%PDF-1.7 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 17 0 R 21 0 R 25 0 R 29 0 R ] /Count 5 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R /F4 11 0 R >> /XObject << /I1 12 0 R >> /ExtGState << /GS1 13 0 R /GS2 14 0 R /GS3 15 0 R /GS4 16 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Producer (dompdf 1.0.2 + CPDF) /CreationDate (D:20250223083200+00'00') /ModDate (D:20250223083200+00'00') >> endobj 6 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Contents 7 0 R >> endobj 7 0 obj << /Filter /FlateDecode /Length 1348 >> stream xVMo6ﯘc ،DI+m/|E:FP@Z)S WsjHP$.9!g8DE$8"UC/~饛~_ͮ5B ,ED5-*MoU5]+{Oު63Vwݏi4_w hrVץѶ'1>(YˎSTkzpwTynCǔ-)(D!F랺%8nHjiP[? +繈q5@!#:vI-l!d,6n\]`tp\yXrv+ֵze@Ғ\mYcռz/gUv5"Iґ wQwu(cY! N! wl.9Qg9FsQqa׮ߌ{[]7&fFi!\cUYl`Ӈk25vL>gj`{79oifi\|oPgpKE6˚Tl;L \1"befxf7iƓ$s!uF^h﹨\6L?ZۂI_i1Ib U&gJQTlh۝Ľɝ^+v,@j -r%!5+Z2~ۙr"`[G׎ePYfcII88x!mr^jMywt2>ײkT=LhTQ< vT0@Rz:7v#B(j=|1KS?) +,aZU™'"*B^d"qNcͤ0\ŢBjY?oޭ{P=B\BF!,0,0,>^;E;;E;^SeRMReSvhhvҼ)&""&)>,0,0,>^;E;;E;^SeRMReSvhhvҼ "3 C @2.ΐLh16ٹu\xc=Y +yamɸV@k5өmSQՐ"E\u4fž^PWsH]Sޫ(*%r*ϥpz\XlS[TqcXXl,Ixoʓ.iPu]׫81E2֏vocxC&%# ss=.pchy Xjl&@}Y1GS ^#y~4;N%1yJؤX!Ai,}ٶ8K';dt5y:*A9%M] ٰJ72ۍE1_ɿ݅݊)jhځ4OZ:fwMѯ3Zq2ò #W):lg=3#EYs=eի VKqK\7ӗkv}Sq݈#y= tmMC÷Omk c"nT)p],M` пN`sAk̚;_y̬fimXf/E;TŸsB1߂ϵˡy\zӞptZo Vy7*~:OS`]5eRݨkͤi&b5.lOP cm'N]C &0:RkPVm3^oI-7&2Iz㶧sz^q[ܡאך'0Z_=,ͺvLҬ6jF 4ɦC[G6Kt( uiE:3= Ky=_O7&3[f޽յĹ>b'fDV 6wsQ{\zjr><Yc ̿zVͩҚCd:eҘͩD˵zRMcƯZWi*Զ;m7CRMZ뭚a8>n3_ :6[MyYFYC0ELZM$O0,Sm[J^]*RlDmbbs6ؽ1GU֥}o -VjW?߆kNJm[hek歶2[0K18';Am펀 t U:kl3b叞V*Z3N斬V!'ލZCmqzD1n޷(w`|3yӷdP #ܲ6QNskȽ%kgXw=p2Cszݑ(C~UHT$)ͮS v9P[3Wmr|g88x]tShjXiנZdc *kjg6+9}ogVsf:MKq8ݎ7M:V8|sڎA^2ۭʽZgIepakp2vCSˣ]> BE 5K^q=,4L2ޫJ2.v`Ih;9=.UJgN/7zkֈi,E*Pɰ3#mMsP e==0okBDًWm3ގͮMXIKvnp:^ ҿv9i6[pp$ϒ [Ey!.aZ& LK2]YO_->m#Vڞq!R@"ԃj#ֈ1H K$=50<ާCYnP d֭74rkK7hE+ێ~!׀ g׈Il^= h#ۜO'+ 6)s ՛Ѿcm_DRh[i\]_K;o.*PimElk-C6m;I%/,_[8 x~OגiOuRwXߔaZʽ0m@I1g&i&}2Dk׊ygdžE35uJ3վsi^tL L&}3mjM3Τ;2 yhVX)10րxnUnm1]VNU/r=Y._3t<+~7Nu7R9<nwkGwt$zͫDX^iLRu-hSQ vLy^Wwpg9[z;>Mo=U_ίN:mr cnߗf}+ׇ6tzy BoM|'l}6 {krC ,MfEaY&ȭtR+{ʽ\)va~wLQZZ":2ٷ h9%;yOvC/w'C"@%K:簴kNx3R3z{>_6BЊ=VqѭrL}%z'>xw%ߚׅfqz;ֲruHZޒbim1m[iN34"2&@'Ad"dIJ$ĈĈPֶ XSĮIAIͤKx~-+s:9 }G~Zc {AKR31&N]K鹆gZ^/lIuKNtR BP>燡zGz^zyCn$<nO~wz|> u,Vx@8cKW-@/G~HZ6^ǍlO}0;x^zvO;t;O<'o c< *#чX1aϮUgϨ@j/P+jw 5FA` }@7~[znimts3 _jќ=$=0z-=ϠxNibށ ,{3hpkP \9~7kF }=7 k|ZWT>9 4<;jrF<}Ȭ{yz>[R} Ӓ9u>Io})}>V< ǖ]f^9g+Ef6|=V{3'yZ+CmWМd+G>eڽ@*Е+:`@;'?XՐIrǹ^0DK$7 1e^I2@>ֿ>cpNWIn:,=oK@J&/zX&@ czǙljD{~y'N;E9X7w/zם\d`y=i |l- I=AӱǕD{Q"={=b#1s?