The University of Dayton received the Jesse L. Moore Supplier 2022 Diversity Award, a national recognition from INSIGHT Into Diversity magazine honoring colleges and universities that take proactive steps to support and engage with minority-owned businesses.

The publication selected the winners for their efforts in recruiting, hiring and retaining suppliers from underrepresented groups through institutional supplier diversity offices, innovative programs and other initiatives. Winners will be included in the April 2022 issue of OVERVIEW of diversity magazine.

“As a Catholic institution of higher learning, provider diversity is intrinsic to our mission to advance the common good,” said Eric F. Spina, president of the University of Dayton. “The University of Dayton has placed a high priority on expanding supplier diversity, identifying it as one of the key elements of the University in our efforts to support equity and inclusion on our campus. and in the community of Greater Dayton. We appreciate this award recognizing this work and our progress, and I am very grateful to Executive Director of Procurement, Sara Harrison, and her team for their leadership and hard work. »

OVERVIEW of diversity The magazine noted UD’s decade of involvement as an “engaged buying organization” with the Dayton Area Chamber of Commerce Minority Business Partnership, an economic development initiative aimed at growing the local economy through greater engagement. strong with minority businesses in the region. For example, approximately 20% of the contractors in the construction of the University’s new 1401 S. Main building and the Roger Glass Center for the Arts currently under construction are minority or women-owned businesses.

In 2018, the University launched the Greater West Dayton Incubator. His work aligns with the University’s vendor goals and promotes support for underrepresented, underfunded, and underserved entrepreneurs in the Greater Dayton startup community.

On campus, the University strengthened its supplier diversity program with the launch of a centralized e-procurement system in 2017 that identified and introduced diverse suppliers. Other internal efforts included developing a purchasing advisory council, educating and training campus units and buyers, and building strong local relationships with higher education vendor diversity teams. .

The COVID-19 pandemic has also created opportunities for the University. UD found new supply chains from new suppliers, Harrison said, with diverse and small suppliers often proving to be the best partners in terms of reliability, cost, speed and agility. While many employees were working remotely at the start of the pandemic, the University held Zoom training and education sessions with employees on the importance of supplier diversity.

“Sourcing from minority-owned, women-owned and local businesses has allowed our diverse vendors to reach and help every person on campus with personal protective equipment and cleaning supplies,” said Harrison said. “Relationships established through outreach events have been leveraged and we have been delighted to form new strategic partnerships with various vendors.”

UD has a five-year goal to spend 20% of its annual purchases with minority and women-owned vendors by fiscal year 2025-26.

This is UD’s third award in less than a year recognizing its work in diversity, equity and inclusion. Diversity: issues in higher education highlighted Tiffany Taylor Smith, UD Vice President for Diversity and Inclusion, among its 25 Outstanding Women for Women’s History Month. Last fall, UD was among a small group of schools honored nationally by OVERVIEW of diversity with a HEED (Higher Education Excellence in Diversity) award, which recognizes U.S. higher education institutions that demonstrate a notable commitment to campus-wide diversity and inclusion.

“When it comes to diversity, equity and inclusion, colleges and universities have traditionally invested their resources in recruiting and retaining diverse students and employees – however, there is a third stage of DEI which focuses on supplier diversity,” said Lenore Pearlstein, co-editor of OVERVIEW of diversity. “The OVERVIEW of diversity Jesse L. Moore Supplier Diversity Award, named in honor of longtime advocate and economic development pioneer Jesse L. Moore for his leadership in promoting supplier diversity and the success of minority-owned businesses, is our way to ensure that this critical area of ​​DEI also gets recognized for the important role it plays.

OVERVIEW of diversity magazine is the oldest and largest publication focused on diversity in higher education.

Another donation from the private sector aimed at tackling insecurity, if altruistic, is a welcome development that should be accompanied by an improvement in the dismal situation nationally. Fiscal data, however, suggests that defense and security rarely lacked funding, but lacked offsetting value for appropriations. Therefore, in addition to rallying the private sector to rail resources for a common cause, the Central Bank of Nigeria (CBN) and its donors should demand more results-oriented security campaigns to avoid throwing money at the problem rather than solving it.

