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Speaker 1: Welcome to Money Making Conversations.

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Speaker 2: It's the show that she has the secrets of success

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Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I

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Speaker 2: will know he's giving me advice on many occasions. And in

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Speaker 2: case you didn't notice, I'm not broke.

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Speaker 1: You know.

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Speaker 2: He'll be interviewing celebrity CEOs, entrepreneurs and industry decision make

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Speaker 2: because it's what he likes to do, it's what he

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Speaker 2: likes to share. Now it's time to hear from my man,

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Speaker 2: Rashan McDonald money Making Conversations.

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Speaker 1: Here we go.

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Speaker 3: Wow, welcome to Money Making Conversation Masterclass. Thank you, thank

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Speaker 3: you for listening, Thank you for being here. I am

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Speaker 3: your host, Rashan McDonald. I host this weekly money Making

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Speaker 3: Conversation Masterclass show. The interviews and information that this show

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Speaker 3: provides offer everyone. Let me get that straight. It's time

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Speaker 3: to start reading other people's success stories and start.

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Speaker 1: Living your own.

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Speaker 3: On today's show, I'll be speaking with Sarah Harpin. She's

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Speaker 3: the president and CEO of Business Consortium Fund at BCF.

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Speaker 3: They offer her loans exclusively for business owners of a color.

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Speaker 3: Like I said, you can only hear these interviews. On

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Speaker 3: the Money Making Conversation Master Class show. Now it's time

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Speaker 3: to get started. My guest is Sarah Hoppin. She is

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Speaker 3: the president the chief executive officer of the Business Consortium

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Speaker 3: Fund and TRYAD Investments. She has created innovative and responsible

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Speaker 3: lending programs throughout her career and community development finance. She's

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Speaker 3: responsible for the driving BCF towards greater impact in the

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Speaker 3: communities we serve by expanding capital reach to business owners

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Speaker 3: of color since nineteen eighty seven. Now, since she's been

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Speaker 3: there since nineteen eighty seven, BCF has originated two hundred

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Speaker 3: and twenty eight million dollars in loans and financed nine

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Speaker 3: hundred and fifty minority business enterprises are mbes. Please welcome

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Speaker 3: to the Money Making Conversations Master Class. Sarah Hawpin.

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Speaker 4: How are you doing, Sarah, I'm doing great.

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Speaker 5: Thanks for having me.

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Speaker 1: I tell you I have been waiting on this call.

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Speaker 3: We met at the Financial Summit and we hit it

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Speaker 3: off because we were like minded people. But it was

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Speaker 3: at the end of the day and we got to

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Speaker 3: you had to fly, and I said, well, can I

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Speaker 3: get you on my show to talk about what you do?

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Speaker 3: So let's kick it off and just educate my audience

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Speaker 3: on exactly what do you do when your company does

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Speaker 3: at BCF.

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Speaker 5: Yeah, absolutely, thanks for this opportunity. BCF is a nonprofit lender.

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Speaker 5: We are a community development financial institution and we exist

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Speaker 5: to serve We're not a bank. What makes us different

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Speaker 5: from a bank is that we provide loans, but we

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Speaker 5: work with our borrowers very closely to ensure success. And

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Speaker 5: where when a bank has a client who runs into

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Speaker 5: any trouble or you know, has trouble repaying the loan,

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Speaker 5: they are forced to write it off pretty quickly, but

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Speaker 5: CDFIs like BCF are not required to do that. We

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Speaker 5: will work with our client to ensure that that client

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Speaker 5: can repay and that the client can really move on

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Speaker 5: to experience growth and success as an enterprise.

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Speaker 1: Yeah.

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Speaker 3: Now, this is the first time I've heard of a

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Speaker 3: community developed financial institution. Are they are locating in certain

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Speaker 3: parts of the country and they are located in every state?

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Speaker 3: Tell me a little bit more background in the history of.

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Speaker 5: These Yes, so, community development financial institutions or cdfive are

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Speaker 5: located across the country. There are about two thousand of

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Speaker 5: us around the country, and I think that we are

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Speaker 5: one of the best kept secrets, and we should no

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Speaker 5: longer be a secret. We are actually designated by the

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Speaker 5: US Department of the Treasury. We receive money from banks

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Speaker 5: and nonprofits, and about half of us work in the

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Speaker 5: small business space and half of us work in the

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Speaker 5: affordable housing space. Everything we do is to lift up

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Speaker 5: communities and to help community thrive and grow.

