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The Agency creates local loan pool for Broome County small businesses
DICKINSON — Broome County small businesses impacted by the COVID-19 pandemic can pursue loans from the NY Forward Loan Fund (NYFLF) through a partnership between the Agency and the National Development Council (NDC). The Agency is the rebranded name of the Broome County Industrial Development Agency and Local Development Corporation. The New York City–based NDC […]
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DICKINSON — Broome County small businesses impacted by the COVID-19 pandemic can pursue loans from the NY Forward Loan Fund (NYFLF) through a partnership between the Agency and the National Development Council (NDC).
The Agency is the rebranded name of the Broome County Industrial Development Agency and Local Development Corporation. The New York City–based NDC is a nationwide community development finance institution (CDFI).
The Agency will invest $100,000 in existing loan funds to create a local loan pool to assist area businesses.
The NYFLF is a new $100 million economic-recovery loan program that Empire State Development established. It seeks to support New York small businesses, nonprofits, and small landlords as they reopen after the COVID-19 outbreak and the state’s shutdown.
The program is intended to assist businesses with 20 or fewer full-time employees, nonprofits, and small landlords that “have seen a loss in rental income.”
Loans will provide working capital in an effort to “open up more access to credit” for entities that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loans (EIDL) in 2020, the Agency said.
The loans are “not forgivable” and will need to be paid back over a five-year term with interest. Loans are on a “first-come, first served” basis and will be reviewed on a rolling basis as regions and industries are reopened.
Industries and regions that have reopened will be given priority, but those industries that have not are encouraged to complete a pre-application. Priority borrowers include African-American, Hispanic, and/or woman-owned businesses, and nonprofits, along with businesses located in “economically distressed neighborhoods.”
“As we move into the recovery phase, loan programs like this will be critical for businesses to get their doors open,” Daniel Marsh, president of NDC, said in a statement. “Small businesses need low-interest working capital, which is often in short supply under the best of circumstances — especially for women- and minority-owned businesses. This loan program needs to be replicated all over the country.”
The partnership
NDC is one of the five CDFIs selected to process pre-applications through a community partner at-risk grant. NDC anticipates lending about $15 million to $20 million in funds as part of the NYFLF program.
NDC is the only national nonprofit CDFI that is also a “preferred” SBA lender with more than 25 years of experience lending capital and expertise to small businesses across the country, the Agency noted.
The Agency will commit $100,000 of funds from its business development fund to NDC for purposes of lending to businesses located in Broome County.
This investment will leverage a total loan pool of up to $2 million in funds for Broome County businesses.
“The process of recovering from COVID-19 will be slow and will require as much financial resources as possible,” said Stacey Duncan, executive director of The Agency and president and CEO of the Greater Binghamton Chamber of Commerce, said. “Our investment to the NY Forward Loan program, in partnership with NDC, will enable us to support those businesses and organizations that our traditional financing cannot. We need to apply every tool toward recovery.”
The NYFLF is supported by Apple Bank and BNB Bank, which are both headquartered on Long Island; BlackRock Charitable Fund; Citi Foundation; Evans Bank, which is headquartered near Buffalo; New York City–based Ford Foundation; Buffalo–based M&T Bank; New York City–based Morgan Stanley (NYSE: MS); Detroit, Michigan–based Ralph C. Wilson, Jr. Foundation; and San Francisco, California–based Wells Fargo (NYSE: WFC).
America’s job resurgence started in May
[The May] employment numbers (https://www.bls.gov/news.release/empsit.a.htm) confirm that we have turned the corner on the virus economic disaster. More people are working, more people are in the workforce, and America is reopening. This is great news for the millions of Americans who fear that they may not have a job to return to. It is also
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[The May] employment numbers (https://www.bls.gov/news.release/empsit.a.htm) confirm that we have turned the corner on the virus economic disaster. More people are working, more people are in the workforce, and America is reopening.
This is great news for the millions of Americans who fear that they may not have a job to return to. It is also a confirmation of President Trump’s emphasis on supporting small and mid-sized businesses that were either shut down or damaged as a result of the COVID-19 response.
