Founders Emily Rischling-Huffman and Steve Cleveland
Chadron, Nebraska –
Two Nebraska entrepreneurs are using the expertise of the Nebraska Business Development Center (NBDC) to help secure federal, state and local funding to make their unique digital lending platform a reality for upcoming farmers, bankers and educators. generation.
agCredit Consulting, LLC was co-founded in 2018 by Steve Cleveland and Emily Rischling-Huffman. Based in Chadron, Cleveland has 36 years of community banking experience, while Rischling-Huffman is a banking marketing coordinator. Together, they are developing a Software as a Solution (SaaS) digital agricultural lending application for the benefit of next-generation producers and bankers in Frontier and Remote (FAR) regions across the country.
They say the agCredit product is the first mobile application on the market for farm loans aimed at customers. “It’s a lead generator,” Cleveland says. “Asks old questions in a new automated way.”
agCredit automates the front-end of the loan application process. The agCredit 1.0 minimum vital product (MVP) allows an agricultural producer to open a user account and apply for a loan in less than 10 minutes. His EasyLoan scorecard gathers basic information that funnels loan underwriting for his community bank lender. Once pre-selected, the applicant will be linked to an agricultural lender from a community bank. Four rural banks are currently participating in the beta test.
“The app helps agricultural producers get the loans they need and also helps rural banks expand their reach in the market,” says Rischling-Huffman.
Work with the NBDC began in August 2018 when Cleveland and Rischling-Huffman met with the NBDC team in Chadron. CEO Gary Dusek, consultant Spencer Rien, and office assistant Jennifer Wittrock identified potential funding sources, collected market research, worked out an initial business plan, and established links with other vendors in the innovation ecosystem.
NBDC Chadron’s office connected Cleveland and Rischling-Huffman with NBDC’s Innovation and Technology Commercialization Team for further assistance with a Small Business Innovation Research (SBIR) application and the Nebraska Department of Economic Development (DED) to research of a DED Phase 0 grant.
The Phase 0 grant was awarded for $ 5,000 and agCredit Consulting hired a grant writer. The NBDC team helped review the Phase I proposal. Although the 2018 SBIR submission was not accepted, the Cleveland and Rischling-Huffman 2019 proposal submission was accepted.
Phase I was awarded for $ 100,000, and DED provided matching funds for $ 65,000. Cleveland and Rischling-Huffman also received $ 15,000 in funding from the Chadron Foundation. After receiving the Phase I award, agCredit Consulting hired Spencer Morris as a software engineer. The NBDC team continued to provide post-award management guidance and links to help manage the Phase I grant and prepare to submit for Phase II.
A Phase II award of $ 650,000 has been received and development will continue through August 2023. agCredit Consulting has also received a corresponding grant from DED of $ 100,000.
What are internal controls in a company?
Cleveland and Rischling-Huffman say the services provided by the NBDC were instrumental in moving their innovative product forward. “As a banker, I know the NBDC has been an asset in our community for a long time,” says Cleveland. “Now, instead of sending our bank clients to them, we have relied on their knowledge to help us.”
What are internal controls? Internal controls are the mechanisms, rules and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud. This may interest you : Mr. Brown conducts research into the possibilities of ‘renovating an important stadium,’ not building a new one.
- What are the examples of internal controls? Examples of internal controls
- Separation of duties. When work duties are divided or segregated between different people to reduce the risk of errors or inappropriate actions.
- Physical checks. …
- Reconciliations. …
- Policies and procedures. …
- Reviews of transactions and activities. …
What are the 3 internal controls?
Controls on information processing. This may interest you : Quick summer travel ensnares Cleveland airport directors, and many others.
What are the 4 internal controls?
Internal controls are policies, procedures, and technical safeguards that protect an organization’s assets by preventing errors and inappropriate actions. Internal controls are divided into three broad categories: investigative, preventive and corrective.
What are the three 3 broad objectives of internal control?
