Jan 4, 2023
Do you want to grow your business this year? Are you financially prepared for unexpected needs in capital or cash flow? Because as a business owner you know the tide can change overnight. If you want to grow your business and be able to weather unpredictable storms, what’s essential to ask yourself is: Is your business bankable? What difference would that make to your business now and in the future? How do you put your business on the path to bankability?
We explore bankability in this episode of the P.O.W.E.R. Plug Podcast Host, Mary Foley speaks with a panel of experts at Fidelity Bank who work and support business owners every day. Kiva Reynolds is a Small Business Relationship Manager at Fidelity Bank where she helps small business owners achieve their financial goals. Next, is Jonna Turner, a Commercial Relationship Manager at Fidelity Bank, who brings over 20 years of experience in commercial banking, specializing in investment property and residential builder financing. And rounding out our panel is Brigitte Rener, a Senior Credit Officer at Fidelity Bank. In her role, she leads the bank’s efforts to evaluate and underwrite lending applications for the bank.
Listen and Learn:
- An introduction to the various roles of Fidelity’s Finance and Lending team.
- What it means to be bankable and why it is important.
- The main differences between a conventional loan and an SBA loan.
- Why a long-term relationship with a bank is essential.
- What prevents a business from being bankable.
- Understanding cash flow, credit scores, and personal credit requirements.
- Tips for business owners on how to be bankable.
- The importance of having a business continuity plan.
- Limits on line-of-credit and business expansion loans.
- How a bank measures a client's trustworthiness.
- Professional recommendations for businesses who may not qualify for a loan.
- Resources for those who want to further develop their business.
Kiva Reynolds: kiva.reynolds@bankwithfidelity.com
Jonna Turner: jonna.turner@bankwithfidelity.com
Brigitte Rener: BrigitteRener@bankwithfidelity.com
Episode 56: Shane Purvis explains SBA Loans: https://www.fidelitybankpower.com/podcast/episode-56-sba-loans-fidelity-bank/