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Speaker 3: Okay, now this is of course, it gets exciting because

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Speaker 3: you're saying that people who come to you, it's more

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Speaker 3: like a partnership. You know, you're trying to first of all,

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Speaker 3: provide revenue or capital so they can fund business. But

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Speaker 3: also you're not as quick to like pull the rug

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Speaker 3: out from underneath them if it doesn't go as it

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Speaker 3: as planned. How do you assist these potential applicants a

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Speaker 3: loan of people who've been secured loans to get over

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Speaker 3: those rocky moments in their business?

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Speaker 5: Sarah, Yeah, absolutely, so, as as as you and some

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Speaker 5: of your audience might know, there is certainly a great

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Speaker 5: deal of perhaps reluctance and wariness in communities of color

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Speaker 5: to engage in financial systems. And it's you know, it's

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Speaker 5: not without good reason. There has been discrimination. There has there,

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Speaker 5: you know, and there and it still exists, and so

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Speaker 5: a lot of our clients are coming to us really

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Speaker 5: for the first time. Even even as successful a business

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Speaker 5: person as he she they may be, they may be

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Speaker 5: engaging in the financial market for the first time, and

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Speaker 5: there is a lot of education that needs to take

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Speaker 5: place to ensure that that person is set up for success,

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Speaker 5: to be able to repay the loan, to be able

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Speaker 5: to grow busin and repay the loan. And so we

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Speaker 5: set up that trusting partnership from the get go. We

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Speaker 5: want to know everything about our clients. We want to

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Speaker 5: help them through the rocky beginning often and then towards success.

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Speaker 5: But every business experiences ups and downs of a business cycle,

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Speaker 5: whether it be like interest rates increase that are happening

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Speaker 5: right now or supply chain shocks that happened during the pandemic.

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Speaker 5: All businesses experience ups and downs. And we because we

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Speaker 5: have established that relationship of trust, our clients are willing

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Speaker 5: to talk to us about what they need and how

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Speaker 5: we can help them throughout their business cycles.

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Speaker 3: Wow, I'm talking to Sarah Halpin. She's the president and

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Speaker 3: CEO of the Business Consortium Fund and Try and Investment

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Speaker 3: to BCF met her at a financial Summit, and at

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Speaker 3: that's financial Summer, she was meeting individuals who will come

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Speaker 3: in there and the seeking advice and seeking opportunity to

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Speaker 3: seek ways that they can grow their business or how

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Speaker 3: they can be advised to grow their business. And I'll

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Speaker 3: be honest when I in my world and I think

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Speaker 3: I'm a knowledge of personal, knowledgeable person. Sarah, you know,

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Speaker 3: I know by the credit union, I know by the bank.

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Speaker 3: I had never in my life heard about the Community

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Speaker 3: Development Financial Institution. Now we always hear the word leary

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Speaker 3: or always hear you don't know. Why don't I know

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Speaker 3: about this?

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Speaker 4: Why?

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Speaker 3: You know, in my life of trying to went to college,

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Speaker 3: I consider myself educated.

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Speaker 1: I went out there.

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Speaker 3: I've got my calls finance, I've got home finance, I've

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Speaker 3: got businesses finance. Why am I not hearing about CDFI.

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Speaker 5: Why are you not hearing about CDFIVE? Well, we probably

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Speaker 5: don't do a very good job marketing ourselves. We are

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Speaker 5: non profits.

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Speaker 1: Okay, okay, okay, at least you're admitting it.

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Speaker 4: At least you're admitting it.

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Speaker 3: At least my fans of my my listeners will understand.

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Speaker 3: They want to call in and talk to you. They

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Speaker 3: can call in talk to the stranger who's out there

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Speaker 3: helping communities of color to get business business capital.

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Speaker 5: Correct, that's right, And not a lot of us focus

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Speaker 5: on communities of color either. So we are the only

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Speaker 5: CDFI out there that one exclusively serves business owners of

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Speaker 5: color and that's in our charter. Yes, thank you, thank you.

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Speaker 1: Now, this location is based.