о{Z|N XWKԕ;ܞZ*fa]aS2,)ٌ (Ǒ#H}?>ob#ռ݈v-Xyڤ2~GT<=o6|kLx/:ט,A&u2eD6:TyݮSڶU5Z%mPV<Wc!#ϟX=Gy9ae5*JnWtm@ i%oH<ִy.Zb} Rwb\‹OAL+H1;1 bT"TI#&*F(2 h!lyd= ;aF=+bE9X8)gK[Z^2L|1gkKýi0V.Wy:ABdF93N2QQQAAAqqrul5P@ ':v8z9DžC;Ska_13eGrdD("G!3@yָSn[xy \{[@4m.]ncU[ |OE1󇾭1➲^cFFL3fl+3L{Qk̪on@btMV#_ѥ{TǁtHg޴ǑzZz=w!{bvep[43/XzO3kYZ 6|OgͳۅqΟ, Z `` `¾ *,`-*iTZUEaeXO亜]j$zvT0v'eYѕag5EQiTZU2ZU&Ҩ- ji䶩ҰʸNLJHn&Fs 2 @ pp0 c83c89\j:AѰ,[x@ggL 2qd ggg3333 c83c8 3<߫:VR{m%3] *223&Ad #8@2228111`p1 gp`19=jza m$Ra223A2d #8@2228dal5e,caa7a|#FLn4Ln45550830+0հհղZLk20Xda1@ @qd2dLed90r0rNe d 20#jjkƍƍƘFFFFFFFFFFFFFFFGƍƍƍƍƙjjk20 C1 Q!02Aq@BPRap"#Cb34Sr$`cs?꺑F7-ࢌsƷdړ?r2jI5N!QF]zK/HT*8ӈb}f :霷I/1[KVc|G䢢Fc!>pH24X)( 7򨜷Q=*8Mx}8QD9:s(Ƃ5zܷ1[YL-+hx@[!:E r,%j[:UU,̻.aʠ/:t9mCu{ʢ7Z*|ʺf5|gͶ`:$3 ɩ.P,>񠊺2|(m/P ƻBCz!`t>vbzWM ErG{VR\K&qGK`=T J$G`s\F`hͧm,yS9͍$D(4 frƷ_#.mSj9~#.$dlφmt\ͺI$[+ʲvL4˗͙[QNIc9QxS:vxʵLv$uz ):Nm.KpzҜ"dڗgzFv(9?x`m͆9h}.bXI)c`A=;3x GJ"@bȉߦ| JǢMTƐ䇆黫CճlZ9ql/!Ha G^Qop|hraN3^qv9=2ZUpF=;g][<2 Ϣ97g=>b^,Ʀi3:-U4ǨQ ޕA.1<.ǂ^ϰ`Qlz|s ̪Kg˅zrղ n$L1ETy"gpIݱa:T$zbmj8\~5#gT=:])cKIǰ梤p[|kJzcH8GEeӫQQ z=2}V*H71S˷9>*A՟9}/)s^tB-tFyED av6MkӐ>NT7 ehOFy{gȭEmD}اtv3Dh\a*s~- Ii'V‹1/xq+9ҰaQO Go u=0şCt= _.>d@4`>=]Rwx ~k\nyT} 皜 ))$G id8A9ϡ;z`{O &/c_E&ѸCSHH%Qvӂ}|Nǟ`@5 (1˥&Ga@3^udv1xJ?][[ 9p\~Yƣ%'~5Gt0ِ PP){j5 Dį^uK"x@̎*nh#8:-OT＞Td5LzfP838惂>K #t>UQ zAw<1ʘ䧥Fl4j62.㱏v2 LC rϡdB2z#jNI  Se3H+9e>d~wޗ欩XRן FVU1CoĚJ(uc+^tmOfM< aFJFpQ(zKՅfEb1 34:@,@FSñ+Cg.mN+pRw;5k8x@5e@2e9x̑PO&]fQ$mʙ646cZFϨ8Yϩ)ή9sͪ#8$ad *r3=c^]uj*\6zm-Kȃ-\L𼭢ba?~fgÐpr9ҨQT-Ji-OJc@\읡tϬkJatL3 Dz蜁ʡOMVۑJb')0Gٝ q; @CN,ַ|tA9B64#N\rAٌJ1:pKs*2#3Z_Ug?&HMA9+}E$)3Ҋ]@w]Lv Fsٖ ̊|kiVH9VҏFE!K>>}b%*?đHVƬcme|ThUDD,aDreI3yf<6K\bV?5 1AAib3ufK[kvGAe4d(<>9@ENVUm@4{*h$V#s[w:):YerW0ګÅ￣z#O*:z<:2=16}G 2"ۨRQ.L~':Ӧ["4l8eb<<U @lUwiy}glFke(5q]Z]F,Hxt|$H/f@v(Q[ia_F%q&ORF!Y_rY蘾nZiΝ6(Uu5ғo1Mm>47mXƉ}d, UII$O;#RAVO}e4`~5.r+ PǔSSR`H }hjiHf}'QK"?uHwHԳPUNlǠA趋iVٰˠ3)X*IGT+TX%G42$V>̪ b&q5m~= O 0#KPP40$)dzS"hc HW2Z8΍Ķ6՞% J#7u_3KYGԸ(P7r]A).`U@O{ƒ0gLlXsa 0r ȴX@TXԮ3V >>А$*,/='9ðvN~^ [xҠ_LuɏԫAUmv.{kcq,8 4-=ʋ3ؒ~=6<{#FԒ4i,K*RʁV>rAN]AW󨱵OxJTXfƗ:8cMs<9$'fmбL!'7@ >^D ȭ[F<PpHua_aqǒRE$LQԫ8-%Ei,`MFІ!j>ջ_b_⍝GXQWC_`V>ǡO:THz*)cU&9tTP ƁGf0aZCt.:j*kS3O6{yI Cs>ĉaq76-?wUY <[`M1j hm({1J}ʬ 7] Go)~_Ϧk_iUQsg:5+9_[O@?U$VP }+zƖ(\Ea,-9rfTR@oZRUIJAPGC4=P3lƅ "_  {;@EHE 6QcV+Q1A#CBV0$CYggB@\ ӮW}tЪ\,&: <֥5KŬDb AæY@ۗO!M0U\S)7 F E]x*y8=d]DH(Q| ƷηV[ʷ[[[[[[[խ5|9Vr[ʷÕokzޥoR[ԭV9+zZF 37*.S:.uK{tW-_Կ!FOd>I&EA2C '[TE%MΝqzddb<_)bN}?MUB8NJN+*Hu=]')N0ɁnPx8+~Ks=\D} ۟PNU~b6l#;lb :S9ƪlm'a`3F"Ȍ XRUdX@y 11!