaxbrbje/s400/sbloss.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p> </o:p></span><span style="font-family: "times new roman" , serif; font-size: 12pt;">Digital
technology specifically focused on this market like Business MinuteLender® generates
an application in 15 seconds, a decision and loan offer in 30 seconds and
provides all digital closing of documents in minutes.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;">This superior customer experience drives volume
and efficiency.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;">Our client experience
shows such technology turns the $1.8 Billion loss today into a $2.2B profit, or
a total improvement of $4B!</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">$4B Small Business Loans<$100k
Opportunity<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVpNspiqj6RULVPrIy1W7mIrXleEPJE_gLZ7KJgSzlq-BF82pPh_68IQ578JchBdkk4o6H824BTW36dzyA-OfRAClvFqiLpiISiiO4lNBWj8HOgxlVcLHj9jCcjWowlSLabRkqzHB3EbJI/s1600/SB+Profit.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="101" data-original-width="406" height="98" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVpNspiqj6RULVPrIy1W7mIrXleEPJE_gLZ7KJgSzlq-BF82pPh_68IQ578JchBdkk4o6H824BTW36dzyA-OfRAClvFqiLpiISiiO4lNBWj8HOgxlVcLHj9jCcjWowlSLabRkqzHB3EbJI/s400/SB+Profit.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt;">Digital
technology is changing FI strategy with sound underwriting. Business
MinuteLender® off-the-shelf digital technology allows FIs to provide a super
customer experience in minutes on a smart device, in-branch or out, beating
FinTechs. All technology is under your brand, with sound
underwriting you control for loans on your books. Contact us for
more information on how FIs from $13B United Community Bank to $200 MM Century
Bank are driving small business digital lending results.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;">
<br /></div>
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com2tag:blogger.com,1999:blog-1094530083263578195.post-68453132009231612192020-02-11T06:33:00.002-08:002020-02-11T09:32:11.054-08:00Banks Need To Offer Fintech-like Versions of Their Traditional Consumer Credit Services To Remain Competitive With Fintech Lenders<div class="MsoNormal" style="background: white;">
<span style="font-family: "times new roman" , serif; font-size: 12pt; letter-spacing: -0.6pt; line-height: 17.12px;"><a href="https://thefinancialbrand.com/81062/bank-credit-union-personal-consumer-unsecured-loans-fintech-disruptor/">So states The Financial Brand</a> as personal loan growth exceeds 40% in the last three years, but non-bank FinTechs are capturing the majority of the growth. </span><span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.12px;">Fortunately, more banks are offering “express” version of their loans through a mobile device up to $30k to compete with FinTechs. </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeRSOtPYUY9skhHxHkzvVrZ7EQB4cYbX4VhkyQpQ3cOAnf4p_chb5f5-hXZ1H6OHH6ymZp3Hru_WlOF11E2fsNXHQwB7s9xXstCtqpbhneGGvuvdWYEUmzPBlmzUg8wTyHmx1goSvxTocK/s1600/tradition.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeRSOtPYUY9skhHxHkzvVrZ7EQB4cYbX4VhkyQpQ3cOAnf4p_chb5f5-hXZ1H6OHH6ymZp3Hru_WlOF11E2fsNXHQwB7s9xXstCtqpbhneGGvuvdWYEUmzPBlmzUg8wTyHmx1goSvxTocK/s400/tradition.jpg" width="400" /></a></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">The </span><a href="https://www.americanbanker.com/news/hsbc-usa-launches-digital-lending-platform-admits-to-playing-catch-up" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">American Banker reports today that $177B HSBC</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;"> is following </span><a href="https://www.bbvausa.com/loans/express-personal-loans.html" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$100B Compass bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;"> in offering “express” loans that can be delivered in minutes. Banks of all sizes are offering targeted "FinTech" loan processes to serve customers with mobile personal and small business loans in minutes, including </span><a href="https://minutelender.ucbi.com/" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$13B United Community Bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;">, </span><a href="https://consumerloanexpress.syb.com/" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$4 Billion Stock Yards Bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;">, </span><a href="https://myfastrack.pinnaclebank.com/" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$1Billion Pinnacle Bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;">, </span><a href="https://minutelender.pennianbank.com/" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$500 MM Pennian Bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;"> and </span><a href="https://minutelender.centurybanknet.com/" style="font-family: "Times New Roman", serif; font-size: 12pt;"><span style="color: black;">$200 MM Century Bank</span></a><span style="font-family: "times new roman" , serif; font-size: 12pt;">. </span><span style="font-family: "times new roman" , serif; font-size: 12pt;">Community banks can win in this space. They have advantages with the lowest cost of funds, existing customer relationships, sound underwriting and documented compliance. They just need end-to-end digital technology. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">For example, our MinuteLender® generates a loan application in 15 seconds, provides a loan offer or disposition in 30 seconds, and executes all loan documents and completion in minutes, in-branch or out, all digitally on a smart or mobile device. All is under the FIs control of branding, underwriting, compliance, and control for loans on their books. Visit us at RCGILTNER Services, Inc. to learn more.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s1600/newminutelender.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="1349" height="193" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s400/newminutelender.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-10564999114960792652020-02-10T06:23:00.002-08:002020-02-10T06:27:40.413-08:00Banks Lose $400B in Loans to FinTech Non-Banks Without All Digital Lending<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">HELOC loans held at banks, a favorite strategy of bank lenders, have dropped in half to $317B since 2010 <a href="https://wolfstreet.com/2020/02/09/heloc-balances-plunge-to-15-year-low-whats-going-on-here/">according the FRB</a>. At the same time the personal loan market has grown to $305B. Consumers have found all-digital personal, auto and other consumer loans far simpler and quicker that bank HELOCs. Unfortunately, half the personal loan growth has gone to FinTechs, which had no market share in 2010. What is going on?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGddw1EG3Etf_Jl5r09D5F7Y0baWh_0t4rgNXg9aXHUE7F2W4JzpxX_6pUHaScQvZo7Ge5JGiy3RWFO71s9azcB-5CpNtSz9TkVIJHXQvhy5OdrcyDyhR4Ceaaizdwe4Y1oBNNU2eERUyM/s1600/Banks+lose+%2524400B.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="706" data-original-width="1538" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGddw1EG3Etf_Jl5r09D5F7Y0baWh_0t4rgNXg9aXHUE7F2W4JzpxX_6pUHaScQvZo7Ge5JGiy3RWFO71s9azcB-5CpNtSz9TkVIJHXQvhy5OdrcyDyhR4Ceaaizdwe4Y1oBNNU2eERUyM/s400/Banks+lose+%2524400B.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">FinTechs like Marcus, Sofi and others now provide all-digital personal loans to good credit customers in minutes compared to the weeks it takes to get a HELOC. Speed and simplicity in customer experience easily win the day for consumers, without tying up the security of their home. And borrowers with strong credit present highly acceptable risk, often a better risk than a HELOC where the bank does not also have the first mortgage. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">But banks have been <a href="https://www.americanbanker.com/news/small-banks-resisting-digital-yes-they-exist-warned-to-wise-up"><span style="color: windowtext;">slow to deliver express, all-digital loans</span></a>, with only 6% offering all digital loans. It is time to step up or watch another $400 Billion in loans dissipate to non-bank competitors in the next five years. And not just loans, FinTech’s like Marcus and Sofi also provide deposit services.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">The good news is community banks can win in digital lending. They have the lowest cost of funds, established customer relationships, proven compliance and documented underwriting. They just need the technology to compete. That is why we provide community banks MinuteLender®, off-the-shelf, self-service digital lending technology for consumer and small business loans, in-branch or out. All is under your brand, your control and your underwriting for loans on your books. Best of all, the customer experience is superior to any fintech player.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">Delay no longer to compete and assure your bank’s relevance in the rapidly growing digital lending opportunity.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s1600/newminutelender.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="1349" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s320/newminutelender.jpg" width="320" /></a></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-79288434872573750532020-01-24T12:59:00.002-08:002020-01-24T13:02:24.589-08:00All Online Lending Usage Doubled in 2019 As Banks Continue to Lose Market Share<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Online lenders doubled in usage the <a href="https://www.paymentsjournal.com/usage-doubled-for-online-lenders-in-2019/">Payments