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Speaker 5: Where we have physical offices in New York, but we

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Speaker 5: lend nationwide. We we lend primarily to businesses operate who

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Speaker 5: are who have a B to B model, So a

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Speaker 5: business providing a good or service to another business and

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Speaker 5: in that business, there was likely to be a contract, right,

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Speaker 5: a contract between your small business and uh the local government,

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Speaker 5: or your small business and Walmart. And that's where we

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Speaker 5: come in to help these small businesses make good on

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Speaker 5: their contracts, to help them hire the people, buy the materials,

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Speaker 5: and whatever it is that they need to to deliver

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Speaker 5: on their content.

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Speaker 3: You know, people, all people drop in and out at

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Speaker 3: different times of the show. At this time of the show,

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Speaker 3: can you tell people how they can reach out and

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Speaker 3: find more information about you know, BCF and what you

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Speaker 3: guys are doing for the community, the outreach and the

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Speaker 3: opportunities to get capital for their businesses.

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Speaker 5: It's so easy. All anybody would need to do is

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Speaker 5: go to b cfcapital dot com. That's b AS in business,

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Speaker 5: see us in consortium and FS and fund bcfcapital dot

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Speaker 5: com and apply for a loan there or simply put

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Speaker 5: in your information and one of our lending staff will

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Speaker 5: reach out to you. And the great thing about BCF

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Speaker 5: we are community led. We are one hundred percent staffed

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Speaker 5: by people of color. We are people who understand what

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Speaker 5: the needs of the small business owner are and we'll be,

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Speaker 5: you know, standing by, ready to respond and to to

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Speaker 5: help you out.

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Speaker 1: Great.

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Speaker 3: Well, this this is great now always I'd always like

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Speaker 3: to get a little background on individuals because you seem

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Speaker 3: to be passionate about this. It seems to be something

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Speaker 3: that you bonded to. Does your background lend yourself to this?

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Speaker 3: Can you educate my audience on a little bit about

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Speaker 3: how you started in the financial community before I go

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Speaker 3: into the more questions and dan led and how did

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Speaker 3: you wind up at BCF.

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Speaker 5: Yeah, well, I never thought I was going to have

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Speaker 5: a career in financial services. I'll just start there. But

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Speaker 5: the way that I got there is as like a

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Speaker 5: little girl. I always understood that where I was born

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Speaker 5: and the opportunities I had had so much to do

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Speaker 5: with luck. And part of that is my mother came

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Speaker 5: to the United States from Trinidad and Tobago when she

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Speaker 5: was in her early twenties and she was trying to

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Speaker 5: flee from a pretty bad situation. And she got to

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Speaker 5: the United States and met my dad and she was

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Speaker 5: able to how and make a life for herself right

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Speaker 5: because people helped her along the way. And that that's

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Speaker 5: how I understood that without people helping each other, I mean,

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Speaker 5: I wouldn't be here, my mother wouldn't be here. And

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Speaker 5: I started doing work in human rights, and that took

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Speaker 5: me to economic and being interested in economic development. I

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Speaker 5: actually worked at Charles Schwab for fifteen years. I never

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Speaker 5: thought I'd work for a bank for that long, but

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Speaker 5: when I was there, guess what I was doing, or Sean,

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Speaker 5: I was making loans to CDFIs like, Wow, why I

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Speaker 5: did that for fifteen years before I got to lead

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Speaker 5: this company.

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Speaker 1: Yeah, we know.

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Speaker 3: The beauty of your conversation is that it's about opportunity.

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Speaker 3: And what I try to do on my show is

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Speaker 3: I find so many people who are filled with doubt.

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Speaker 3: So many people are filled with disbelief that what people

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Speaker 3: say isn't real, what people the work. I think that

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Speaker 3: what we especially in the minority community, is that nothing's

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Speaker 3: ever easy.

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Speaker 1: You know.

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Speaker 3: I wish you could just fill out a single piece

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Speaker 3: of paper and your dreams would come true. How what

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Speaker 3: is the process of walking through the front door and

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Speaker 3: the paperwork that one would have to fill out all

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Speaker 3: the background because do you have to have fantastic credit?

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Speaker 3: I don't want to start too far into the conversation,

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Speaker 3: but can you walk us through the process of sitting

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Speaker 3: down or contacting cd A, cd IFI in this case BCF,

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Speaker 3: which is Business Consortium Fund and try and Investments.

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Speaker 5: So the first thing I would say is put your

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Speaker 5: fear in your self doubts, you know, put them aside

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Speaker 5: before you walk in the door. Put aside your preconceived notions,

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Speaker 5: and also put aside your maybe desire to put everything

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Speaker 5: in the best light, because when it comes to capital provision,

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Speaker 5: we need to really know you, and that means knowing

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Speaker 5: your strength and your weaknesses as a business owner. Because

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Speaker 5: we want to help and we do what we do.

