Bergen County Spotlight On: Small Business

Community banks make small-business lending a priority. In fact, according to The Independent Community Bankers of America (ICBA), community banks provide nearly 50% of all small-business loans, helping to create two out of three jobs nationwide. Further support is delivered through the reinvestment of local dollars back into the community, which contributes to job creation and helps small businesses grow. GTmarketing-paulWe know this is true because NVE Bank has been doing it for over 130 years. Because we, too, are a small, local organization, we understand many needs, challenges, and questions our customers and neighbors face every day…but we are always striving to learn more. We recently sat down with Paul Nyfenger, President and CEO of Closter-based GT Marketing, Ltd., to hear first-hand what it’s like to run a small business in Bergen County today.

NVE Bank: Please tell us a little bit about your business.

Paul Nyfenger: GT Marketing integrates printing and mailing technologies with advertising and marketing strategies to enable companies to “get their message across” – whatever that message may be.

GTMarketing-collage

Where do most of your clients/customers reside?

The majority of our clients are in the tri-state area, with a concentration in Bergen County and New York City.

NVE: What’s the best thing about owning a small business?

The best thing about owning a small business is knowing that every door is a possible opening to a new and exciting opportunity, and there is nothing that can stop us from achieving great things when we set our minds and take actions accordingly.

What is the biggest challenge you face as a small-business owner?

The biggest challenge I face as a small business owner is deciding how to best spend my time. With so many options available throughout the day, from overseeing sales and marketing initiatives, supervising production and operations, monitoring accounting and financial statistics, down to sweeping the floor and organizing my files, it can be difficult to prioritize and remain focused on any one thing. However, I can’t imagine it any other way…it is the variety that keeps me engaged in the big picture, which is to keep the company consistently moving forward in prosperity.

In your opinion, what are some common misconceptions people have of owning a small business?

I think what many people don’t realize, which those of us who own small businesses do, is how much goes into keeping their business afloat day after day. We’ve all most likely skipped many paychecks and lost many nights of sleep worrying about how to overcome the financial and other obstacles that are always lurking in our fears, and appearing in our realities.

Do you think there are advantages and/or disadvantages that are unique to small businesses in Bergen County, Northern New Jersey, or the Garden State as a whole?

I think that New Jersey’s regulatory and tax environments are very counter-productive to small businesses, and if moving out of state were as simple as just packing a moving van, many small-business owners would relocate to be alleviated of those burdens. However, given our proximity to New York City, there are many opportunities to do business with companies whose headquarters are locally accessible, which likely provides for a greater base of business.

What were some of your criteria when selecting a banking partner?

I’ve been a customer of NVE Bank since I opened my first GT account back in 1995. While I’ve held, and still hold, small accounts at the larger banks (Bank of America, Wells Fargo, Citibank), I do not use those banks for personal and/or business banking operations, rather, purely for their cash-back credit cards. I believe the big banks serve a grand purpose in the overall financial industry, but it’s not on their list to care about me as an individual. At NVE I may have an account number, but I’m known as Paul Nyfenger, and am greeted like a valued customer every time I walk into, call, or otherwise communicate with the bank’s personnel. NVE Bank is a community bank, not just a bank with a branch in town.

As you said, you’ve been banking with NVE for a long time. With all the options out there, how did you decide NVE was the best for your business?

I chose, and continue to stay with NVE Bank because they have my back and have never let me down, and that is the most important thing to me…trust.

What piece of advice would you give to someone in the early stages of starting his or her own small business, here in New Jersey or anywhere?

My advice for a new small business owner is to always have a plan for growth beyond what is already in your grasp, because whatever you are gripping today will eventually fall out of your hands, and you don’t ever want to be left empty-handed.

.  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

NVE Bank is proud to have supported local business customers since 1887 with products and services that help them grow. Learn more on our website, stop by one of our convenient neighborhood branches in Bergen County, or call 1-866-NVE BANK (683-2265) to speak with a branch associate.Please also visit out NVE Business Services page on LinkedIn for news and information small-business owners can use.!

