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By:
Mike Keim, President, Univest Bank and Trust Co. December 21, 2021
While we all hope an end to the pandemic is on the horizon, we’ll be dealing with its impact on the economy for some time. As businesses plan for 2022, it’s important to recognize the major factors at play in the macro environment. Here are the trends businesses must consider:
Supply chain issues are pervasive, and the impact is significant causing widespread price increases and difficulties in obtaining products. With cargo ships unable to dock and a lack of delivery drivers, many companies are unable to get key materials. For example, the automotive industry is struggling to source semiconductor chips,…
By:
Mike Keim, President, Univest Bank and Trust Co. June 29, 2021
Earlier this year, many of the largest banks in the U.S. reported a “lending slump.” With lending at the core of any bank’s business, this notable decline from bigger players calls attention to the differences between banks and how the pandemic impacted customers. The pandemic caused many banks, including Univest, to tighten lending guidelines and adopt a more cautious approach. That said, our size and approach allowed us to be nimble in our decision making compared to larger banks and we were able to continue lending, albeit with more conservative underwriting, and maintain our loan growth momentum.
By:
Mike Keim, President, Univest Bank and Trust Co. August 26, 2020
The pandemic has left many businesses facing financial hardships. Stay-at-home orders, capacity limitations and other guidelines aimed at preventing the spread of COVID-19 have negatively impacted our economy. Many businesses have had their revenues substantially reduced and have struggled to remain current with their expenses, including rent, which is causing landlords to fall short on commercial mortgage payments.
According to a survey taken by The Main Street Alliance at the end of June, approximately 60 percent of its members had delayed or reduced their rent payments in the past four months. The coronavirus outbreak has caused a chain reaction…