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Speaker 5: Look for paperwork, we want three years of tax returns

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Speaker 5: We do look at your credit score, we do look

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Speaker 5: at your business success. We do look at your bank

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Speaker 5: statements and your cash flow. And the reason we do

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Speaker 5: that is we want to make sure that any loan

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Speaker 5: that we provide is a path to growth and that

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Speaker 5: it's not another headache for a small business loader. Imagine

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Speaker 5: a predatory lender. They don't care, right, They're just gonna

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Speaker 5: They're just gonna give you money until you pay it back,

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Speaker 5: and if you don't, there is serious consequences for us. Yeah,

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Speaker 5: we want, we want you to pay the money back,

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Speaker 5: but we want to help you understand how you pay

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Speaker 5: the money back and how this loan and how this

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Speaker 5: capital leads to growth for your company. So it's paperwork,

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Speaker 5: But don't be afraid, that's what I would say.

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Speaker 3: Well, you know, that's that's the key fear. Now we've

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Speaker 3: noticed recently, Sarah, they have been raising interests, interest just

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Speaker 3: to be our friend. Now they may raise an interest

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Speaker 3: because they say they're trying to curtail the inflation. Where

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Speaker 3: are how are the decisions on interest made on the

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Speaker 3: loans that you're giving out to potential mbes.

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Speaker 5: Yes, one of the barriers is affordable capital. Yes, one

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Speaker 5: of the barriers to success is affordable capital. And yes,

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Speaker 5: rates that have been rising, and a lot of CDFIs

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Speaker 5: are raising their rates, but many of us have really

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Speaker 5: solid bank partners who have extended money to us at

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Speaker 5: low rates. So we borrow money from a bank. This

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Speaker 5: is how it works. We borrow the money and then

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Speaker 5: we put an interest. We add a little interest to

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Speaker 5: the money we have to pay back to the bank,

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Speaker 5: and that's we charge the client so that we can

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Speaker 5: cover our own costs and that we can also pay

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Speaker 5: the bank back. Right now, we are lending around still

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Speaker 5: eight to ten percent interest or maybe eleven percent interests

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Speaker 5: at the higher end, and that is very much in

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Speaker 5: line with what banks are doing, but some are much

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Speaker 5: higher than that right now, and we have not increased

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Speaker 5: our rate in the face of these interest rate increases

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Speaker 5: of the past year and a half.

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Speaker 3: Well, we're about to go to break be right back

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Speaker 3: with the incredible Sarah Howprom she is the president and

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Speaker 3: CEO of the Business Consortium Fund and try and investment.

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Speaker 1: Don't go nowhere.

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Speaker 6: We'll be right back with more money making conversations. Masterclass

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Speaker 6: with Rashaun.

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Speaker 7: McDonald HBCUs represent Black Excellence. If you attend or are

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Speaker 7: an alumnus of an HBCU, We want to hear about

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Speaker 7: your story. The My HBCU Story digital Library will allow

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Speaker 7: current HBCU students and alumni to share their stories. Registration

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Speaker 7: is open to everyone. More information is available at HBCU

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Speaker 7: college day dot com. Click my HBCU Story. Next, you

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Speaker 7: can upload a photo. The photo can be recent or

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Speaker 7: from when you attended your HBCU. Then share your academic

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Speaker 7: or social experience at your HBCU, which can be your

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Speaker 7: favorite class, hangout, joint homecoming game, student center, on or

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Speaker 7: off campus party, greek show, and how attending an HBCU

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Speaker 7: changed your life. We also want to hear stories if

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Speaker 7: you pleasure a fraternity or sorority. The goal is to

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Speaker 7: use your my HBCU story to promote and uplift the

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Speaker 7: HPCU brand. Your HBCU prepared you for success and now

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Speaker 7: we want everyone to read about your black excellence. More

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Speaker 7: information is available at HBCU college day dot com. You

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Speaker 7: can click my HBCU Story to share your story.

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Speaker 6: Now, let's return to Money Making Conversations Masterclass with Rashaan McDonald.