An alliance of private sector actors in collaboration with the apex bank recently pooled the sum of 100 billion naira to support Nigerian security agencies in the fight against insecurity. A similar gesture was extended at the start of the devastating COVID-19 pandemic, with the coalition pooling more than 60 billion naira to provide interventions, food and vaccine support to mitigate the effects of the pandemic. . These private sector bigwigs, as revealed by United Bank for Africa (UBA) Chairman Tony Elumelu, have now decided to tackle insecurity by supplying security equipment to security agencies. With this intervention, the coalition hopes to open up the Nigerian economy again.

It is important to clarify that companies have a social responsibility towards their operating environment. In this sense, the new N100 billion investment, like other precedents, is commendable. However, there is a common tendency for CBN to defend high-roller donations in a way that betrays the altruism expected of social responsibility. The posture affirms rather than denies that the private sector is compelled to reinvest its resources in society. Such an underhanded approach is bad for the image of the CBN in particular, and the country, in general. The Robin Hood phenomenon, in part, suggests an unholy alliance or connivance between regulator and operators, all against the general public. This symbolism is easily expressed in Nigerian banks posting huge profit margins in a struggling economy! Yet, if the CBN is to clear the air, it should begin to play less of a leadership role in private sector donations, and more of its regulatory functions to drive a sustainable economy in the public interest.

Instead of a cash cow for free money, the apex bank and the federal government should instead start seeing the private sector as one of the main victims of the general neglect and administrative incompetence that is prevalent in the country. Besides the Nigerians who are being murdered daily by insurgents, private companies are the first victims of insecurity and bad economic decisions. Available data on the economic impact of violence on the gross domestic product (GDP) of countries, according to the Institute for Economics and Peace (IEP) in its 2021 Economic Value of Peace report, showed that up to 8% of Nigerian GDP or $132.59 billion (50.38 trillion naira at 380 naira/$1) is affected economically by the growing violence across the country.

Much of this estimate comes from the private sector closing businesses and breaking distribution chains. Disruptions to the agricultural sector, which currently accounts for around 26.95% of GDP, trade and manufacturing, paint a clearer picture of the ripple effects of insecurity on the economy and its recovery. All of these operators deserve more sympathetic political support to save their businesses and their economy than the compulsion to cough up handouts that barely count.

As patriotic as donating to the war economy may seem, the problem is rarely one of funding. It borders more on bad motivation, lack of accountability, corruption and complicit negligence on the part of the federal government to think out of the box for pragmatic solutions to the existential crisis. It is common knowledge that Nigeria has spent at least £6 trillion on security without making much progress over the past decade. In 2015, Nigeria’s gross military expenditure was $2.07 billion, down 12.39% from 2014. The defense budget saw a 16.57% decline in 2016, with an estimate of $1.72 billion.

This was followed by a 5.92% decline in 2017 with a budget estimate of $1.62 billion. 2018 saw an increase of 26.02% with an estimate of $2.04 billion. The defense budget in 2019, however, saw a significant drop of 8.95% with an estimate of $1.8 billion and an estimate of $1.2 billion in 2020. With an allocation of $31.97 billion naira, the Nigerian Air Force took the largest share of the ministry. of the total Defense capital expenditure cap of N120.04 billion for 2021. The Nigerian Army followed with N27.87 billion, while the Navy secured N12.04 billion. In 2022, defense and security got 2.41 trillion naira or 15% of the budget. Although budgetary provisions have exploded, far more than health, education and infrastructure combined, what is the dividend?

Notwithstanding the free will to give back for a better society, the private sector can also raise the bar to demand accountability and become more pragmatic in supporting a common cause. There is no justification for throwing money at institutions, while police and other security agencies are fighting almost barehanded and barefoot in local communities. The Lagos State Security Trust Fund (LSSTF) is an example of how to complement private sector donations with value for money. It is such examples that are needed at the national level to fight effectively and collectively against grassroots insecurity.

India and France have adopted a blue economy and ocean governance roadmap to strengthen the partnership for the exploitation and preservation of marine resources through economic, infrastructural and scientific cooperation.

The roadmap was adopted during a meeting between Foreign Minister S Jaishankar and his French counterpart Jean-Yves Le Drian in Paris on Sunday. The roadmap is part of the measures agreed by the two ministers to deepen the bilateral strategic partnership, particularly in the areas of trade and investment, defense and security, health, education, research and innovation, energy and climate change.

Jaishankar traveled to France after attending the Munich security conference in Germany last week. France is one of India’s closest strategic partners in Europe, and both sides also work with third countries in areas such as critical technologies and resilient supply chains.