Journal</a> reports while banks continue to lose market share.<span style="mso-spacerun: yes;"> </span>Online lenders now have over half of the
$300B personal loan market and over 40% of $200B small business lending!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNKnX19_fYXycboFWSEFHuOYeooity3HCggT1EuQXAU7nINgkP0coWvBSkWi4fmTR8s5ZD5RKeKmFoVaU90UyLxX5Niq0uKQons8CV-XBxVIMl850fhtaDh8M8yAS-FpQisBSpwsN7_SRG/s1600/usage.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNKnX19_fYXycboFWSEFHuOYeooity3HCggT1EuQXAU7nINgkP0coWvBSkWi4fmTR8s5ZD5RKeKmFoVaU90UyLxX5Niq0uKQons8CV-XBxVIMl850fhtaDh8M8yAS-FpQisBSpwsN7_SRG/s400/usage.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Why?<span style="mso-spacerun: yes;"> <span style="font-family: "Calibri",sans-serif; font-size: 12.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="https://thefinancialbrand.com/81062/bank-credit-union-personal-consumer-unsecured-loans-fintech-disruptor/">Recent
studies</a></span> </span>show users report online loans are <b>simpler</b> and <b>faster</b> and
available on a mobile device more than at banks, driving adoption.<span style="mso-spacerun: yes;"> </span>FIs can compete with o<span style="background: white; color: black;">ur all-digital MinuteLender® generates a loan
application in 15 seconds, provides a loan offer or disposition in 30 seconds,
and executes all loan documents and completion in minutes, in-branch or out,
all on a smart or mobile device. All is under the FIs control of your branding,
underwriting, compliance, and control for loans on their books. Visit us
at RCGILTNER Services, Inc. to learn more.<u1:p></u1:p></span></span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="background: white; color: black;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="230" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-size: 12.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="background: white; color: black;"><br /></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 17.6px;" />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-79183504967015112212019-12-18T08:15:00.001-08:002019-12-18T08:30:38.252-08:00BAI: Banks Must Address in 2020 That Only 13% of Consumers Say Loan Technology Is Competitive <div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><a href="https://info.bai.org/executive-report-Tackling-2020.html?utm_medium=email&utm_source=bai_mkt&utm_campaign=er_1219&utm_content=121819&mkt_tok=eyJpIjoiWmpNMllqQmpZMk5oWVRNMiIsInQiOiJvNm5GNXVUZGhtXC9rWGp1M1prdzBHK2xqbmMxTyt5YXJHbHJwWmNRZmd1Qk1zaVVXNmtCNnlTWDdnd2ZrWU5oRldnUmtJcG5ZVG90dDhTVzYyWkJxS05NaDQ0YXZ3b0JYMmxLUmpoa1FEOTQyM2U1bFVSNHlDamxVajROdmprdm8ifQ%3D%3D">In
BAI Banking Strategies Executive Report, “Tackling 2020, Where to Take Action,”</a>
consumer loan technology is a presented as a key priority. They cite specifically personal loans where
FIs have allows FinTechs to grow from a standing start to half of the
market. As shown below, innovative banks
of all sizes are responding with “express loan” technology and in minutes to
compete with FinTechs.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSk4QYrhc8qOyFD6LEsEdTI8SZDqZUNi7vlX6QnzRcRsCbwi_0tCQQqTNyE_GEEcllTjYDJZNBcpl_rjm5eVTp4Cv5l3f1PpprpJEAEAHOKjS7NsKc5b9NFtjWeNYfuvEdu7_iSK_B1cP3/s1600/PerLn.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1311" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSk4QYrhc8qOyFD6LEsEdTI8SZDqZUNi7vlX6QnzRcRsCbwi_0tCQQqTNyE_GEEcllTjYDJZNBcpl_rjm5eVTp4Cv5l3f1PpprpJEAEAHOKjS7NsKc5b9NFtjWeNYfuvEdu7_iSK_B1cP3/s400/PerLn.jpg" width="400" /></a></div>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
Fortunately
more banks are offering personal loans through a mobile device up to $30k and <a href="https://www.americanbanker.com/news/how-square-turns-unconventional-credit-data-into-loans-for-tiny-businesses?brief=00000158-07c7-d3f4-a9f9-37df9bc10000" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">small business loans under $100k</a> to compete
with FinTechs. The <a href="https://www.americanbanker.com/news/hsbc-usa-launches-digital-lending-platform-admits-to-playing-catch-up" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">American Banker reports today that $177B HSBC</a> is
following <a href="https://www.bbvausa.com/loans/express-personal-loans.html" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$100B Compass bank</a> in offering “express”
loans that can be delivered in minutes. Banks of all sizes are
offering targeted specific unsecured loan processes to serve customers with
mobile personal and small business loans in minutes, including <a href="https://minutelender.ucbi.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$13B United Community Bank</a>, <a href="https://consumerloanexpress.syb.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$4 Billion Stock Yards Bank</a>, <a href="https://myfastrack.pinnaclebank.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$1Billion Pinnacle Bank</a>, <a href="https://minutelender.pennianbank.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$500 MM Pennian Bank</a> and <a href="https://minutelender.centurybanknet.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$200 MM Century Bank</a>.<o:p></o:p></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7FHvk082H-YWODC2KVB4iDf07Uk172kA-bNxAx_YUR0kajqLQpPjoNyTBr2CCxS_shJHufc7foA3bpwe2XX06eeSoFv620AKr1KqPlRVBEPaFJiH2nulGMmDEmgpbqaKufapLl0hTrjHC/s1600/New+Reference.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="660" data-original-width="1100" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7FHvk082H-YWODC2KVB4iDf07Uk172kA-bNxAx_YUR0kajqLQpPjoNyTBr2CCxS_shJHufc7foA3bpwe2XX06eeSoFv620AKr1KqPlRVBEPaFJiH2nulGMmDEmgpbqaKufapLl0hTrjHC/s400/New+Reference.jpg" width="400" /></a></div>
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
Community
banks can win in this space. They have advantages with the lowest
cost of funds, existing customer relationships, sound underwriting and documented
compliance. They just need end-to-end digital technology. <o:p></o:p></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<o:p></o:p>
<o:p></o:p>
<o:p></o:p><br />
<div style="margin-bottom: .0001pt; margin: 0in;">
<span style="color: black;">For
example, our MinuteLender® generates a loan application in 15 seconds, provides
a loan offer or disposition in 30 seconds, and executes all loan documents and
completion in minutes, in-branch or out, all digitally on a smart or mobile
device. All is under the FIs control of branding, underwriting,
compliance, and control for loans on their books. Visit us at RCGILTNER
Services, Inc. to learn more.<o:p></o:p></span><br />
<span style="color: black;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="230" /></a></div>
<span style="color: black;"><br /></span>
<span style="color: black;"><br /></span></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<span style="color: black;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-51000802959289368862019-12-08T07:12:00.001-08:002019-12-08T07:28:44.731-08:00FIs Need to Update Overdraft Services to Meet Competitive Alternatives<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
New apps like <a href="https://dave.com/">Dave</a>, <a href="https://www.moneylion.com/">MoneyLion</a> and <a href="https://www.earnin.com/">Earnin</a> have made it easy with apps on your
phone to access funds from your upcoming paycheck early.<span style="mso-spacerun: yes;"> </span>When a customer’s paycheck is deposited, the