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Speaker 3: That's right, Rashwan here as talking to I'm gonna call

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Speaker 3: it my friend. I'm calling my friend because she's a

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Speaker 3: friend of the show. She's she You know. The the

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Speaker 3: thing about it when I invite people to come on

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Speaker 3: the show, I love it when people are excited to

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Speaker 3: share information and information that can change your lives is

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Speaker 3: what we're talking about right now. We're talking about a

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Speaker 3: person you can call. This is not a charge to

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Speaker 3: call this company or this individual to find about how

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Speaker 3: you can get educated. I think that's what hurts a

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Speaker 3: lot of small businesses. They have you know, you have

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Speaker 3: the SBA, you have a lot of platforms out there,

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Speaker 3: But this is a financial platform that's set up and

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Speaker 3: able to a CDFI. And again, this is the first

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Speaker 3: time I heard of a CDFI when I met her,

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Speaker 3: And so I'm bringing it on my show. And I

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Speaker 3: talked to a couple of my producers offline and I

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Speaker 3: asked them, have you.

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Speaker 1: Heard of as CDFI anyway?

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Speaker 3: Nope, And so that means that this is information that's

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Speaker 3: new to the community, and its information that we should

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Speaker 3: take advantage of it. When I'm talking to you, Sarah,

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Speaker 3: am I being naive when I say that. Not a

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Speaker 3: lot of people I know. I mentioned it on the

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Speaker 3: other break but how can I help you or help

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Speaker 3: get the word out? Because in our community, the more

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Speaker 3: we know, the more small businesses we can create within

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Speaker 3: the community, more taxes we can create within the community,

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Speaker 3: the more and people we can plow within the community.

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Speaker 3: More and more of our communities within the educational because

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Speaker 3: you know, that's how taxes are done for education.

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Speaker 1: They tax houses, they tax businesses.

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Speaker 3: Which means that the educational structure within the community is stronger.

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Speaker 1: What can we do as a team?

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Speaker 5: I love the question. I'm smiling that you asked it,

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Speaker 5: And what can we do? It is all about word

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Speaker 5: of mouth. It's very true. We are on LinkedIn, we

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Speaker 5: are on social media. You can find us there. But

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Speaker 5: really it's all about talking to your friends talking to us.

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Speaker 5: We have some wonderful clients who tell their friends about

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Speaker 5: us after they've had success, and their friends come to us,

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Speaker 5: And it really is all about word of mouth, especially

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Speaker 5: in the community that we serve, and it is about trust,

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Speaker 5: and it is about, you know, helping people overcome that

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Speaker 5: reluctance and wariness of the financial services industry. That's really

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Speaker 5: what it's about. So you have to hear about it

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Speaker 5: from your friends and your family.

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Speaker 3: You know when one comes into see you, and I

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Speaker 3: know sometimes on this show, I'll.

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Speaker 1: Be honest with you, sir, I get frustrated. I might

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Speaker 1: get too emotional because I want people to see it.

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Speaker 1: I want people to get it.

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Speaker 3: I want people to run out there and just take

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Speaker 3: advantage of the opportunity. You know, and you say, you

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Speaker 3: know for fifteen years you've basically doing this at Charles

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Speaker 3: Swab before you came over here and did it for

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Speaker 3: as the CEO and the president of BCF.

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Speaker 1: So what frustrates you.

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Speaker 3: I know that has to be some degree of frustration

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Speaker 3: that comes out of this because you want to make

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Speaker 3: a difference, and you have financing that can make a difference.

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Speaker 3: I guess I said, that's the question. Are enough people

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Speaker 3: knocking on your door?

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Speaker 5: No? No, enough people are not knocking on our door.

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Speaker 6: Now.

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Speaker 5: One thing about BCF is that we have some really

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Speaker 5: wonderful new news, but we're also overcoming our own our

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Speaker 5: own past. We have a lot of capital available right now,

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Speaker 5: but we didn't a few years ago. So we are

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Speaker 5: reintroducing ourselves to the community, We are re engaging with

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Speaker 5: the community, and we are here really to serve this community.

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Speaker 5: So the are there enough people knocking on our door.

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Speaker 5: Not quite yet, but you know what there will be

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Speaker 5: as we continue to make loan by loan by loan,

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Speaker 5: and our community understands that we're here for everybody's benefit.

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Speaker 5: We're here as a community development financial institution.