 Sources:

http://www.icba.org/about/community-banking

Advertisements
Posted in small business, Uncategorized | Tagged , , , , , , , , , , , , , , | Leave a comment

Six Cost-Effective Ways to Make Your Home More Eco-Friendly

“Eco-friendly” most commonly refers to actions or items that are not harmful to the environment. In this instance, “eco” is an abbreviation for ecology, but who’s to say it can’t also stand for economy? As a homeowner, there are plenty of actions you can take that are good for the world and your wallet. Here are six to get you started!

Save water to save on water

Westwood’s Water Works perhaps puts it best: “Decreasing water usage can help preserve this precious resource while maintaining a happy and healthy quality of life.” A small adjustment to your daily routine can make a big difference. Next time you brush your teeth, for example, take note of whether you leave the water running the entire time. If so, it’s a simple fix! It won’t take long to train yourself to turn it off when you don’t need it. Looking for more easy ways to save water? Here are 190!

Get insulated

A U.S. president once said, “insulation is sexy stuff.” Silly as it may sound, many experts agree, at least with the sentiment. Uninsulated homes lose both hot and cool air, so they are working against you year-round, wasting energy and money. Installing proper insulation can pad more than just your walls; in the long term, this environmentally-friendly effort may pad your wallet, too. It might take a few years to make back the total cost of installation, but you will start feeling the return immediately — literally!

Pro tip: Building a home? Ask your contractor about advanced framing. With this       technique, the spacing of the studs allows for more insulation than conventional spacing, setting you up to save on both heating and cooling your home. Furthermore, this approach reduces wood use and possibly even labor costs, which could end up saving you money in the construction process.

Go with the [low] flow

One might imagine using 25%-60% less water when showering would require a major bathroom renovation, but it’s easier than you think. The two basic types of low-flow showerheads are: aerating, which mixes air with water to form a misty spray; Laminar-flow, which forms individual streams of water. Quality, low-flow showerheads are available for around $10 to $20.

Stick with energy-efficient appliances

When shopping around for appliances, be sure to include products that have earned the ENERGY STAR in your search. They may initially be a little more expensive than alternatives, but they’re known to be very durable and more environmentally friendly, not to mention likely to help you save on utility bills. According to ENERGY STAR, clothes washers and dryers that have earned their certification deliver superior efficiency and performance, saving users $490 and up to 30% on energy costs over the lifetime of the appliance

Pro tip: New Jersey offers financial incentives for “going green” through The New Jersey Home Performance with ENERGY STAR Program (HPwES), which assesses a home’s overall performance and energy efficiency, taking into account improvements to insulation, duct sealing, heating and cooling systems, windows, doors, and appliances. Through this program, the more energy saving measures you install, the greater the incentive you may be eligible to receive. Visit the website for full details and information on eligibility. There are also federal income tax credits available for homeowners who are making energy-efficient choices.

Nip leaking faucets in the bud

“Beware of little expenses; a small leak will sink a great ship.” ―Benjamin Franklin. A leaky faucet may be the perfect example to illustrate this point. A dripping faucet might seem like small potatoes, but over time it can cumulatively hemorrhage gallons upon gallons of water, wasting means and money. If you’d like to get an approximate idea of how much water your leaky faucet is wasting, try this drip calculator from the USGS Water Science School. We tried it out and discovered that a faucet that drips once per minute actually loses 34 gallons in one year!

Leakyfaucet-energyeffcient

Seal leaky ducts for savings (and comfort)

Leaky air ducts can waste up to 30% in energy costs, not to mention make your home less comfortable. Worse yet, they can pull in dirt and contaminants from your attic and walls. Exposed duct joints can be sealed, but not those buried in walls and ceilings. Ducts can be sealed from the inside using a process called aerosol duct sealing, but it’s not commonly considered a DIY project. According to The Family Handyman magazine, a professional aerosol duct cleaning for an average home can cost anywhere from $1,800-$2,500. Expect costs to be on the higher end if your HVAC equipment is located in an area with limited access, such as an attic or finished basement. Projected return on investment falls somewhere in the three-to-five-year range.