advance is deducted along with fees.<span style="mso-spacerun: yes;"> </span>The
customer is in control of the choice to have the access to funds and the
timing.<span style="mso-spacerun: yes;"> </span>They can access the funds
regardless of their “Reg E” status.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Consider bank overdraft services as a competitive alternative.<span style="mso-spacerun: yes;"> </span>The customer is does not make the decision to
pay an item, the financial institution does.<span style="mso-spacerun: yes;">
</span>The customer does not feel in control.<span style="mso-spacerun: yes;">
</span>Access is limited by regulatory transaction types of which most
consumers are unaware.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
The financial institution is the best able to serve customers with
short-term liquidity needs with safe, integrated options.<span style="mso-spacerun: yes;"> </span>But innovation, access and service have not
changed in 20 years.<span style="mso-spacerun: yes;"> </span>It is time for FIs
to deliver liquidity and overdraft services in new ways.<span style="mso-spacerun: yes;"> </span>Customer demand for overdraft and liquidity
services from FIs has survived regulator concerns, but FIs will see their
services wane if they do not offer innovative choices for customers.<span style="mso-spacerun: yes;"> </span>That is why we offer with ODManager<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span>
and SafeLink<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span> and other features a range of overdraft and liquidity services to access overdfraft services on a smart phone regardless of REG E status. We enable FIs to maximize compliance, customer
choice, efficiency and revenue.<span style="mso-spacerun: yes;"> </span>Contact
us for a free analysis of the opportunities for your bank.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht8bte2_ywHkfo_CsNAtuCytjMvORbGS7hF0L0d6BTolU3cDpthcO697Le4qWG13wj9FI2S_cPbUE_wknmHN3OJhjO-nPehct0zcTailAgkxlY5EO-qeM6VJHY6vGpPq9N0OpbndDG1r92/s1600/OD+Manager.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="952" data-original-width="1600" height="190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht8bte2_ywHkfo_CsNAtuCytjMvORbGS7hF0L0d6BTolU3cDpthcO697Le4qWG13wj9FI2S_cPbUE_wknmHN3OJhjO-nPehct0zcTailAgkxlY5EO-qeM6VJHY6vGpPq9N0OpbndDG1r92/s320/OD+Manager.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-spacerun: yes;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-82037154947304106682019-11-27T07:14:00.003-08:002019-11-27T07:14:54.777-08:00Biggest Threat to Banking: 74% Report Complacency and the Unwillingness to Digital Change<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="background: white; color: #1e1e1e; font-family: "Times New Roman",serif; font-size: 12.0pt;">So states, Jim Marous, of The Financial Brand
in his <a href="https://thefinancialbrand.com/90562/digital-banking-transformation-platform-fintech-data-marketing-trends/">Top
5 Digital Transformation Trends for 2020</a>.<span style="mso-spacerun: yes;">
</span>His conclusion is backed up by the data.<span style="mso-spacerun: yes;">
</span>While half of personal loans and over one-third of small business loans
are provided digitally by FinTech companies, only 6% of FIs today are providing
a fully- digital loan online.<span style="mso-spacerun: yes;"> </span><b><i>74%
report they have no immediate plans to change</i></b>!<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="background: white; color: #1e1e1e; font-family: "Times New Roman",serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjET8B63qfssHLgUfpTgqnp1dnD1HuIP13UBoSEP4Mb-_6U_zQXvFw0IWUxs_Il-e6kdZGHB23507z-CUiVigsUIxARMV-8AA_wssvWcWC2I7L9KMMfLgLdlrhxha6U4e6au8awG3UfCNnv/s1600/change.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1117" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjET8B63qfssHLgUfpTgqnp1dnD1HuIP13UBoSEP4Mb-_6U_zQXvFw0IWUxs_Il-e6kdZGHB23507z-CUiVigsUIxARMV-8AA_wssvWcWC2I7L9KMMfLgLdlrhxha6U4e6au8awG3UfCNnv/s400/change.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;">Fortunately more banks are offering personal loans through a
mobile device up to $30k and </span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><a href="https://www.americanbanker.com/news/how-square-turns-unconventional-credit-data-into-loans-for-tiny-businesses?brief=00000158-07c7-d3f4-a9f9-37df9bc10000" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">small
business loans under $100k</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;"> to compete with FinTechs. <span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">The </span></span><a href="https://www.americanbanker.com/news/hsbc-usa-launches-digital-lending-platform-admits-to-playing-catch-up" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">American
Banker reports today that $177B HSBC</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;"> is following </span></span><a href="https://www.bbvausa.com/loans/express-personal-loans.html" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$100B
Compass bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;"> in offering “express” loans that can be delivered in
minutes.</span> <span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">Banks of all sizes are offering targeted specific unsecured
loan processes to serve customers with mobile personal and small business loans
in minutes, including </span></span><a href="https://minutelender.ucbi.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$13B United Community Bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">, </span></span><a href="https://consumerloanexpress.syb.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$4 Billion Stock Yards Bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">, </span></span><a href="https://myfastrack.pinnaclebank.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$1Billion Pinnacle Bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">, </span></span><a href="https://minutelender.pennianbank.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$500 MM Pennian Bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;"> and </span></span><a href="https://minutelender.centurybanknet.com/" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; widows: 2; word-spacing: 0px;">$200 MM Century Bank</a><span style="color: black;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">.</span><o:p></o:p></span></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy-TK3ksDRNDQxJmrr9c1XrrLKvzWTIdpXeZeyVjEtS2csuwOMn4Yv8cfhVGxe_7-uj06yqqfPhXSnU8PenAvw0Y0zxY1V4zM0VsSUf5UKyUnnih7tkGK-5bqTds4PPj5iayZ5TBlYHgNE/s1600/New+Reference.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="660" data-original-width="1100" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjy-TK3ksDRNDQxJmrr9c1XrrLKvzWTIdpXeZeyVjEtS2csuwOMn4Yv8cfhVGxe_7-uj06yqqfPhXSnU8PenAvw0Y0zxY1V4zM0VsSUf5UKyUnnih7tkGK-5bqTds4PPj5iayZ5TBlYHgNE/s400/New+Reference.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p><br /></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;">Community banks can win in this space.<span style="mso-spacerun: yes;"> </span>They have advantages with the lowest cost of
funds, existing customer relationships, sound underwriting and documented
compliance.<span style="mso-spacerun: yes;"> </span>They just need end-to-end
digital technology.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;">For example, our MinuteLender® generates a loan application in 15
seconds, provides a loan offer or disposition in 30 seconds, and executes all
loan documents and completion in minutes, in-branch or out, all digitally on a
smart or mobile device. All is under the FIs control of branding,
underwriting, compliance, and control for loans on their books. Visit us
at RCGILTNER Services, Inc. to learn more.</span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="230" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt;"><br /></span></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com2tag:blogger.com,1999:blog-1094530083263578195.post-83584031659222373612019-11-23T08:59:00.003-08:002019-11-23T09:04:27.241-08:00More Banks Turn To Offering Specific Digital Loan Technology<br />
<div class="MsoNormal">
More banks are offering personal loans through a mobile
device up to $30k and <a href="https://www.americanbanker.com/news/how-square-turns-unconventional-credit-data-into-loans-for-tiny-businesses?brief=00000158-07c7-d3f4-a9f9-37df9bc10000">small
business loans under $100k</a> to compete with FinTechs who have captured nearly
