1
00:00:05,080 --> 00:00:06,640
Speaker 1: Welcome to Money Making Conversations.

2
00:00:06,720 --> 00:00:08,520
Speaker 2: It's the show that she has the secrets of success

3
00:00:08,560 --> 00:00:12,080
Speaker 2: experience firsthand by marketing and Brandon expert Rashan McDonald. I

4
00:00:12,119 --> 00:00:14,560
Speaker 2: will know he's giving me advice on many occasions. And in

5
00:00:14,640 --> 00:00:16,720
Speaker 2: case you didn't notice, I'm not broke.

6
00:00:17,280 --> 00:00:17,520
Speaker 1: You know.

7
00:00:17,560 --> 00:00:21,320
Speaker 2: He'll be interviewing celebrity CEOs, entrepreneurs and industry decision make

8
00:00:21,320 --> 00:00:23,239
Speaker 2: because it's what he likes to do, it's what he

9
00:00:23,360 --> 00:00:26,000
Speaker 2: likes to share. Now it's time to hear from my man,

10
00:00:26,480 --> 00:00:28,800
Speaker 2: Rashan McDonald money Making Conversations.

11
00:00:29,040 --> 00:00:32,760
Speaker 1: Here we go. Wow, welcome to Money Making Conversation Masterclass.

12
00:00:32,840 --> 00:00:36,080
Speaker 1: Thank you, thank you for listening, Thank you for being here.

13
00:00:36,360 --> 00:00:39,040
Speaker 1: I am your host, Rashan McDonald. I host this weekly

14
00:00:39,120 --> 00:00:42,720
Speaker 1: money Making Conversation Masterclass show. The interviews and information that

15
00:00:42,840 --> 00:00:45,400
Speaker 1: this show provides offer everyone. Let me get that straight.

16
00:00:45,760 --> 00:00:48,640
Speaker 1: It's time to start reading other people's success stories and

17
00:00:48,720 --> 00:00:51,800
Speaker 1: start living your own. On today's show, I'll be speaking

18
00:00:51,840 --> 00:00:55,120
Speaker 1: with Sarah Harpin. She's the president and CEO of Business

19
00:00:55,120 --> 00:00:59,200
Speaker 1: Consortium Fund at BCF. They offer her loans exclusively for

20
00:00:59,320 --> 00:01:01,560
Speaker 1: business owners of a color. Like I said, you can

21
00:01:01,600 --> 00:01:04,479
Speaker 1: only hear these interviews. On the Money Making Conversation Master

22
00:01:04,520 --> 00:01:07,480
Speaker 1: Class show. Now it's time to get started. My guest

23
00:01:07,680 --> 00:01:11,120
Speaker 1: is Sarah Hoppin. She is the president the chief executive

24
00:01:11,160 --> 00:01:14,959
Speaker 1: officer of the Business Consortium Fund and TRYAD Investments. She

25
00:01:15,000 --> 00:01:18,399
Speaker 1: has created innovative and responsible lending programs throughout her career

26
00:01:18,800 --> 00:01:23,280
Speaker 1: and community development finance. She's responsible for the driving BCF

27
00:01:23,360 --> 00:01:26,400
Speaker 1: towards greater impact in the communities we serve by expanding

28
00:01:26,520 --> 00:01:31,000
Speaker 1: capital reach to business owners of color since nineteen eighty seven. Now,

29
00:01:31,040 --> 00:01:33,920
Speaker 1: since she's been there since nineteen eighty seven, BCF has

30
00:01:33,920 --> 00:01:36,840
Speaker 1: originated two hundred and twenty eight million dollars in loans

31
00:01:37,080 --> 00:01:41,640
Speaker 1: and financed nine hundred and fifty minority business enterprises are mbes.

32
00:01:42,000 --> 00:01:45,760
Speaker 1: Please welcome to the Money Making Conversations Master Class. Sarah Hawpin.

33
00:01:45,800 --> 00:01:47,760
Speaker 3: How are you doing, Sarah, I'm doing great.

34
00:01:47,960 --> 00:01:48,880
Speaker 4: Thanks for having me.

35
00:01:48,960 --> 00:01:50,800
Speaker 1: I tell you I have been waiting on this call.