[Soon], we will see the impact on a state-by-state basis of reopening economies and we’ll be able to compare COVID-19 case numbers over the last month and a half with state reopening data and employment results. It is easy to predict that those states which have been more aggressive in reopening while maintaining basic safety standards will show maximum growth with very little disease impact.
It is time to reopen America now and truly kick our economy back into high gear.
Rick Manning is president of Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.” This op-ed is drawn from a new release the ALG issued on June 5.
Why Representative Democracy Matters
Over the last few years, the health of American democracy has come under great scrutiny. Polling routinely shows that Americans are concerned that democratic institutions aren’t working as well as they ought to be. Inevitably, this brings up the question of whether we can mend our problems or if the system of representative democracy itself
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Over the last few years, the health of American democracy has come under great scrutiny. Polling routinely shows that Americans are concerned that democratic institutions aren’t working as well as they ought to be. Inevitably, this brings up the question of whether we can mend our problems or if the system of representative democracy itself is fundamentally broken.
I am biased. I served as a representative for a good bit of my life, watched the system from the inside with all its faults and all its glories, and believe firmly in it. Our strengths as a nation — our wealth and culture, our opportunities, and human resources — developed in an environment that was built from our founding documents, giving an ever-greater swath of Americans the opportunity to reach their potential, solve the problems that face their communities, and work together to move their neighborhoods and their country as a whole forward. It’s allowed us to experiment, to approach issues pragmatically, and to shift approaches if the first or second or third tactic doesn’t work.
In fact, I would argue that some of our key characteristics as a people spring from the demands of self-governance and electing representatives. Wherever I have gone around the country, I have noticed an impressive and restless desire to make things better — to improve our communities and states for everyone who lives in them. A representative democracy, in which every few years we choose the people who will be making the decisions that shape how we spend our money and regulate our activities, encourages this aspiration.
As concerns about our institutions have grown, however, so has interest in alternatives. A 2018 poll by Vox, for instance, found that young people were “less likely to say that democracy is ‘always preferable’ to any other type of government, and less likely to agree that ‘democracy serves the people’” than people 40 and older. By the same token, they were more likely to say that “non-democracies can be preferable” in some circumstances and to believe that “democracy serves the elite.” Many of these people are pushing for more direct democracy.
At the same time, militia groups, political entrepreneurs, and big-money interests are also pushing for changes to how the system operates. They often want to move away from representative democracy, limit the power of the legislature, dismiss the professional civil service, rearrange the federal structure, and in some cases see an advantage in a strong-man leader.
I have to confess; I have trouble seeing us move in either direction. A lot of Americans like the idea of direct democracy — indeed, in a poll a few years ago, the Pew Research Center found that 55 percent of those surveyed thought that ordinary Americans would do a better job solving the country’s problems than elected officials. Yet while I see the value of direct democracy at the town level, as is practiced in parts of New England, I have trouble seeing how 330 million people could make decisions on even major policy questions at the federal level. It would make it impossible to have the kind of deliberation or common-ground-seeking that Congress, when it’s working, can practice.
Those attracted to strong-man leadership see value in a president who can make policy with little or no consultation with the Congress or other elected bodies. This, of course, is a system of authoritarianism you can find in various spots around the world — Russia, Turkey, the Philippines, and Venezuela come to mind. This is not, however, an idea many Americans find attractive for governing the country.
My point is this: We cannot look at representative democracy in isolation but have to compare it to the alternatives. And the alternatives, I would argue, don’t stack up. Even 230 years on, our system remains an experiment in self-government. It is still aiming to achieve equal political rights and economic opportunity, equal access to the protection of the laws, and equal access to political representation. It seems to me that the question is not “Is it perfect?” Rather, it is: “Can it improve itself?” The answer lies with ordinary citizens to step up and take advantage of the opportunities the system affords us to do just that.
Lee Hamilton, 89, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south central Indiana.

