Q&A with Jeff Magginnis of First Financial Bank
First Financial Bank
“If it is our mission to provide loans to our communities, why not utilize another source instead of turning them away? “
A Q&A with Jeff Magginnis, SBA Sales Manager at First Financial Bank. Jeff has served as a member of the Bankable loan committee and as a long time referral source, sending those who weren’t quite ready for bank financing to Bankable for an alternative option.
When did you first hear about and first explore Bankable?
My relationship with Bankable began several years ago when I was introduced to Adam Hoeksema and learned about the entire Flagship program and how the SBA micro-loan program would fit in.
In what ways do you currently work with Bankable?
I am currently a loan committee member assisting with decision making on loans presented to the committee. I have also referred opportunities to the team over the last several years.
Can you think of any specific situations where Bankable was able to provide meaningful support to any of your clients?
Yes. I know of a handful of instances where Bankable was able to assist clients with their lending needs. One specific case is a local provider of linens for special events who has used Bankable a few times to assist his business with cash needs.
What is it like to work with Bankable? What’s the process like?
The team at Bankable has been very responsive when a business has been referred to them. They will meet with the client to determine the need, screen them for eligibility and provide funding within a reasonable time depending upon the request. They provide additional technical services to help the borrower with their business and have a goal to help as many as possible return to the bank as their business grows and is successful.
What purpose do you think Bankable and other programs like Bankable serve in the small business and economic development community?
These programs fill a vital need in our markets because while we offer SBA loans to businesses ourselves, there are some times when the need is smaller than what we would normally provide or is still outside the parameters we work under despite having a guaranty on the loan.
If you could say anything to other potential Bankable partners who may see this, what would you say?
Do not consider Bankable as a competitor for business clients. Their goal is to provide funding for as many borrowers as possible and the program is designed to assist those that are not quite ready for bank financing, yet have merit. If it is our mission to provide loans to our communities, why not utilize another source instead of turning them away?
Bankable is a nonprofit organization that is focused on the economic development of Indiana communities through creation, growth, and sustainability of jobs through small businesses. We do this by equipping under-served small businesses with capital solutions, business development resources, and meaningful mentorship so they can become bankable.