half of this market.<span style="mso-spacerun: yes;"> </span>The <a href="https://www.americanbanker.com/news/hsbc-usa-launches-digital-lending-platform-admits-to-playing-catch-up">American
Banker reports today that $177B HSBC</a> is following <a href="https://www.bbvausa.com/loans/express-personal-loans.html">$100B Compass
bank</a> in offering “express” loans that can be delivered in minutes.<span style="mso-spacerun: yes;"> </span>Banks of all sizes are offering targeted
specific unsecured loan processes to serve customers with mobile personal and small business loans in minutes,
including <a href="https://minutelender.ucbi.com/">$13B United Community Bank</a>,
<a href="https://consumerloanexpress.syb.com/">$4 Billion Stock Yards Bank</a>,
<a href="https://myfastrack.pinnaclebank.com/">$1Billion<span style="mso-spacerun: yes;"> </span>Pinnacle Bank</a>, <a href="https://minutelender.pennianbank.com/">$500 MM Pennian Bank</a> and <a href="https://minutelender.centurybanknet.com/">$200 MM Century Bank</a>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNAXSXqWom0R1HWbSGXOrZ2qMKkIhzSYKKnPxGeconnP3Roiln3irjEjdEAL2trbZg17luLLcNyi8yJYPngVwj8OuhBWGpvKU_HHzxhTRICNJnV0UUEHjfktFbTkUcr4ofX1qIqBwgolXh/s1600/New+Reference.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="660" data-original-width="1100" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNAXSXqWom0R1HWbSGXOrZ2qMKkIhzSYKKnPxGeconnP3Roiln3irjEjdEAL2trbZg17luLLcNyi8yJYPngVwj8OuhBWGpvKU_HHzxhTRICNJnV0UUEHjfktFbTkUcr4ofX1qIqBwgolXh/s400/New+Reference.jpg" width="400" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The speed of approval, loan execution and funding are what
sets digital personal and small business lending apart from other loan processes. For example, our MinuteLender®
generates a loan application in 15 seconds, provides a loan offer or disposition
in 30 seconds, and executes all loan documents and completion in minutes, in-branch
or out, all digitally on a smart or mobile device. All
is under the FIs control of branding, underwriting, compliance, and control for loans on their books. Visit us at RCGILTNER Services, Inc. to learn
more.</div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p></o:p></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-51972751919237553382019-11-19T05:45:00.000-08:002019-11-19T05:49:10.722-08:00ABA: Community Banks Must Adopt Digital Lending Faster as Non-Banks Capture Half of Personal Loan Market<br />
<div class="MsoNormal">
Panelists at the American Banker Annual Convention last week
said <a href="https://www.americanbanker.com/news/small-banks-resisting-digital-yes-they-exist-warned-to-wise-up">community
banks must adopt digital lending at a faster pace</a>, according to the <u>American
Banker</u>.<span style="mso-spacerun: yes;"> </span>Community banks must invest
more resources or risk becoming irrelevant.<span style="mso-spacerun: yes;">
</span>It is easy to see their point: while only 21% of community banks say
they plan to offer booking loans online in 2020, half the $300B market for
personal loans has already been captured by non-banks.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggYk3MzgPhep-2c8DUg7a1vtVXA6s2fCgsjLOKu4KRKIUr2daNbQoj5vsmo3m0UDHB7iOv8l2wHp-GdvDr4hyJH7evFu-s3LRo97gfy6mNknW4kMHMMdw_yUaPpRLEFzwhvSyU-b4ZioyB/s1600/Digital+Lending+FI.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggYk3MzgPhep-2c8DUg7a1vtVXA6s2fCgsjLOKu4KRKIUr2daNbQoj5vsmo3m0UDHB7iOv8l2wHp-GdvDr4hyJH7evFu-s3LRo97gfy6mNknW4kMHMMdw_yUaPpRLEFzwhvSyU-b4ZioyB/s400/Digital+Lending+FI.jpg" width="400" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
And it’s not just personal loans where community banks are
losing market share.<span style="mso-spacerun: yes;"> </span>Fintechs now have
over one-third of the small business market, and growing share of real estate
and auto lending.<span style="mso-spacerun: yes;"> </span>The American Banker reports
panelist noted competitors like Marcus, Kabbage, Roostify and AutoGravity risk
making community banks irrelevant.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The good news is community banks can win in digital
lending.<span style="mso-spacerun: yes;"> </span>They have the lowest cost of
funds, established customer relationships, proven compliance and documented
underwriting.<span style="mso-spacerun: yes;"> </span>They just need the
technology to compete.<span style="mso-spacerun: yes;"> </span>That is why we
provide community banks MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®,</span> off-the-shelf, self-service digital lending
technology for consumer and small business loans, in-branch or out.<span style="mso-spacerun: yes;"> </span>All is under your brand, your control and
your underwriting for loans on your books.<span style="mso-spacerun: yes;">
</span>Best of all, the customer experience is superior to any fintech player.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Delay no longer to compete and assure your bank’s relevance
in the rapidly growing digital lending opportunity.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<div class="MsoNormal">
<br /></div>
<br />
<br />
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-45453551433733015172019-11-13T14:01:00.004-08:002019-11-13T14:44:09.049-08:00How FIs Compete In Small Business Borrowing As FRB Study Shows Online Lenders Capture 39% of Market<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">The
just released <a href="https://www.crowdfundinsider.com/2019/11/154030-federal-reserve-bank-of-new-york-demand-for-small-dollar-business-loans-is-high-but-key-sectors-struggle-to-secure-bank-financing/">FRB
of New York study</a> shows that 71% of small business loans are under $100k,
and small business are now turning to Fintech lenders as frequently as banks.<span style="mso-spacerun: yes;"> </span>The survey based on surveys of all 50 states
shows that business loans under $100k have remained flat for banks.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDZ9R9I0j36RM0-_CC8dpCkltqZ6K-1oE58-KQUwUUvA0XJuFAhYAwLXhXk47WC8F6326jizxK7r-rR-8fZGTekVnkzbowka4wATFXfj02xwhPBH8uSc5K_9hmteTXzfSJdyyh-ajxi1qJ/s1600/online+small+business.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDZ9R9I0j36RM0-_CC8dpCkltqZ6K-1oE58-KQUwUUvA0XJuFAhYAwLXhXk47WC8F6326jizxK7r-rR-8fZGTekVnkzbowka4wATFXfj02xwhPBH8uSc5K_9hmteTXzfSJdyyh-ajxi1qJ/s400/online+small+business.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">Why?
Because banks find it too expensive and not profitable to issue loans under
$100k that typically average $25,000 in size.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;">
</span><span style="font-family: "times new roman" , serif; font-size: 12pt;">They underwrite these loans just as they do loans $500,000 or more, and the underwriting,
delivery and monitoring costs wipe out any profit. Yet this market segment is large and growing, and key to community banks.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Digital technology is changing FI strategy with sound underwriting.<span style="mso-spacerun: yes;"> </span>Business MinuteLender® off-the-shelf digital technology
allows FIs to provide a super customer experience in minutes on a smart device,
in-branch or out, beating Fintechs.<span style="mso-spacerun: yes;"> </span>All
technology is under your brand, with sound underwriting you control for loans
on your books. <span style="mso-spacerun: yes;"> </span>Contact us for more
information on how FIs from $13B United Community Bank to $200 MM Century Bank
are driving small business digital lending results.<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s400/phone.jpg" width="288" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com1tag:blogger.com,1999:blog-1094530083263578195.post-60529689036160095442019-11-06T09:14:00.001-08:002019-11-06T09:14:45.999-08:00MinuteLender® Adds Pre-Qualification Invitation to Digital Lending Technology<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">® from RCGILTNER now provides “invitation” pre-qualification for
its small business and consumer digital lending.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG365jOhzxvBdEBL5QIuo5oQp-BNdewOU-5vyjwwhdbNR7S7d99U7CaKNzdXIbri05tvr1zmSG6Qbo45bw4Qz5F79eUnofBbAo0VujnWWb39zIgan6fkVSmroQrskMmPNm4uZuCEF1RgIh/s1600/Invitation.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="251" data-original-width="666" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG365jOhzxvBdEBL5QIuo5oQp-BNdewOU-5vyjwwhdbNR7S7d99U7CaKNzdXIbri05tvr1zmSG6Qbo45bw4Qz5F79eUnofBbAo0VujnWWb39zIgan6fkVSmroQrskMmPNm4uZuCEF1RgIh/s400/Invitation.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">This