GREGG LEVANTE has joined Norwich–based NBT Bank as commercial-banking relationship manager for its Berkshire County and Southern Vermont regions. He brings more than 10 years of commercial-banking experience to the bank and comes to NBT from Berkshire Bank. Levante has extensive experience in managing commercial-banking customer relationships. He earned his bachelor’s degree in accounting/finance from
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GREGG LEVANTE has joined Norwich–based NBT Bank as commercial-banking relationship manager for its Berkshire County and Southern Vermont regions. He brings more than 10 years of commercial-banking experience to the bank and comes to NBT from Berkshire Bank. Levante has extensive experience in managing commercial-banking customer relationships. He earned his bachelor’s degree in accounting/finance from Franklin Pierce University and an MBA from Massachusetts College of Liberal Arts.
THOMAS P. TULANEY has been appointed president and chief operating officer at Peoples Security Bank and Trust Company and parent company Peoples Financial Services Corp. (NASDAQ: PFIS). Peoples is based in Scranton, Pennsylvania and has three branches in the Greater Binghamton area. Tulaney was also appointed to the bank’s board of directors. Craig W. Best,
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THOMAS P. TULANEY has been appointed president and chief operating officer at Peoples Security Bank and Trust Company and parent company Peoples Financial Services Corp. (NASDAQ: PFIS). Peoples is based in Scranton, Pennsylvania and has three branches in the Greater Binghamton area. Tulaney was also appointed to the bank’s board of directors. Craig W. Best, former president and CEO, will continue to serve as CEO of Peoples Security Bank and Trust. He will continue to focus on the bank’s strategy and long-term goals. Tulaney most recently served as Peoples Security Bank and Trust’s senior executive VP and chief operating officer. As the bank’s president and COO, he will be responsible for the daily operations. He has more than 39 years of banking experience. Tulaney joined the bank’s Commercial Banking Division as executive VP, chief lending officer in April 2011. Upon joining the bank, he was responsible for developing new commercial-banking business.
MARCO RUBINO has joined the outside sales team at Johnstone Supply’s 835 Canal Street location in Syracuse. With 14 years of HVACR (heating, ventilation, air conditioning, refrigeration) experience and nine years of experience as a certified building performance analyst, in his role as territory sales manager, he will represent Johnstone Supply to contractors and facilities
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MARCO RUBINO has joined the outside sales team at Johnstone Supply’s 835 Canal Street location in Syracuse. With 14 years of HVACR (heating, ventilation, air conditioning, refrigeration) experience and nine years of experience as a certified building performance analyst, in his role as territory sales manager, he will represent Johnstone Supply to contractors and facilities managers in the Syracuse area and the North Country. Prior to joining Johnstone Supply, Rubino was an exterior project specialist with Lowe’s.
SUNY has appointed JOSEPH L. RUFO as officer in charge of the SUNY College of Environmental Science and Forestry (SUNY ESF) as Interim President DAVID C. AMBERG returns to Upstate Medical University. Rufo will continue his responsibilities as chief financial officer and VP for administration, while the search for SUNY ESF’s next president progresses. As
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SUNY has appointed JOSEPH L. RUFO as officer in charge of the SUNY College of Environmental Science and Forestry (SUNY ESF) as Interim President DAVID C. AMBERG returns to Upstate Medical University. Rufo will continue his responsibilities as chief financial officer and VP for administration, while the search for SUNY ESF’s next president progresses. As interim president, Amberg implemented the “ESF Discovery Challenge,” an effort that brought together faculty, staff, and students to provide recommendations to support the college’s human resources, secure a sustainable financial future, and build upon the campus’ strengths as related to global issues in environmental science and sustainability. He returns to Upstate Medical University to his position as VP for research overseeing the clinical, translational, and basic research portfolios of the campus. During his tenure, which began in December 2014, Upstate Medical saw several years of continuous growth in research expenditures. Rufo is the chief financial officer and VP for administration at SUNY ESF responsible for providing leadership, management, and oversight of the college’s business and financial affairs, human resources, legal, information technology, university police, and environmental health and safety. He has been with the college since November 2008. Prior to coming to ESF, Rufo was VP and chief financial officer at Onondaga Community College, chief financial officer at the Syracuse City School District, manager of electric pricing evaluation and design and director of business growth at Niagara Mohawk, and assistant professor of economics at SUNY Cortland. He has a bachelor’s degree in economics from SUNY Cortland and an MBA, with a concentration in finance, from Binghamton University.

