Business and Finance
Athene Black & Brown Business Summit Pitch Competition Now Accepting Applications
WEST DES MONES, Iowa /PRNewswire-HISPANIC PR WIRE/ — The West Des Moines Chamber of Commerce (WDM Chamber) is accepting applications for the 2023 Athene Black & Brown Business Summit (BBBS) pitch competition, brought to you by exclusive pitch competition partner Bank of America. Deadline to submit applications is Wednesday, March 1 by 5 p.m.
Applicants to the 2023 Athene BBBS pitch competition must be 51% minority owned, have been in business for at least two years and be a for-profit business. Those who are selected will be invited to participate on April 20 in workshops featuring area experts. Applicants also can win part of a cash prize given to the companies with the best pitches. Over the last two years, pitch competition winners have received a total of $52,000 in prize money.
The 2022 pitch competition saw 40 minority businesses participate, with ten of them winning cash prizes. Winners included Lumena Energy at first place winning $12,000, Autistic & Loved at second place winning $10,000 and Stagerie, Inc. at third place winning $6,000. Additional pitch winners won $2,000 and included A Little Buzzed, Dae-licious Delights, Dupee Consulting Group LLC, Evry Intention LLC, Iowa Media Co., Light Pong, and Mountain High Jz Coffee LLC.
Those interested in applying to participate in the pitch competition can view the application here. Learn more about the Athene BBBS and purchase tickets here.
About the WDM Chamber of Commerce
The mission of the West Des Moines Chamber of Commerce is to champion all things West Des Moines and to position WDM as the best suburban city in America. A 2022 ACCE Chamber of the Year Finalist, the Chamber produces programs and events for everyone. Learn more at wdmchamber.org.
Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. Visit www.bankofamerica.com to learn more.
SOURCE West Des Moines Chamber of Commerce
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financial wellness
Informal safety nets help many Americans with expenses – people at all income levels benefit from this ‘financial interdependence’
Many Americans engage in informal financial support networks, reflecting cultural traditions and economic needs, which are becoming increasingly vital amid rising living costs and economic pressures.
Jeffrey Anvari-Clark, University of North Dakota
About 1 in 5 American adults regularly provide unpaid care or financial assistance to their adult relatives or friends. And about 1 in 7 young adults between the ages of 25 and 34 live with their parents.
But the true extent of support among Americans is deeper and broader.
From parents covering the cost of unexpected car repairs to colleagues raising funds for their co-workers’ medical expenses, Americans help each other in countless ways.
As a social work scholar who researches these patterns of what I call “financial interdependence,” I often observe transactions that challenge a common American narrative that most people in this country are handling their expenses on their own.
A long-standing tradition
The practice of sharing money with your friends and loved ones has deep roots in American society. Many Native American communities have traditions of sharing food and other resources with one another.
In the 19th century, mutual aid societies formed everywhere from Philadelphia to Florida. Many of them helped free Black people weather economic hardships. These organizations provided everything from unemployment assistance to burial expenses.
Today’s informal support networks echo these historical patterns.
In particular, many immigrant communities maintain traditional practices of collectively saving and lending money. Mexican American families often participate in “tandas,” which pool their savings to achieve financial goals or meet urgent needs. Similarly, West African and Caribbean communities in the U.S. organize “susu” groups, while many Chinese American communities form “hui” associations.
Local “hometown associations” additionally often offer both financial and social support to their members – aiding immigrant communities in the U.S. and people back in their homelands.
Everyone does it
These mutual support arrangements are very widespread and operate across all income levels, though they take different forms. They can be secular or religious. The true extent of this kind of activity is generally unknown.
Lower-income families often engage in frequent, smaller exchanges. They might share grocery costs, for example, or relatives may help one another out with the payment of large, unexpected bills.
Wealthier Americans tend to give larger amounts of money to extended family members, but less often. These might include a parent’s help with a down payment on a young adult’s first house or paying a portion of the cost of a grandchild’s college education.
Some families establish formal structures such as financial trusts or 529 educational savings accounts to make these transfers easier to complete and track. The number of people using 529 accounts has been increasing steadily, as states offer matching funds and tax incentives.
The nature of this financial support often reflects economic needs and cultural values. In many East Asian American communities, for example, adult children routinely provide financial support to their parents – as a cultural expectation.
Regardless of the community involved, technology has transformed how people share money with their friends and family.
Mobile payment platforms make it easier to split costs and send quick assistance. Money-transfer apps have normalized small-scale financial sharing among friends and family.
Online and social media platforms are used to gather resources for medical expenses, funerals or emergency needs. These tools extend traditional support networks beyond geographic boundaries.