 If taking steps to make your home more energy efficient earns you some extra pocket money, don’t just save it for a rainy day…let us help you make it make it grow! One of the best ways to do that is to deposit it into an interest-bearing account, such as savingsmoney market, or certificate of deposit (CD). Visit the NVE website, one of our convenient neighborhood branches in Bergen County, or call 1-866-NVE BANK (683-2265) to learn more.

 Sources:

The Family Handyman, October 2016, p. 65

http://bit.ly/2hbQiNo

http://bit.ly/2jHzGxB

http://bit.ly/1wkcYZ7

http://bit.ly/2wDIpCi

http://bit.ly/2xbvtI6

http://bit.ly/2hfnrnG

http://bit.ly/2fgRiiv

https://on.doi.gov/2xcOom2

Posted in "saving money", energy efficiency, personal finance, saving money, Uncategorized | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

How to Make the Most of Your Back-to-School Budget

According to a recent Junior Achievement survey, 60% of parents surveyed said it is a challenge to afford school supplies. The survey revealed that 64% of parents expect to pay less than $500 per child on back-to-school items while 17% expect to spend more than $500 per child. Unfortunately, the latter group seems to have a better handle on the numbers; according to a 2017 Deloitte survey, the average spend in the northeast is $513 per child. Here are some ways to spend smarter!

Go directly to the source

New Jersey PTA president Rose Acerra said in-school stores are trying to help lighten the financial burden for students and families by selling supplies at a lower markup than routine retailers. According to Acerra, “We were finding that sometimes, a parent is working — they don’t have the time to bring their kids to Staples or to a store to get their supplies. It was easier for them to just write a check to the PTA store and then be able to purchase their products.”

Review your inventory

If you’ve been through the back-to-school shopping routine before, check to see what usable supplies you have left over from last year so you can avoid purchasing anything you don’t actually need. If you really do the math, just a few items could add up to a nice bit of savings! With that in mind, when it comes to items that have the potential for a longer shelf life, such as a backpack, consider this: investing a little bit more for better quality could end up saving you money in the long term.

Warranties for the win

Savings expert Jeanette Pavini of Coupons.com advises shoppers to give their business to retailers that offer generous warranties. This is a good indication that their products are made well, but if they don’t last or meet your child’s needs, you can return them.

 Trust the [local] experts

Any parent is likely to agree that time and money are luxuries, so when it comes to shopping for  getting “the right stuff” the first time around is a big win. A recent NorthJersey.com article recounted the experience of Wayne resident Laura Rumana, who recently visited Gibling’s Footwear in Oakland for the first time after finding herself having to return multiple pairs of shoes for her six-year-old son, Tommy, to Zappos.com. Ken Wrisley, store owner since 1986, measured Tommy and put him in a 5W sneaker — a lightbulb moment for Rumana, who’d been ordering size 3.5. Problem solved!

Play the waiting game

After the first few days of getting a lay of the land while spending time with classmates, kids may very well change their minds about some of the cool, trendy things they had on their wish list before school started. If you can spare that time, hold off to avoid any unnecessary spending. Depending on how long you wait, you may also find school supply prices have dropped!

Additionally, “Wait for Columbus Day sales to load up on fall shoes and apparel as well as sporting goods,” explained consumer expert Lisa Lee Freeman in a recent ABC News story. “The next few weeks are best for closeouts on summer clothing, which your kids will be wearing for at least the first couple of months of school.”

Rake in rewards

Retailer rewards programs come in especially handy around times like these when you know there’s some mandatory shopping to be done. But it’s not just stores offering this kind of incentive! One example is UChoose Rewards, a debit card reward program that allows you to earn points by shopping at some of your favorite retail locations. As an NVE customer, it’s easy to register your NVE Bank Debit Mastercard® for UChoose Rewards®.

Think long term

Unless your child is graduating from school, you’ll be in the same boat this time next year. Do your future self a favor and shop now for supplies you know you’ll need then. Think about the things you’ll always need, such as writing utensils, notebooks and poster board. Once the back-to-school rush has died down, the prices of those items and more are all but guaranteed to drop.

