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Access Community Capital serves as the fiscal agent for the 2022 Nevada SBA Award Luncheon

Access Community Capital serves as the fiscal agent for the 2022 Nevada SBA Award Luncheon
PR Newswire
LAS VEGAS, May 13, 2022

LAS VEGAS, May 13, 2022 /PRNewswire/ — Access Community Capital is proud to be a sponsor and fiscal agent of the 2022 Ne…

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Access Community Capital serves as the fiscal agent for the 2022 Nevada SBA Award Luncheon

PR Newswire

LAS VEGAS, May 13, 2022 /PRNewswire/ -- Access Community Capital is proud to be a sponsor and fiscal agent of the 2022 Nevada SBA Awards luncheon. This year saw an impressive array of businesses that managed to thrive despite a challenging business environment due to the COVID-19 pandemic.

The luncheon, held on May 5, 2022, at The Smith Center in Las Vegas, NV was a sold-out event with well over 260 attendees. Nic Steele, Executive Director of Access Community Capital said "This year's luncheon was an amazing celebration of the resilience in Nevada's Small Business ecosystem. All the winners are a testament to the entrepreneurial spirit that is continuing to drive Nevada's economic growth."

Special thanks to Saul Ramos, the Nevada SBA District Director and the other organizers.  Notable support was also provided by Nevada Department of Business and Industry, Nevada Governor's Office of Economic Development, Congresswoman Susie Lee, and Congressman Steven Horsford.

Congratulations to the 2020 and 2022 SBA Award Winners !

Minority Owned Business of the Year:
2022 Winner - Don Tortaco
2020 Winner – Edwin Suarez Physical Therapy, LLC

Woman Owned Business of the Year:
2022 Winner - Live Electric Inc 
2020 Winner - Free Brands Inc. 

Family Owned Business of the Year:
2022 Winner - See Us Now Staffing, Inc.

Microenterprise Business of the Year:
2022 Winner - PHamily Hair Care
2020 Winner - Bio Logical, LLC 

Veteran Owned Business of the Year:
2022 Winner - Heritage Mortuary Inc.

Northern Nevada Legacy Award of the Year:
2022 Winner - Huck Salt
2020 Winner - Full Tilt Logistics 

Southern Nevada Legacy Award of the Year:
2022 Winner - Ferraro's Italian Restaurant & Wine Bar
2020 Winner - Michael E. Minden Diamond Jewelers , Michael Minden

Rural Owned Business of the Year:
2022 Winner - McAdoo's Restaurant

Entrepreneurial Spirit Award of the Year:
2022 Winner - Scott Muelrath, Henderson Chamber of Commerce
2020 Winner - David Eclips

Exporter of the Year:
2022 Winner - Ganesha Enterprises

8(a) Graduate of the Year:
2022 Winner - HSG

Lenders of the Year:
2022 Winners
SBA Nevada National Lender of the year (Total # of loans) - U.S. Bank (1st) , Wells Fargo (2nd)
SBA Nevada Lender of the year - Nevada State Bank (1st) , American First Credit Union (2nd) , Meadows Bank (3rd)

Cosponsorship Authorization # 22-10-C. SBA's participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

About the Small Business Administration:  
Since 1953, the SBA has worked to ignite change and spark action so small businesses can confidently start, grow, expand, or recover. The Nevada District Office has a collective team of resources to help your business prosper.

About Access Community Capital:
Access Community Capital ("ACCESS") is a minority-led mission-driven organization founded by entrepreneurs who understand the plight of business ownership and remain committed to addressing the inequities present in the lending landscape. ACCESS provides loans, grants, and investments to assist small businesses and promote economic development in low-moderate income communities. ACCESS complements traditional financial institutions by increasing access to affordable capital in communities often underserved, including minority-, women-, and veteran-owned businesses. In addition to providing commercial and micro loans, ACCESS also provides mission-related program services such as capacity-building technical assistance and grant making.  For more information, please visit http://accesscdfi.org/ 

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SOURCE Access Community Capital

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Economics

Hotels: Occupancy Rate Down 3.5% Compared to Same Week in 2019

From CoStar: STR: Weekly US Hotel Revenue per Available Room Reaches Highest Level Since July 2019U.S. hotel performance increased from the previous week, according to STR‘s latest data through May 21.May 15-21, 2022 (percentage change from comparable …

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U.S. hotel performance increased from the previous week, according to STR‘s latest data through May 21.

May 15-21, 2022 (percentage change from comparable week in 2019*):

Occupancy: 68.6% (-3.5%)
• Average daily rate (ADR): $151.75 (+13.4%)
• Revenue per available room (RevPAR): $104.06 (+9.5%)

*Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.
emphasis added
The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

Click on graph for larger image.

The red line is for 2022, black is 2020, blue is the median, and dashed light blue is for 2021.  Dashed purple is 2019 (STR is comparing to a strong year for hotels).

The 4-week average of the occupancy rate above the median rate for the previous 20 years (Blue).

Note: Y-axis doesn't start at zero to better show the seasonal change.

The 4-week average of the occupancy rate will mostly move sideways seasonally until the summer travel season.

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Economics

“This Is A Crucible Moment” – Sequoia’s Ominous Warning To Companies On How To “Avoid The Death Spiral”

"This Is A Crucible Moment" – Sequoia’s Ominous Warning To Companies On How To "Avoid The Death Spiral"

"This is not a time to panic. It is…

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"This Is A Crucible Moment" - Sequoia's Ominous Warning To Companies On How To "Avoid The Death Spiral"

"This is not a time to panic. It is a time to pause and reassess," begins the thought-provoking presentation from veteran venture capital firm Sequoia Capital.

