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Best-In-Class Series, Part One - Attracting Small Business Clients

Posted by Bill Roen

Fri, May 17, 2019 @ 12:36 PM

 A common goal of every financial institution in the country is to attract and retain good clients. For many, this includes a focus on the small business community. There are more than 30 million small businesses in the United States. How do you attract them to your institution?

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Topics: Relationship Management, Commercial Lending, small business, relationships, loans

Tools of the Trade Series, Part Five - Financing Accounts Receivable

Posted by Patrick True

Fri, Mar 22, 2019 @ 08:00 AM

Non-employer businesses, 24 million strong here in the United States, are critically important to the nation’s economy, comprising 81% of all small businesses, employing 17% of the American workforce, and generating $1.2 trillion in annual sales.* But how are these businesses doing, really? The Small Business Credit Survey (SBCS), a national collaboration of the 12 Federal Reserve Banks, revealed last year that non-employer firms are performing positively overall… despite “notable financial challenges.”

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Topics: Commercial Lending, small business, financial services, Small Business Market, A/R finance, working capital finance, accounts receivable

Six Steps for Loan Officer Success in 2019

Posted by Patrick True

Fri, Dec 14, 2018 @ 07:00 AM

 

In late 2015, I published a blog that explored six steps financial institutions could take to ensure loan officer success in business development. While demand has shifted since that time, the six steps are as critical today as they were four years ago. When that original blog was written, the primary lending industry driver was commercial real estate (CRE).

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Topics: Commercial Lending, small business, consumer lending, C&I, sales, sales strategies

Understand Small Business Cash Challenges and Turbocharge Your C&I Efforts

Posted by Susan Griffin

Fri, Nov 30, 2018 @ 07:00 AM

 

There are currently more than 30 million small businesses operating in the US. While the large majority of these are non-employer businesses, approximately six million are firms with more than one employee. Small businesses account for more than 47% of the US workforce—which is almost 60 million people. As the economy has continued to expand, many of these businesses have sought working capital facilities in recent years.

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Topics: Commercial Lending, small business, consumer lending, C&I, money management

True Community in Financial Services

Posted by Danny Payne

Wed, Oct 03, 2018 @ 11:00 AM

For those people that know me or follow me on social media … I am a long-time Cleveland sports fanatic. Outside of the 2016 NBA Championship by the Cleveland Cavaliers, it has been a life of suffering through some heartbreak and some bad teams. The team I love and give the most to is the Cleveland Browns. I am laughed at, the target of jokes, and often just asked, “Why?”

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Topics: Customer Experience, Credit Unions, small business, customer satisfaction, consumer, banks, Football, Community, relationships, Information Technology

That Pesky Doorbell

Posted by Tammy Bangs

Wed, Aug 08, 2018 @ 11:00 AM

The other day, my doorbell rang. I work from home and take several conference calls every day – so when the doorbell rings (pardon me), all hell breaks loose. The dogs go bonkers. My child’s home on summer break. There’s yelling. If I’m on the phone, I have to scramble to mute myself, sequester the dogs, and try to contain the chaos.

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Topics: Relationship Management, small business, financial institution, banking, sales, relationships, third-party vendors, partnership

Big Business in Small-Dollars

Posted by Mark Messick

Wed, Jul 11, 2018 @ 11:00 AM

 

Perhaps you saw the bulletin issued recently by the OCC encouraging financial institutions to make small-dollar, short-term, consumer loans.  I did and for me it points to a big hole in the traditional lending net that needs to be mended (and not by credit card offers).  While our topic today doesn’t deal with consumer lending outright, the bulletin reminded me of three great reasons why today’s financial institutions should consider offering small-dollar loans to businesses.

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Topics: Financial Services Industry, Commercial Lending, Credit Unions, small business, financial institution, banking, consumer, Small Business Market, loans, Loan Pricing

Small Businesses … Big Opportunities

Posted by Susan Griffin

Thu, May 31, 2018 @ 08:30 AM

 

Small to midsize businesses (SMBs) have finally caught the attention of financial institutions (FIs), which now realize that serving this market provides an opportunity to generate untapped revenue. There are 30.2 million small businesses, which represents 99.9% of all businesses in the U.S; and according to the SBA’s Office of Advocacy, they employ 47.5% of the U.S. workforce.

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Topics: Credit Unions, small business, financial institution, banking

Playing with Giants – How to Compete with the "Bank of Amazon"

Posted by Susan Griffin

Fri, Apr 20, 2018 @ 11:50 AM

 

A buzz term we hear a lot these days is GAFA – an acronym for Google, Amazon, Facebook, and Apple. The expansion of services offered by these tech giants (and others) is considered one of the biggest threats facing the financial services market. For the sake of this blog, I’m going to pick on Amazon, since it seems to have successfully moved into the small business lending space. 

"We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: Put the customer first. Invent. And be patient." Jeff Bezos, CEO, Amazon 

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Topics: Relationship Management, Commercial Lending, small business, financial institution, banking, digital survival, GAFA, Amazon

Closing the Loop as Our Commercial Lending Suite Evolves

Posted by Patrick True

Fri, Mar 09, 2018 @ 01:40 PM

Throughout 2017, the ProfitStars Lending Solutions team used the "S-curve graphic" to demonstrate the function of each system component. The S-curve followed the borrower’s journey through the lending process. While our competitors were building end-to-end functionality, our systems were designed to cover the full scope of small business lending, which went beyond end-to-end to include post-funding collateral management, portfolio management, renewals, and more.

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Topics: Relationship Management, Commercial Lending, small business, fintech, Lending, software, loan origination

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