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UK SMEs forge ahead with cautious optimism as post-pandemic business confidence grows

Stockwood Strategy

Despite lingering anxieties about the pandemic and a variety of economic and commercial issues, the majority of SMEs believe it is now imperative to begin building back from the crisis. They are ready to step up their business investment, with ambitious plans for recruitment, renewal of equipment and machinery, and both domestic and international expansion. Fintech business lender MarketFinance asked 2,000 SME owners across the UK about their outlook for 2022 and beyond, gauging their short and long-term plans for business investment and growth. MarketFinance has today released a comprehensive research report of its findings. Confidence Analysis of the survey results has shown that business confidence amongst SMEs is improving, with many firms now focused on recovery and growth. With pandemic disruptions now largely settled, half of SMEs (48%) expect their turnover to stabilise or to increase over the next 12 months. Similarly, 50% of SMEs expect demand for their products or services to stabilise or to increase over the next six months. MarketFinance’s research has found that the majority of SMEs (63%) expect their business to grow over the next three years Investment With survival mode no longer a necessity and cash flow pressures beginning to ease, the vast majority of SMEs (70%) now feel confident enough to increase business investment over the next 12 months. A quarter of SMEs plan to hire new staff, while 24% expect to purchase new equipment and machinery. When asked how they were factoring borrowing into their investment plans, 23% of SMEs said access to a broader range of borrowing options could enable them to increase investment even further. Borrowing The research findings demonstrate that borrowing will play a key role in recovery and growth with 62% of SMEs saying that prudent borrowing could help them fund growth. However, three quarters (71%) of SMEs do not believe traditional banking products are the most obvious and convenient way to borrow for investment. Despite this lack of alignment between current finance needs and the options available through traditional routes, more than a third of SMEs (37%) are looking to take on new borrowing facilities. Growth With confidence high and a sense of having moved beyond recovery and into a new stage of growth, many businesses are looking forward to seizing a host of opportunities in 2022. Almost all SMEs surveyed (81%) plan to invest in sustainability, while 30% say they are considering merger and acquisition (M&A) activity in the year ahead – more than twice as many as those primarily focusing on organic growth (14%). Over a third of businesses (34%) say they already sell overseas, or have plans to begin doing so. That figure is highest amongst the largest businesses surveyed (turnover between £5m and £6.5m) but even amongst smaller enterprises significant numbers are focused on export. Anil Stocker, CEO at MarketFinance, commented: “ It’s clear that the business environment has shifted and SMEs are looking ahead with a quietly confident and cautiously optimistic view. UK businesses intend to ramp up growth through domestic and international expansion, digital transformation and even M&A activity. But as they reset their post-pandemic goals for a post-pandemic, they’ll need to be confident of their funding base. Given that so many SMEs are looking outside of traditional routes in their search for finance, we’re particularly proud to have been accredited by the British Business Bank as one of the few alternative providers under The Recovery Loan Scheme. Schemes like the RLS are a golden opportunity for SMEs looking to gear up for growth, providing easily accessible funding at a lower cost across a wide range of products. We expect to see a large number of SMEs taking advantage of the scheme over the next 6 months as their growth and expansion efforts gain momentum and they invest in ambitious plans for 2022 and beyond.” About MarketFinance MarketFinance is a fintech business lender which believes that SMEs are building the world. By making finance frictionless, they’re solving the cash flow issues getting in the way of progress. MarketFinance uses smart technology to deliver better access to faster, more affordable finance; with one-to-one help whenever businesses need it. Since 2011, MarketFinance has advanced over £2.6 billion worth of invoices and loans, enabling thousands of UK businesses to bridge today’s funding gaps and fuel tomorrow’s big ambitions. MarketFinance is an accredited Recover Loan Scheme lender and has a wide-reaching network of strategic partners including Barclays Bank UK PLC, Tide, Equals Group and Ebury. MarketFinance is backed by Barclays Bank UK PLC, Mouro Capital, Paul Forster (co-founder of Indeed.com) European venture capital fund Northzone (invested in Klarna, iZettle and Trustpilot), Viola Capital and private equity group MCI Capital (also invested in iZettle, Azimo and Gett). Further information visit: www.marketfinance.com Contact Details MarketFinance Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://marketfinance.com/

December 01, 2021 08:00 AM Eastern Standard Time

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QX Global Group is now a proud member of the BDO Alliance USA