During their talks, Jaishankar and Le Drian appreciated the close cooperation between India and France during the Covid-19 pandemic and agreed on deepening the strategic partnership, the ministry said. Foreign Affairs in a press release. The “India-France Roadmap on Blue Economy and Ocean Governance” adopted by the two parties envisages strengthening the partnership in the blue economy through institutional, economic, infrastructural and scientific cooperation, said he declared.

The two ministers agreed to continue and strengthen cooperation in the field of sports and soon conclude a joint declaration of intent in the field of sports to facilitate people-to-people contacts. They also agreed to strengthen the long-standing cooperation on public administration and administrative reforms between relevant authorities in India and France.

Jaishankar and Le Drian discussed major regional and global issues, in particular the relationship between India and the European Union (EU) and the priorities of the French Presidency of the Council of the EU which started on January 1. Jaishankar appreciated the French initiative to host an EU ministerial forum on Indo-Pacific cooperation on February 22, where he will participate with several other ministers from Indo-Pacific and EU countries.

They agreed to intensify India-EU relations under the French Presidency, and the need to start negotiations on India-EU free trade and investment agreements and implement the India-EU partnership to connectivity.

Jaishankar and Le Drian further agreed to jointly launch an Indo-French call for an “Indo-Pacific Parks Partnership” at the EU Ministerial Forum on Tuesday to build the region’s capacity for sustainable park management. protected. This will be done by bringing together and sharing the experiences and expertise of leading managers of public and private natural parks in the Indo-Pacific.

The two ministers exchanged views on the situation in Afghanistan, efforts to revive the Iranian nuclear deal and developments in Ukraine. “They reiterated their common commitment to the principles of multilateralism and a rules-based order, and agreed to coordinate within the UN Security Council on issues of common concern,” the statement said.

Jaishankar will hold meetings with other French leaders, European commissioners and his counterparts from other Indo-Pacific countries participating in the EU ministerial forum.

By Mr. Sunil Sood, Business Manager, Executive Education, Times Professional Learning

Family businesses account for 79% of India’s GDP. Even in times of volatility and uncertainty, family businesses have shown conviction and resilience. However, adopting new era techniques and skills is essential for them to grow in today’s fast-paced world.

Family businesses play a central role in the Indian economy by contributing to the growth and stability of businesses in the country. Family businesses in India represent 79% of the national GDP. With 111 publicly listed family businesses valued at $839 billion, India is home to the third highest number of family businesses in the world. It may be difficult to fully understand why family businesses should be treated any differently than any other business, but it is essential to understand that family businesses are most often founded on unwavering values ​​and principles. Arguably, these values ​​and principles are what allow family businesses to navigate troubled waters through meaningful internal and external collaborations.

Family businesses are rooted in trust, integrity, kinship and brotherhood, which also extend to their employees. Data shows that 78% of family businesses have done everything possible to retain their existing staff in the face of adversity. Family businesses tend to be resilient in volatile conditions as they are not solely dependent on external entities for their capital.

Another factor behind their resilience is the goodwill they establish among their customer base or consumer base. In a country like India, where the family is the unit of society, consumers tend to trust family businesses more. In fact, 67% of respondents in the 2020 Edelman Report said they trust family businesses more than others. This resilience and goodwill have become essential to thrive in the uncertain circumstances brought about by the COVID-19 pandemic. Data shows that despite the temporary setbacks imposed by the pandemic, family businesses are ready to resume normal operations by early 2022.

Challenges Facing Family Businesses

Despite their rock-solid foundations, family businesses have often been unable to grow beyond a certain point. The main reason behind this is the hands-on leadership style followed by most family business leaders, which proves extremely effective in the early stages of growing a business. But beyond a certain point, leaders must let go of the reins and delegate responsibility accordingly, which is not possible without a solid strategy in place. Family businesses have also not been able to adapt to changing market conditions. With only 38% believing they are digitally capable, digital transformation has been slow among family businesses. The pandemic and Industry 4.0 have necessitated a rapid transition to hybrid working, virtual operations and automated processes. To ensure long-term resilience and unlock tremendous growth potential, it is no longer enough for family businesses to rely solely on their core values ​​and traditional management styles.