عÀ>vM;7PF8[Vp=WTEL9dChv][}^ݤ ;޸5C݅@}J3AO.<קڅ&0۲A>d|x?.<צxh6с4M j.<Oo:ýۏ5dIƍx\ɳ_œn J cqj +UaM,<O8ί]̜ yhуs͏̣plE'x4GGE$'9^Ǣ۴?2Isp4av&S|r8;e!u`b:v4[~5oR)Iy1vWFAq_3h7PšÈ &{Oh 1aCAÎ&>v$_PʓF!0,͏-YFSК!{Ѹk2cA+Ȭ@ {.q&sm2&杆gBkaәPSWZ?'}:A cVd,}w}\X\d9m"2ss6|hLyVr99+à4 n=>rE!{Bxpg7_\MAR3nߕnߕa{6i9o+dVlr nb3n,gpK"7DϬXֈ#?7T0l+-nו_Xv$шxda_}y)S;-(0H910Sj OCt5ne,DI= V o(.G?eo \L.j<ܗ_  ٫`r#CXf$.w!Q>FaSyye\Խe͗eUqfIa:fAq%]ܝRw1KΦ4Ymk%F*((t A $F*heJ[b(%fF `- J?qѤ|fIͿ(;]{պ ؕ{l/Ԏ J̌IhEa)H6ɠAsK7@mkucQƱ" FC$[I6%B9A*A45(9IϟЗї|k3΃pxYg-вxq%?4<ٶ-V?~^;i"d)"Sjxsx3t;%fF `|r{wnc&TucEF(/st$rGeXkYP~t4Y0+^o$+hnP2[BX~h8}Y6 VWUe93kse1a>q"(͘*VR%G Eb>4$0CtVy~oac`vN /bXZ܃,C)ᩕ A0C~(<+.^JvGۍT2NB <_hS,CGȎ8x]L0j.BH"I1f,u'><{pe:G8uYݽ"b&dCd)b`m5)7oJŰ݌!^Uv[+/:gyK AXmy&Jc~q ?%DdEb/g/8ۺxՊe9s廇q{SyHx6"hFdcqk2ʞb."Y<`ga'_'^٥%{UnFq<.˲Z9%.Ս<g,<]JS)RUD ].մ K3 [ީ!xsҰwLQ{B,60iLÑɷϰq|;`W㶸{iTUD?B7Ks2vH9?HF`'WAMDžYvX@BmJq'v$i*2:u{9Jꇺx5M!,CU= l_AXmXa _n.2Y@Ľ+ ߐQD(á\"܆lnfP3a9B~;)e،yU61͏y)ep?>,9oL-.@TIq dXP4ikH;@t`Aջx0.kϻhq UAR/5#ݶ':a*I$,K0+΀;,W  WjH'du*r ax3,\Z4TE dMNNÄ4KtR[Mt[% i}ߑUІ(ӎg>+6۴` Á似-cZ{˗F]'j\bue>bwCK'}.7fu~^btm[,%!uuE9ė2؆a";8w7ڗցiqؽhXR6mRVMKqnِt>, a6Cww%ܥOTr01F;>~b\yx.;Dm]MR eCEf=v샋op?='[[4S8"Fw9*ɫ结j*daioIޗ_R#XԸ$~b)dF*vK{8,[Wa*-ex&S'P&N#~+׵zOUi1[ U`[qR_ѿ/nYU145~F5E#1fys[υo*Z^uʺM3#ȩRc>hiqz \r)qk<-qBHۺ|N"bYWT5hLj@|FЌO^?z?aOX>Mض~ԝ?}Koa8~>D{K@EXjvYuնky[k[Cf=4[3w><`f9[BmKs*weqiq;wRwSK?ZݾƗ:oKyh:6J7kk} jxh>bFAV޷=c/#ME<7ݙ 6 ~"o[wdD3ζmo*|+lV?AVbm B; 3# F";biK['}hR'R)qKu~~:p\Z$쏴U:/ؑq}*n#F Oމul-~_&-vWqM^ 6NMyy3ζm|+x9V9V٭c[ηffffffmJϤ+YNğ&+g&9z5DjLy{q4\bŵv_5,Kʇɇͻi-%%D=4uZ?z?j|*i+m~߇'qMzoV >|l7SW Mkr\} A[m[f*~5yC[&Ml5k#YUYUYU[&O*5kdɭ[&Ml5yl|kc[+dVȭYUYW##K}xN>bԸ$~b)dj|=)|=g/&4Z\+M\i[4uklʝyfkiV[υm^uH:weqoWIڗ]YСǓրVPoʖem/-/މ|6J|F_&?n{8kK\hiqz㖧TqKX)omKY֚ 5enhF*`L-zۿŒ2V4U3ζ۝m|+lVdztiqv/WVS)qهz4z7vgPKط~~F!{M?೷ET[[!SamTMи#yӎiK>|۽4z'`Y5ռ5VحY~ F";8wWPǥ_bqK6ڗ}'Z[2M[D\9FI鴷mqkhb~j|>bGOaE|=S.?O]롧N4r/yy3ζmo>mkiycH$GF9&IISF9ٕWFR(QM3sJF@qf@:{kwBO>Oضԝ7}[>bl7SW;8QV;-ζڶo>+mkhsDZkۘG.PtXdռ"'~ވcF{7[S`{~^D`GFi/p~O~weCO߮i顙;8s[υm^uJAȃ5cr.m-зQ$A0:v@Q /މ|:J|F_#M[)7p>4mM Ocxyڊ:w= rG?94gcgkr6o_5 >*P =C¬X>bm7K=7:| tMOߦMmp\}Fh󭶭[υmZ h{") ݑ 6 ~S[i?颕;ѰvYumxyVmZs㲹kYAJN`o #KDs=6Pl.jt핊E+j4?z$>j))KY|7vg_Ը_oF61|4wi޷}Gj{8=\"F|`[u;339(6Wxڝ= 'o*ndӦ}ѭep>uE-ڟ  MA0>>QA;h f&ii鱃OѠTb=b?3+B)*AA$[|3bs$g=oH;?Dm?:m!