allows loan offers to provide “invitation only” private bank loans, specialty start-up
loans to new businesses and consumer loan marketing offers that are
pre-qualified.<span style="mso-spacerun: yes;"> </span>All happens with full self-service
in minutes and real-time delivery, in branch or out.<span style="mso-spacerun: yes;"> </span></span>MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">® is an off-the-shelf technology for
FIs to market, underwrite, deliver and monitor consumer small business loans
all under their brand, their underwriting and their control for loans on their
books.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-995026293719146222019-10-22T07:22:00.002-07:002019-10-22T07:23:04.446-07:00Fiserv Research Shows Growing Mobile Device Use for Digital Loans<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<a href="https://www.businesswire.com/news/home/20191021005059/en/Digital-Loan-Applications-Rise-Mobile-Device-Increases">Fiserv
research reported today</a> that mobile device use for digital loans is
growing.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4ofyTKFNjiXPPzvVFXh5e79fAr7ZcPhV5fg5atMbNI_jCMIdXrkRYP4IEI4Q84Jh_35lWYsKkt9t0KwntJnp4JfkLybxbuhWI2tpIoWXekglVKF2h4P5JCXZnim3XDhDf6dQT3RW4o9jp/s1600/fiserv+survey.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="115" data-original-width="404" height="113" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4ofyTKFNjiXPPzvVFXh5e79fAr7ZcPhV5fg5atMbNI_jCMIdXrkRYP4IEI4Q84Jh_35lWYsKkt9t0KwntJnp4JfkLybxbuhWI2tpIoWXekglVKF2h4P5JCXZnim3XDhDf6dQT3RW4o9jp/s400/fiserv+survey.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Fiserv Survey Report<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
That is why MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span> for consumers and small business
offers full mobile device loans starting with short-code text access, loan
applications completed with a handful of fields in 15 seconds, immediate
decisions and all document execution on the phone in minutes.<span style="mso-spacerun: yes;"> </span>Two thirds of our client loans are opened on
a smart device with our off-the-shelf, self-service software.<span style="mso-spacerun: yes;"> </span>All is under your brand, your underwriting
and your control for loans on your books.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Contact us for a full demo.<o:p></o:p></div>
<br /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<br />
<br />
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-88710191732717775492019-10-03T07:32:00.000-07:002019-10-03T07:32:17.316-07:00FDIC Chair Says Community Banks Won’t Survive Without Tech Innovation<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
FDIC Chair Jelena McWilliams <a href="https://www.bankingdive.com/news/community-banks-tech-innovation-fdic-chair-mcwilliams/564200/">stated
at the conference on the future of banking</a> that fintech is a must for
community banks.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxW8u9-EXgsEYaPLsaazw9iucD1Yw3ZndWnjVp7FrV82prDH2ecLDjDeB4Cer5pw5Ec3HGyLzLlWiB0zsTmeG3AlyzLK82jc25IKdZ2R1xvEntXP-UD8Mu327clCsHCytHq48k_TRWsSzv/s1600/Fed+Inno.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="545" data-original-width="1096" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxW8u9-EXgsEYaPLsaazw9iucD1Yw3ZndWnjVp7FrV82prDH2ecLDjDeB4Cer5pw5Ec3HGyLzLlWiB0zsTmeG3AlyzLK82jc25IKdZ2R1xvEntXP-UD8Mu327clCsHCytHq48k_TRWsSzv/s400/Fed+Inno.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
It is easy to see her point in the example of digital lending.<span style="mso-spacerun: yes;"> </span>The fastest growing part of lending is
personal loans as shown below.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwkHRBGPiH2yJIl2VITr6DePFr27GZZf1D8wfO3y34St5dbcSdfQ3Oe6DZgfMG3XHyX5LNvHCDlNjcY05ZOSK6nSH6mlK98sM_q-BuCt9b5DSk1xrWujGOYUzyA5bAdS5CLTWoRJ208UGM/s1600/Personal+loan+growth.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="531" data-original-width="797" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwkHRBGPiH2yJIl2VITr6DePFr27GZZf1D8wfO3y34St5dbcSdfQ3Oe6DZgfMG3XHyX5LNvHCDlNjcY05ZOSK6nSH6mlK98sM_q-BuCt9b5DSk1xrWujGOYUzyA5bAdS5CLTWoRJ208UGM/s400/Personal+loan+growth.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
But non-bank Fintechs are capturing how half of this $300B+ market from
a 0% share 10 years ago.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBomk_d4h7oPyoaQ6D6Cc0IgJCnx4qySWFh_-axbxPAT-TwjJuZ3M204mm3FaSkiDHvlBJsdEzRctAswe43h7mQ6zd4rAt8lEqtahCKb0sen8su3czqsO5BfSuqWEwv6IYoFhmcna-pHhg/s1600/fintech%2525.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBomk_d4h7oPyoaQ6D6Cc0IgJCnx4qySWFh_-axbxPAT-TwjJuZ3M204mm3FaSkiDHvlBJsdEzRctAswe43h7mQ6zd4rAt8lEqtahCKb0sen8su3czqsO5BfSuqWEwv6IYoFhmcna-pHhg/s400/fintech%2525.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<o:p><br /></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
The solution for FIs is to provide their own digital lending technology
under their brand, their underwriting and their control for loans on their
books.<span style="mso-spacerun: yes;"> </span>That is why we provide off-the-shelf
MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span>
technology for consumer and small business loans automating an application in
15 seconds, loan offer or disposition in another 15 seconds and complete
document completion in minutes, all in branch or out on a smart device digitally.<span style="mso-spacerun: yes;"> </span>FIs have the lowest cost of funds, existing
customer relationships, proven underwriting and documented compliance.<span style="mso-spacerun: yes;"> </span>They just need the MinuteLender<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span>
technology as a growing array of our clients demonstrate.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGrd3xIlQqrxXf2D8kfwQB4fH3bvR7NIApJ1czuwMW7lGBWmnyCZGWszVsFVTpCssV3wrpKhmMaVr6b8YXdaH2hYj5TR8bK1bcTdOD0rn_-HGKLR3SKPI364gh2jMg4bPZU808F2v5ZZnB/s1600/clients.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGrd3xIlQqrxXf2D8kfwQB4fH3bvR7NIApJ1czuwMW7lGBWmnyCZGWszVsFVTpCssV3wrpKhmMaVr6b8YXdaH2hYj5TR8bK1bcTdOD0rn_-HGKLR3SKPI364gh2jMg4bPZU808F2v5ZZnB/s400/clients.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-51428658823134343242019-09-30T10:38:00.001-07:002019-09-30T12:52:25.530-07:00How To Underwrite Soundly Small Business Loans Without Financial Statements<br />
<h3 style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<i style="font-weight: normal;">“How can I underwrite small business loans without financial statement
analysis,” a bank CEO asked us recently.<span style="mso-spacerun: yes;">
</span></i></h3>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
He was not seeking to be cavalier about risk, but acknowledging that
financial statement analysis of a small business loan application under $75k,
half of all business loan applications, is not reliable and adds a lot of cost to
delivering the loan.<span style="mso-spacerun: yes;"> </span>The bank’s
underwriting process for such a loan typically followed the same steps as for a
$750,000 loan.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Financial statements for small business applying for loans under $75k
are frequently compilations out of programs like Quick Books, often using a
modified cash basis of reporting and likely do not include comprehensive
information.<span style="mso-spacerun: yes;"> </span>Tax returns pulled can look
little like the business financials 11 months later because of the volatility
of small business activity.<span style="mso-spacerun: yes;"> </span>Efforts to
spread financials, calculate coverage ratios and underwriting successfully used
for larger loans do little to diminish risk for these smaller loans and just
add to expense.<span style="mso-spacerun: yes;"> </span>As a result, these loans
averaging $35k in outstandings are unprofitable.<span style="mso-spacerun: yes;"> </span>How can
FIs soundly and efficiently underwrite such small business loans for profitable
relationships?<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Many small business lenders have found a sound and profitable formula
by analyzing the owner/guarantor’s credit score and the deposit cash flow,
transactions and NSFs going through the checking accounts.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Credit scores have proven to be the most reliable predictor of loss
according to <a href="https://www.urban.org/urban-wire/how-debt-burden-affects-fha-mortgage-repayment-six-charts">research</a>.