Channeling the benefits of the new era into growth

Results from PwC’s 10th Global Family Business Survey show that 71% of family businesses with strong digital capabilities were able to change the course of their organization in the short term and adapt to new developments. Digital transformation and diversification ranked at the top of organizational priorities, according to a survey of family businesses in 2019. The data highlights the importance of digitalization for family businesses. The figure above gives a comprehensive overview of the top priorities of Indian family businesses. While there is a strong will among family business leaders to use modern tools and techniques to grow their organizations, there is also a strong resistance to change. To be successful in their change initiatives, family business leaders must be equipped with knowledge of today’s management best practices and state-of-the-art tools for effective application.

Unfortunately, there are few family business courses that meet the requirements of a leader. A certificate or regular course in business management would not adequately equip leaders with the specific skills needed to run family businesses. Continuing education is proving to be an effective solution to meet these needs. Times Professional Learning has partnered with IIM Calcutta to offer a Postgraduate Certificate in Family Business Management aimed at enabling leaders of family businesses to understand and learn to meet the challenges they face in the dynamic environment of today. The IIM Calcutta Family Business Program is one of a kind and aims to equip leaders with the necessary skills to help them achieve their organizational goals and objectives.

Family businesses are rooted in cultural values ​​and community principles that give them a solid foundation. This foundation helps family businesses stay strong even in the midst of market volatility. However, the COVID-19 pandemic is proof that traditional values ​​alone are not enough for organizations to survive and thrive in the rapidly changing world we find ourselves in today. Augmenting preexisting advantages with new era tools and skills can help leaders usher their family businesses into the new era of endless possibilities.

Disclaimer: Content produced by Times Professional Learning (TPL)

]]> https://xing-wu.com/bishop-testifies-at-legislative-hearing-on-educator-certification-umaine-news/ Thu, 10 Feb 2022 17:14:26 +0000 https://xing-wu.com/bishop-testifies-at-legislative-hearing-on-educator-certification-umaine-news/

Penny Bishop, dean of the College of Education and Human Development at the University of Maine, testified before the Maine Legislature’s Joint Committee on Education and Cultural Affairs on February 8 about proposed changes to the Chapter 115, the state rule governing the certification of teachers and other teachers. staff.

Bishop urged lawmakers to eliminate an emergency teacher certificate provision, which allows people to teach Maine students without any formal preparation, that was passed at the start of the COVID-19 pandemic.

A copy of his testimony is online.

Citing research from Maine Institute for Education Policy Research, a joint venture of the UMaine College of Education and Human Development and the University of Southern Maine, she noted that Maine’s annual teacher turnover rate is 8.7%, meaning that of the approximately 15 000 teaching positions in Maine schools this year, 1,300 of them will have to be renewed next year. A wealth of other research suggests that high-quality teacher education programs are key to retaining educators in the teaching force.

“Well-prepared teachers stay in schools longer. Strong preparation makes them more likely to stay in the profession, resulting in less disruption to student learning and fewer dollars spent unnecessarily,” Bishop said in his testimony.

She gave the example of RSU 25, serving the communities of Bucksport, Orland, Prospect and Verona Island, which has replaced an average of 16 teachers per year over the past three years. Conservatively, Bishop said that’s $160,000 in additional costs for the district to recruit and onboard new teachers — the money, she argued, would be better spent investing directly in the classroom, by increasing teachers’ salaries or in other community priorities.

Bishop said Chapter 115 contains other options that give schools flexibility to respond to labor shortages, such as a conditional certificate or a waiver from the education commissioner for teachers who are not yet fully certified.

Bishop was joined in testifying by representatives from other campuses in the University of Maine system, including Alana Margeson, director of the education program at the University of Maine at Près Isle; Flynn Ross, president of teacher education at USM; and Kathy Yardley, dean of the College of Education, Health and Rehabilitation at the University of Maine at Farmington.

Contact: Casey Kelly, [email protected]

Ahead of a presidential election he is favorite to win for the third time, Luiz Inácio Lula da Silva has argued that one way to solve Brazil’s problems is to “put the poor on the budget” and “tax the rich.” “.

The man known as Lula made it clear in comments to reporters this month that his priority was tackling inequality rather than sticking to a rule limiting public spending.

Beyond the slogans, clues are emerging as to what the left-wing veteran might have in store for Latin America’s biggest economy, which, under outgoing far-right Jair Bolsonaro, is plagued by double-digit inflation and is making facing a possible stagnation in 2022.

