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FINREGLAB REPORT HIGHLIGHTS POTENTIAL INFLECTION POINT FOR EXPANDING CREDIT ACCESS AMONG MINORITY ENTREPRENEURS AND OTHER UNDERSERVED BUSINESSES

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WASHINGTON, June 13, 2024 /PRNewswire/ — A new report by FinRegLab underscores the importance of continuing technology and data improvements to expand credit access among smaller, younger businesses. From Crisis to Opportunity:  Financing for Underserved Small Businesses Since COVID-19 analyzes recent lending trends, including initiatives focusing on underserved businesses, lender technology adoption, and the effect of high inflation and interest rates on both loan demand and supply.

As the economy improves, lenders will face critical decisions going forward about how much to adjust their standards and keep investing in systems improvements to meet more small businesses’ capital needs. Their choices could have particular effects on the record number of small businesses formed since the pandemic, especially on minority and women entrepreneurs.

“Improving access to credit is critical to helping recent startups survive and grow, which will increase their impacts on wealth building, local communities, and the broader US economy,” said FinRegLab CEO Melissa Koide. “Fully leveraging the potential of data and technology improvements to expand access to responsible credit will require sustained action and cooperation among banks, mission-based lenders, fintechs, and other stakeholders.”

Small businesses have contributed two-thirds of the nation’s net new jobs since 1995. However, high failure rates and data limitations increase the risks of lending to younger, smaller businesses, and small loan sizes make it more difficult for lenders to cover their costs. After the 2008 financial crisis, many banks stopped making small business loans to companies that did not meet certain size and age thresholds, making it more difficult for startups and sole proprietors to access capital. Businesses owned by minority entrepreneurs, recent immigrants, and women are particularly affected by these credit constraints.

The report lays the foundation for a new FinRegLab research project that will analyze the use of bank account data and other non-traditional information sources to make small business underwriting models more accurate and inclusive. The next report in the series will highlight the benefits, challenges, and lessons learned about adopting data and technology by mission-based lenders, such as community development financial institutions (CDFIs) and minority depository institutions (MDIs).

Small Business Resurgence

Although small business formation and the share of US gross domestic product generated by small businesses declined after 2008, available data suggest that formation has reached record levels since the pandemic shutdown, including the highest levels of startups by entrepreneurs of color and women ever reported.

The report traces initiatives to expand lending to smaller, younger companies and historically underserved entrepreneurs in the aftermath of initial challenges with the Paycheck Protection Program and racial justice movements in 2020. Interest and investments in better technology platforms and more inclusive data sources for small business lending have also increased over the past four years. However, adoption levels remain uneven, particularly among banks and mission-based lenders.

Inflation and other economic conditions have taken a toll, however, both by dampening demand for loans and prompting lenders to tighten their criteria. Loan default rates, small business closures, and bankruptcies have increased relative to early in the pandemic, though they remain below 2008 levels, and small business sentiment has remained largely optimistic.

As business owners and lenders watch for indicators of economic improvement, the report highlights important decisions ahead about the use of data and technology to make it easier for small business applicants to access credit.  Using online platforms and data from bank accounts and other digital sources can potentially accelerate underwriting and help lenders gain more insights into businesses’ operations, particularly where owners have limited or negative traditional credit history or may struggle to compile traditional financial statements.  

About the Project

Other workstreams in the research project include studying pilot programs by several mission-based lenders that are using data and technology to expand the scope of their small business lending activities and working with researchers at New York University and Columbia University to study the effects of using cash-flow information on the predictiveness and inclusiveness of loan underwriting.

Support for the project is being provided by the US Department of Commerce Minority Business Development Agency and Visa. Plaid will provide free account connectivity services to participating mission-based lenders to allow loan applicants to authorize their account data to be accessed for underwriting. The project builds on previous FinRegLab research focusing on the use of cash-flow data by both consumer and small business lenders.

About FinRegLab

FinRegLab is an independent, nonprofit research organization that conducts research and experiments with new technologies and data to drive the financial sector toward a responsible and inclusive marketplace. We also facilitate discourse across the financial ecosystem to inform public policy and market practices.

For media and other inquiries about this research, email contact@finreglab.org. To receive periodic updates on this research, please subscribe to FinRegLab’s newsletter here. 

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SOURCE FinRegLab

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PROMISE Technology@Intersec Dubai 2025: AI-Driven Plugins & Storage Setups

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58 minutes ago

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January 13, 2025

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Highlights: streamlining AI video analytics, extensive VMS plugin ecosystem, and full compatibility across operating systems

DUBAI, UAE and HSINCHU, Jan. 13, 2025 /PRNewswire/ — PROMISE Technology, a leader in streaming data and surveillance storage solutions, is announcing several specialized solutions for security will be on display at the upcoming Intersec Dubai 2025 conference (Jan. 14-16, Booth SA-H15).