Checking account activity of deposits can document cash-flow ability to repay a loan, along
with NSF rate and tracking loan balance.<span style="mso-spacerun: yes;">
</span>Loan covenants requiring checking accounts for small business loans with
right of offset, provide sound underwriting and as well as automated credit
monitoring.<span style="mso-spacerun: yes;"> </span>As shown below, changes in
the deposit level and owner/guarantor credit score alert repayment problem far
before any indications from credit analysis or missed payments.<span style="mso-spacerun: yes;"> </span>The chart below shows when deposits and
guarantor credit score fell below minimums, the FI termed-out the loan before a
loss could occur.<span style="mso-spacerun: yes;"> </span>Credit monitoring for
small business loans is greatly enhanced by the automated tracking and alerts
shown below. <o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmKAjDCr7qOK2rMXvpaqjAF3O-s9UOKXFF-gS58uSrKNt3nNfeJhz20tmupuauE1truD2b2PDEMkPVNTmQBfeWUne2neG6CL_RXUNO7VNdi7cB59feHqGJx8jrdVj5Qp6l3Nxl8xktw48z/s1600/real+time+underwriting.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmKAjDCr7qOK2rMXvpaqjAF3O-s9UOKXFF-gS58uSrKNt3nNfeJhz20tmupuauE1truD2b2PDEMkPVNTmQBfeWUne2neG6CL_RXUNO7VNdi7cB59feHqGJx8jrdVj5Qp6l3Nxl8xktw48z/s400/real+time+underwriting.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<o:p><br /></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
Losses may not be 75 bps, but efficiency in underwriting can offset
higher losses to create a profitable overall business model.<span style="mso-spacerun: yes;"> </span>A sample business model is below compared to
manually produced small business loans.<span style="mso-spacerun: yes;">
</span>Sound strategy for small business lending is requiring the checking
account as well for monitoring, which doubles relationship profitability.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 14.0pt;">Manual
vs Digital Lending with Guarantor Credit Score<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 14.0pt;"><span style="mso-spacerun: yes;"> </span>and Transaction Account Activity Underwriting
Business Model<o:p></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAPrb40p5DBDBsf-PgzBmUA7kHSPDriJvU9XB6EqjAzopV1mG4sv1tIxgeaUkLimzoGm0aK4cOMK7w9Fk5EKLOfqjam0rt3xDAPLSoetncj738J8435Cvqno6EhVA1ol6MiGxIJlTvnkVf/s1600/Underwriting+smb.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAPrb40p5DBDBsf-PgzBmUA7kHSPDriJvU9XB6EqjAzopV1mG4sv1tIxgeaUkLimzoGm0aK4cOMK7w9Fk5EKLOfqjam0rt3xDAPLSoetncj738J8435Cvqno6EhVA1ol6MiGxIJlTvnkVf/s400/Underwriting+smb.jpg" width="400" /></a></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b><span style="font-size: 14.0pt;"><o:p><br /></o:p></span></b></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<span style="mso-no-proof: yes;"><!--[if gte vml 1]><v:shape
id="Picture_x0020_4" o:spid="_x0000_i1025" type="#_x0000_t75" style='width:401.25pt;
height:228pt;visibility:visible;mso-wrap-style:square'>
<v:imagedata src="file:///C:/Users/bgilt/AppData/Local/Temp/msohtmlclip1/01/clip_image003.png"
o:title=""/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span><o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
As a result, a growing number of financial institutions large and small
shown below are underwriting small business loans digitally in real-time
through automated analysis of owner/guarantor credit reports and checking
account cash flow analysis.<span style="mso-spacerun: yes;"> </span>Loans can be
made efficiently and profitably with digital technology while also providing a
superior customer experience of small business loans in minutes on a smart
device.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: center;">
<b>Example Digital Lending Clients</b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5RPnB4O-dpELrC4Bx3L8crwoELFk-ZFmbp-ZllrrvfVnvPJtpeXa5BB36txKEQWaOChk2GPyBEw_-ZwxIV9hhro2hiWz7tfyWydpeHi87HI07mkpAomshjBw3mMICmFZqV6ie31049j2I/s1600/clients.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5RPnB4O-dpELrC4Bx3L8crwoELFk-ZFmbp-ZllrrvfVnvPJtpeXa5BB36txKEQWaOChk2GPyBEw_-ZwxIV9hhro2hiWz7tfyWydpeHi87HI07mkpAomshjBw3mMICmFZqV6ie31049j2I/s400/clients.jpg" width="400" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-12438766887506104602019-09-29T13:14:00.000-07:002019-09-29T13:31:30.669-07:00FIs Offering SafeLink® Provide “Safe” Small Dollar Loan Solution<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The American
Bank reported September 26 that a “<a href="https://www.americanbanker.com/news/small-dollar-loan-formula-eludes-banks-credit-unions">Small-dollar
loan formula eludes bank, credit unions</a>,” but many FIs have been offering successfully and profitably since 2013 loans up to $1,000 to consumers at a safe interest rate
of 15% and not requiring a credit score.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 1.0in; margin-right: 85.5pt; margin-top: 0in;">
<span style="font-size: 20.0pt; line-height: 107%;">Industry publication reports, “Small-dollar loan formula eludes
banks, credit unions.”<span style="mso-spacerun: yes;"> </span>FIs offering
SafeLink</span><span style="font-size: 20.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">®</span><span style="font-size: 20.0pt; line-height: 107%;"> have <u>in fact</u> done so for years.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
The solution
is achieved by providing more value to both consumers and a greater
relationship for the FI.<span style="mso-spacerun: yes;"> </span>Too many efforts
focus solely on the small dollar loan transaction, such as the pay day lending
rule.<span style="mso-spacerun: yes;"> </span>But nearly all consumers needing small
dollar loans at safe interest rates also need transaction account services.<span style="mso-spacerun: yes;"> </span>And specifically, many want an account that
will <u>assure</u> no overdraft fees ever, even no fees on return check or ACH charges.<span style="mso-spacerun: yes;"> </span>These services provide a
winning solution.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
While some
FIs offer debit-card only accounts to avoid NSF fees, hardly any FIs offer
transaction accounts assuring the certainty of no returned check or ACH fees ever. <span style="mso-spacerun: yes;"> </span>It is fair for a consumer to request such an
account with the certainty of no overdraft fees ever to avoid any surprises, not
even return check charges, and such consumers are willing to pay a competitive account
fee.<span style="mso-spacerun: yes;"> </span>Such accounts are be "return-all" for any NSF item presented, check or debit, but set up as no NSF fee charged.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
For such
account holders where an FI knows no overdraft fees will occur, the primary
reason checking accounts get charged off, they can profitably offer the
overdraft limit current on their systems as a Reg Z loan instead <u>with digital lending technology today</u>. They are taking little risk beyond what they do now with the amount being the overdraft limit on their system for overdraft coverage. They are just delivering the funds as a loan rather than as an overdraft.<span style="mso-spacerun: yes;"> </span><br />
<br />
The relationship is profitable
for the FI, efficient to deliver with digital technology, and a superior experience for customers for
accessing small loans without a credit score and benefiting from a "safe" checking account with no overdraft fees ever.<span style="mso-spacerun: yes;">
</span>Further, such a relationship offers customers without any credit the opportunity to
establish a credit score in as little as three months with a small loan.<span style="mso-spacerun: yes;"> </span>Finally, such account relationships will be “return-all,”
opposite leaving the choice to the FI to pay or return an NSF item as happens today.<span style="mso-spacerun: yes;"> </span>Instead, the decision is the customer’s
choice whether they want to use their line of credit to pay an item or not. And FIs can still earn fees for overdraft services from customers who want to avoid a "return-all" account and have any overdraft mistakes paid rather than returned.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG0uqq2ZFaZv81Jl1PkSxckjnNUgLQUtHqGpR3fLnQ5eBmeeTl3O6nuJjeWkQEvx8ZV4z7qrC0nioom_qu8L-ikK77fwuTRE-dogDaD06MJB3yGLmqZc4dtT_YBiNzRHk2562Hv-zlxXr3/s1600/safelink.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="788" data-original-width="1600" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG0uqq2ZFaZv81Jl1PkSxckjnNUgLQUtHqGpR3fLnQ5eBmeeTl3O6nuJjeWkQEvx8ZV4z7qrC0nioom_qu8L-ikK77fwuTRE-dogDaD06MJB3yGLmqZc4dtT_YBiNzRHk2562Hv-zlxXr3/s400/safelink.jpg" width="400" /></a></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-36011477240850694482019-09-26T14:29:00.000-07:002019-09-27T04:42:37.999-07:00FIs Respond As Experian Shows Fintech Now Has 49.4% of Personal Borrowing<br />