But that's about as 'positive' as they get as the founders of the firm warn of a prolonged market downturn and urges the startups in its portfolio to preserve cash and brace for worse to come.

"We believe this is a Crucible Moment, one that will present challenges and opportunities for many of you. First and foremost, we must recognize the changing environment and shift our mindset to respond with intention rather than regret."

And in its somewhat ubiquitous historically grim outlooks (its "R.I.P Good Times" in 2008 and "Black Swan" memo in March 2020 have become legendary) don't expect a quick rescue and recovery this time.

"Sustained inflation, and geopolitical conflicts further limit the ability for a quick-fix policy solution. As such, we do not believe that this is going to be another steep correction followed by an equally swift V-shaped recovery, like we saw at the outset of the pandemic," the note said.

They argue that it will be "Survival of the Quickest"...

In particular, Sequoia urged companies to look at cutting projects, R&D, marketing, and other expenses, noting that companies should be ready to cut in the next 30 days.

"We expect the market downturn to impact consumer behaviour, labour markets, supply chains and more. It will be a longer recovery and while we can't predict how long, we can advise you on ways to prepare and get through to the other side," it said.

The founders/CEOs who face reality, adapt fast, have discipline rather than regret will not just survive, but win, noting that "It is easier to preserve cash when you have more than six months left. Recruiting is about to get easier. All the FANG have hiring freezes."

They conclude their presenttation by noting that:

"At Sequoia, we believe that the one who wins is the one most prepared."

In other words America, brace for capex cuts, hiring freezes to accelerate, and growth to evaporate.

*  *  *

Read the full presentation below:

Tyler Durden Thu, 05/26/2022 - 15:45

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Economics

Best Day For Discretionary Stocks Since COVID-Crash As Consumer Recession Bets Get Steamrolled

Best Day For Discretionary Stocks Since COVID-Crash As Consumer Recession Bets Get Steamrolled

A week ago, following dismal guidance by Walmart,…

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Best Day For Discretionary Stocks Since COVID-Crash As Consumer Recession Bets Get Steamrolled

A week ago, following dismal guidance by Walmart, Target indicated that it is seeing a shift in the consumer wallet away from the pandemic purchases and into reopening purchases - including apparel - and the pace of this shift caught some retailers off guard on inventory. WMT, COST, and TGT all saw their stocks fall sharply last week as investor concerns around a US consumer slowdown mounted and investors reconsidered just where, if anywhere, you can play "defense" in the current market.

But as Goldman's Chris Hussey writes today, this week, results from companies like DKS, Macy's, JWN, WSM, DLTR, and DG painted a decidedly different picture.

Deep discount retailers Dollar Tree - or rather Dollar 25 Tree - and Dollar General both posted strong results and DLTR raised top-line guidance.

Which isn't surprising: as we discussed in "Middle Class Is Shutting Down As Spending By The Rich Remains Robust" when consumers are trading down - as they are doing now due to Biden's runaway inflation - dollar stores see more business.

As a result, Dollar Tree surged as much as 20% on Thursday, the biggest intraday move since October 2020. Evercore ISI said Dollar Tree's move to a "$1.25 price point" last November from $1 “came in the nick of time" adding that "given the broad-based inflationary cost pressures, the 25% price increase drove material sales and margin upside for both the namesake division and the total company," wrote analyst Michael Montani who also said that while freight, transport, and labor headwinds are real, some of the pressure cited by Target last week was likely company specific.

The analyst concluded that the read-across from DG and DLTR is “favorable,” and it seems that the low-end consumer is “hanging in better than initially thought.” Or rather, the middle-class is getting crushed and it has no choice but to trade down to the cheapest retail outlets.

And with countless shorts having piled up and getting massively squeezed, the S&P 500 Consumer Discretionary Index today has risen as much as 5.6%, its best day since April 2020, as optimism on the health of the consumer returns following a string of better-than-expected earnings reports from retailers.

Top performers in the S5COND index include Dollar Tree, Dollar General, Norwegian Cruise, Caesars Entertainment and Carnival; the Discretionary Index is on pace for its best week since March 18, when the group climbed 9.3%; the index sank 7.4% as Walmart and Target reports spooked investors. The index is still down almost 30% YTD.

"Retail earnings are bullish.... with four blow-outs,” said Vital Knowledge’s Adam Crisafulli, referring to quarterly reports from Williams-Sonoma, Macy’s, Dollar General, and Dollar Tree.  “The overall retail industry is experiencing stark changes and the market is incorrectly conflating these shifts with underlying demand weakness when the actual health of the consumer is much better than it seems,” Crisafulli says, although there are many - this website included - who wholeheartedly disagree with his optimistic view of the US consumer.

Remarkably, thanks to today’s rally, even Burlington Stores, which sank as much as 12% in premarket on disappointing results, is trading up as much as 11% and some say, the rally helped reverse the earlier tumble in NVDA shares.

The discretionary group is also getting a boost from airline operators Southwest and JetBlue, helping travel-related names, while on the economic front, better-than-expected personal consumption (for the revised Q1 GDP print). and jobless claims may be adding to the bullishness according to Bloomberg.

Tyler Durden Thu, 05/26/2022 - 15:00

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