For a consultation and customized proposal, please contact PROMISE storage and integration experts: sales@mea.promise.com

Alice Chang, Chief Marketing Officer of PROMISE Technology, commented: “With over a decade of investing in the security industry, PROMISE storage is best for the most advanced AI surveillance applications, and we are pleased to be back at Intersec Dubai pushing the sector forward. This year, we will demonstrate how PROMISE storage optimizes AI applications and how our ecosystem of plugins seamlessly synchronize with video management systems.”

Leading innovation for top performance and seamless integration

The key value PROMISE brings security customers comes from industry-specific expertise and innovation, powered by the company’s leading-edge proprietary storage technologies — PromiseRAID and SmartBoost Technology.

In addition, PROMISE leads the way in the security industry by offering a wide variety of video management (VMS) plugins and partnering with key VMS providers, including Milestone, Network Optix and Digifort.

AI at the core, data secured by PROMISE

PROMISE’s surveillance storage ensures optimal performance, seamless analytics, and unmatched reliability with AI.

To showcase its latest capabilities, PROMISE will hold three demos:

Running AI facial recognition software on PROMISE storage New plugin for seamless synchronization between VMS and storageFull platform compatibility

VTrak J5960 with Green DNA

The company will also display the VTrak J5960 Green JBOD, featuring a PetaByte Grade Storage System powered by PROMISE and Toshiba. This offers expanded compatibility and flexibility with multiple server hosts to help consolidate and centralize hardware.

Visit Booth SA-H15 at Intersec Dubai 2025 to experience these demos.

About PROMISE Technology:

PROMISE Technology is a recognized global leader in streaming data storage with more than 30 years of experience. Powered by its proprietary PromiseRAID and Boost Family of technologies, the brand’s innovative solutions are tailored to the Surveillance, Rich Media, Cloud and IT markets’ unique needs. PROMISE’s highly experienced sales and engineering teams are strategically located throughout the Americas, EMEA, JAPAC, and China regions to provide unparalleled services and support to its customers around the globe.

For more information, please visit: https://www.promise.com/

Media Contact:
pr@promise.com

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Djibouti Ports Corridor Road, RapidCanvas, and 4C Solution Partner to Revolutionize Road Infrastructure with AI

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58 minutes ago

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January 13, 2025

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DJIBOUTI CITY, Djibouti , Jan. 13, 2025 /PRNewswire/ — Djibouti Ports Corridor Road SA (DPCR SA), RapidCanvas, and 4C Solution have launched the DPCR CorridorVision AI project to transform road infrastructure management using cutting-edge artificial intelligence. This initiative supports Djibouti’s National Vision 2035, aiming to establish the country as a vital logistics hub for East Africa and strengthen its role in regional trade.

The DPCR CorridorVision AI project uses the RapidCanvas AI platform to monitor road conditions and detect issues like cracks and potholes in real time, enabling faster maintenance and optimized resource allocation. By adopting a proactive approach, the project ensures safer, more durable routes connecting Djibouti with neighboring countries like Ethiopia, enhancing regional trade and economic stability.

“Partnering on this project represents a significant milestone in our mission to use AI to address infrastructure challenges,” said Rahul Pangam, CEO of RapidCanvas. “We aim to empower the teams tackling real-world problems like road infrastructure, delivering technology that enhances efficiency and supports sustainable growth.”

Mr. Abdi Ibrahim, CEO of DPCR SA, emphasized, “DPCR CorridorVision AI empowers us with proactive detection, enabling swift, efficient, and cost-effective maintenance responses. This capability secures safer, more resilient corridors that underpin Djibouti’s economic connectivity and ensures the uninterrupted flow of goods.”

4C Solution, as a key digital transformation partner, plays a crucial role in this project. “Partnering with RapidCanvas, we aim to help more African companies access AI, fostering digital transformation and innovation at scale,” stated Mr. Moumin Saleh, CEO of 4C Solution. “Our involvement in DPCR CorridorVision AI demonstrates our commitment to improving efficiency across the region.”

Aligned with Vision 2035, this initiative focuses on modernizing infrastructure and strengthening regional connectivity. By employing an AI-driven approach, it streamlines road maintenance and fortifies Djibouti’s economic resilience by ensuring dependable transportation links that support trade and regional integration.

About RapidCanvas

RapidCanvas is an AI platform that combines the precision and automation of AI agents with the deep domain knowledge of human experts to deliver reliable and measurable business outcomes. With RapidCanvas, enterprises create custom, high-performance, production-grade AI solutions 10X faster at 80% lower cost compared to traditional custom solutions.