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Speaker 3: Well, you know, I smile and a laugh and as

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Speaker 3: you said, you are smiler when I asked that question,

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Speaker 3: because you know it is it is. Sometimes you have

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Speaker 3: to your patient. Sometimes you have to understand that we

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Speaker 3: all want everything to jump off real quick. But yeah,

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Speaker 3: we know you know you want to do you want

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Speaker 3: to open the door and run past you like they

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Speaker 3: do on Black Friday, you know, but it doesn't happen

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Speaker 3: that way. And and and the process is is knowledge.

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Speaker 3: It is also is networking. It also is people. And

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Speaker 3: sometimes you know, the part that I that annoys me

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Speaker 3: about a good secret is that people don't want to

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Speaker 3: share it. Sometimes, you know, they're they're shared with their

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Speaker 3: little group or they might have a little Facebook group

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Speaker 3: online they share within that little group and things like that,

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Speaker 3: and it is winning for them, but it's not winning

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Speaker 3: for enough people. And that's the purpose of the community

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Speaker 3: develop a financial institution. It's called community, which means it's

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Speaker 3: setting place for the community to have an opportunity to

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Speaker 3: grow their businesses within the community. With that being said,

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Speaker 3: what are three financial secrets for all business owners seeking

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Speaker 3: to grow their enterprise or their business?

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Speaker 5: Okay, I would say one is know the industry that

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Speaker 5: you want to serve. And this is specifically for the

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Speaker 5: B to B companies that we serve. Right, So, if

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Speaker 5: you're a if you're a catering company, for example, and

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Speaker 5: you are serving the tech industry, well, you might have

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Speaker 5: certain insurance requirements that you need. And I say tech industry,

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Speaker 5: I'm actually located in California, so it comes to mind.

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Speaker 5: You might have certain insurance requirements, you might have certain

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Speaker 5: legal or compliance requirements that you need to be aware

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Speaker 5: of and comply with in order to serve that industry.

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Speaker 5: So really knowing the industry that you serve is really

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Speaker 5: really important. Another on just the personal side, know your

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Speaker 5: credit score. Everybody needs you can go to you know,

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Speaker 5: there are so many free opportunities to get to know

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Speaker 5: your own credit score. I always say, know your credit score,

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Speaker 5: know yourself, right, And it really is about knowing ourselves,

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Speaker 5: knowing what our strengths and weaknesses are, and also working

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Speaker 5: on our weeknd is your credit is something that can

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Speaker 5: be It can go up very it can go up,

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Speaker 5: it can go down, but it can go up and

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Speaker 5: people need to know that and not you know and

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Speaker 5: be and be willing to uh to fix that. Another

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Speaker 5: one is don't take on debt you can't repay.

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Speaker 1: Amen.

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Speaker 5: Sometimes people come to us and they say, well, what

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Speaker 5: loan size can you give me? And we say, that's

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Speaker 5: not how you think about it. What you need to

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Speaker 5: think about is what kind of cash flow your business

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Speaker 5: is throwing off and whether that cash flow can cover

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Speaker 5: the principle and interest on alone. And you'll also want

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Speaker 5: to know do I have collateral? What things can I

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Speaker 5: do to support a loan? Most people know about mortgage

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Speaker 5: lending and small business lending, frankly is is similar in

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Speaker 5: a lot of ways. There's an asset, right, it's your business,

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Speaker 5: and there's cash flow, which is your income, and you

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Speaker 5: need to know that you can repay that loan and

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Speaker 5: that is going to help your business grow, not that

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Speaker 5: it's going to keep you up at night.

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Speaker 3: Great Karen and Karen's Online Karen, Welcome to Money Making

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Speaker 3: Conversation Master. Ask you speaking to ru Sean McDonald, Sarah,

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Speaker 3: what is your question.

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Speaker 4: Thank you, I appreciate it. My question is how can

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Speaker 4: you display three years of taxes when you own a

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Speaker 4: food truck business that's seasonal. You know, the pandemic was

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Speaker 4: you know, it was weird. So how do you deal

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Speaker 4: with the three year tax returns when it's it's so

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Speaker 4: unpredictable when you put in your your application for a loan.

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Speaker 5: Absolutely, it's a great question. And we where as we

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Speaker 5: you know it's required. We do need the tax returns.

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Speaker 5: We need to understand, you know, what your apporting to

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Speaker 5: the government. We look at the pandemic as a special situation.

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Speaker 5: A lot of our clients had down times in the pandemic.

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Speaker 5: We try to look to the future as well. We

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00:23:48,760 --> 00:23:51,440
Speaker 5: want to look to the path we to show performance.