NVE Bank is here to help with a wide range of products and services to help you save money, reach your financial goals and more. Visit www.nvebank.com or visit one of our neighborhood branches, conveniently located throughout Bergen County, to speak with one of our Branch Associates. You can also call us at 1-866-NVE BANK (683-2265).

_________________________________

 Sources:

http://bit.ly/2vLdB5x

http://bit.ly/2x59LVS

http://bit.ly/2vsJgKe

http://bit.ly/2gpkRyD

http://bit.ly/2vsWruZ

https://njersy.co/2wSPCmw

Posted in "back to school savings", "Back to School", saving money, Uncategorized | Tagged , , , , , , , , , , , , , , | Leave a comment

NVE Bank About Town: Connecting with Our Community

For 130 years, NVE Bank has put service to our communities at the forefront of our mission. NVE’s goal to make a difference can be seen in every effort we make, from major, organization-wide philanthropic fundraising programs to something as simple as a member of our staff purchasing his or her morning coffee at a local deli in support of small business. Big or small, every effort matters. This culture of caring we have developed over many years has been the driving force behind what has blossomed into a robust series of community support initiatives NVE hosts and participates in year-round. Here’s what we’ve been up to so far this year!

LENDING A HAND

American Dream Program – NVE was pleased to present a donation of $5,000 to our partner of more than 20 years, Bergen County New Jersey Community Development. This organization provides down payment and mortgage assistance to qualified first time homebuyers through the American Dream Program.

Trike-a-thon – NVE is always proud to be a sponsor of the Children Helping  Children Trike-a-thon fundraiser. This year, the Jack In The Box Schools of Closter, Alpine and Tenafly benefitted The Dystrophic Epidermolysis Bullosa Research Association of America (debra), a non-profit supporting the community affected by the rare genetic connective tissue disorder. We love that these children are learning about fundraising while helping children’s causes!

18700236_1827407250606457_5696424523270211136_n

National Rebuilding Day – NVE Bank greatly values the ongoing partnership we’ve fostered with the North Jersey Chapter of Rebuilding Together. On National Rebuilding Day, which takes place during the last Saturday in April each year, volunteers from NVE join thousands of others nationwide to help provide needed and sometimes critical and life-saving repairs for vulnerable families in our communities. This year, our team helped make safety improvements to the home of one of our senior citizen neighbors in Westwood. The bank was also pleased to make a donation of $7,500 to the organization!

18209198_1787696154577567_1836437765882656923_o

EDUCATING

 iPiggiBank Financial Literacy Program – NVE proudly sponsored iPiggiBank’s 2017 Financial Literacy Class, Money Management 4 Kids. This innovative, eight-week financial literacy program, created by iPiggiBank, was delivered to first-graders at Bergen Family Center in Engelwood.

10th Annual Scholarship Program – NVE Bank continued its support of Bergen County youth by awarding 17 area students with scholarships to pursue their higher education dreams. Ten graduating high school seniors — many of whom are just about to start their freshman year at college — were awarded $1,000 scholarships to pursue their higher education goals. Seven middle school students also received a $500 savings product.

19396666_1874844575862724_5240309496208834649_n

Teach Children To Save (TCTS) – In honor of  the American Bankers Association’s annual Teach Children to Save Day program, NVE Bank Branch Managers embarked on a month-long financial literacy teaching initiative, delivering a series of lessons on good saving habits to classrooms throughout Bergen County. Students received certificates and NVE piggy banks! We’ve had such a wonderful experience with the school’s administrators, teachers, and students, who always welcome us with open arms and let us teach the value of saving and other financial literacy lessons.

18156853_1782718365075346_5117770988918500474_n

Flat Rock Brook Scholarship –  NVE was delighted to pledge a scholarship that enabled one child to attend a summer 2017 session of Flat Rock’s Summer Nature Day Camp! If you haven’t visited the Flat Rock Brook Nature Center in Englewood, treat yourself!

