TSL Feature Articles

At the 2004 Athens Olympics, American air-rifle shooter Matt Emmons, the reigning world champion in the 50-meter three-position event, held a seemingly insurmountable lead.  Going into his final shot, Emmons was in first place and needed only a mediocre score to win gold.  Emmons aimed, fired, and hit his target – the wrong target, one lane over.  He received no score for that shot and finished in eighth place.  

Emmons’ mistake illustrates the importance of aiming at the right target.  In April of 2020, amid the COVID-19 pandemic, the Federal Reserve and the Treasury Department announced the Main Street Loan Program (the “MSLP”), which was designed to provide emergency liquidity to small and mid-sized businesses.  Although well-intentioned, the MSLP, like Emmons, was aimed at the wrong target, and ultimately missed the mark.

Screen shots of the various First Place Teams from the Go Game festivities held on October 27. Attendees had a great time competing in trivia and lip syncing competitions.

This is a new feature providing advice from WISF members to young professionals on a specific topic.  We need your input.  If you have a question you would like to see answered in this column, please submit to Michele Ocejo at mocejo@sfnet.com.

Dear WISF,

“Once you are established within a job and/or have already experienced some degree of internal growth, what additional steps would you recommend to continue career growth and development? Early in the career, there are multiple paths and opportunities an early career individual can pursue.  However, once in the mid-level, the continued growth opportunities may not be as bountiful.”

The COVID-19 pandemic has had a devastating effect on the global economy and led to paralyzed supply chains, export restrictions and closed borders. This shock brought about several significant changes to a number of industries and accelerated existing trends such as automation, digitalization, supplier base diversification and supply chain operational efficiencies. Cross-border trade is at the center of everyone’s attention.

What of back rooms?

One important thing that we have learned over the recent past, through our observations of societal upheaval and current events, is that words matter.  Reflecting on the often-misleading references that are used in our lives, and industry, is an opportunity to open our minds, deepen our sensitivities, and expand our learning opportunities to what exists in our current collective reality.

I've often heard the term, back office, used by some ABL and/or other leaders within bank organizations.  Users of this term surely do not intend to be offensive, however, it is an outdated reference that has no place in the more complex secured lending operations of today. 

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

A new year brings with it many unknowns, and this year is no exception. It remains to be seen how the pandemic will impact the industry in the year ahead, and companies are still evolving strategies and plans to address the increased uncertainty.

Norman Knight, Deputy Director of Flight Operations at NASA, is no stranger to the unknown. He specializes in human space flight, and he has seen everything in orbit. He spoke at SFNet's first-ever online Annual Convention in November 2020 to share what he has learned from his decades at NASA.

Knight shared advice about building a culture of technical truth, openly discussing mistakes to improve systems, and planning for the unimaginable. Here are a few flight rules he suggested for companies looking to manage risk and uncertainty in the year ahead.

The Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), was enacted on December 27, 2020.  The Economic Aid Act amends, extends and expands several key stimulus programs as summarized below.

Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.¹

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. While the implementing regulations are not required to be issued by the SBA until January 6, 2021, the Act does provide insight into the new and revised programs.

The purpose of this article is to provide an overview of the Act to allow borrowers and lenders to take advantage of potential liquidity enhancements.