<div class="MsoNormalCxSpFirst" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Experian
in its <a href="https://www.paymentsjournal.com/experian-study-finds-fintechs-more-than-doubled-personal-loan-market-share-in-four-years/">Fintech
Marketplace Trends</a> report shows that non-bank FinTech’s now have half of the
consumer personal loan market, taking this market share from traditional
financial institutions.<span style="mso-spacerun: yes;"> </span>The $300+ Billion
personal loan market is the fastest growing market, growing three times as fast
as auto loans and twice as fast as credit card loans.<o:p></o:p></span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><o:p><br /></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwkHRBGPiH2yJIl2VITr6DePFr27GZZf1D8wfO3y34St5dbcSdfQ3Oe6DZgfMG3XHyX5LNvHCDlNjcY05ZOSK6nSH6mlK98sM_q-BuCt9b5DSk1xrWujGOYUzyA5bAdS5CLTWoRJ208UGM/s1600/Personal+loan+growth.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="531" data-original-width="797" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwkHRBGPiH2yJIl2VITr6DePFr27GZZf1D8wfO3y34St5dbcSdfQ3Oe6DZgfMG3XHyX5LNvHCDlNjcY05ZOSK6nSH6mlK98sM_q-BuCt9b5DSk1xrWujGOYUzyA5bAdS5CLTWoRJ208UGM/s400/Personal+loan+growth.jpg" width="400" /></a></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 107%;"><o:p><br /></o:p></span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;">The
reason personal loans are growing so fast is that technology now allows such loans with applications automated in
seconds, immediate decision-ing, documents e-signed in minutes, and funding as
quick as real-time.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;">The speed and
simplicity make personal loans often a quicker and simpler choice for use for home
repairs, used car purchase and other loans rather than traditional LOS loan products
like HELOCs and auto loans.</span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">As
a result, many FIs ranging from the largest like BVVA Compass, regionals like $13B
United Community Bank or local community banks like $300MM HomeBank are
offering specialty “express” digital and automated consumer personal loan processes
on a mobile device, in addition to their existing traditional LOS, to compete with FinTechs.</span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><b><br /></b></span></div>
<div class="MsoNormalCxSpMiddle" style="text-align: center;">
<span style="font-family: "times new roman" , serif;"><b>FIs of All Sizes Are Implementing Digital Personal Loans Mobile Strategies</b></span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcSgmFHxVbWooI56bqoZ05IGiuDoo4qEF4bshRDCstnkWQDK2hflOwZq2KUuqbBrWNTVaWIKCbP2FAbANYO8WYetU6LAk8PhXbH7xNO5Ig8qkLAZxPBvN5jmi5eEnSsAFGkF18q9pz5zsg/s1600/persoan+loan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="689" data-original-width="1265" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcSgmFHxVbWooI56bqoZ05IGiuDoo4qEF4bshRDCstnkWQDK2hflOwZq2KUuqbBrWNTVaWIKCbP2FAbANYO8WYetU6LAk8PhXbH7xNO5Ig8qkLAZxPBvN5jmi5eEnSsAFGkF18q9pz5zsg/s400/persoan+loan.jpg" width="400" /></a></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">MinuteLender®
is the leader in customer experience automating an application in 15 seconds,
having a loan offer in another 15 seconds, and loan completed in minutes with immediate
funding options, all in-branch or out. <span style="mso-spacerun: yes;"> </span>The self-service off-the-shelf software allows
FIs to provide a superior alternative to Fintech all under their own brand,
underwriting, proven compliance and control for loans on their books.<o:p></o:p></span></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s1600/newminutelender.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="1349" height="193" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s400/newminutelender.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="mso-add-space: auto; mso-margin-bottom-alt: auto;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-2600639243432302482019-09-21T06:16:00.002-07:002019-09-22T08:36:17.661-07:00Credit Score Better Predictor of Loan Risk Than DTI<br />
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;">The <b>Urban
Institute</b> research documents in </span><a href="https://www.urban.org/urban-wire/how-debt-burden-affects-fha-mortgage-repayment-six-charts"><span style="font-size: 12.0pt; line-height: 107%;">How Debt Burden Affects FHA Mortgage
Repayment in Six Charts</span></a><span style="font-size: 12.0pt; line-height: 107%;"> that credit scores are a better predictor of loan risk than DTI ratios.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiFCI9uFL4BLzCm0eudXuI3vUNvS9h2UcdPcA2AOSPFBGUkzvE1t_NZTunyK7dp6e7uR-J_-DeOlu90S297L9Rz7oBL-A0JwEv_YhMF6zqvNTLmtAlIRjIiwILrnnIlHrQHlrwYZaGxSBF/s1600/credit+score+dit.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="636" data-original-width="1086" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiFCI9uFL4BLzCm0eudXuI3vUNvS9h2UcdPcA2AOSPFBGUkzvE1t_NZTunyK7dp6e7uR-J_-DeOlu90S297L9Rz7oBL-A0JwEv_YhMF6zqvNTLmtAlIRjIiwILrnnIlHrQHlrwYZaGxSBF/s400/credit+score+dit.jpg" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12pt;">Specifically,
as the chart above shows, credit scores 660 or above have far less
delinquencies that DTI ratios 35% or below, an industry standard.</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">In fact, regression analysis by the Urban Institute
research credit scores have three times more explanatory power in explaining loan risk than DTI ratios.</span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;">The
distinction is critical because their research shows over half of consumers
with DTI above 45%, a traditional indication of high risk, <u>have credit
scores in the prime credit range</u>.<span style="mso-spacerun: yes;"> </span>Loan
risk is much more defined by the credit score than the DTI for a large group of consumers.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;">Of course,
FICO scores assess as part of the scoring the total debt obligations a consumer
has.<span style="mso-spacerun: yes;"> </span>But it better defines specifically
how a consumer handles their debt obligations.<span style="mso-spacerun: yes;">
</span>They may well use debt more heavily taking more of their income than
average consumers, but credit scores define how responsibly they handle that
debt and available income to handle more debt.<span style="mso-spacerun: yes;">
</span>By credit score model definition, customers with better credit scores
have debt capacity, a proxy for available debt-to-income.</span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"></span></div>
<div class="separator" style="clear: both; text-align: center;">
<img border="0" data-original-height="636" data-original-width="771" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqgEb8WGgFismq56o16Dl6SjEe5a1CCDlR-KQUdcegnFthbPcYK1_yZ5xCF1XbPqzQU40_LZcs17ZNskvSXhRFMDYFr8s6O9pO59HmGb72zub5ZAg2k0PAgsHrdl0JqpufWLVlxdD8hFDb/s320/util.jpg" width="320" /></div>
<br />
<br />
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;">Our digital
lending clients have complete control of underwriting and use credit score as
one factor in documenting risk. The
above research documents why our client chief credit officers look to borrower
credit scores first to assess ability to repay along with documented income and
cash flow. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s1600/newminutelender.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="1349" height="193" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s400/newminutelender.jpg" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 107%;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-29434709494589999832019-07-18T10:03:00.000-07:002019-07-18T13:46:33.067-07:00Automating the Digital Loan Application with 3 Fields in 15 Seconds<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Ever
try to fill out 38 fields on your cell phone?<span style="mso-spacerun: yes;">
</span>Hardly a superior customer experience.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">That
is why our digital loan application just needs three fields vs the 38 on the
typical digital loan application today.<span style="mso-spacerun: yes;">
</span>We automate the application with checking information and identity
documentation with your FI or through account aggregation.<span style="mso-spacerun: yes;"> </span>Simpler for the customer, and far more