Although the 76-year-old former trade unionist has not yet officially declared his candidacy for the October elections, he and figures from his Workers’ Party, or PT, have launched plans to increase public investment, stop the privatizations, strengthen labor laws and increase incomes. All of this is underpinned by an increased role for government.

“Our party focuses on popular economy. This means that the Brazilian state will have to fulfill a solid program to induce economic development,” said Gleisi Hoffmann, president of the PT. “This is done with jobs, social programs and the presence of the state.”

Critics warn that such an approach is doomed to repeat the mistakes of the past. Fourteen years of PT rule until 2016 ended with Brazil’s deepest ever recession, a huge corruption scandal and the dismissal of Lula’s hand-picked successor, Dilma Rousseff.

Yet since returning to the political scene after the corruption convictions for which he served time were overturned on a technicality last year, Lula’s rhetoric has won over many of those who have suffered the most. of the Covid-19 pandemic.

The left winger would get 44% of the vote in the first round against 24% for Bolsonaro, according to an opinion poll published this week by Ipespe/XP. However, a 43% rejection rate for the potential challenger showed that public support is far from uniform.

For the country’s influential business class, the question is who Lula will take over if he is re-elected. Will it be the pragmatist who broadly embraced economic orthodoxy when he first took office in 2003, while reducing poverty with social welfare programs? Or the second-term leader who ushered in an era of increased government intervention and spending in response to the global financial crisis?

“The hope is that Lula will be fiscally responsible,” said an investment banker, “and that he won’t have economic policies that will inevitably lead to the same disaster that happened under the Dilma government”.

For now, the septuagenarian has remained shy about the details. Party insiders insist he will not appoint an economics spokesperson, ostensibly to quell speculation about portfolio candidates.

Eyebrows were raised this month when Guido Mantega, a longtime PT finance minister who ultimately lost investor confidence, was chosen by Lula’s camp to pen a newspaper article in a series of advisers economics of presidential candidates.

While emphasizing that they were not speaking for Lula, several participants from a group of around 80 economists who held debates with the ex-president described a vision of economic recovery inspired by the president’s Covid stimulus plan. American Joe Biden.

“We are not neoliberals, we do not agree with a minimal state, we do not accept a country with this level of inequality,” said Aloizio Mercadante, former minister and head of the Perseu Abreu Foundation, a PT think tank hosting the discussions.

Some issues are totemic for the party, such as a 2017 labor reform which it says reduced workers’ rights without increasing employment.

Following early suggestions for repeal, talks among PT leaders are now focused on a “review” negotiated between the government, unions and business groups. Issues raised so far include zero-hours contracts, access to labor courts, union dues rules and app worker rights.

Other ideas could prove confusing to investors. With the PT opposed to the sale of large state-owned companies, Hoffman said the Bolsonaro administration’s planned reduction of a majority stake in power utility Eletrobras could be “reassessed” if passed.

“If it has an impact on development, it can’t stay [that way]. It is a strategic business. What is the logic of entrusting it to private initiative? she added.

As the central bank has aggressively hiked interest rates, some economists close to the PT criticize the use of monetary policy to fight inflation and argue that state-controlled oil producer Petrobras has a role to play.

Options being considered include adjustments to the company’s diesel and gasoline pricing policy based on international markets. Another is a “stabilization fund,” funded by taxes on crude exports, to help smooth fuel price volatility.

“Inflation has multiple causes – it needs multiple solutions,” said Pedro Rossi, a professor at Campinas State University.

A potential winner is Lula’s call for a 50% increase in payments under a cash transfer program for the country’s poorest, which Bolsonaro has already increased to R$400 ($73) a month.

But given Brazil’s high level of debt, the main concern for investors is the management of public accounts. Currently, a constitutional provision limits the growth of the public budget to the rate of inflation.

Nelson Barbosa, a former economy minister under Rousseff who took part in the talks with Lula, argued that this should be changed to account for additional spending to fuel the recovery from the Covid crisis.

A new framework could involve a differentiated treatment of investment and rules aimed at preventing declines in health and education spending per capita.

“It would be a target that allows [spending] grow, but not explosively,” Barbosa said. “Some fiscal expansion will be needed in 2023. . . For this to be compatible with economic stability, this will have to be accompanied by an overhaul of the fiscal anchor points.