əAΑ?DX:@$*Q&BH˃q;?tÛoOL Vwu}|QKQ4#EQ=2l.b1γ1ζ+iy+my{նsssssssssssV9#1=@T4zl"C=9fR=kzޥoR[ԭV+zJާ3[[[[[[[[[iζ+m}[K ^bVc:Vc$DƕB(Qعf5fk3Yf5gYuΜO6d {$­ɺKԚUF{Om gal}L5nQ~K9ΠMɿ{dVȭ["El+dVȭ["El+!Y VBd+!ʲ!Y |ʲeYVlllV[ l5l5l7*nUܫaVr[-r5YUdk#YdyVGdkdF5#YVUeYVU!YUYBW+ey ^Bl/![ =ݧ[[[[[[[[[[[[[V+tJ%nI[V+tJ'*'*'*'*'*'*'*ݧ*ݧ*ݧ*ݧ*ݧ*ݧ*ݧ*ݧ*ݧ*ݧ[ka=[ Vl/![+Vd9 rYU/5!1 Q02@AR`p3aq"BP#S?!HlKLOv#sX=eqjz5eAR~ #j )NԤt**)Rlgԭ;=W u\1eF k$U/蒝{T7+e6ڙUnkFh©#!++B/L%y{µv>J~*-sdT/&S׫gܠiVTWT ^\B$e' kXUg{~DdY&J7`pG iqnNGRN+j6 *9i/UEaŻ##"0¨ vUxc Nqs8hЋ[gO5SOpU|#\?%3ҩ}8'P+ |qLQ˪l0"d pkJ$U*I5y; e8u@YF  ޾qqy:D*U[U]] BU*:dԣ3U5F` ?`p1]1I5 GdҜF52'`fe#7=(}V~}zbY gэ7' Egp瑻9Ϻv J ݱpQV;gaLÓnM&q8Fh٬unjndD $&hpdS.|5k JhѪvX3W9uT8Nf !0,%<&<&1<<1a+(qVn"dkOHu({" \ L\NJq 0'GR=G *B޼…pEqC= U$i.%Ab}wmو*$"IPz6ށMhhxZVA` );D H mt 5.'@nRa֗[gwY̽"0sg,N-]P˴jcƀdOj6vWVf *FEs\ސ%Zd߿jPSqURjJwiPp q٥2Ϋ+:l{A£ͨ|99A7ދ8ʒp<5L+k@s> P:,DŽF Oh (5VY۳ot"FӪvh2kUNH;V*}A^$1"U{rsvR:zU7j}N !Q*ƽgg,pvjjtMѲO=4G> !PƵ~B0v([T:*<0-4ivF'ZANcۻO6ꝳߩ&Qc6ݶX%e (@8HBs#kL3_-PLlР}:-,a򭭸R gh u nNNN65=2}: g%J̦5*gTo FGj\$..)/yW?\V&Zށqj.+jMn 7WՆ\V⒳,f B) B) B) B,vﺢ:P!)= J=njm7yvƣrQ.y8lQwSN8DX^a:޳Le([?Сg\&?6S)#ڱ)8ܶ ? Svf4r?)9wGK# LÙv)G Llio%qWg ny.bwa[i;3qnjgŠ.8UnclebDU 0x;Dr]S|/C7ƁUjfZ;ӕ#sdLR5(B3ʫĉ?@FvI? Xt\w6B M+אg495Kr>X :9Ȃ B̃$4ǟ+Pp< d>`T0;>W=\BG <0;0H)ƣcNG=$#%9~ gwk#4qwc=> Ʀ91M?)PTx&wqxeYT/ }SeYT@PP)PSdN=P$.!\E ;TB@PUeP|R%eYB>fwUr. 賅BBeYT(ˈvRB)PTxH Ue* +3rqv0-eYTGeYVU*u0P5۵B/jq>ˈpFeYJX _z4I@Bi;"I$Z £TU`pf=Vw.!\E,R*T6 Faq;*Zq嵭|o%gr\AgjުF,*xx_g[;rdžˈWqaHZ( ʲ pTB3(yT4㤬곹q츁foT# G Wj.=m韅8~q6\ZGPU|%h4;"K'N&7JkU=h oWL1PWt YR %9$W; ڠHuelUrTvw:wWYET%G$TE'A.@_ }p(Q K. /@\*~T!pFzBHY?&4 1!0@Q`pABRa"23qP?Nr6k{+[l?ouϥrƻPHҁ4sԥ<͔зll&s\GR|XŸ<ʴG54ߜO[ӱTQ:U9 )&Q.c'JDxĈSmAM0Ħd(£ni։( i 2:F v5cP`kgIRr48l;)"e;@JRp*@8::C8] 8F D.4¸$!1qC"LMz{KRykXC6ph7L#u# X|8"e106q62 *N /ՃcKq͸=_t`1Lw2QU2`pv7\*ap9^xGLWa\ˣu·냏 .<0xt!#P&L N2I WeP7Kd aQVGpm;r!\AViƆӣ_O %$ UM)EGi '?:Jp1GA^ Cl`ʫv֨urV˱w-F6FIa U#ӊ]辡*->v-ס# >v-ע#riB1dF!Jz5#'Ũ7…:< ZGFqy (PTr]Iy[xWGI@PPT"8`5jZUA\T^V^R: ڷ@ZiPTIW򷟅z+u#W)Dʴ* > ЭViPp=^RúBB (P( +T(*B jJs[o+tBB}ZZVxJ򷟅 u#KZP>vN=[TҫQ ЭVJ*^V+ڮXP(Bc 4wFh +UҠ8Ir+¹G@G%5cZπ+BZ*Tw[· ԏ9qghseF jZTIWy[·j$0&0NO=4D]@VjZT>`). M]P58QOm#dʢހ]vH'( g6-w=;'Y6{zAISeUU2]qtsg:%=G4KwVr?