43: Credit Union Lending Options For Small Businesses
One big concern from small business owners, especially those in minority communities, is gaining access to capital. This can be because of the lack of networks and connections that allow people access to lending. Mark Ritter, CEO of Nu Direction Lending joins Nane this week on Build Value By Choice to share his view of credit union lending options for small businesses.
KEY TAKEAWAYS
In the last 10 to 15 years the amount of small business loans given out by credit unions has risen dramatically.
MBFS is a company that is founded and owned by credit unions with one goal to help members and credit unions make small business loans. Instead of each credit union doing it in-house, they are working cooperatively.
Mark works with about 80 credit unions servicing $2.2 billion in commercial loans and small business loans for those credit unions. Despite predicting a downturn in lending, this year he has been funding around $60 million per month.
There is a lender for every level of business operation you’re at, so don’t be disheartened if you are rejected from your first one. A better way to view it is that not every lender is right for every business, rather than your business being the problem.
Mark works with small business owners to not just provide finances, but provide education to business people on how to use that finance for what is best for your business.
BEST MOMENTS
‘Credit unions are the best kept secret for small business owners’
‘Shop for lenders like you would a restaurant’
‘The credit union can show you where you’re at and where you need to go’
‘We want you to have the education, not just the finances’
EPISODE RESOURCES
linkedin.com/in/markrittermbfs/
The Small Business Administration (SBA) 8(a) business development program. This program provides access to capital, business counseling, and government contracting opportunities. https://www.sba.gov/business-guide/manage-your-business/manage-your-finances
www.mbfs.org
www.nudirectionlending.com
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PODCAST DESCRIPTION
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
Nana Bonsu:
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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