QX Global Group

QX Global Group, a leading knowledge process outsourcing company with a growing presence in North America, today announced its membership with the BDO Alliance community, America’s foremost association of independently owned local and regional accounting, consulting, and financial services firms with aligned client service goals. This alliance strengthens and further extends QX’s award-winning and acclaimed industry experiences in enabling transformation of their clients' internal business operations to streamline and simplify their processes. QX will draw upon the knowledge, expertise, and resources of the BDO Alliance to support the transformation and growth of accounting firms in the US by leveraging its vast pool of highly qualified talent consisting of accountants, tax professionals, and consultants. Commenting on the development, Mr. Ravi Kurani, Country Head, North America, said, “This alliance opens up whole new possibilities for QX and our accounting clients in the US. We bring to the alliance community cost-effective, professional and secure outsourcing services to help them resolve talent gaps, extend their service offerings, and thereby increasing both margins and profits." QX brings to the financial community outsourcing solutions that adds value to accounting firms especially in a time when the profession is faced with a severe shortage of skilled staff. “We believe the professionals of QX Global Group share BDO’s commitment to exemplary client service and we want to welcome them into the BDO Alliance USA,” said Michael Horwitz, BDO USA, LLP Partner and Executive Director of Alliance Services. QX continues to build on its rich legacy of providing enhanced outsourcing services in accounting practices, primarily around tax preparation, accounting and reengineering projects. About QX Global Group QX Global Group is a leading provider of business process management services. With over 17 years of accounting and recruitment process outsourcing experience, we help our clients unlock business value by improving process efficiencies and automation in the accounting and recruitment function to enable business transformation. We are based out of the UK with offices in the USA, Canada, Australia, and India. About BDO Alliance The BDO Alliance USA is a nationwide association of independently-owned local and regional accounting, consulting, and service firms with similar client service goals. The BDO Alliance USA presents an opportunity for firms, by accessing the resources of BDO USA, LLP, and other Alliance members, to expand services to their clients without jeopardizing their existing relationships or their autonomy. The BDO Alliance USA was developed to provide member firms with an alternative strategy for gaining a competitive advantage in the face of a changing business landscape. Participants in its Vendor Marketing Program include non-member firms that serve as vendors providing additional products and services to member firms and their clients. The BDO Alliance USA is a subsidiary of BDO USA, LLP, a Delaware limited liability partnership. Contact Details QX Global Group Vishal Kurani +1 646-693-9693 vishal.kurani@qxglobalgroup.com Company Website https://qxglobalgroup.com/

November 30, 2021 11:14 AM Eastern Standard Time

ThreatModeler Launches IaC-Assist and CloudModeler to Reduce Threat Drift from Code to Cloud

ThreatModeler Software, Inc.

ThreatModeler, a leader in securing cloud infrastructure from design to deployment, today announced the launch of IaC-Assist and CloudModeler, enabling organizations to implement true DevSecOps. The latest iteration of the company’s technology provides continuous visibility into undiscovered flaws in application design through infrastructure-as-code (IaC) in real-time. Today, many organizations are adopting IaC to help streamline their operations. However, this can open up businesses of all sizes to a variety of new threats. IaC-Assist allows DevOps teams to continuously evaluate their IaC on-the-fly. It improves developer productivity by identifying the design flaw or vulnerability, explaining the issue represented, and providing just-in-time contextual guidance for revision. ThreatModeler embodies secure-by-design principles to provide actionable insights through continuous monitoring, so DevOps teams can detect and remediate security flaws before they become code vulnerabilities. By enabling developers to understand the full scope of their code, this update’s instant remediation capabilities simultaneously minimize risk and ensure sufficient compliance and governance protocols post-deployment. “We’ve learned that security practitioners are concerned about the speed of cloud migration because security policies are often overlooked during deployment,” said Archie Agarwal, Founder and CEO, ThreatModeler. “With the launch of IaC-Assist, ThreatModeler is bringing security into the development environment, providing real-time guidance as DevOps teams write Infrastructure-as-Code. ” With CloudModeler and IaC-Assist, ThreatModeler now enables organizations to reduce their threat drift from code to cloud. “CloudModeler did not just empower our team with visibility into the threats facing our cloud infrastructure,” said Abhishek Rath, Sr. Product Security Engineer, Sisense. “It also enables us to push security to the left in our CDLC. The real-time capabilities of CloudModeler illustrated the interconnectivity of our product data, empowering us to determine how to secure our growing technology offerings most efficiently.” IaC-Assist eliminates a whole security sprint, reducing the manual labor required to scan and remediate security threats. Its patent-pending technology integrates into the CI/CD pipeline and encourages a more proactive, preventative approach to cloud security that saves organizations time, money and resources. To learn more about the latest updates to ThreatModeler Software, Inc.’s suite of products, please visit here. About ThreatModeler Software, Inc. ThreatModeler Software, Inc.’s suite of products empowers DevOps to measure their threat drift from code to cloud. With a fraction of the time and cost tied to other tools, users can design, build and validate threat drift from development to deployment. Teams can instantly visualize their attack surface, understand security requirements and prioritize steps to mitigate threats. CISOs can make critical security-driven business decisions to scale their infrastructure for growth. Contact Details Lumina Communications Michael Stolyar ThreatModeler@LuminaPR.com