Other kinds of support
Financial assistance can extend far beyond direct monetary help.
Families and communities might purchase bulk grocery items together to save money, or live together to manage rising housing costs. Some parents create informal child care cooperatives, while others coordinate care responsibilities for aging relatives with their extended families.
Financial education often emphasizes individual savings and budgeting. Yet, many Americans practice financial interdependence by managing their finances and making decisions in collaboration with others.
Addressing challenges
To meet today’s economic challenges, Americans are finding creative solutions through shared resources.
Young adults increasingly need more help to become homeowners than what they can get from a bank. The median home price has far outpaced wage growth, making family assistance crucial for many first-time buyers.
College costs have stabilized, albeit at high levels, leading more families to pool resources for educational support. This often creates long-term financial obligations across generations.
Medical expenses remain a leading cause of financial strain, pushing families to rely on each other to pay for health-related costs.
These support systems work at many levels, including family, community, the workplace and in government.
Some employers now offer emergency loan programs and matching funds for employee hardship. Some businesses create formal peer support systems for employees facing financial challenges.
A few states are also supporting family caregivers by providing tax credits to reimburse their out-of-pocket expenses.
Recognizing the financial burden of caregiving, Michigan Gov. Gretchen Whitmer has proposed a tax credit to support dependent respite services, nursing and transportation.
Some complications
While financial interdependence provides crucial assistance, it can also create challenges.
Financial responsibilities can strain family and friendship bonds. The provision of too much financial help can create or reinforce power imbalances within relationships. Some communities may not have enough money to be able to equally and effectively assist all members.
Clear communication and healthy boundaries can help manage these tensions.
As economic pressures mount for many American families, these informal financial support networks are growing more vital. Studies show that rising costs make financial stability increasingly difficult to achieve on your own.
Jeffrey Anvari-Clark, Assistant Professor of Social Work, University of North Dakota
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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Consumer Corner
What are halal mortgages?
Shariq Siddiqui, Indiana University
The growth of “halal mortgages” over the past 20 years has expanded financial access to homeownership for many Muslims. Halal mortgages provide interest-free loans in keeping with Islamic beliefs.
These mortgages are available in over 80 countries that have a significant Muslim population, such as Saudi Arabia, Iran, Malaysia, United Arab Emirates, Kuwait, Qatar, Turkey, Bahrain, Indonesia and Pakistan, where they account for the vast majority of the global US$3.9 trillion Islamic finance economy.
Access to halal mortgages has been growing in the United States. Until 1997, no financial institution was willing to offer halal mortgages, but in 2024, over 25 banks had made them available.
The Conversation asked Shariq Siddiqui, assistant professor and director of the Muslim Philanthropy Initiative at Indiana University, to explain halal mortgages.
What are halal mortgages?
Halal mortgages are a tool of Islamic finance and offer an equitable way to gain homeownership. They emphasize risk-sharing and mutual cooperation with the aim of checking unfair exploitation and wealth accumulation in the hands of a few. In such a system, money is a means of exchange rather than a commodity that generates profit.
What are the religious roots of Islamic finance?
The Muslim holy book, the Quran, and the sayings of the Prophet Muhammad, the Sunnah, prohibit riba, (interest), maisir (speculation) and gharar (uncertainty or uneven risk).
For example, the Quran says, “O you who believe, do not eat up the amounts acquired through ribā (interest), doubled and multiplied. Fear Allah, so that you may be successful.”
Over time, Muslims have sought to develop systems that adhere to these rules. These include bonds that do not receive interest but are based on profit-sharing; socially responsible mutual funds that comply with ethical rules; and insurance that provide protection through a communal fund.
Since World War II, however, monetary policies in the global financial market are largely based upon interest.
How does Islamic financing work in modern context?
In the modern context, Muslims use contract law for economic activity and offer home mortgages without interest. For example, as an attorney, I would develop mortgage contracts that would allow buyers and sellers to transact without interest. This “mortgage” contract would be recorded with the county.
Traditionally, there are three kinds of halal mortgages. In the first, known as ijara, the bank purchases the property and leases it to the homeowner; the homeowner pays rent, principal payments and bank charges; the buyer’s share in the home remains the same until the entire loan is paid off.
Diminishing musharaka is another type of joint ownership plan between the bank and the buyer. The buyer makes principal monthly payments and pays bank charges rather than interest. With each principal payment, the ownership of the buyer increases and the bank’s ownership decreases.
In the third type, murabaha, the bank purchases the home and resells it immediately to the buyer at a higher price – termed as profit. The buyer typically pays a 20% down payment. Thereafter, the buyer makes fixed interest-free payments until the loan is paid off.