Investments could be financed initially by borrowing, he added, and then by increased government revenue through growth and tax reform.

The government is already pushing to introduce a tax on dividends, reduce the corporate rate and exempt low-wage earners. But the PT wants an even more progressive system.

Some observers believe that Lula will end up taking moderate positions, not least because of the realities of building coalitions for election campaigns and governing in Brazil.

That perception was galvanized at his recent press conference, when Lula said he was open to centre-right politician and former rival Geraldo Alckmin as his running mate.

“The market today has more hope that Lula can be a good president for the economy, more responsible and able to implement a good program, than Bolsonaro,” the investment banker said.

SANTA FE, NM (KRQE) — Salary increases for New Mexico teachers are on the table. Today, Wednesday, January 26, lawmakers will consider several pieces of education-related legislation. A few government agencies will also submit budget requests, including the Public Regulatory Commission and the New Mexico State Fair.

Throughout the COVID-19 pandemic, teachers in New Mexico have faced countless challenges. From the bonuses promised and then canceled to Albuquerque teachers to the difficulties of distance learning, no one disputes the pandemic’s toll.

The governor’s budget recommendation for fiscal year 2023 called for an increase in teacher salaries statewide. His proposal would raise Tier 1 teachers – the lowest level of licensed teachers – to $50,000 a year, up from $41,000 previously. The proposal raises Tier 2 and Tier 3 teachers up to $60,000 and $70,000 respectively. Today, Wednesday, January 26, the Senate Education Committee will consider Senate Bill 1, which includes these salary increases.

“Right now our neighbors are paying a lot more for educators than New Mexico,” Whitney Holland, president of the New Mexico branch of the American Federation of Teachers, told KRQE News 13 earlier this year. “And our increases – although they have been substantial in recent years – so have our neighbors [raises]. So we have a hard time keeping up.

Colorado, for example, passed a bill last year to create a fund specifically to improve compensation for teachers and unlicensed school employees. Even before that, the average teacher salary in Colorado was over $57,000 a year, according to data from the National Education Association. The average teacher salary in New Mexico is around $54,000 a year, according to their data.

Lawmakers will discuss Senate Bill 1 to improve teacher salaries at a 9 a.m. meeting. The public can participate via the Zoom link. At the meeting, they will also discuss Senate Bill 32, which would fund outdoor learning programs and Senate Bill 50, which would expand college nursing programs.

Bills to support economic development

• Today, Wednesday, January 26, the House Commerce and Economic Development Committee will meet to discuss a few bills related to New Mexico’s economy.
• They will examine House Bill 67, which would extend the existing tax credit to help New Mexico companies incorporate technology developed at the national labs.
• They will also consider House Memorial 9, which would create a task force to address housing availability and affordability statewide. In particular, the memorial would focus on ways to speed up the construction process.

Bill providing for an increase in the tax on cigarettes and electronic cigarettes

• Today, Wednesday, January 26, the House Health & Human Services Committee will consider House Bill 33, which would increase the excise tax on certain tobacco products.
• Currently, New Mexico taxes 10 cents per regular cigarette sold. The new bill would double the tax to 20 cents, bringing the tax to $2 per pack and setting New Mexico’s tax rate higher than neighboring states, according to a tax analysis by the Legislative Committee. finances.
• Single-use pre-filled e-cigarette cartridges would also be taxed at a higher rate than before. Currently, the state levies a tax of 50 cents per cartridge. This would increase to $3.32 per cartridge.
• Funds from taxes are currently allocated to health care related programs in the state. The bill would make certain adjustments to these distributions.

On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash.

Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are usually between $500 and $1,500 or less. In addition, your personal loan is due when you receive your monthly salary.

One could easily imagine that the pandemic will be helpful to the business of payday lenders. However, quite the opposite happened, as fewer people took out payday loans. This can be attributed to a number of factors.

First, at the height of the pandemic, most states made it easier for households to access cheaper loans. In reality, small business administration (SBA) has undertaken a Paycheck Protection Program to ensure businesses can access loans to stay afloat and keep employees working.

Also, with the federal relief and child tax credit available to many people along with other social benefits, the need for payday loans has diminished. Nevertheless, many finance experts believe that there could be an increase in demand for payday loans very soon. Although there are fewer lockdowns and restrictions, COVID-19 is still in full swing. So the pandemic lending rules may apply to most payday lenders.