November 29, 2021 09:00 AM Eastern Standard Time

A second significant deal for Nofar Energy in Poland’s renewable energy market

Ivri PR

In line with its strategic plan and following its entry into Poland’s renewable energy market, Nofar Energy (NOFR) today announced a second significant deal in Poland. Nofar reported it had purchased a portfolio of solar projects with a total capacity of 185 megawatts. Earlier this week, the company said it had signed an agreement with Electrum SP. Z O.O, a leading player in Poland’s renewable energy market. Under the contract, the two companies will jointly own a corporation devoted to initiating, developing, managing, and maintaining photo-voltaic (PV) and wind energy projects in Poland with a capacity of up to 1,250 megawatts. The expansion of Nofar’s operations in Poland adds to the projects, companies, and development platforms that Nofar already owns in the USA, Spain, Romania, Italy, and Israel. Under the new deal, Nofar Europe (90%) inked an agreement to buy a portfolio of solar projects in Poland with a total capacity of 185 megawatts, which are in different stages of construction and development. The projects are acquired from Paged Real Estate, which will develop them until RTB. The company plans to connect the projects to the power grid in 2023-2024. The portfolio comprises 14 projects with capacities ranging from 1 to 68 megawatts. The projected construction cost of all the projects in the portfolio is € 96.6 million, and their projected annual revenues are estimated at € 11.7 million with a yearly EBITDA of approx. € 7.8 million. Nadav Tenne, CEO of Nofar Energy, said, “the current deal and the partnership with Electrum, which we announced earlier, adds to Nofar’s development momentum in the USA, Italy, Romania, Spain, and Israel. Anchored in the global organizational infrastructure that we built over the past year, including initiation, development, funding, construction, and management in the said markets. Nofar’s unique business model, organizational scheme, and global presence allow it to develop additional growth platforms in profitable growth. At the same time, the company invests in its current operations to ensure continued rapid growth.” Poland’s renewable energy market In February 2021, the Polish government adopted the Polish Energy Policy for 2040 (PEP2040). The policy stipulates that by 2030, coal-based electricity will be reduced from 66% to 56%, CO 2 emissions will be reduced by 30%, and the rate of renewable energies in power generation will increase from 13% to at least 23%. These milestones will be implemented concurrently with constructing marine power generation facilities and increased power generation from nuclear energy. Furthermore, the Polish government has also undertaken to shut down all the coal mines in the country by 2049. Poland’s renewable energy market is projected to grow substantially over the next few years, among others, to comply with the policy objectives. An independent consulting company estimated that 11.3 gigawatts of new power generation projects from renewable sources (solar and wind) will be built by 2025. By 2030, the capacity would increase by 25.7 gigawatts compared with today’s power. Of this capacity, 10.3 gigawatts will be generated from solar plants, 9.4 from land-based wind energy facilities, and the balance from wind energy facilities located in the sea. Thus, by 2025, electricity from renewable sources is expected to account for 21% and 42% by 2030, compared with 13% in 2021. Contact Details nofar-energy Dikla Ivri Pardnoy +972 52-380-4085 Dikla@ivripr.com Company Website https://www.nofar-energy.com/

November 25, 2021 01:55 AM Eastern Standard Time

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REALTORS® Reveal Buying and Selling Tips for a Competitive Real Estate Market

