Ep. 236 | Navigating Small Business Financing: Covering All Things Community Banks with Marine Bank & Trust | FLAGGL Small Business Lender Conference 2023 Series

Join us in this informative episode as we navigate the world of small business financing with Richard Giessert, Vice President and SBA Loan Officer at Marine Bank & Trust. Discover Richard's background, his pathway to Marine Bank & Trust, and the vital role he plays in helping small business owners access the capital they need to grow and thrive. Richard shares insights into the significance of community banks and how they differ from larger institutions. Learn about the flexibility, responsiveness, and personalized service that community banks like Marine Bank & Trust provide to their clients. With a local focus and decision-making authority, community banks can tailor financial solutions to meet the unique needs of small businesses. Explore the various government-guaranteed products available to small business owners, including 7A and 504 loans. Richard breaks down the primary uses of these loans, from working capital to business acquisitions, real estate, and equipment financing. Discover how the 504 loan program allows borrowers to get in with as little as 10% down, offering significant savings compared to conventional loans. Understand the importance of a well-structured business plan and financial projections when seeking financing for expansion or acquisition. Richard emphasizes the value of collaboration with organizations like the Small Business Development Center (SBDC) in preparing loan applications. Richard also delves into the SSBIC (State Small Business Investment Company) program, highlighting its unique role in providing financial support to businesses that may not qualify for conventional lending. Discover how the SSBIC program can be leveraged under specific circumstances to help small businesses succeed. Learn about the approval process for SBA loans and how local decision-making and partnerships with organizations like the SBDC play a crucial role in advancing loan applications. Richard shares the importance of marketing and continually nurturing a strong pipeline of loan opportunities. Explore the nuances between SBA and SSBIC programs, including differences in guarantees and eligibility criteria. Discover how the SSBIC program can be a valuable resource for businesses with unique needs, such as nonprofits. Join us for an enlightening conversation that provides valuable insights into the world of small business financing and the essential role community banks play in supporting local businesses. Recorded live at this year’s FLAGGL Small Business Lender’s Conference hosted at The JW Marriott Orlando, Grande Lakes Learn more about Marine Bank & Trust: https://www.marinebankandtrust.com/