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00:23:51,520 --> 00:23:54,080
Speaker 5: We also want to look to the future. We want

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00:23:54,080 --> 00:23:56,160
Speaker 5: to see what your future. You know, what this loan

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00:23:56,240 --> 00:23:59,960
Speaker 5: can provide in terms of future earnings. So we love

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00:24:00,160 --> 00:24:03,960
Speaker 5: got pandemic times with a special lens and we're willing

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Speaker 5: to overlook.

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Speaker 3: You know, so you're basically down, so the downtime. First

447
00:24:09,119 --> 00:24:11,240
Speaker 3: of all, you gotta fire your taxes every year. I

448
00:24:11,240 --> 00:24:13,360
Speaker 3: gotta get your taxes in every year to be able

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00:24:13,400 --> 00:24:17,520
Speaker 3: to consider that we understand the pandemic was an odd period,

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00:24:17,560 --> 00:24:21,720
Speaker 3: but more importantly, since twenty one, twenty two, number and

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00:24:21,800 --> 00:24:24,320
Speaker 3: twenty three, what are your sales looking like? That's what

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00:24:24,400 --> 00:24:26,480
Speaker 3: she's talking about. Are you projecting?

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00:24:26,560 --> 00:24:27,399
Speaker 1: Are you are you?

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00:24:27,560 --> 00:24:30,440
Speaker 3: Are your sales flat versus what happened in twenty two?

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00:24:30,920 --> 00:24:33,639
Speaker 3: We expect in twenty one the twenty two should have

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00:24:33,720 --> 00:24:36,360
Speaker 3: increased over twenty one. We're gonna look at if you're seasonal,

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00:24:36,600 --> 00:24:39,280
Speaker 3: there are no seasonal periods that you're open. What are

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00:24:39,320 --> 00:24:42,400
Speaker 3: your sales matching day to day, month to month, month

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00:24:42,480 --> 00:24:44,640
Speaker 3: and all these things? What was your what was your

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00:24:44,680 --> 00:24:48,480
Speaker 3: expenses versus your income? Those things that that's the part

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00:24:48,480 --> 00:24:51,679
Speaker 3: of the business that frustrates small business owners because you

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00:24:51,680 --> 00:24:54,040
Speaker 3: have to do the math, and sometimes the math doesn't

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00:24:54,040 --> 00:24:57,520
Speaker 3: add up. But what Sarah is saying is don't let

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00:24:57,560 --> 00:25:01,119
Speaker 3: that stop you, because it's important that you start talking

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00:25:01,119 --> 00:25:04,760
Speaker 3: to somebody who knows how to handle money, and if

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00:25:04,760 --> 00:25:07,760
Speaker 3: you're not handling it correctly, they can advise you, especially

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00:25:07,800 --> 00:25:09,639
Speaker 3: if you're trying to get a loan from them, and

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00:25:09,760 --> 00:25:12,320
Speaker 3: help you correct maybe the way you're doing business, or

469
00:25:12,359 --> 00:25:14,560
Speaker 3: advise you. If you do this, then you can be

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00:25:14,600 --> 00:25:17,600
Speaker 3: considered for this, which may be a key moment in

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00:25:17,880 --> 00:25:21,200
Speaker 3: running your business. So I feel it's important that when

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00:25:21,560 --> 00:25:24,400
Speaker 3: I'm on the show, when she's a person like hers

473
00:25:24,160 --> 00:25:27,159
Speaker 3: on the show, even if you don't or can't afford

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00:25:27,200 --> 00:25:30,240
Speaker 3: the loan, call these banks and find out or these

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00:25:30,520 --> 00:25:34,439
Speaker 3: community development financial institutions so they can set you in

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00:25:34,440 --> 00:25:37,440
Speaker 3: the right course to think about budgets, to think about planning,

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00:25:37,640 --> 00:25:40,280
Speaker 3: to think about that path to success. Do you think

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00:25:40,320 --> 00:25:43,080
Speaker 3: that when I'm saying it's correct, Sarah.

