NAICS Codes affects Lending Decision process

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Schedule Monday, January 24, 2022 || 10:00 AM PST | 01:00 PM EST
Duration 60 Mins
Level Basic & Intermediate & Advanced
Webinar ID IQW22A0146

  • Define NAICS Code System?
  • How is the NAICS Code System is designed to monitor any discrimination for lending opportunities for businesses?
  • What are the consequences of a lender not utilizing this system?
  • What are some of the reasons a lender may or may not need to use the NAICS Code System?
  • What are some of the key areas of federal government monitors for this system?
  • Avoid the mistakes of using the wrong NAICS Code System in the lending application process.
  • Why is it critical to use the correct NAICS Code System for the lending process?

Overview of the webinar

NAICS Code System designed to help lenders have a more efficient lending process for businesses' financial needs.

Who should attend?

  •  Loan Officers
  • Loan review Officers
  • Junior Lenders
  • Entry Level Lender
  • Credit Administration Support Staff
  • Credit Risk Managers
  • Commercial lenders

Why should you attend?

The federal government has generated over 1,000 industries in the United States regarding the NAICS Code system. Many lenders consider this system is unwarranted when deciding on lending opportunities.  In addition, the federal government has made it mandatory for all banks and other financial institutions to classify businesses into an industry operating a business. In order for a lender to understand completely and determine a business industry, the NAICS Code System becomes a major deciding factor for the lender. The NAICS Codes System aids the federal government, banks, and other financial institutions to collect, analyze, and publish statistical data related to the business economy.

Lenders must understand the key components of having the correct NAICS codes to provide funding for any business.

 This session will show you the following:

  •  What happens when a lender lends to a high-risk industry and does not use the NAICS Codes System?
  • Why do banks and other financial institutions use NAICS Codes?
  • Why does it matter what NAICS Code is used?
  • You will learn what to avoid when taking the risk of making a loan without the NAICS Code System.
  • What are the liabilities to the banks by using or not using the NAICS Code System in the decision process?    

Faculty - Ms.Carolyn Riggins

Carolyn Riggins - Founder/Owners at CDR Consulting Services, Business and Management Consultant, Trainer, Speaker, Coach, Author. She has more than 35 years of encounter in the financial industry with First Florida Bank, Barnett Bank, Mercantile Bank and TD Bank. At TD Bank, Ms. Riggins was driving and growing her client’s base relationship by $71 million through indispensable commerce development, training her employees in customer service and repeatedly coaching on sales. Ms. Riggins represented in multiple capacity levels of management roles regarding the several banks in her career path. Under her leadership she was qualified to vocation as an Assistant Vice President Store Manager, Vice President Hub Manager and Vice President Retail Area Manager.

In these various leadership positions, Ms. Riggins was successful with managing lower-level employees to mid-level managers by leading, develop and training to achieve sales revenue growth, deposit growth, customer growth, lending growth and focusing on compliance. In addition, component of her portfolio was lending for businesses starting with initial interviewing process, reviewing financial documents, and closing loans.

As a consultant, she specializes and supply financial management expertise services equipping management through problematic issues. She works with many owners and leadership of companies to become aware of daily protocols to avoid any financial or management gaps.  Also, she provides training on compliance matters and identifying financial gaps for startup companies up to $5 million companies in revenue sales. In addition, Miss Riggins uses her Bachelors of Applied Science degree in Management and Organizational Leadership from St. Petersburg College as well as her Business Consultant training from International Association of Professional Career College to assist numerous companies and non-profit companies to accomplish goals of improvement in all aspects of operating a company. Her final goal for CDR Consulting Services is to continue to prepare, educate and coach management continually by using her expertise daily to change, transform and impact companies to reach their goals.

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