Community Bank CEO & SBA Lender Interview

TL;DR

Charlie discusses his small business bank, its services, and its involvement in traditional SBA lending and PPP loans.

Transcript

hello everybody it's richard c wilson the family office club here and today i have with me charlie welcome charlie thank you very much richard i'm glad to be part of it sure could you tell us a little bit about the uh the size of your bank and just kind of the the service lines you guys operate sure um when i i get asked size i like the answer with... Read More

Key Insights

• 🏦 Charlie's bank has 29 associates and assets worth $220 million.
• 🐕‍🦺 They offer both lending and depository services, with a focus on traditional SBA loans and PPP loans.
• 💵 The bank typically lends amounts ranging from a few hundred thousand to a few million dollars for various business needs.
• 🐕‍🦺 While not specializing in fintech lending, they have provided services to a fintech company.
• 👨‍💼 Many business clients discuss the tax benefits of combining equipment depreciation and SBA loans with their CPAs.
• 💁 Charlie advises interested individuals to visit their website or contact him directly for more information.
• 🈺 They are open to helping businesses of various sizes.

Questions & Answers

Q: What types of loans does Charlie's bank provide?

Charlie's bank offers traditional SBA loans, including 7a and 504 loans, which can be used for various purposes such as real estate and business acquisition. They also participated in the PPP program, offering loans to small businesses during the pandemic.

Q: Does Charlie's bank specialize in lending to fintech companies?

While not specializing in fintech lending, Charlie mentioned that they have provided credit and banking services to a fintech company based on the strength of the owners and guarantors. However, fintech lending is not their primary focus.

Q: How does buying equipment and taking an SBA loan help with taxation?

Charlie suggests that many business clients discuss this strategy with their CPAs. By combining equipment depreciation with financing through an SBA loan, businesses can potentially reduce their tax liability and minimize their cash outlay.

Q: How can interested individuals contact Charlie's bank?

Charlie recommends visiting their website or reaching out to him directly via email for more information and inquiries.

Summary & Key Takeaways

• Charlie's bank has 29 associates and assets worth $220 million.

• The bank provides both lending and depository services, including traditional SBA loans and PPP loans.

• They typically lend amounts ranging from a few hundred thousand to a few million dollars for working capital, equipment, real estate, and other needs.