What is the availability of halal mortgages in the US?
In 2001 and 2003, respectively, Freddie Mac and Fannie Mae started buying Islamic mortgage products to provide extra liquidity in the U.S. Islamic finance market. These government-backed housing giants work under the conservatorship of the Federal Housing Finance Agency and are one of the principal means of bolstering homeownership in the United States.
These mortgage buyers have grown to become the main investors in Islamic mortgages. For example, Freddie Mac has invested in Guidance Residential, one of the largest halal mortgage companies in the U.S.
What are the advantages?
These systems ensure that there is mutual risk-taking between the bank and the homebuyer. For example, should the homebuyer be unable to keep up payments, their prior principal payments are protected and not consumed by the interest. Furthermore, if the home loses value, both homebuyer and bank proportionally lose out on the principal value of the home.
They require greater transparency on costs, fees and responsibilities; both parties are required to work together and fulfill their obligations.
This reduces the risk of failures like the subprime lending crisis, when banks overvalued homes and financed mortgages that buyers could not afford, leading to a global recession in 2008.
What are the downsides?
Halal mortgages are more expensive and more difficult to enter into, as they require a down payment of at least 20%. Furthermore, they are not available in every state in the United States.
Additionally, many Muslims are unwilling to deposit their money in banks, if those banks are required to pay interest or earn part of their revenue based upon interest.
Shariq Siddiqui, Assistant Professor & Director of the Muslim Philanthropy Initiative, Indiana University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
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Consumer Corner
Cutting-Edge Laptops for Power and Productivity
Freelancers and creatives can enhance productivity with Snapdragon X Series laptops, offering multi-day battery life, AI capabilities, and high-performance features for both work and personal use.
(Family Features) Freelancers, creatives and on-the-go leaders know they can only go as far as their tech takes them. Make sure you – or the loved ones in your life – can harness the power of productivity with the latest gadgets.
Whether you need to power more productive work hours or seek inspiration for “you” time, ignite performance with these laptops powered by the Snapdragon X Series. Multi-day battery life, unmatched performance and on-device AI capabilities allow you to power through tasks – business or personal – uninterrupted. Unlock exceptionally fast processing power and experience game-changing speed, power efficiency, enhanced security and simple device management.
Discover tech solutions for both professional and personal use at Qualcomm.com/Snapdragon.
Streamline Creativity with a Smart Sidekick
Unlock the freedom of creativity with AI-powered performance on the ultra-slim Lenovo Yoga Slim 7x powered by Snapdragon X Elite. Dazzling 3K PureSight OLED display with 1,000 nits peak brightness and Comfort Edge Design are engineered for on-the-move creators. Built for next-gen AI experiences, it’s not just smart – it’s your creative sidekick that knows what you need before you do, streamlining tasks with leading on-device intelligence action. Amazingly slim and unexpectedly tough, find out how AI can match your A-game.
Take AI to New Heights
Push your AI experience to the next level with the Dell Inspiron 14 Plus powered by Snapdragon X Plus, built with a portable design backed by all-day battery life up to 15 hours. With groundbreaking on-device AI and powerful performance, it enables a faster and more efficient experience from virtually anywhere. It’s easy on the eyes with Dell ComfortView Plus, a tall 16:10 aspect ratio for more vertical space and less scrolling, a hardware low blue light solution and vibrant details from the QHD+ resolution, 400-nit brightness level and Dolby Vision.
Level Up On-the-Go Creativity
Designed for tech-savvy freelancers and on-the-go leaders, the HP OmniBook X powered by Snapdragon X Plus is built with a sleek design and the perfect synergy of AI-enhanced power and mobility. It’s sleek and versatile with multi-day battery life, taking productivity and creativity up a notch through style, function and mobility. Lightning-fast responsiveness provides top performance without sacrificing portability for work and play as you can stream up to 12 hours of video calls or binge 22 hours of your favorite shows.
Speed Up Productivity
Bringing intelligent AI solutions to your fingertips with features that effortlessly streamline settings, optimize your video experience and elevate communication, the Acer Swift 14 AI powered by Snapdragon X Elite delivers exceptional responsiveness with multi-day battery life. Peak performance with lightning-fast data speeds and responsiveness allows you to work efficiently and enables multitasking with ease. Bring work to life with a color-rich OLED display in a premium ultra-thin chassis with Copilot+, which helps boost productivity and security with on-device AI solutions.
Photo courtesy of Shutterstock (man and woman using laptop)
SOURCE:
Qualcomm
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
https://stmdailynews.com/category/consumer-corner
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