Category: Q&A

Small business owners take their issue to D.C.

In response to the Basel III Endgame regulation, which could escalate capital costs for small businesses, Dina Akel, owner of Vieira Luxe, a bridal and special occasion wear shop in Nashua, joined more than 50 entrepreneurs in Washington, D.C., on Nov. 14. Their mission: to articulate to lawmakers and Federal Reserve officials the significant impact this regulation could have on small businesses like hers.

How did the Basel III Endgame regulation discussions in Washington impact your business outlook?

I went to D.C. to advocate for small businesses that will be impacted by this proposal. It’s concerning that it will be even more difficult to access capital than it already is. It was my first time in D.C. ever, so I was super nervous, but I knew how important it was to be there. After the discussion we had with our senators and representatives, I felt my story was heard, and I was confident they were in our corner. I’m confident they’ll do everything they can to advocate for us.

What major challenges did you discuss in Washington regarding the high interest rate environment?

One of the discussions was actually my personal story about recently applying for business funding through grants and loans. I applied to various grants and was unsuccessful, so alternatively I applied to my long-standing banks, and was also unsuccessful. I was feeling a little defeated at that time. I finally asked one of my banks and a representative from SBDC if they had any other funding resources for me. They connected me with a nonprofit lender. The first time around, I got denied. The second time I was approved. When I spoke to them, they told me we could aim for the 5 to 8 percent interest rate mark, which is what I was expecting. Once I got the approval, though, they provided me with a loan in the two-digit mark. That was definitely more than I could afford. However, I was desperate since the business was growing so quickly and I lacked the resources to keep up with it, so I accepted the loan, and honestly, we can’t afford for the situation to get any worse.

What outcomes or responses did you receive from your meetings in Washington?

We received very positive responses from our members of Congress. They were all willing to help and push against this proposal, which was great.

How might the outcomes from Washington affect your future business plans?

I’m a little worried that if this proposal goes through our customers might actually experience more inflated prices. We may not be able to provide the same high-quality products our customers love, and we may not be able to keep up with the demand and, God forbid, shut down in the process. I’m already struggling to keep up with all of it. People need to remember that when you’re a small business owner, in your first few years you are literally everything in the business: the customer representative, the cashier, the accountant, the inventory manager, custodian, website builder, you name it. When that gets to be too much, we have to delegate and hire people to help us. The reality is you need money to make money.

What were your key takeaways from the interactions in Washington?

Small businesses are already considered risky to lend to. If this goes forward, and interest rates also go up, we’ll be seeing a lot of businesses closed down.

What follow-up actions or continued advocacy plans do you have post-Washington visit?

I’m part of the Nashua Chamber of Commerce, the Suffolk University alumni, the National Association for Catering and Events, and a few more groups. I’ll make sure I have an opportunity to speak with them all about this. That way they can speak up and share their stories. They can call members of Congress and let them know why it’s important. We can all come together as a community to advocate for all small businesses.

Featured photo: Dina Akel, right, joined by U.S. Representative Ann McLane Kuster and a group of New Hampshire small business owners outside the U.S. Capitol. Courtesy photo.

A veteran helping veterans with at-home care

Mark Nalbandian of Bedford is a Navy veteran and caregiver at 360 SHS, a Bedford-based organization that offers home care and pairs senior caregivers with elderly clients in need. He delves into his journey from serving in the military to providing care for fellow veterans and shares his experiences and insights on how this transition has shaped his personal growth and impacted the broader community’s perspective on veteran care.

How has your experience as a Navy Airman shaped your approach to caregiving?

I spent six years in the Navy and during that time I learned quite a few great life skills, such as communication, consistency and the importance of showing up ready to work every day. I have had the privilege to care for three seniors who are Korean conflict veterans. I am currently caring for one of these clients still. It means the world for me to be able to support fellow veterans as they age in place.

What were some challenges you faced transitioning from military service to a caregiving role?

After my time in the Navy, I spent 25 years in commercial concrete, followed by a building contractor and real estate career. I began working with [360 SHS owner] Judy Loubier about five years ago. I got sick in 2008-2009 with stage 4 head and neck cancer. I faced some harsh treatments and needed constant care while I was recovering. Once I recovered, I saw my dad in the hospital. When he was picked up by an ambulance to bring him to the care facility, I inquired about the profession and what an average day looks like and it inspired me to try something new. Now, communication, companionship and everyday chores are a big part of my job. It’s really meaningful to help keep seniors and veterans safe and prevent falls.

What personal significance does caring for fellow veterans hold for you, and how has it influenced your growth since your military service?

