-------
NEW INITIATIVE HELPING BLACK-OWNED BUSINESSES GET ACCESS TO FUNDING AND TREASURY SERVICES
Los Angeles, CA -- Historically, Black-owned businesses have had
difficulty gaining access to adequate levels of working capital and
other banking services. While there are several reasons for this
disparity, a significant contributor has been limited knowledge of the
client selection and onboarding processes banks practice to ensure they
comply with all laws and regulations that govern client relationships.
As banking regulations and disclosure requirements evolve, banks have
increased their due diligence standards to stay ahead of regulatory
changes, and to more clearly define their risk appetite.
One of the most important and major due diligence evolutions is Know Your Customer (KYC), which is the due diligence process that enables banks to fulfill their regulatory and legal obligations with respect to anti-money laundering and related financial crimes. Because of the serious threat to the US financial system and the impact money laundering and related crimes has on the US economy, banks are now required to gather much more information about their clients and how their products and services will be used before extending commercial credit, treasury management, merchant, and commercial credit card services.
It is critically important that Black-owned businesses are knowledgeable of the KYC process, and what documentation and information is expected of them when seeking banking services. In addition, understanding how information regarding ownership, operations, customers, vendors, and expected account transaction activity may impact the businesses risk profile is invaluable. This is particularly true for businesses considered to be high risk or that operate within high risk industries or geographies.
Article On Funding For Black Businesses Continues After Sponsor's Message Below...
Farmers Pizza
Please Support Our Ad Sponsors Who Make This Community News Blog Possible. And Don't Forget To Tell Them You Saw Their Ad in The Scoop!
Farmers Pizza
Article Black Business Lending Continues Below...
Bridgehampton Strategy Advisors' initiative is focused on helping Black-owned businesses to strengthen their capital raising strategy and to gain greater access to advanced banking services by being KYC ready. The initiative will offer insight regarding what to expect from the KYC due diligence process and the steps necessary to take in preparation for delivering requested information and documentation. Reducing the risk of not being able to obtain higher levels of working capital and related banking services by being KYC ready should be a priority of every enterprise risk management strategy, which will ultimately have a significant positive impact on an organization's product and service delivery, and their financial and operating results.
To learn more, please call (310) 487-3091 or visit their website click here . Be sure to tell them a little about your business and working capital raising challenges. The initial consultation and additional information is free.
Sponsor's Messages Below
Enjoy A Tasty Meal At The New Burger King In
St. Albans, New York
Experience This Modern, Spacious, And Affordable Place To Eat. For More Info Click Here
Give The Gift Of Beautiful And Affordable Photo Realistic Or Ethnic Art For The Holidays
World Class Sophisticated Art Can Portray Your Love This Holiday Season - Discover Exceptional Black Art, Get Exclusive Custom Framing, and Receive Expert Photography from Renowned Local Artist Click Here
Beautify Your Home and Accentuate Your Life - Discover Exceptional Black Art, Get Exclusive Custom Framing, and Receive Expert Photography from Renowned Local Artist Click Here
Checkout Similar Articles Below
Posted by community events coordinator, Nzinga Lonstein Austin, is a prolific blogger who writes on the entertainment industry and issues for people with developmental and physical challenges.She is presently in high school looking to have a career in video, film, and media. You can see more of her entertainment writing on Lonstein Movies.
About the Southeast Queens Scoop - is the premier website and only publication offering daily news and updates on the events, culture, issues, and is dedicated to the business and economic development in this largely black historic community.
Since you are here think about this please. Do You Want The Southeast Queens Scoop To Continue To Promote Empowering News and Events largely ignored by the corporate owned mainstream media in our area?
Since most local businesses don't have large ad budgets then please consider donating to ensure we can continue our media efforts. We appreciate all contributions ($5, $10, $15, $20, +) no amount is too small. Please donate now below or read more on donations.
No comments:
Post a Comment