36
00:01:51,400 --> 00:01:54,520
Speaker 1: We met at the Financial Summit and we hit it

37
00:01:54,560 --> 00:01:57,360
Speaker 1: off because we were like minded people. But it was

38
00:01:57,360 --> 00:01:59,120
Speaker 1: at the end of the day and we got to

39
00:01:59,440 --> 00:02:00,800
Speaker 1: you had to fly, and I said, well, can I

40
00:02:00,840 --> 00:02:02,640
Speaker 1: get you on my show to talk about what you do?

41
00:02:02,920 --> 00:02:05,200
Speaker 1: So let's kick it off and just educate my audience

42
00:02:05,440 --> 00:02:07,720
Speaker 1: on exactly what do you do when your company does

43
00:02:07,760 --> 00:02:08,440
Speaker 1: at BCF.

44
00:02:09,080 --> 00:02:14,480
Speaker 4: Yeah, absolutely, thanks for this opportunity. BCF is a nonprofit lender.

45
00:02:14,720 --> 00:02:19,840
Speaker 4: We are a community development financial institution and we exist

46
00:02:19,919 --> 00:02:23,160
Speaker 4: to serve We're not a bank. What makes us different

47
00:02:23,160 --> 00:02:27,600
Speaker 4: from a bank is that we provide loans, but we

48
00:02:27,680 --> 00:02:31,400
Speaker 4: work with our borrowers very closely to ensure success. And

49
00:02:31,600 --> 00:02:35,840
Speaker 4: where when a bank has a client who runs into

50
00:02:35,880 --> 00:02:38,640
Speaker 4: any trouble or you know, has trouble repaying the loan,

51
00:02:39,240 --> 00:02:42,800
Speaker 4: they are forced to write it off pretty quickly, but

52
00:02:43,080 --> 00:02:47,480
Speaker 4: CDFIs like BCF are not required to do that. We

53
00:02:47,720 --> 00:02:51,440
Speaker 4: will work with our client to ensure that that client

54
00:02:51,480 --> 00:02:55,480
Speaker 4: can repay and that the client can really move on

55
00:02:55,760 --> 00:02:58,880
Speaker 4: to experience growth and success as an enterprise.

56
00:02:59,320 --> 00:03:01,480
Speaker 1: Yeah. Now, this is the first time I've heard of

57
00:03:01,480 --> 00:03:05,320
Speaker 1: a community developed financial institution. Are they are locating in

58
00:03:05,400 --> 00:03:07,080
Speaker 1: certain parts of the country and they are located in

59
00:03:07,080 --> 00:03:09,800
Speaker 1: every state? Tell me a little bit more background in

60
00:03:09,840 --> 00:03:10,440
Speaker 1: the history of.

61
00:03:10,400 --> 00:03:15,799
Speaker 4: These Yes, so, community development financial institutions or cdfive are

62
00:03:16,040 --> 00:03:19,760
Speaker 4: located across the country. There are about two thousand of

63
00:03:19,919 --> 00:03:22,560
Speaker 4: us around the country, and I think that we are

64
00:03:22,720 --> 00:03:24,960
Speaker 4: one of the best kept secrets, and we should no

65
00:03:25,040 --> 00:03:29,840
Speaker 4: longer be a secret. We are actually designated by the

66
00:03:30,040 --> 00:03:34,079
Speaker 4: US Department of the Treasury. We receive money from banks

67
00:03:34,160 --> 00:03:38,160
Speaker 4: and nonprofits, and about half of us work in the

68
00:03:38,200 --> 00:03:40,440
Speaker 4: small business space and half of us work in the

69
00:03:40,480 --> 00:03:44,200
Speaker 4: affordable housing space. Everything we do is to lift up

70
00:03:44,520 --> 00:03:47,480
Speaker 4: communities and to help community thrive and grow.

71
00:03:47,880 --> 00:03:51,040
Speaker 1: Okay, now this is of course, it gets exciting because

72
00:03:51,080 --> 00:03:54,240
Speaker 1: you're saying that people who come to you, it's more

73
00:03:54,280 --> 00:03:57,040
Speaker 1: like a partnership. You know, you're trying to first of all,

74
00:03:57,080 --> 00:04:00,680
Speaker 1: provide revenue or capital so they can fund business. But

75
00:04:00,760 --> 00:04:03,720
Speaker 1: also you're not as quick to like pull the rug

76
00:04:03,760 --> 00:04:05,960
Speaker 1: out from underneath them if it doesn't go as it

77
00:04:06,000 --> 00:04:09,880
Speaker 1: as planned. How do you assist these potential applicants a

78
00:04:09,960 --> 00:04:13,240
Speaker 1: loan of people who've been secured loans to get over

79
00:04:13,280 --> 00:04:14,960
Speaker 1: those rocky moments in their business?