20622222_10159218621815066_567786015012929038_n

Credit: Flat Rock Brook

The Junction – Every year, our Closter branch team looks forward to a special visit from The Junction students, during which our staff teaches them about the inner workings of a bank and the importance of using debit and credit cards responsibly! The Junction, affiliated with Northern Valley Regional High School in Demarest, is a program that helps students with different abilities to learn functional living and occupational skills, and also coordinates community internships.

16991976_1701691033178080_5572562694931957448_o

Bark for Education – Cresskill Education Foundation held its “Bark for Education” canine carnival at Cresskill High School in May. NVE Bank joined pet vendors and others throughout the community for a pet parade, costume contest, and raffled off some goodies for attendees and their pampered pets!

CELEBRATING

130 Years – 2017 marks an especially exciting time here at NVE Bank, as we celebrate our 130th year in business. To acknowledge this milestone, we hosted a week-long party for our customers, neighbors and others throughout the communities we serve. From July 10-July 15, we welcomed visitors into our 12 branches to enjoy refreshments, take advantage of special offers, receive free T-shirts, fidget spinners and other treats, and enter to win our special anniversary giveaway! Five lucky winners also received $500 StubHub® Gift Certificates to use for concerts, games or theatre experiences of their choosing. We had a ball, and we think everyone who joined in the celebrations did, too!

19961622_1904565856223929_3739016899905657032_n

To learn more about NVE’s community involvement, as well as products and services, visit our website. You can also visit your convenient neighborhood branch, or call us at 1-866-NVE BANK (683-2265).

Posted in "Community Service", Community bank, Uncategorized | Tagged , , , , , , , , , , , , , , | Leave a comment

NVE Bank Celebrates 130 Years with Prize Drawings, Giveaways and Special Offers

February 1887: the first Groundhog Day is observed in Punxsutawney, Pennsylvania. March 1887: Anne Sullivan begins teaching Helen Keller. April 1887: Argonia, Kansas elects Susanna M. Salter as the first female mayor in the United States. May 1887: NVE Bank opens in Englewood, New Jersey! It’s hard to believe that was 130 years ago, but reflecting back in the context of those incredible historical milestones certainly helps put things into perspective. NVE has considerable history and deep roots in our communities.

In the decades since, NVE Bank has been a pioneer in community banking, supporting small businesses, adopting the latest financial tools to help our customers thrive, and always providing the highest level of personalized service. We’ve also helped our customers and communities navigate challenging times: the Crash of ’29; the Early ‘80s Recession; Black Monday; the Dot-Com Crash; and, of course, The Great Recession. We’re proud to have weathered those storms, remaining a leading community mutual bank serving northern New Jersey. This month, we’re celebrating this huge accomplishment, and we hope you’ll join us!

NVE Bank will celebrate our 130th Anniversary by throwing a week-long party throughout our 12 Bergen County branches. From July 10 – July 15, 2017, all visitors are welcome in our branches to enjoy refreshments, free t-shirts and fidget spinners, and enter to win our special anniversary giveaway! Five lucky winners will each receive a $500 StubHub® Gift Certificate to use for concerts, games or theatre experiences of their choosing!* Entry forms for NVE’s 130th Anniversary Prize Drawing are available at any NVE Bank branch.** Details and official rules are posted here and are available at all branch locations. You can find a list of NVE branch addresses and hours here.

In addition to these celebratory offerings, NVE has created a special product in honor of our milestone anniversary. Interested in maximizing your interest? Take advantage of our 130th Anniversary special 13-month CD with a 1.30% APY for a limited time! ***

Now is a good time to remember that NVE Bank is an independent Mutual Bank. That means we do not answer to shareholders or Wall Street — we answer to our customers. In 2017, Bauer Financial Inc., the nation’s largest independent bank rating firm, awarded NVE its coveted 5-Star Rating, designating it as one of the strongest banks in the nation. As one New Jersey’s oldest and strongest financial institutions, we offer an extensive range of personal and business products and services to our customers, and are deeply involved in the communities we serve, dedicating hundreds of hours annually to civic and charitable event participation.

We hope you’ll join us in celebrating 130 years at NVE Bank! What have you got to lose?