YourUpdateTV

A video accompanying this announcement is available at: https://youtu.be/McIbClV5apA Drive down any street in America over the past two years and one thing is obvious: the real estate market is booming. How hot is it? Nearly 9 out every 10 homes (86%) sold in September 2021 were on the market for less than a month. Existing-home sales jumped 7% in September as each of the four major U.S. regions witnessed monthly sales increases. The median existing-home sales price climbed 13.3% from a year ago. So, what is the real estate outlook for 2022? The National Association of REALTORS® weighs in. “All markets are seeing strong conditions and home sales are the best they’ve been in 15 years,” said Dr. Lawrence Yun, chief economist of NAR. “The housing sector’s success will continue, but I don’t expect next year’s performance to exceed this year’s.” Additionally, Yun predicts that mortgage rates will see an increase of 3.7% in the coming months, a rise attributed to persistent high inflation. Home prices rose an average of 12% in 2020 and 2021, while inflation rose 3%. While NAR has a good idea of what to expect nationally, nobody knows your neighborhood better than a REALTOR® who lives and works in your community. They wade through complicated, data-heavy volumes of information about local markets to help consumers navigate what is the most complex and important transaction of their lives. In fact, while most buyers begin their home search online, 9 out of 10 still choose the assistance of a trusted real estate agent to guide them through this infrequent, complicated transaction. For more information, visit https://www.realtor.com/ About YourUpdateTV: YourUpdateTV is a social media video portal for organizations to share their content. It includes separate channels for Health and Wellness, Lifestyle, Media and Entertainment, Money and Finance, Social Responsibility, Sports and Technology. Contact Details YourUpdateTV +1 212-736-2727 yourupdatetv@gmail.com

November 22, 2021 09:00 AM Eastern Standard Time

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Nofar Energy enters Poland’s renewable energy market with significant initiative

Nofar Energy Ltd.

In line with its strategic plan and following the launch of operations in the USA, Spain, Romania, and Italy over the past few months, Nofar Energy continued to expand its global traction by entering Poland’s renewable energy market. Today, the company reported that Nofar Europe (90%) executed an agreement with Electrum S.P. Z O.O on the joint holding of a corporation that will initiate, develop, manage, and maintain photo-voltaic and wind energy projects with a capacity of up to 1,250 megawatts. The two companies will co-manage the joint venture, including identifying opportunities for renewable energy in Poland, initiation, development, and acquisition of greenfield and RTB renewable energy projects, and project maintenance. Nofar Europe will own 80% of the joint corporation and Electrum the remaining 20%. Electrum is a leading consulting, engineering, and technology company in the Polish market. As an independent power producer (IPP), it specializes in preparing, implementing, launching, operating, and maintaining investment projects in the Renewable Energy Sources (RES) sector, information, and industry. It also engages in the comprehensive management of energy assets, such as wind and photo-voltaic farms, cogeneration systems, energy storage, hydrogen facilities, SMRs, and WTE). Dr Miroslaw Poplawski, CEO of Electrum, said, “the joint venture with Nofar Energy perfectly fits into the implementation of our long-term strategy based on IPP energy & information business formula and focused on co-creating an alternative energy system. I’m really impressed by Nofar’s vision, innovative thinking and its extraordinary business success way. For sure partnership with Nofar Energy shall generate a very strong positive impact on the RES market in Poland and create exceptionally attractive results for both companies including speed-up of our business development and high profits. What’s more, this agreement makes Electrum much more global and builds an additional value for our brand. No doubt there is a synergy effect between us. Congratulations and all the best for our partners from Nofar Energy!” Nadav Tenne, CEO of Nofar Energy, said, “as part of implementing our strategic plan for expanding our global traction, we devoted the past few months to in-depth studying of the Polish market, and careful assessment of several alternatives for starting operations there. As a result, we chose to establish a joint venture with Electrum because of its extensive renewable energy experience, proven capabilities in developing and setting up complex infrastructure projects, and the high level of its executives and workers. Moreover, Electrum features strong synergy with Nofar’s operations which we believe would yield significant growth and successful implementation of hundreds of megawatts with a robust return on investment. I am excited by the new partnership and congratulate our new partners in Electrum, wishing us success in the new venture.” Poland’s renewable energy market In February 2021, the Polish government adopted the Polish Energy Policy for 2040 (PEP2040). The policy stipulates that by 2030, coal-based electricity will be reduced from 66% to 56%, CO 2 emissions will be reduced by 30%, and the rate of renewable energies in power generation will increase from 13% to at least 23%. These milestones will be implemented concurrently with constructing marine power generation facilities and increased power generation from nuclear energy. Furthermore, the Polish government has also undertaken to shut down all the coal mines in the country by 2049. Poland’s renewable energy market is projected to grow substantially over the next few years, among others, to comply with the policy objectives. An independent consulting company estimated that 11.3 gigawatts of new power generation projects from renewable sources (solar and wind) will be built by 2025. By 2030, the capacity would increase by 25.7 gigawatts compared with today’s power. Of this capacity, 10.3 gigawatts will be generated from solar plants, 9.4 from land-based wind energy facilities, and the balance from wind energy facilities located in the sea. Thus, by 2025, electricity from renewable sources is expected to account for 21% and 42% by 2030, compared with 13% in 2021. Contact Details Dikla Ivry Pardnoy +972 52-380-4085 dikla@ivripr.com Company Website https://www.nofar-energy.com/