[xo+{UUUUTOd endstream endobj 13 0 obj << /Type /ExtGState /BM /Normal /CA 0.3 >> endobj 14 0 obj << /Type /ExtGState /BM /Normal /ca 0.3 >> endobj 15 0 obj << /Type /ExtGState /BM /Normal /CA 1 >> endobj 16 0 obj << /Type /ExtGState /BM /Normal /ca 1 >> endobj 17 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Annots [ 19 0 R ] /Contents 18 0 R >> endobj 18 0 obj << /Filter /FlateDecode /Length 2467 >> stream xY˒6W`㪙*5BOe3vlO\q]Je">Z|EYS\|H lH{pq}o[mw7/YAu?Wc3ؚ7MoFP@YqG\0isݴPWȴn(Lv݇MW{>}~wP.$BnVonÓ<|^G>{6beQaT78+ (G}^Άnq]1ܨ( zfվ(8Դms"XmЭ: t~@g—@I= pVtyU)g?u5T"Vni+^\ Uۦ-^{/K8WY%{Bp_|JXty y Y4 a""y?vwt:!]-Bb"_](Eb?9HfL.w B+A*[yȂvCgUӶR(}r|_`>N$jGهq#/ۡ٪XwVsG:l/D:ԝj$xxt \ӾkDA%DG$&",-{=ì2q(o~xewxV!S"b`Sq_dCD<e?mB\Q˲((}hD W"x B f΃4LA"i"90p"RjZm)n)9iC ~"RBz MfB Od [p"~ܹ[=Zf>Zi객"yeJKBgLp/*dA=q(S:Wje1=c*Y>Nlisބ/C~;fp.| Θ73 3տd#:"Q} BE<LC?Y/x8'^afn8j|<{\<1jwC ~&ޮ<a|U/̫sz$}>[:10^EAUTlCR"Y qk))˪E32JejTݛpqhMsCEjXd_"5GӘNZ9{d}sF<cD/ S.JYKu6ƝBM ֆ$&Y%&y9q N.+a.(ҝ ap8Ô4@gm\Ƙ\T6=;'_44I oLw AEQYLAlfE^ _#!Q(6볋kFQs5,[?؇}S+<`Aj Q7ƭ}ة% [Yq:z z^J38:sg P"ϱMmP!K]x„3GR9űUb"c>D71aNN0v">P-!v VH^,BT'V_UFE:HDiL;D endstream endobj 19 0 obj << /Type /Annot /Subtype /Link /A 20 0 R /Border [0 0 0] /H /I /Rect [ 539.1920 747.6800 618.5600 759.8900 ] >> endobj 20 0 obj << /Type /Action /S /URI /URI (https://kapitus.com/products-we-offer/) >> endobj 21 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Annots [ 23 0 R ] /Contents 22 0 R >> endobj 22 0 obj << /Filter /FlateDecode /Length 3290 >> stream xZێ6} 0Q$1lo;q<5$nvj6)Dus/֐jS.MGcMq}`ÛJUiU1;eFDY!0/s&eaE67YU&D.<0,xyŲ:x.x١V^N^#QyyJ=$gN?tCuT'7etk9bX7x=8JoٷKxc}n'Altuiꖍrxl6r٫{EB\ꋻ;mOImvg6n?3;ԏъ~y "2zENȎrbsINw?4#kM;o\Tn6DCZqTTZԛM?w-G$q< 66l0loYlqjyj.bqbPHuI.M}S\9ud" LjgZvPY#k?$Xrtp4.lQM-ۂY#fI[D#ul.߿؋voI=VLLwUAa<5CJo :=n&rOz"p Hϐ2Y,2Ou7.e-)}C?w'DMM5d),J3E5+1 ֬,;nzF:nu5՚<;n0( ՖFT(CѿК(<&ؼiu IЊa.q3\jOt7A ZH׫HO:dQ9pɾzվ'7etk9mm+"#HxxW)y9<9/B hC(GKSP}:(RsHLysЕ[i|%~@N;˺!#;< >!UTBBK,}KӀ$Id Í؝6ྷ")9@IQ"VpM q@mqYoUR4+1؛Щbכ,v#ݷ=ZdO=Q 'u*,DOJuߥkMnr(^'XhwGj Dj@ȓ0|AͨO 4 ]'7*if[*gV`mJP¶4QfܲEiۺj͇t͗nwͦN7;; ըKOz*]ؖ&b][\E:ujk'ZXZhd[curk6*ٻH Dj-׋!(WN\" ^]' Qieӷr ^^Ct%L?dK߫]Y A T*hGgw46¿%djv)#B!ej`6Gw1|Dfr xJNAib@L&p3껐ZI g!5)Q~$bCŹ+*i(2ܦRr;)A+YЅT^5Z=OnwN7;ʻJ"q6F g%҄nX뮇.ӖqҭE _G&B٪3^2¹b+k\.|n %9S ;'SP)*ڛȕy"o#oZJ;Qm)>l&u.!OSۀ!ިԩF.LطԀPuH>IZEY𻇢6UҩnRժ@Qw @f2۶ۘ"N!;/?ХUFTFDBy#e 3OH?Jsk77&eqN_[ef/-lw<pa*^~e?x7:1u|d_m/X7 4 ξ= 3x]#=9=;YRǨ)J?Es;'ɻϥІX[̸z,h&;bB7 SDE5\6m$EӖ)W[x}dݳxh}O=U/\@ endstream endobj 23 0 obj << /Type /Annot /Subtype /Link /A 24 0 R /Border [0 0 0] /H /I /Rect [ 181.7240 639.8480 411.7880 652.0580 ] >> endobj 24 0 obj << /Type /Action /S /URI /URI (https://kapitus.com/blog/manage-your-money/financing/understanding-business-loan-requirements/) >> endobj 25 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Annots [ 27 0 R ] /Contents 26 0 R >> endobj 26 0 obj << /Filter /FlateDecode /Length 2986 >> stream xYK6ϯ1>ڎLUj+ 5(ʯa5^%L*{MDn! va1/gGq3"b[ی%ic?