Bousquet Holstein PLLC has appointed TAYLOR M. NUNEZ to the firm’s 2020 Summer Associate program. She is entering her final year as a candidate for a Juris Doctorate (JD) degree at Syracuse University College of Law and as a candidate for Master of Public Administration (MPA) degree at the Syracuse University Maxwell School of Citizenship
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Bousquet Holstein PLLC has appointed TAYLOR M. NUNEZ to the firm’s 2020 Summer Associate program. She is entering her final year as a candidate for a Juris Doctorate (JD) degree at Syracuse University College of Law and as a candidate for Master of Public Administration (MPA) degree at the Syracuse University Maxwell School of Citizenship and Public Affairs. Nunez is a 2016 graduate of Syracuse University College of Arts and Sciences with a bachelor’s degree in political science and history. At Syracuse University, she serves as editorial member of the Syracuse Law Review and was honored with the CALI Award for Property and the Law Dean’s Scholarship. She has been active in the Women Law Students Association and served as secretary in 2019-2020. Nunez is also an Academic Success Fellow at the College of Law’s Office of Student Affairs, instructing first-year law students on important legal study skills in the first-year torts and property classes. She has served as a legal extern at Vera House and for Judge Matthew J. Doran, Onondaga County Court. As an undergraduate, Nunez volunteered with the Hiscock Legal Aid Society Family Court Program and Appeals Program.

Survey: Unmarried women are less confident about their retirement prospects
Unmarried women had lower levels of retirement confidence than their married counterparts and were more likely to have fewer resources and be less prepared for retirement. That’s according to a new study that the Washington, D.C.–based Employee Benefit Research Institute (EBRI) conducted. The EBRI is a private, nonpartisan, nonprofit research institute based in Washington, D.C., that
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Unmarried women had lower levels of retirement confidence than their married counterparts and were more likely to have fewer resources and be less prepared for retirement.
That’s according to a new study that the Washington, D.C.–based Employee Benefit Research Institute (EBRI) conducted.
The EBRI is a private, nonpartisan, nonprofit research institute based in Washington, D.C., that focuses on health, savings, retirement, and financial security issues.
The study finds 76 percent of married women express being very or somewhat confident they will have enough money to live comfortably throughout their retirement years, with only 43 percent of divorced women workers and 51 percent of never-married women workers sharing this confidence.
EBRI and Greenwald & Associates recently conducted the Retirement Confidence Survey (RCS) to measure attitudes toward, preparations for, and understanding of the various issues and products for retirement by American workers and retirees.
The RCS is now in its 30th year, EBRI said. Greenwald & Associates is a Washington, D.C.–based public-opinion and market-research firm.
The report released June 8 titled, “Retirement Confidence Survey: Attitudes Toward Retirement by Women of Different Marital Statuses” examines the RCS results for women, since they face “particular challenges” in preparing for retirement — from “lower average earnings to higher likelihoods of taking time out of the labor force for raising children.”
Furthermore, women have longer life expectancies and are often younger than their spouses, “potentially” leaving them with more years in retirement. This study explores RCS findings across the array of possible marital statuses of workers and retirees, and their perceived and actual retirement prospects.
Other retirement aspects
Divorced and never-married women workers also had lower confidence in other aspects related to retirement.
In particular, 43 percent of never-married women workers were very or somewhat confident in knowing how much money they need to save by retirement to live comfortably in retirement compared with 47 percent of divorced women workers and 69 percent of married women workers.
When it came to feeling confident in choosing the right retirement products and investments for their situation, just 44 percent of divorced women workers were confident compared to 48 percent of never- married women workers and 69 percent of married women workers.
Given the disparities in retirement confidence among women of differing marital statuses, it “isn’t surprising” that the level of assets held by them is “substantially” different, EBRI said.
The divorced women workers were “markedly” more likely to have fewer assets, as 72 percent had less than $25,000 in assets compared to 54 percent of never-married women workers and 31 percent for married women workers.
Furthermore, debt was more likely to be a problem for divorced and never-married women workers, where 74 percent and 67 percent, respectively, considered debt a problem compared with 56 percent of married women.