At a minimum, an entity should consider how its internal control program will: 1) evaluate the activity and risk at the process level, 2) design and implement internal controls, 3) monitor whether controls are working as intended and 4) evaluate the effectiveness of the control. These elements of the program are the four pillars of internal controls.
What are the 5 internal controls?
Internal controls consist of all the measures adopted by the organization for the purpose of; (1) protect its resources from waste, fraud and inefficiency; (2) ensure the accuracy and reliability of accounting and operational data; (3) ensure compliance with the organization’s policies; and (4) evaluate the … Read also : Baker Mayfield traded to Panthers: winners, losers in trade that sends former No. 1 overall pick to Carolina.
What are the 9 common internal controls?
There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
What are the types of internal control?
Here are the controls: Strong tone at the top; Leadership communicates the importance of quality; Accounts reconciled monthly; Leaders review financial results; Login credentials; Limits on signing checks; Physical Access to Cash, Inventory; Invoices marked paid to avoid double payment; and, payroll reviewed by leaders.
What are the 3 objectives of internal control?
There are two basic categories of internal controls: preventive and investigative.
What are internal controls in a company?
When undergoing a SOC 1 audit, organizations should strive to meet COSO’s three objectives for internal control: operations, reporting and compliance.
Internal controls are procedures and processes put in place by a company to prevent fraud, promote accountability, and ensure the integrity of financial data. Internal controls are unique to each company and designed according to the size and structure of the company.
What are the 5 internal controls?
What are the 3 internal controls? Internal controls are policies, procedures, and technical safeguards that protect an organization’s assets by preventing errors and inappropriate actions. Internal controls are divided into three broad categories: investigative, preventive and corrective.
What are the types of internal control?
There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.
What are the 9 common internal controls?
There are two basic categories of internal controls: preventive and investigative.
What are the 7 principles of internal reporting?
Here are the controls: Strong tone at the top; Leadership communicates the importance of quality; Accounts reconciled monthly; Leaders review financial results; Login credentials; Limits on signing checks; Physical Access to Cash, Inventory; Invoices marked paid to avoid double payment; and, payroll reviewed by leaders.
The seven internal control procedures are segregation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authorities.
What are the 9 common internal controls?
What are the five internal control principles? It has five principles related to setting the tone at the highest level, demonstrating a commitment to competence, and establishing oversight, structure, accountability and enforcing accountability.
What are the 7 broad principles of internal control?
Here are the controls: Strong tone at the top; Leadership communicates the importance of quality; Accounts reconciled monthly; Leaders review financial results; Login credentials; Limits on signing checks; Physical Access to Cash, Inventory; Invoices marked paid to avoid double payment; and, payroll reviewed by leaders.
What are the three principles of internal control?
The seven general principles are: establishing responsibilities; Maintain adequate records; Securing assets and binding key employees; Keeping of records separate from the custody of assets; Divide responsibilities for related transactions; Apply technological controls; Perform regular and independent reviews.
The main principles of internal control include: Establishing accountability. Keep records. Secure assets by bonding key employees.
What are the three 3 broad objectives of internal control?
What are the 4 internal controls? At a minimum, an entity should consider how its internal control program will: 1) evaluate the activity and risk at the process level, 2) design and implement internal controls, 3) monitor whether controls are working as intended and 4) evaluate the effectiveness of the control. These elements of the program are the four pillars of internal controls.
What are the internal control objectives of management control?
Internal controls consist of all the measures adopted by the organization for the purpose of; (1) protect its resources from waste, fraud and inefficiency; (2) ensure the accuracy and reliability of accounting and operational data; (3) ensure compliance with the organization’s policies; and (4) evaluate the …
What are the three objectives of internal control?
Control objectives include authorization, completeness, accuracy, validity, physical safeguards and security, error handling and segregation of duties.
What are the types of internal control in auditing?
Strong internal controls enable organizations to achieve three main goals. These three objectives are: accurate and reliable financial reporting, compliance with laws and regulations, and the effectiveness and efficiency of the organization’s operations.
Internal controls are divided into three broad categories: investigative, preventive and corrective.