}zmD^WE4ϢevCdЉyV#Q4ۉAl:`4mD4F_㍙՝<~Ǯ3VH5C'l_~?0,e>{x-F`GiyFZË}h²[`8;<6d "~n+s2lu~瑍p AԳ˟\xG^dG7NM۲_ϢmvWyL9ճ$)4I܇ kɱCY-۵3Np^8X]^S,8*A#Yg)""1r%dC^FPU^0iN!ˋgQ?ϣ"_hxZ̫sfEmzp\N'_+v$J9ZT[Mvfn=gV=͵_}lF/j5 ܏4d7M'GUL-R2;7gv9m; 'YTfErbx(`,+M ǴtTvӸ TYV!.! 㶙& 9 g>-DfLIπg[q)̩jk͡҉]|RIn-eikˌ\EOq(gT]U$iac "ԡrjTXR#ӊUk7[ǽ]­Ql6ޡb\z(* lxݳ]Uݹm=[ϙgOUn*fQj[}/QtU``$˅ED}myB5@IҴN:{H7cOr3>c9惝LI;Vh^VrTAW8M@Վ+<42zB 3y!d< S./ؕσ/_-\d }G2;hGII$@`*[,fEz[VIX 8B] bY钝J1% D>u:uԑtBb{ԑ.ygEGiw;f1+=ȐQii(:hukQ{nwnf[8sfuWcԑ_uAM u#!/,/m~@hObܪIrxF!m`t"u~QD`ٵC~>NAխ^bb2P@`q3LIcu!ГՍB+mv{STZsk9LC o釠2(KSkq( RQl>ЇPBс8']h[Gݚ ݲS3`o!Xb`pÓN=ޥ _: )(8F@cql6(R*2A85T h(P;P2K_s3\B6Mh-o,YU& ?y(:Ug`Ĩt4@,GT-r3_owwj'9u~}EkNve> endobj 28 0 obj << /Type /Action /S /URI /URI (https://kapitus.com/blog/manage-your-money/financing/declined-for-a-business-loan-take-these-next-steps/) >> endobj 29 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Contents 30 0 R >> endobj 30 0 obj << /Filter /FlateDecode /Length 1426 >> stream xWK6ﯘc lzI A7v r%"V&U@~E=v;[Ӧ97|C^$;H|_ڋD$I 䵨2" "ůemf]M`na55FV[=jxq޶CFV%N[\\8y!dQ}УU^[t ,5mt4V!ePb ?C,u͹Xhy;c,jM0ΪzXkGd!Ev~3V+<$"鄣 ڃtfC*;y wZ Jьy֐WmECN{BG884fdNRQ\9 6-/G0pa`N"F0ө01Lք] ٭FT{t@2VƠc-sxu) WXTQF~e4y,"(vsXD^m4n!W@f-nԭf+Got)[qY+Jۣ'\\=*b?Q>[VVy[ZRj"# ۚ"3Ẍ́s%!es)G͙Y~C$8gz&6arCG":۩B{4?hd-#,EwiPYB(ᒚf8%TZ׬i'0,й u*; Z>TR;tn%VFVE- b_,A!mx Hv'־H`9 0Li#f4eCszem?_]bRd9 )٣;Y7 $'9,r`>GAZLFi83H {|!9oC0Fz_W endstream endobj xref 0 31 0000000000 65535 f 0000000009 00000 n 0000000074 00000 n 0000000120 00000 n 0000000427 00000 n 0000000464 00000 n 0000000613 00000 n 0000000716 00000 n 0000002137 00000 n 0000002246 00000 n 0000002354 00000 n 0000002462 00000 n 0000002575 00000 n 0000040424 00000 n 0000040483 00000 n 0000040542 00000 n 0000040599 00000 n 0000040656 00000 n 0000040780 00000 n 0000043321 00000 n 0000043449 00000 n 0000043539 00000 n 0000043663 00000 n 0000047027 00000 n 0000047155 00000 n 0000047301 00000 n 0000047425 00000 n 0000050485 00000 n 0000050612 00000 n 0000050768 00000 n 0000050873 00000 n trailer << /Size 31 /Root 1 0 R /Info 5 0 R /ID[] >> startxref 52373 %%EOF Traditional Bank vs. Alternative Lender - Kapitus

