Finding the right business partner can be tough, but worth it. This week, Lynne is joined by Consumers Business Services Sales Manager Sandy Bloem to discuss the benefits of partnering with Consumers Credit Union for your business banking needs.

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0:00:06.4 Lynne Jarman-Johnson (LJJ): Money, I’m Home, Welcome in I’m Lynne Jarman-Johnson with Consumers Credit Union from finance to fitness. We have it all. And today’s special segment is about your business and making sure that you find the right business partner for you. And when we’re talking about business partner there is no one better to talk to than Sandy Bloem. She is our own Consumers business services sales manager, and you’re out there on the ground, meeting businesses, meeting owners, meeting those who are keeping their businesses up and running. Sandy, I’ll tell you, it’s so great to have you here today.

0:00:41.4 Sandy Bloem: Thank you so much, Lynne. I love talking about small business and how we can help them with their financial needs, it’s a passion of mine.

0:00:49.4 LJJ: Well, and let’s talk a little bit about that because you have taught me so well about the word “partnership” in business and what that really means, and we like to say that at Consumers about members, members are our partners, and we try to help you get on a financial footing that you feel comfortable with, that you also really… You have a passion for yourself. So tell us, it’s just… It’s the same thing. But it’s for business.

0:01:15.1 SB: Absolutely, absolutely. Just like in other parts of your life, I think the number one word is relationship. When you meet with your business banking partner, you really want to have a relationship with them, that means that you know who they are and they know who you are. And so that means you meet in person, you have accessibility to them, they have visited your place of business, they know if you have seasonality in your business, and you’re very much a business partner.

0:01:45.4 LJJ: You just mentioned something that I think is really key, and you talk about that relationship building, and you talk about visiting that business, but the accessibility of being able to contact your business partner at all times, because business, you just don’t know what’s going to happen on a day-to-day basis and sometimes you got to pick up that phone.

0:02:05.0 SB: Absolutely, there’s so many ways to connect nowadays. I mean we’ve got phone calls, we’ve got WebEx, we meet face-to-face, text messages seem to be a big one these days, and so if you have access to your business banking partner and you can text them at any point during the day, if something is really bothering you or if an emergency comes up, I think that’s very important.

0:02:26.5 LJJ: So tell us a little bit about what differentiates us as Consumers as a business partner, I know one of the things that a couple of business owners that have stopped me and said when they see me out and about is just A, that sense of being able to connect but also really looking on a year-by-year basis, it doesn’t have to be this hair pulling out issue when you’re looking at the year that just happened for a business.

0:02:53.9 SB: That’s 100% true. One of the things I’m very proud of at Consumers, is that we stick with our business members through thick and thin. You mentioned last year and even the year before, there were some businesses that were thriving, but there were a lot of them that were not thriving, and so they’ve had a rough year, sales maybe weren’t what they were before, expenses were higher, and we take into account all of the things that are happening on a year-by-year basis, and if you’ve had a rough year, we will walk with you through that, we won’t throw you out there again, that’s why the relationship becomes so important because we know what your history has been, and we know that you’re doing the best that you can, and so we will stick with you through both the good times and bad.

0:03:38.4 LJJ: So, tell us about the things that keep small business owners up at night, it might be that they have a loan that’s coming due and they’re fearful of that balloon payment, it could be about cash management, cash flow, that business partner that everyone has, it’s critical to understand where they are in their journey.

0:04:00.4 SB: 100% agree. One of the things that we do here at Consumers is we don’t have balloon payments on our commercial real estate loans. So, you mentioned balloon and that might keep you up at night. We do re-price loans after five years, but there isn’t a balloon where if things have gone tough we will have the option of saying, “I’m sorry, we won’t renew that loan,” there isn’t that discussion when you’re with Consumers because there isn’t a balloon after five years. That also helps them save money because they won’t have to pay for new documentation, new appraisal, new costs and so I will tell you, we hear that quite often from our business members, that is such an attractive thing with our term loans because we are there through the entire term of the loan. So, I think you’re right, that does keep business owners up at night, that and then the cash flow. I mean, you’ve got someone who has seasonality in their business and that’s what lines of credit are for to help support those ups and downs in the cash flow, whether it be slow in the winter or slow in the summer, we help business owners with that as well.

0:05:05.9 LJJ: Well, Sandy, thank you so much. Is there anything on your docket, how has it been in the marketplace with everything that’s going on? Have you found that supply chain management as an example of something that all businesses are getting hit with a little bit?

0:05:20.9 SB: Absolutely, I would say supply chain management and also employees has been a big issue as well, and quite honestly, now that the cost of gas is so high, their expenses are going through the roof. It’s a benefit in some cases, but in other cases, it’s been a real drain on cash. So there again, that’s where that line of credit can help in some temporary cash flow needs. So those are the things that keep business owners up at night. For sure.

0:05:48.1 LJJ: You know the other thing is, all of us who are visiting businesses, especially those that are retail operating with a front door, let’s be kind, let’s be kind to staff that might be short-staffed and be kind to those that are trying to just make sure that they give you the best quality service they can.

0:06:06.3 SB: Agreed.

0:06:06.9 LJJ: Well, Sandy thank you so much for your time today. This was awesome, and if you are interested in becoming a business partner of ours, please connect! We will get you right with Sandy and all of our other… We have amazing expert team. So, we would love to help you out in whatever area you are in in West Michigan, so… Thanks.

0:06:24.3 SB: Thank you so much, Lynne. We will talk to you soon.

0:06:27.0 LJJ: Hey everybody, if you have a topic that you’d like. Just send them our way, we would love to interview those in the community that you respect and admire or perhaps a business owner that you know. Thank you, Jake Esselink for your wonderful production skills. And listen up everybody, we will hear you next week. I’m Money, I’m Home, Consumers Credit Union.

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