November 22, 2021 01:25 AM Eastern Standard Time

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National Rural Housing Coalition Convenes on Housing Advocacy

National Rural Housing Coalition

Washington, DC (November 15, 2021) -- Today, rural housing and community development professionals across the country convene at the annual meeting of the National Rural Housing Coalition (NRHC). Founded in 1969, NRHC is a national membership organization and the nation’s oldest rural housing advocacy coalition. Coalition members will hear today from key U.S. Department of Agriculture (USDA) Rural Development Officials, including Under Secretary for Rural Development Xochitl Torres Small. In addition, Coalition members will discuss rural housing programs and policy issues and the status of federal legislation affecting affordable housing programs. At the meeting, NRHC will release its most recent Rural Housing Impact Report, made possible through a generous grant from Wells Fargo. The report documents the success of nonprofit organizations in improving housing conditions in small towns and farming communities across America. NRHC surveyed its members on their work financing the construction of homeowner and rental housing, the development of community facilities, and the provision of housing counseling and technical assistance. Coalition survey data was supplemented by data from three housing and community development intermediaries supporting more than 100 organizations working in rural communities: Habitat for Humanity, NeighborWorks, and Rural LISC. The report covers housing activities for organizations’ most recent fiscal year. Among the key findings:  Survey participants deployed $3.7 billion toward creating, preserving, or financing some 20,000 units of affordable housing for homeowners. This included 9,700 units of new housing comprising of 1,046 new construction units; more than 1,600 units through USDA’s Mutual Self Help Housing program and Habitat for Humanity; more than 4,300 home repairs, and some 2,600 units of newly acquired housing. Key sources of financing included private sector capital assembled by NeighborWorks, and USDA’s section 502 direct loan program; and  Survey participants developed, preserved, or managed more than 40,000 units of rental housing in rural communities. This activity included more than $387 million in financing for new construction or preservation of existing housing. The most common sources of funding of included federal Low Income Housing Tax Credits, USDA rural rental housing loans, and the Department of Housing and Urban Development’s Home Investment Partnership. Using an economic impact model developed by the National Association of Home Builders, NRHC estimated that the economic activity resulting from survey participants’ rural housing development generated 13,645 jobs. Other important survey data points include:  More than 72,000 households received housing counseling; of that number, 68,000 received pre-purchase counseling;  Four survey respondents are Community Development Financial Institutions (CDFIs) and provided more than $48 million in loans supporting 1,400 units of affordable housing;  Rural housing organizations also provided assistance to 43 water and wastewater systems serving close to 13,000 households;  Three Intermediary organizations provided grant assistance of more than $4.3 million to 173 rural housing organizations; and  Four survey respondents reported providing training and technical assistance to 169 organizations and 700 individuals. The report also includes rural housing “success stories” from 19 NRHC member organizations, highlighting their efforts to improve affordable housing in rural America. The data and stories in the report highlight the success of rural housing organizations at a moment when federal rural housing support has slowed to a trickle. Since Fiscal Year 2000, loan subsidies for low-income homeownership, rental and farmworker housing, and related assistance have been cut by more 60 percent. “A generation of budget cuts for rural housing programs at the U.S. Department of Agriculture is one of the driving factors of housing distress in rural areas, including the low rate of construction, the incidence of substandard housing, and the high cost of housing. The report highlights the ingenuity of rural housing organizations in filling the gaps resulting from anemic federal support,” said Bob Rapoza, Executive Secretary of NRHC. Rural housing advocates will use the next few weeks to make their case to lawmakers for more support for rural housing. About the National Rural Housing Coalition In 1969, a group of concerned rural community activists, public officials, and non-profit developers formed the National Rural Housing Coalition (NRHC) to fight for better housing and community facilities for low-income rural families. Today, NRHC works to promote and defend the principle that rural people have the right — regardless of income — to a decent, affordable place to live, clean drinking water, and basic community services. For more information, visit Ruralhousingcoalition.org. Contact Details National Rural Housing Coalition Bob Rapoza +1 202-393-5225 bob@rapoza.org