Traditional Bank vs. Alternative Lender

by
Should I get my business loan from a bank or an alternative lender?
Manage Your Money, Financing, Manage Your Money

Which is Best for Your Small Business?

The one ingredient every small business needs is capital – capital to grow, even out cash flow, and meet short-term expenses. The question of where you go to get a business loan, however, can be confusing, especially when it comes to choosing the type of lender. When it comes to financing, small business owners have two main choices for a lender: a traditional bank and an alternative business lender. Both come with pros and cons, different interest rates, different speeds at which funds are delivered, and different loan amounts offered so it’s important to fully know what your needs are and which type of lender is best suited for you. 

What are Alternative Lenders for Small Businesses?

Most business owners know they can walk into a brick-and-mortar bank and apply for a traditional bank loan, but since the 2008 financial crisis, alternatives have become increasingly popular. There are financial institutions that operate outside of the traditional banking sphere that typically offer financing applications entirely online, while giving borrowers the opportunity to speak to lending experts via phone or online channels. They are just as legitimate as banks and offer distinct advantages over them. 

Rise in Popularity 

While alternative lenders have been around since the late 1990s, their popularity began to soar after the 2008 financial crisis when many banks struggled for capital and tightened their requirements for getting loans. 

While alternative lenders were relatively obscure before the 2008 financial crisis hit, alternative business loans rose in popularity during the Great Recession. Before 2008, alternative lenders represented just 7% of the small business lending market, according to a study by the Federal Reserve. That figure rose to 12% after 2008. In 2016, 19% of small business owners turned to online lenders for their financing needs, and by 2019, the number jumped to 32%.

What is a Traditional Bank?

Traditional banks are the financial institutions in your neighborhood that can be regional or local banks or branches of larger banks such as JPMorgan Chase or Bank of America. They offer you face-to-face service with a loan officer specializing in helping small businesses. Depending on your FICO score, they usually offer slightly better interest rates than alternative lenders. Borrowing requirements, however, tend to be more rigid than alternative lenders, especially now that we’re in a high-interest-rate environment in which lending requirements have significantly tightened. 

Also, the application process is typically more complicated than with alternative lenders and, once approved, there could be a relatively long waiting period to get your funds. Still, if you have an excellent credit score, you most likely will notch a lower interest rate, which could save you significant money when it comes to your total cost of capital. 

Traditional Banks: Pros and Cons

Traditional banks are still the most popular types of lenders for small businesses and offer several advantages over alternative lenders, but there are also significant drawbacks as well. Small business owners should be aware of the pros and cons of using their neighborhood bank for a loan:

 Pros 

  • Lower interest rates. While every bank is different, most offer lower interest rates on bank loans than alternative lenders. However, as interest rates are currently high right now, the difference in the interest rates on a small business bank loan between traditional and alternative lenders has tightened. 
  • Face-to-face service. Many small business owners like to see a familiar, friendly face when they walk into a bank – a lending expert who is already familiar with their business – and this is a significant advantage traditional lenders have over their alternative counterparts. 
  • Direct product offerings. Many traditional banks directly offer a full suite of financing products to small businesses, such as bank loans and equipment financing. Meanwhile, most alternative lenders are usually funded by asset-backed securities, so may not have the capital to directly offer a full suite of financing products, such as business lines of credit. This allows small business owners to directly negotiate the terms of their loans with the lending officer. Many alternative lenders, however, typically partner with several lenders to offer you a marketplace of financing options that they don’t directly offer.
  • Offers other financial services. Small business owners can simplify things by having all of their financial needs met under one roof. This includes having a business savings and checking account, as well as a business credit card, all with one institution. Most traditional banks can provide this to you.

Cons

  • Stricter lending requirements. While every lender has slightly different requirements, traditional banks generally have strict requirements for small business loans. You’re often going to be turned down if you don’t have an excellent FICO score (700 or higher). Also, to get a bank loan, your business usually needs to have higher annual revenue than what an alternative lender might want. Alternative lenders usually have shorter applications with fewer requirements.
  • Longer application process. Traditional banks often require longer application processes than alternative lenders since they are generally more risk-averse.
  • Slower funding times. In some cases, if you are approved for a loan from a traditional bank it could take several days or even weeks to get your funds. 
  • May be Cumbersome to shop around. If you were shopping for an expensive item such as a new car, you’d probably want to visit several dealerships to get the best possible price. The same holds true for a small business loan. Shopping around for a loan from a traditional bank, however, means you may have to physically visit several local banks to get the best possible deal, and small business owners might not have the time to do that. Many large banks allow you to compare offers online. However, since alternative lenders operate almost entirely online, all you need is your laptop and an internet connection to compare offers. 
  • Systemic risk. Systemic risk is essentially the risk that banks may collapse due to declining economic conditions. Banks shut down during the credit crunch of 2008, and recently, as interest rates have gone up, banks such as Silicon Valley Bank and Signature Bank were taken over by the Fed earlier this year in high-profile collapses. While this doesn’t happen very often, it’s still a risk when working with a traditional bank. 