Either way, here’s how to navigate getting and using a payday loan during the pandemic. In this article, you’ll also learn about the pros and cons of payday loans in these circumstances and whether it’s the best cash advance option for you.

How to get a payday loan during the pandemic

For starters, payday loans aren’t as popular as they were a few years ago. Only about 31 states allow payday loans while the rest have banned the loan structure at varying levels. So, you may need to check with your state loan policies to see if payday loans are allowed.

If so, you can visit payday loan stores near you or access a lender app from your mobile device. Applying for a payday loan can be done through an application form with the lender. Since payday loans are unsecured, you don’t have to worry about collateral when applying for a loan.

Applying for a payday loan during the pandemic, or at any time, requires that you have a current job. You will need to submit your payment stub and authorize your lender to transfer the amount electronically or you can write a post-dated check for this amount.

Common payday loan terms

Payday loans are a special form of financing because they differ from most conventional loans. Here are the common loan terms you should expect when taking out a payday loan during this pandemic.

• A short payment period: Most people refer to payday loans as a two-week performance loan. Indeed, the time window for reimbursement is very short, generally not exceeding two weeks.
• High interest rate: It is best to calculate the interest rate for payday loans using the annual percentage rate (APR). Most loans have an average APR of 400% or more, which makes them very expensive.
• Single payment: Unlike most loans, you cannot repay your personal loan in installments. All payments are usually made in one installment on the next payday.

What happens if you can’t repay your payday loan?

Most of the time, borrowers are unable to complete the repayment of their payday loan. Usually, the lender tries to cash the check or make an electronic transfer. If you have an insufficient balance, your bank will charge you an overdraft as often as it happens.

If you continue to default, lenders may call endlessly, contact relatives, or hand you over to collection agencies. To avoid this, you can contact the lender to offer extended payment plans if you think you won’t be able to meet the payment due date. Most lenders are generally open to this feature. You can also take out a debt consolidation loan or declare bankruptcy if you are truly unable to repay the loan.

In extreme cases, after a long period of default, the lender may seek a settlement requiring the borrower to pay less than agreed. Since the interest is usually exorbitant, the lenders end up losing nothing. However, this can ruin your credit score.

Alternatives to payday loans

If you decide that payday loans aren’t the ideal pandemic option for you, there are several alternatives you can try. Here are some other types of emergency loans without the drawbacks of payday loans.

• Bad Credit Loans: These loans are ideal for times of emergency, especially if you have a low credit rating. They are secured unlike payday loans and they have lower interest rates.
• Cash Advance Apps: Cash Advance apps are mobile software that can offer loans in anticipation of future income. Although they also charge by APR, they are cheaper and won’t put you in a debt cycle.
• Lending Circles: Instead of getting payday loans with ridiculous repayment terms, you can pool resources from family or friends with little or no interest.
• Pawnbroker: This type of loan requires you to provide collateral in exchange for a loan. If you pay as agreed, your property will be returned to you. This process is less expensive than payday loans.

Final Thoughts on Payday Loans

While payday loans are undeniably useful for emergency financing, they leave you with more than just debt to settle. This is why many financial experts advise borrowers to avoid loans. If you’re already in this one and the pandemic is affecting your ability to pay, you can follow one of the recommended steps in this article. Otherwise, you better look for other emergency loan options.

Northern Ireland’s new energy strategy – The Path to Net Zero – will create jobs and lead to more affordable energy, Economy Minister Gordon Lyons said today.

The minister was speaking as he launched a 22-point action plan for the path to net zero energy and NIE Networks announced 110 new jobs aligned with the strategy.

The action plan follows last month’s release of The Path to Net Zero Energy, which outlined a roadmap to reduce our energy-related emissions by 56% by 2030 and a pathway to achieve the vision. 2050 net zero carbon and affordable energy. The action plan includes a series of new initiatives, including a £10m green innovation fund, a hydrogen center of excellence and a one-stop-shop for energy advice.

At the launch of W5’s new Energize exhibition in Belfast, the minister was supported by representatives from NIE Networks, the Housing Executive, the Consumer Council, National Energy Action and the Utility Regulator.

He said:
“I am delighted that The Path to Net Zero has been endorsed by some of the most prominent organizations working in the energy sector. A collaborative approach is key to putting affordability at the center of our new strategy and action plan. We will take an energy efficiency approach that will help consumers reduce their energy consumption and therefore minimize their energy bills.