Retirees
The survey also focuses on retirees and paints a “particularly grim” picture of divorced and widowed women retirees compared with married women retirees. One in 10 married women retirees has less than $1,000 in savings and investments, but more than half of divorced women retirees and nearly a third of widowed women retirees have such a minimal amount.
To lower the chances of this type of outcome, Craig Copeland, senior research associate at EBRI and author of the report, said the survey results indicate that women in differing situations could benefit from receiving more “specialized” information and assistance with retirement preparations and everyday financial issues.
“The approaches currently being used do not appear to be as effective for unmarried women workers, likely due to the resulting financial and life-circumstance upheaval of a divorce or death of a spouse. Employers may want to develop new targeted messages, methods, or materials to better reach these groups, in order to increase the chances of unmarried women having a financially successful retirement. Help from the financial sector in general could also be beneficial, as many of the unmarried women need help outside of employment,” said Copeland.
How To Protect Retirement Savings In These Uncertain Times
The COVID-19 pandemic is causing millions of Americans to worry about their retirement savings and investments. Stocks are riding a roller coaster and the recent $2 trillion stimulus bill passed by Congress potentially means larger tax bills down the road to help pay for it. [Despite the recent strong rebound], the stock market could be
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The COVID-19 pandemic is causing millions of Americans to worry about their retirement savings and investments. Stocks are riding a roller coaster and the recent $2 trillion stimulus bill passed by Congress potentially means larger tax bills down the road to help pay for it.
[Despite the recent strong rebound], the stock market could be a wild ride going forward, which is a big reason people should seek more certainty in their planning.
And when the federal government dumped trillions of dollars on top of what was already a significant deficit, and with indications that more trillions are coming our way, you need to ask yourself, “When is the reckoning day on those packages?”
It will come during your retirement; personal-income tax will go up in the future. Protecting yourself from that reckoning means being able to diversify your assets from tax exposure.
I offer these tips to protect retirement money in the wake of COVID-19:
• Rely on a Roth IRA. It’s prudent to consider a Roth conversion to protect yourself from the inevitable tax increases heading our way to pay for the COVID-19 bailouts. One advantage of the Roth: It’s a retirement-savings account allowing your money to grow tax-free. It’s funded by your after-tax dollars, meaning you’ve already paid taxes on the money you put into it. In return, when you withdraw after age 59 ½ or in retirement, you pay no taxes, not even for the earnings on your investments.
• Beware of the bond market. In the past, many financial advisors recommended an asset mix of 80 percent in stocks and 20 percent in bonds for people who were investing over the long term. Then, as people got nearer to retirement, they would allocate more to bonds because of their stability. That idea has shifted. From where we are right now, there is no place but up for interest rates in the bond market. So that’s not the place for people to be in if they’re retirees, because bonds are not paying anything now, and the ones that have decent yield are at risk of cratering on you.
• Consider a fixed annuity or fixed-index annuity. A fixed annuity is a contract between the consumer and an insurance provider. With a fixed annuity, the insurance company guarantees growth of your principal and a minimum interest rate. It provides a way to save money over the long term, allowing interest to accumulate tax-deferred typically at a higher rate of interest than CDs. A fixed-index annuity also is a tax-deferred, long-term savings option that provides principal protection in a down market. Returns are based on the performance of an underlying index. It gives you more growth potential than a fixed annuity and safety and security unlike investment in the stock market. That can happen through the performance of the index, and the annuity can periodically lock in gains so the value does not decline if the index performs negatively.
• Consider a cash-value life insurance policy. An appropriately structured cash-value life insurance policy can be index-based, which gives you the potential of good growth in the savings. If you have that growing for a reasonable amount of time, you can get that cash value out tax-free to take care of things during your lifetime. It could have a higher rate of return than in a bank, and it grows tax-deferred.
These are highly uncertain times, and planning for as much certainty as you can is crucial. This crisis does provide an opportunity for Americans to take a deep look at their retirement plan and be better prepared for unanticipated emergencies, while also protecting their long-term security.
Greg DuPont is founder of DuPont Wealth Solutions (www.dupontwealth.com). He has been serving clients as an estate and tax planning attorney in Ohio since 1992. A certified financial planner, he’s also been in wealth management for the past 14 years.
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