RapidCanvas is recognized as a top 5 Data Science and Machine Learning platform by independent research firm G2 for customer satisfaction. RapidCanvas works with industry leaders in manufacturing, retail, and financial services to unlock the full potential of AI.

Visit www.rapidcanvas.ai for more information.

About DPCR SA

Founded in 2017, DPCR SA manages vital road networks linking Djibouti’s ports to neighboring countries, reinforcing the nation’s role as a regional logistics hub. Learn more at www.dpcr.dj

About 4C Solution

4C Solution is a leading East African digital transformation partner specializing in AI technologies to enhance efficiency in sectors like Ports, Transportation, and Supply Chain. As the African partner for RapidCanvas, 4C Solution is instrumental in delivering innovative digital solutions to support regional growth. Learn more at https://www.4csolution.com/

Contact :  Vinay Chaganti, vinay@rapidcanvas.ai 

Video – https://www.youtube.com/watch?v=2NCUYvGJhGU
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Logo – https://mma.prnewswire.com/media/2594966/RapidCanvas_Logo.jpg
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L’Oréal Hong Kong Wins Prestigious Gold Award at the Hong Kong Awards for Environmental Excellence

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2 hours ago

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January 13, 2025

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Company Recognised for Outstanding Sustainability Achievements in the “Shops and Retailers” Sector

HONG KONG, Jan. 13, 2025 /PRNewswire/ — L’Oréal Hong Kong received the Gold Award in the “Shops and Retailers” sector at the annual Hong Kong Awards for Environmental Excellence (HKAEE). This esteemed award, organised by the Hong Kong Environmental Campaign Committee in collaboration with the Environment and Ecology Bureau and major chambers of commerce, highlights the company’s exceptional achievements in sustainability under its “L’Oréal For the Future” commitment.

As the beauty market leader in Hong Kong, L’Oréal has been accelerating sustainable transformation across its entire value chain, from product innovation, sourcing, transportation to retail and consumption.

Eva Yu, President and Managing Director of L’Oréal Hong Kong, expressed her gratitude for the recognition, “We are deeply honoured to receive the Gold Award at the Hong Kong Awards for Environmental Excellence. This is a testament to our unwavering commitment to sustainability. As the market leader, it is our responsibility to not only provide the best in beauty, but also lead in meaningful actions to protect the environment and contribute to the community we serve.”

The assessment of HKAEE award covered stringent criteria from green leadership, sustainability programs and performance, to partnerships. L’Oréal Hong Kong was recognised for the following sustainability achievements in the past year:

Green Office: L’Oréal Hong Kong’s office is LEED Platinum certified, uses 100% renewable energy, and has been reducing energy consumption year on year with different energy efficiency features.

Green Operations: All local packaging of L’Oréal products is plastic-free and all disposals from warehouse are recycled. The company also aims to minimise CO2 emissions in transportation by using sea and rail shipment as well as electric vehicle in local transport.

Green Retail: 100% of new stores under L’Oréal Hong Kong are eco-designed. The stores use sustainably sourced and certified materials, as well as reusable and recyclable materials.

Green Consumption: Through joint efforts by L’Oréal Hong Kong’s 17 brands, and its partnership with Watsons stores across the city, over 600,000 empty beauty bottles have already been collected from consumers for recycling. To further reduce packaging waste, the company is introducing more refillable beauty products to the Hong Kong market. Refillable products use less packaging, thus providing more sustainable options for environmentally conscious consumers.

L’Oréal Hong Kong continues to lead the beauty industry in sustainability efforts, proving that environmental responsibility and business success can go hand in hand.

For high-res photos, please see it here.

About L’Oréal

For 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality. With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 Digital talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on https://www.loreal.com/en/mediaroom

About L’Oréal For the Future

“L’Oréal For the Future” is L’Oréal’s global sustainability programme that outlines the company’s vision and commitments for 2030. The initiative focuses on transforming L’Oréal’s operations to respect planetary boundaries by addressing key environmental challenges. Commitments include achieving 100% renewable energy for all operated sites by 2025, ensuring that by 2030 all water used in industrial processes will be recycled and reused, and that 100% of biobased ingredients for formulas and packaging materials will be traceable and sourced sustainably, with none linked to deforestation. L’Oréal also aims to reduce greenhouse gas emissions across all scopes by 50% per finished product by 2030.

For more information on “L’Oréal For the Future,” please visit: www.loreal.com/en/commitments-and-responsibilities/for-the-planet/    

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SOURCE L’Oréal Hong Kong

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