Alternative Lenders: Pros and Cons

Alternative lenders have become a legitimate borrowing choice for small business owners since the Great Recession, especially when small business lending from traditional banks dropped by some 40% in 2009. These lenders offer significant upsides for small businesses, but they also carry some downsides as well. Here are some of the pros and cons of using an alternative lender:

Pros

  • Relatively simple application process. Applying for small business financing from an alternative lender typically takes only a few minutes, and it can all be done online. With a traditional bank, there is usually far more paperwork involved and in many cases with regional banks, you need to visit a location as part of the application process. 
  • Fewer requirements. Alternative lenders primarily judge you by your FICO score and cash flow history and require minimal paperwork compared to a traditional bank. Alternative lenders also sometimes require fewer years in business and less annual revenue than a traditional bank. Additionally, loan approval rates from alternative lenders remain far higher than traditional banks. If you’ve been turned down for a loan by a traditional bank because of a borderline credit score (let’s say in the 660 to 680 range), then you may still qualify for a business loan with an alternative lender if you have a strong cash flow history.
  • Different Financing Products.  In addition to traditional business financing products, such as short-term loans, long-term loans and equipment financing,  alternative lenders offer some financing options that banks do not.  Including:
  • Revenue-based financing. Revenue-based financing is when a lender gives your small business a lump sum of cash in exchange for a portion of your future receipts – a practice often referred to as factoring. This type of financing is often used when a small business needs cash for an emergency or to finance an unexpected growth opportunity. Most traditional banks don’t offer this, but many alternative lenders do, giving you another option when it comes to financing.
  • Factoring. Factoring is a form of financing offered mainly by alternative lenders. A financing tool such as invoice factoring, for example, can give you cash based on your outstanding invoices. While this can be an expensive way to get quick cash, it is an example of the types of alternative financing that you can get with many online lenders.
  • Rapid funding. If you qualify for financing with an alternative lender, you could receive your funds in as little as 24 hours, whereas with many traditional banks it could take several days or even weeks to receive your funds.

Cons

  • Higher interest rates. Because alternative lenders are generally willing to take on a bit more risk when giving loans to small businesses, they typically charge a higher rate on those loans compared to traditional banks. However, in the current high-interest rate environment, the difference in the cost of capital charged by traditional banks vs. alternative lenders has dramatically tightened over the past year.
  • Fewer direct products. Alternative lenders don’t borrow cash from the Federal Reserve, nor do they offer savings accounts upon which they can lend against. Therefore, many don’t typically don’t have the cash reserves to directly offer certain financing products such as business lines of credit or equipment financing. 

Many alternative lenders, however, do partner with banks and other lending institutions to offer a marketplace to small business owners seeking those products to get them the best possible deal. The potential drawback to this is that borrowers typically can’t negotiate directly with alternative lenders for the terms of certain financing products like they could with traditional banks. 

Key Takeaways

Small business owners in need of capital must make prudent decisions on where to apply for financing. Alternative lending and traditional lending each have pros and cons, so it’s important to be educated on both. Generally speaking:

  1. If you have the time and meet the criteria, traditional banks are probably the best bet for financing. 
  2. If you need funding fast, or have a borderline FICO score and a strong cash flow history, then an alternative lender might be the best choice for you to obtain capital.
  3. While traditional banks generally offer lower interest rates on their loans than alternative lenders, the difference in those rates has tightened as interest rates continue to climb.
  4. Traditional banks offer you the opportunity to conveniently have all of your financial services needs – including a business checking and savings account and business credit card – taken care of under one roof.
  5. Alternative lenders have made great strides in providing personable customer service. Most offer small business financing specialists available by phone to help educate you and assist you in deciding which financing product is best for you. 
  6. Whether you’re applying for a loan with a traditional bank or an alternative lender, make sure to have your paperwork ready. This includes past bank statements, tax returns, and an updated business plan. 

Before you decide how you want to get your business loan, it’s vital that you take the time to closely examine which type of lender best suits your small business needs. Make sure you know what to expect with both alternative lenders and traditional banks in terms of cost of capital and convenience. 

 

Vince Calio

Vince Calio

Content Writer
Vince Calio has been a writer for Kapitus since 2021. Before that, he spent three years operating a dry-cleaning store in Rahway, NJ that he inherited before selling the business, so he’s familiar with the challenges of operating a small business. Prior to that, Vince spent 14 years as both a financial journalist and content writer, most notably with Institutional Investor News and Crain Communications.

Read More Articles >>

Related Posts

Our trending spaces

June 17, 2024
Financing
Should I Get a Business Loan or Line of Credit?

Read Now

June 17, 2024/by Wil Rivera
June 11, 2024Manage Your Money
Financing
2024 Small Business Grants, The Ultimate List

Read Now

June 11, 2024/by Wil Rivera
June 10, 2024Manage Your Money
Financing
What is a Business Line of Credit?

Read Now

June 10, 2024/by Wil Rivera
Load more

Sign Up For Our Newsletter

Join

Discover

About

Products

Copyright 2024 Strategic Funding Source, Inc. All rights reserved. Kapitus and the Kapitus logo are registered trademarks of Strategic Funding Source, Inc. Loans made or brokered in California are made or brokered pursuant to California Finance Lenders License No. 603-G807.