efficient for you.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uFzN_4uDzUbY0ZzwkKKVHkFKOWGEXHLI6BShX_0VZW-I-FpwSuQUfIEOCJMpTEdWJSgEAjFfpCaunxu-FrG1u7D1dJ0V_2EJEPLkazSNzr191bnkXaIW8Kh9xAUnOwlYd9ao9fdsjt3S/s1600/Digital+Loan+App.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="815" data-original-width="1096" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uFzN_4uDzUbY0ZzwkKKVHkFKOWGEXHLI6BShX_0VZW-I-FpwSuQUfIEOCJMpTEdWJSgEAjFfpCaunxu-FrG1u7D1dJ0V_2EJEPLkazSNzr191bnkXaIW8Kh9xAUnOwlYd9ao9fdsjt3S/s320/Digital+Loan+App.jpg" width="320" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">With
an application completed in about 15 seconds, we allow you to set the
underwriting and provide a loan offer in another 15 seconds, and fully book the
loan with documentation and e-sign in about three minutes.<span style="mso-spacerun: yes;"> </span>Or of course all adverse action and customer contact are automated, while second review and internal CRM contacts are enabled for your management.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">That
is why other digital sites say, “Let’s Get Started.”<span style="mso-spacerun: yes;"> </span>We say that you respond in seconds and, “Lets Get
Finished!” <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s1600/newminutelender.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="1349" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6H0AAl4njtFnvtIwFL82Naf45gXZpBUClNmKESMzR9Nrgli4GNwsLEIYiKazjYyp3j0TZtfTooyiNI5MiUGv5KE6F4CMsZMC16QqHct9a_bKqNVMu4alU9-cPWxNOeeTrPcTuxqOFloX4/s320/newminutelender.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<br />RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-18816451824554537502019-07-07T16:38:00.000-07:002019-07-07T16:56:49.330-07:00CFPB Fair Lending Report Shows No Appetite for Attacking FinTech<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Two reports
in June clarify that FinTech lending can expect no arbitrary “fair lending”
challenges in next few years.<span style="mso-spacerun: yes;"> </span>On June
28, 2019 the CFPB released its <a href="https://files.consumerfinance.gov/f/documents/201906_cfpb_Fair_Lending_Report.pdf">Annual
Report to Congress on Fair Lending</a>.<span style="mso-spacerun: yes;">
</span>This followed a June 10 <a href="https://www.warren.senate.gov/imo/media/doc/2019.6.10%20Letter%20to%20Regulators%20on%20Fintech%20FINAL.pdf">letter</a>
some congress members wrote to the regulatory bodies expressing concern about
FinTech fair lending, <span style="mso-spacerun: yes;"> </span>Legal review of
the letter from congress members found no material challenge as quoted below, and
the CFPB report documents that there were no fair-lending enforcement actions
in 2018.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: .75in; margin-right: 1.0in; margin-top: 0in;">
<i><span style="font-family: "times new roman" , serif; font-size: 16.0pt;">“the study cited
by the congress members <span style="background: white; color: black; letter-spacing: 0.15pt;">fails to factor in the complex differences in a borrower’s
credit history, and that “disparate impact” challenges would likely
fail in any court.”</span><o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="background: white; color: black; font-family: "times new roman" , serif; font-size: 12.0pt; letter-spacing: 0.15pt;">RCGILTNER Services, Inc.
provides off-the-shelf digital lending technology to financial institutions to automate lending using
FI-controlled underwriting decision rules that mirror loan officer decisions.<span style="mso-spacerun: yes;"> </span>The digital
lending underwriting is not a "model" as defined by FRB SR-17 or subject to MRM
regulatory governance.</span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;">
<span style="mso-spacerun: yes;"> </span>We see and expect no regulatory
challenges to the significant expansion of digital lending services to better
serve consumers and small business, or the great efficiencies FIs experience providing
loans digitally.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">For
more detail, the CFPB Fair Lending report states, “The Bureau’s supervisory and
enforcement activity in 2018 focused on mortgage lending, small business
lending, and student loan servicing. In 2018, Fair Lending used a number of tools
and increased its focus on ensuring fair, equitable, and nondiscriminatory
access to credit through: (1) hosting a symposium on credit invisibility; (2)
establishing collaboration with the new Office of Innovation; (3) monitoring a
No-Action Letter; and (4) prioritizing supervisory reviews of third-party
credit scoring models to further the Bureau’s interest in identifying potential
benefits and risks associated with the use of alternative data and modeling
techniques.”<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">The
letter from congressional leaders Doug Jones and Elizabeth Warren raised concerns
that FinTech companies may create fair-lending concerns with their underwriting
methods.<span style="mso-spacerun: yes;"> </span>Their letter acknowledges “…fintech
products have the potential to expand access to financial products,” but they
site a new study that suggests fintech lending could include discrimination.<span style="mso-spacerun: yes;"> </span>The study they report in a letter to the CFPB
focused on mortgage lending and, in fact, alleges that both face-to-face
lending and fintech lending resulted in some minority groups they identify paying
higher rates on mortgages.<span style="mso-spacerun: yes;"> </span>They state in
their letter to the CFPB, “…fintech lenders are as discriminatory as loan
officers,” although they allowed results were mixed.<span style="mso-spacerun: yes;"> </span>They clearly not only think Fintech lending
could be discriminatory but believe an existing refrain that loan officers are as
well, despite no fair lending actions in 2018. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Legal
and regulatory analysts state any federal legislation is unlikely according <a href="https://www.jdsupra.com/legalnews/fair-lending-lawmakers-concerned-about-83788/">legal
reviews</a>.<span style="mso-spacerun: yes;"> </span>These reviews point out the
study cited by the congress members <span style="background: white; color: black; letter-spacing: 0.15pt;">fails to factor in the complex differences in a
borrower’s credit history, and that “disparate impact” challenges
would likely fail in any court.</span><o:p></o:p></span></div>
<br /></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0tag:blogger.com,1999:blog-1094530083263578195.post-66106821462324847262019-05-29T10:07:00.003-07:002019-05-29T10:11:41.486-07:00Forbes: PayPal $10B in Small Business Loans as Banks Sit On Digital Sidelines<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt;">Forbes
reports today that “<span style="background: #fcfcfc; color: #333333;"><a href="https://www.blogger.com/With%20banks%20sitting%20on%20the%20sidelines,%20fintechs%20have%20stepped%20up">With
banks sitting on the digital lending sidelines, Fintechs have stepped up.”</a><span style="mso-spacerun: yes;"> </span>A great example they show is PayPal which has
reached $10B in small business loans five years after it made its first loan.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 1.5in; margin-top: 0in; tab-stops: .25in;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0uCYGdu_3AlHY4jvQRIjVFiQT7IKP5ijGh0bqt7TN-_nd3z226ZUsvBAMiIP0dzejpEvUzLpYlAwX9J46TVr0PUfQbxpDLCIKPxZM8ziTM_azVL7wikcJ-Kq9GZFhrTUtsl3F1kpwwyyA/s1600/awoke.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="492" data-original-width="1096" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0uCYGdu_3AlHY4jvQRIjVFiQT7IKP5ijGh0bqt7TN-_nd3z226ZUsvBAMiIP0dzejpEvUzLpYlAwX9J46TVr0PUfQbxpDLCIKPxZM8ziTM_azVL7wikcJ-Kq9GZFhrTUtsl3F1kpwwyyA/s400/awoke.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 0in; margin-right: 1.5in; margin-top: 0in; tab-stops: .25in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;">But some banks are acting and leading the
way, from $13B United Community Bank to $400 MM HomeBank.<span style="mso-spacerun: yes;"> </span>They provide business loans in minutes on a
smart device with their sound underwriting, branding, compliance and control
with off-the-shelf MinuteLender® technology provided by RCGILTNER.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;">Learn more at <a href="http://www.rcgiltner.com/">www.rcgiltner.com</a>.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s1600/phone.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="410" data-original-width="296" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPXyMNkCxWGcepigAig6rmR_I3N1ImUad6Fs4YA6m8aCqRtBAG-Jp7maC_NowpLCDe2r0HTv3RdiWH7-YzBlOp7jz6tfZ165k6JZiiXRZdln5BWg2zSvUhMfIONVWvsElZBMDSchiVClAa/s320/phone.jpg" width="231" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; tab-stops: .25in;">
<span style="background: #fcfcfc; color: #333333; font-family: "times new roman" , serif; font-size: 12.0pt;"><br /></span></div>
RCGILTNERhttp://www.blogger.com/profile/10325784180717932326noreply@blogger.com0