November 15, 2021 08:56 AM Eastern Standard Time

Nostromo secures a $9.1 million equity investment by Migdal and Freepoint Commodities

Nostromo Energy Limited

Nostromo Energy Ltd. (TASE: NOST), provider of sustainable energy storage solutions to commercial and industrial buildings, based on its proprietary IceBrick™ technology, announced today a $9.1M equity financing by Migdal Group, one of the largest financial groups in Israel, investing approximately $7M, and another $2M by Freepoint Commodities, a Stamford, CT based commodities and energy trading company and developer of renewable energy projects. The investment was in the form of a private issuance of ordinary shares at a price per share of $10.8, including non-tradable 30-months’ warrants to invest an additional $6.4M ($5.0M by Migdal and $1.4M by Freepoint) at a price per share of $15.1, representing a 40% premium on the transaction price. Completion of the investment depends on the approval by the Tel-Aviv Stock Exchange for listing the issued shares for trade. The proceeds of this investment will be used by Nostromo to expand its business operations in the US market, as well as expand its R&D, software, engineering, project management, production, Q&A, regulatory and US sales and marketing organization. “This investment further strengthens our financial position and, more importantly, creates partnership with two important shareholders with significant value. Migdal is a leading institutional investor, with a clear commitment to clean energy, energy storage, and sustainability in general,” says Yoram Ashrey, CEO of Nostromo. “Freepoint brings a broad and deep understanding of energy markets, which will be highly valuable to us as we grow in the US market.” “As renewable sources of power provide more of our electricity needs in the future, there will be an increasing demand for storage systems to balance the power grid. Nostromo’s innovative IceBrick is a solution unique in its safety and reliability, and will no doubt be a compelling mechanism to create behind-the-meter power storage in the future. We are highly impressed by the Nostromo team’s achievements to date and look forward to working with them in the future to expand commercial adoption of the IceBrick technology.” Said David Messer, CEO of Freepoint Commodities. About Nostromo Energy Nostromo accelerates the renewable energy revolution, with its sustainable energy storage solution that enables commercial and industrial buildings to do their part in stopping climate change by becoming large-scale energy storage assets. Nostromo paves the way to a carbon free electric grid, while offering a safe, clean and financially beneficial system to building owners. Nostromo’s revolutionary technology, the IceBrick™, stores cold energy during off-peak or surplus solar hours and uses it to power commercial space cooling, which accounts for approximately 40% of power demand during peak hours. https://www.nostromo.energy Contact Details Lea Berdugo +972 54-297-3672 lea@reblonde.com Company Website https://nostromo.energy/

November 11, 2021 09:00 AM Eastern Standard Time

Provident Bank Survey Shows Bidding Wars are the New Norm for Home Buyers

Provident Bank

Provident Bank, a leading New Jersey-based financial institution, today released a new Home Buyer Research Report showing increased competition in the housing market. In fact, approximately 61% of the survey’s 400 respondents – all recent home buyers – competed in at least one bidding war during their home search. Despite competition, most said their winning offer on the home they ultimately purchased was at or above asking price with more than 25% saying their winning offer was more than 10% above asking price. Additionally, 70% of respondents reported a positive buying experience. “Our survey showed that first-time home buyers have not been scared off by the competitive housing market,” said Tony Labozzetta, President & COO, Provident Bank. “The research shows that motivators to move are largely quality of life factors like better neighborhoods, better schools, job relocation or transfer. The good news is that most have been pleased with the overall home buying process despite the competitive market.” The survey also found that recent buyers are offering lower down payments. Despite most respondents offering less than 20% for a down payment, they had no difficulty obtaining a mortgage. Mortgage rates are still historically low for many recent home buyers, with 31% saying their rate is between 2-3%. Additional findings include: Approximately 75% of home buyers did at least half of their home shopping in-person, while 25% did most of their home shopping online. More than half (55%) think they overpaid for their home, however, 44% of respondents do not regret buying now. Over half of respondents think they will stay in their home for five years or fewer. Methodology Provident Bank surveyed 400 recent home buyers in the U.S. between the ages of 25 and 54. A full research report is available upon request. About Provident Bank Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $13.39 billion as of September 30, 2021. With $10.84 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Queens County in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, SB One Insurance Agency, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank). Contact Details Provident Bank Keith Buscio, Director of Public Relations +1 732-590-9407 Keith.Buscio@Provident.Bank

November 11, 2021 08:03 AM Eastern Standard Time

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