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00:25:42,520 --> 00:25:46,159
Speaker 5: The relationship is so important, Sean. Absolutely, you need to

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00:25:46,200 --> 00:25:50,879
Speaker 5: have the relationship before you think you need financing because

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00:25:52,000 --> 00:25:54,000
Speaker 5: it takes some time to get to know the lender

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00:25:54,000 --> 00:25:55,960
Speaker 5: and for the lenders to get to know you, first

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00:25:56,000 --> 00:25:57,919
Speaker 5: of all. Second of all, you don't know when an

484
00:25:57,960 --> 00:25:59,600
Speaker 5: opportunity is going to fall in your love. You may

485
00:25:59,640 --> 00:26:02,000
Speaker 5: think I don't need credit. You may think I got it,

486
00:26:02,080 --> 00:26:05,119
Speaker 5: I got this. I don't I don't need help and

487
00:26:05,200 --> 00:26:08,320
Speaker 5: I don't need cash. But the day may come, and

488
00:26:08,359 --> 00:26:11,560
Speaker 5: it could be tomorrow when you have an opportunity that

489
00:26:11,600 --> 00:26:16,160
Speaker 5: you need an additional amount of money to make good

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00:26:16,160 --> 00:26:17,119
Speaker 5: on and to deliver on.

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Speaker 3: I want to thank you Karen for calling in to

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00:26:19,560 --> 00:26:23,639
Speaker 3: the show. It's important that she called because she got answered.

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00:26:23,680 --> 00:26:27,240
Speaker 3: But an important Karen is about their relationship. So it's

494
00:26:27,280 --> 00:26:30,480
Speaker 3: about the information you're trying to get. And other Karens

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00:26:30,480 --> 00:26:33,040
Speaker 3: in the world out there are Brian's in the world

496
00:26:33,080 --> 00:26:35,159
Speaker 3: or Bills in the world out there. They need to

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00:26:35,200 --> 00:26:38,080
Speaker 3: really start getting answers to your business in order to

498
00:26:38,080 --> 00:26:41,280
Speaker 3: move forward, and stop praying about it, stop holding about it,

499
00:26:41,320 --> 00:26:43,679
Speaker 3: stop putting it all in faith, and start putting it

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00:26:43,680 --> 00:26:45,160
Speaker 3: in to the pen to the papers.

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00:26:45,200 --> 00:26:46,639
Speaker 1: They say, Sarah, I.

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Speaker 3: Want to thank you, thank you, thank you for coming

503
00:26:49,160 --> 00:26:52,120
Speaker 3: on Money Making Conversation master Class. I know you're busy,

504
00:26:52,240 --> 00:26:54,240
Speaker 3: but can I get you on the show once a quarter?

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00:26:54,520 --> 00:26:55,640
Speaker 1: It's that too much to ask.

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00:26:55,840 --> 00:26:57,639
Speaker 5: I don't think that's too much to ask, because you

507
00:26:57,680 --> 00:27:00,479
Speaker 5: know why this man more people know need to know

508
00:27:00,520 --> 00:27:05,960
Speaker 5: about CBFI. I'm happy to come on and do that. Well.

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00:27:06,000 --> 00:27:09,080
Speaker 3: Thank you deal energy with fantastic your education and the

510
00:27:09,119 --> 00:27:11,840
Speaker 3: tools you're going to bring to the table game. Sarah Hoppin,

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00:27:12,160 --> 00:27:16,440
Speaker 3: President CEO of BCL Business Consortium Fund. Please tell them

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00:27:16,440 --> 00:27:18,320
Speaker 3: how to get in touch with you as I wrap

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00:27:18,400 --> 00:27:18,800
Speaker 3: up the show.

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00:27:19,160 --> 00:27:24,680
Speaker 5: Www dot bcfcapital dot com. Come see our website, come

515
00:27:24,760 --> 00:27:27,160
Speaker 5: get in touch and we would love to talk to you.

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00:27:27,200 --> 00:27:29,320
Speaker 3: Thank you for coming on Money Making Conversation mastic Lands.

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00:27:29,359 --> 00:27:39,399
Speaker 5: I appreciate you fantastic, take care Okay, thank you everybody, bybye.

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Speaker 6: Thank you for joining us for this edition of Money

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00:27:42,960 --> 00:27:48,560
Speaker 6: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan

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00:27:48,680 --> 00:27:52,400
Speaker 6: McDonald is produced by thirty eight fifteen Media Inc. More

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00:27:52,440 --> 00:27:56,320
Speaker 6: information about thirty eight fifteen Media Inc. Is available at

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00:27:56,359 --> 00:28:00,280
Speaker 6: thirty eight fifteen media dot com. And always remember to

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00:28:00,480 --> 00:28:01,520
Speaker 6: lead with your gifts