“The action plan charts the best course to ensure people live and work in more energy-efficient buildings, while helping some of society’s most vulnerable live in warmer homes, reduce health problems and, ultimately, to save lives. We understand that people need information, advice and financial support to make some of these changes, especially with affordability in mind, and we will ensure that the appropriate help is available. .

NIE Networks has announced it will create at least 110 new jobs, with an additional £50million investment in the power grid with opportunities for engineers, designers, apprentices and operational roles. It is part of a major investment that will focus on the deployment of clean energy infrastructure.

The Minister welcomed the announcement, saying it reinforces the vision of the Green Economy Strategy, which aims to create new jobs and develop a skills base for the low-carbon economy through the innovation, support and focus on our competitive strengths.

He added:
“I am delighted and encouraged that NIE Networks is investing in our energy future. As we move forward on The Path to Net Zero Energy, we can expect to see new investments in clean energy that will create real economic opportunities on the ground for our businesses and citizens. We aim to double the size of our low carbon, renewable energy economy. This will create the jobs of the future and we will ensure that everyone has the skills and training to benefit from them.

“I therefore welcome NIE Networks’ commitment to providing a wide range of employment opportunities, including management positions and apprenticeships through its award-winning apprenticeship program and training center as part of this announcement.”

NIE Networks Managing Director Paul Stapleton said:
“Our investment announced today aligns with The Path to Net Zero. The electricity grid is at the heart of Northern Ireland’s journey to net zero carbon emissions and is a central part of the economic recovery following of the Covid-19 pandemic. The creation of these 110 jobs and our investment in the additional skills we are developing at NIE Networks over the next few years will help Northern Ireland achieve these goals and drive green growth in the years to come.

The action plan has been welcomed by a number of other organizations.

Chief Housing Officer Grainia Long said:
“I welcome the release of The Path to Net Zero Energy Strategy Action Plan, which is a very welcome step in Northern Ireland’s transition to net zero emissions. We are determined that housing plays a vital role in this and estimate that improved energy efficiency in local homes could reduce emissions by 2.2 million tonnes per year. It is also fundamental in the fight against fuel poverty. As part of our own plans, we recently launched a research and development competition to rapidly develop ‘smart’ systems that help reduce carbon emissions from home heating by using more local clean renewable energy and enable our tenants to keep their homes warm and dry. , while saving on energy costs for tenants.

Noyona Chundur, Chief Executive of the Consumer Council of Northern Ireland, said:
“We are convinced that the objective of net zero greenhouse gas emissions is essential for the long-term protection of consumers. This must go through the development of a sustainable energy future that works for all of us. It is essential that we achieve a fair and equitable transition by ensuring affordability, security of supply and consumer protection.

“We must avoid demands that are too burdensome and unaffordable for consumers if we are to achieve our net zero goal. Instead, we need to engage, empower and mobilize communities and consumers to create a grassroots movement capable of delivering net zero. We support the New Energy Strategy and are committed to working in partnership to implement it, and the consumer education, support and empowerment needed to help our citizens navigate their changing energy future.

John French, chief executive of the utilities regulator, said:
“This strategy offers a real opportunity for Northern Ireland to contribute to the goals of the decarbonisation agenda while ensuring energy bills are affordable for all.”

The action plan comes at a time when energy prices are rising dramatically.

Pat Austin, of energy charity National Energy Action, said:
“Many fuel-poor people are struggling this winter, especially with soaring household energy bills. There are so many negative impacts resulting from living in a cold house – unnecessary deaths, poor physical and mental health, reduced life chances and added pressure on our precious healthcare services. These consequences affect us all.

“We support this new energy strategy and hope it will be a catalyst for change, ending energy poverty and shaping a fairer energy future in Northern Ireland.”

Notes to editors:

1. Photo caption:
   Pictured at the W5 in Belfast at the launch of the Net Zero Energy Transition Action Plan are (lr) Grainia Long, Chief Housing Officer; Noyona Chundur, Chief Executive of the Consumer Council; Economy Minister Gordon Lyons; Paul Stapleton, Managing Director of NIE Networks; Pat Austin of National Energy Action; and John French, chief executive of the utilities regulator.
2. The Path to Net Zero Energy Strategy and Action Plan can be found on the Department’s website: https://www.economy-ni.gov.uk/energy-strategy-action-plan
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