Cheryl Chisholm, Pulaski Bank
Position: Vice President, Community Lending specializing in SBA Lending
Number of years serving business owners: 27 years
Motivation to help business owners: Every business owner has a dream. Some dreams are small and some are large. I treat them all the same regardless of the loan amount because of what it means to the business owner and the way they run their business, grow their business or even start their business.
Unique ways (or products) that have helped your clients in raising capital: SBA loans allow businesses to add working capital into their loans to help them grow their businesses. It is cheaper than having a partner and a lot cheaper than getting a credit card loan. It is all in the planning.
Best advice for business owners seeking financing: Business owners are always in a hurry to get their business started. I understand that 100% but if they do not do it in an organized fashion they will fail. Get the right accountant/bookkeeper, understand the real expenses your business will have and MOST IMPORTANTLY know what you are NOT good at and make sure you have someone working with you who is good at it.
Biggest mistake you see business owners make: Using credit cards to finance a business because they do not want to wait for the SBA process and not getting a good bookkeeper, thinking they can do it all themselves.
Outlook for businesses that will need capital in the future: Businesses need to work with their accountants and bankers like they are their partners in business. We want them to succeed. If a business strategizes correctly they should be able to either save money for future use or build their business’ worth in a fashion that a bank can lend against. Team effort is important.
Rick Parks, TheBANK of Edwardsville
Name: Rick Parks
Position: SVP – Commercial Banking Group
Number of years serving business owners: 28
Motivation to help business owners: I have had many of my banking relationships for over 20 years. Seeing a business grow and succeed and knowing that I had a part in making that happen is what motivates me most. Banking is still a relationship business.
Unique ways (or products) that have helped your clients in raising capital: There have been times in which I have made connections between customers of different companies or industries that have been mutually beneficial to both parties. That is not something most businesses think about their banker assisting in doing.
Best advice for business owners seeking financing: Do your homework – do a complete business plan. Be completely transparent and honest with your banker. Trust is critical in a healthy banker/customer relationship.
Biggest mistake you see business owners make: Too much leverage and not having a good handle on the cash flow of the business. Income is not cash flow.
Outlook for businesses that will need capital in the future: Optimistic – Many industries are healthy and earnings have significantly improved the past couple years. The economy is still not robust but it is improving.
Rick Jones, Meramec Valley Bank
Name: Rick Jones
Position: Vice President – NMLS# 819871
Number of years serving business owners: 33
Motivation to help business owners: Helping people makes me happy.
Best advice for business owners seeking financing: It’s not just about the numbers, making a solid plan and being able to demonstrate why your business is going to work are two very important factors.
Biggest mistake you see business owners make: Overextension of both debt and simply taking on too much to manage; a critical mistake that caused the collapse of many businesses especially when the market hit bottom.
Outlook for businesses that will need capital in the future: There will always be a need, important to fit your business plan and have a clear path or means to repayment.
Unique ways (or products) that have helped your clients in raising capital: There are lots of options available: Refinancing, lines of credit, Small Business Administration Loans, debt consolidation etc. but what is important is determining the needs and wants of each customer and finding the best fit for them. Dave Webb has recently joined the Meramec Valley Bank team as our new President and brings over 30 years of experience in business lending. Dave and I are working together as a team to provide superior service, we see ourselves as a partner that is committed to the success of your business, not just your banker. A business relationship with Meramec Valley provides you with expert guidance, flexible loan terms, local decisions makers and fast turnaround.
Submitted 8 years 332 days ago