I am in my mid to late 60s and the veteran clients like the commonality of and mutual understanding of being veterans. The related experiences are so meaningful and we can converse for hours. I love it. I worked for a few concepts before discovering 360 SHS, and five years later I know this is the last job that I will ever work. I don’t do it for the money. I do it because it is important and I pride myself on being able to support my fellow veterans.

How has your work at 360 SHS impacted the community’s understanding of veteran care?

360 SHS was doing a great job of caring for veterans before I was brought on five years ago. However, I can bring a different perspective, being a veteran myself, and have been able to build great relationships with senior veterans throughout the community. 360 SHS understands the importance of matching veteran caregivers with veteran clients as they are able to create meaningful relationships. It feels good to help veterans — and other seniors — age in place without having to get dragged out to a nursing home. I feel better knowing that they get to stay in their home and not have to leave their life behind after bravely serving our country.

What advice would you give to veterans considering a caregiving career post-service?

Do it! It is a lot more meaningful than when I was building bridges in my previous career. I never saw myself doing this job, but I love it and know I will do this until the day I retire. 360 SHS helps hire active reservists, knowing they might have to up and leave. They provide services for veterans who can get paired with 360 SHS through the VA. 360 SHS offers a lot of recognition and appreciation during Veterans Day and outreach to all veteran clients and caregivers.

Featured photo: Mark Nalbandian. Courtesy photo.

A real estate attorney discusses homebuying

Matthew W. Neuman, Esq., real estate attorney of Bedford-based Absolute Title, discusses crucial home buying steps, the impact of fluctuating interest rates and his innovative approach to the closing process.

What are the crucial steps a New Hampshire homebuyer should follow before diving into the market?

It’s vital any buyer thinking of … using mortgage financing first reach out to a mortgage lender to verify their mortgage eligibility. With rates higher than the historic lows from a couple of years ago, it’s vital they identify their budget and focus on a realistic purchase price point. … Once you establish that price, they need to seek out a Realtor who will help guide them to only properties in their price range.

How are fluctuating interest rates impacting the average New Hampshire homebuyer?

Interest rates have fluctuated from all-time lows a couple years ago to where they are currently, hovering around 8 percent. These current rates are being characterized as very high when in reality they’re almost exactly equal to the historic average rate since 1971 of 7.75 percent, but as rates increase the consumer’s buying power decreases and prices them out of houses they may have been able to afford two years ago. Unfortunately most consumers are holding onto the memory of the historic rates. … It will be another 12 to 24 months before we see much relief in the area of interest rates, so people need to reset their expectations.

What are some common corners buyers are cutting in the current market, and what potential pitfalls should they be wary of?

If a buyer waives their right to perform a home inspection prior to closing, they run the risk of missing significant structural and mechanical defects in the property that could be addressed and negotiated with the seller. Buying “as is” is just that, and any issues go right along with it and more than likely will have no recourse against the seller. Buyers who waive their rights of due diligence for easements, restriction, covenants, etc., will miss the opportunity to verify there are no restrictions on the property that could potentially impair their intended use of the property, such as ‘no livestock’ for people looking to have chickens.

You’ve been credited with creating proprietary software to aid in the closing process. Can you explain how this technology helps the average buyer?

Historically, buyers were limited to one of two ways to bring their funds to closing: either a wire transfer sent from their bank, or bringing a bank certified check to closing. Both of those options are inconvenient, often costly and highly susceptible to fraud. In 2018 we released AbsolutePay, our proprietary and patented payment platform that allows buyers, sellers, Realtors and lenders to transfer the funds required for a closing from their account to ours easily, safely, securely and for free. They can initiate it in a few minutes from their desktop, laptop, tablet or phone.

How does fraud intersect with real estate, and what are some simple steps buyers can take to protect themselves?

Fraud has become quite rampant in the real estate world. The reliance on email as the preferred form of communication has opened the door for fraudsters to interject themselves into a conversation between the parties of a transaction and then steer the parties to make a fatal mistake, such as providing fraudulent wire instructions, which can then result in the loss of these funds. Wire instructions should never be provided through ‘unsecure’ email and should always be verified over the phone. Picking up the phone and having conversations will help to minimize the risk of fraud. Another fraud situation that has recently grown in popularity is the sale of ‘vacant’ land by someone purporting to be the owner but in reality is a fraudster. They will reach out to a Realtor, usually through email, explaining they live out of state or are on vacation and would like to list their property for sale but they don’t want their neighbors to know they’re selling so they instruct the Realtor to not place a ‘for sale’ sign at the property. Once the property goes under agreement, all correspondence with the seller occurs through email, and if not caught in time, the transaction is completed, resulting in funds being wired to the fraudsters. These situations can be avoided by choosing to work with experienced Realtors and title professionals.

Featured photo: Matthew W. Neuman. Courtesy photo.