“The purpose is to help businesses thrive and help small business owners achieve their goals”
When did you first hear about and first explore partnering with Bankable?
I first knew about the Flagship Enterprise Center’s business incubator, which grew into Flagship Microloans and now Bankable. I was immediately interested in the program as I viewed it as a good alternative lending source when I had customers that weren’t quite ready for traditional financing.
In what ways do you currently partner with Bankable?
I engage Bankable when I have a customer or potential customer that isn’t prepared or eligible for a traditional bank loan, but seems to have a good start on getting prepared. The goal is for Bankable to be able to help the business initially, then aid as needed to grow.
Can you think of any specific situations where Bankable was able to provide meaningful support to any of your clients?
Yes. I have a few clients that needed time getting internal statements prepared, or needed training on software such as QuickBooks to help with those statements, and Bankable has been able to provide the client an interim loan request to better prepare the business to be bankable in the future. I have also referred clients that needed additional assistance with their marketing strategy, and Bankable has been able to help with resources for the business so that it has a higher probability of growth in the future.
What is it like to partner with Bankable? What’s the process like?
The process is easy. I have referred customers to Bankable and introduced them directly to a loan advisor, and I have also used the website, used Bankable’s “Loan Grader” and then referred them electronically. I generally know my customer and am able to refer them to the channel they would prefer.
Have there been any situations where you have been able to maintain a relationship with a client even after a loan denial and referring them to bankable?
I always strive to maintain a relationship with my clients. By having Bankable as a resource after a loan denial, I have an alternative that shows my customer that we understand their business and care enough to guide them to the right group to get the help they were looking for.
What purpose do you think Bankable and other programs like Bankable serve in the small business and economic development community?
The purpose is to help businesses thrive and help small business owners achieve their goals. By providing lending to these businesses that would otherwise not qualify for more conventional lending, Bankable allows many jobs to be created or saved, taxes to be generated and collected, and products and services distributed to local areas. Most importantly, families are able to grow and become more significant contributors to their communities, and will hopefully provide opportunities for generations to come.
If you could say anything to other potential Bankable partners who may see this, what would you say?
Bankable is a great resource partner that is truly looking to provide the best outcome for your clients. Bankable strives to make their process easy, transparent, and honest from start to finish.