For more information on NVE Bank’s products, services or promotions, call 1-866-NVE-BANK (683-2265), go to www.nvebank.com or stop by your neighborhood branch.

* This promotion is not sponsored or endorsed by StubHub, Inc.

** Entry forms and details are available at NVE branches.

*** Annual Percentage Yield (APY) is effective as of 7/8/17 through 7/15/17. Existing NVE customers must have and maintain an NVE checking account with direct deposit for the 13-month term. New customers must open and maintain an NVE checking account with direct deposit for the 13-month term. If checking account is closed prior to the expiration of the 13-month term and/or direct deposit is not activated or is discontinued prior to the expiration of the 13-month term, the APY will be changed to 0.005% for the balance of the term. Penalty for early withdrawal. Limited time offer. Fees could reduce earning on the account. Minimum amount of $1,000. Maximum amount of $1,000,000.

_____________________________________________________________

Sources:

https://en.wikipedia.org/wiki/1887

http://time.com/3957499/american-economic-crises-history/

http://bit.ly/2s8WfPC

Posted in NVE Bank | Tagged , , , , , , , | Leave a comment

10th Annual NVE Bank Scholarship Awards Recognize Bergen County Students

According to an April 2017 report from the U.S. Bureau of Labor Statistics, of the 3.1 million youth age 16 to 24 who graduated from high school between January and October 2016, about 2.2 million (69.7 percent) were enrolled in a college or university in October. The total numbers for 2016-17 school year remain to be seen, but the team here at NVE Bank can tell you first-hand to count in 10 bright, eager graduates from high schools throughout Bergen County. We know this because we just honored them at our 10th Annual Scholarship Ceremony, which took place at our Englewood headquarters on June 20th.

The scholarships are part of a program that has been offered by the Bank for the past decade, where 10 area high school seniors are selected to receive $1,000 scholarships. The program is extended to local middle school students, as well. This year, seven graduating eighth grade students were selected to receive a $500 Savings Product Scholarship. Since the inception of the program, NVE Bank has awarded over $150,000 to deserving students in Bergen County.

The following high school graduates were each awarded a $1,000 scholarship:

  • Sakshi Dadlani – Academies at Englewood
  • Bianny Garcia – Bergenfield High School
  • Grace Haemmerle – Pascack Valley High School
  • Brittany Hartley – Dwight Morrow High School
  • Soo Jin Han – Tenafly High School
  • Lillian Hui – New Milford High School
  • Katherine Jesson – Cresskill High School
  • Allan Mezhibovsky – Northern Valley Regional High School at Demarest
  • Adriana Rodriguez – Teaneck High School
  • Yuki Yamada – Leonia High School

NVEBank_Scholarships_2017_highschool

The following middle school graduates were selected to receive a $500 Savings Product:

  • Allam Amzad – Janis E. Dismus Middle School (Englewood)
  • Alia Boodooram – Benjamin Franklin Middle School (Teaneck)
  • Marimel Dabu – David Owens Middle School (New Milford)
  • Jui Han – Leonia Middle School
  • Julian Mikell – Thomas Jefferson Middle School (Teaneck)
  • Josephine Benjamin Otley – Roy Brown Middle School (Bergenfield)
  • Bernice Yoo – Cresskill Middle School

NVEBank_Scholarships_2017_middleschool (2)

NVE President and CEO Robert Rey presented the students with their scholarships at the reception, which was attended by the students and their family members, school officials, NVE executives, and members of the Bank’s board of directors. During the presentation, Mr. Rey drove home NVE’s commitment to continuing to make a difference in the towns we serve by putting customers and communities first with programs like this.

Hats off to this year’s scholarship recipients, and all new graduates! We wish you luck and success as you pursue your educational endeavors.

NVE maintains 12 offices conveniently located throughout Bergen County. To learn more about how NVE Bank is contributing to our communities, or to learn about our extensive range of personal and business products and services, visit our website. You can also call us at 1-866-NVE BANK (683-2265).

Sources:

 https://www.bls.gov/news.release/hsgec.nr0.htm

Posted in Community bank, scholarships | Tagged , , , , , , , , , , , , , , | Leave a comment