80
00:04:14,960 --> 00:04:20,200
Speaker 4: Sarah, Yeah, absolutely, so, as as as you and some

81
00:04:20,279 --> 00:04:23,719
Speaker 4: of your audience might know, there is certainly a great

82
00:04:24,120 --> 00:04:28,240
Speaker 4: deal of perhaps reluctance and wariness in communities of color

83
00:04:28,800 --> 00:04:32,360
Speaker 4: to engage in financial systems. And it's you know, it's

84
00:04:32,400 --> 00:04:37,520
Speaker 4: not without good reason. There has been discrimination. There has there,

85
00:04:37,640 --> 00:04:40,520
Speaker 4: you know, and there and it still exists, and so

86
00:04:40,800 --> 00:04:42,719
Speaker 4: a lot of our clients are coming to us really

87
00:04:42,800 --> 00:04:45,920
Speaker 4: for the first time. Even even as successful a business

88
00:04:45,960 --> 00:04:49,320
Speaker 4: person as he she they may be, they may be

89
00:04:49,480 --> 00:04:52,360
Speaker 4: engaging in the financial market for the first time, and

90
00:04:52,400 --> 00:04:54,200
Speaker 4: there is a lot of education that needs to take

91
00:04:54,200 --> 00:04:57,839
Speaker 4: place to ensure that that person is set up for success,

92
00:04:57,880 --> 00:04:59,520
Speaker 4: to be able to repay the loan, to be able

93
00:04:59,560 --> 00:05:01,840
Speaker 4: to grow busin and repay the loan. And so we

94
00:05:02,080 --> 00:05:07,239
Speaker 4: set up that trusting partnership from the get go. We

95
00:05:07,279 --> 00:05:09,719
Speaker 4: want to know everything about our clients. We want to

96
00:05:09,800 --> 00:05:15,640
Speaker 4: help them through the rocky beginning often and then towards success.

97
00:05:15,640 --> 00:05:19,240
Speaker 4: But every business experiences ups and downs of a business cycle,

98
00:05:19,839 --> 00:05:22,320
Speaker 4: whether it be like interest rates increase that are happening

99
00:05:22,400 --> 00:05:26,440
Speaker 4: right now or supply chain shocks that happened during the pandemic.

100
00:05:27,080 --> 00:05:32,200
Speaker 4: All businesses experience ups and downs. And we because we

101
00:05:32,279 --> 00:05:37,520
Speaker 4: have established that relationship of trust, our clients are willing

102
00:05:37,560 --> 00:05:40,080
Speaker 4: to talk to us about what they need and how

103
00:05:40,160 --> 00:05:42,320
Speaker 4: we can help them throughout their business cycles.

104
00:05:42,640 --> 00:05:45,440
Speaker 1: Wow, I'm talking to Sarah Halpin. She's the president and

105
00:05:45,560 --> 00:05:49,200
Speaker 1: CEO of the Business Consortium Fund and Try and Investment

106
00:05:49,320 --> 00:05:53,320
Speaker 1: to BCF met her at a financial Summit, and at

107
00:05:53,320 --> 00:05:55,800
Speaker 1: that's financial Summer, she was meeting individuals who will come

108
00:05:55,839 --> 00:05:59,680
Speaker 1: in there and the seeking advice and seeking opportunity to

109
00:05:59,720 --> 00:06:02,200
Speaker 1: seek ways that they can grow their business or how

110
00:06:02,279 --> 00:06:04,760
Speaker 1: they can be advised to grow their business. And I'll

111
00:06:04,800 --> 00:06:07,240
Speaker 1: be honest when I in my world and I think

112
00:06:07,240 --> 00:06:10,000
Speaker 1: I'm a knowledge of personal, knowledgeable person. Sarah, you know,

113
00:06:10,040 --> 00:06:12,480
Speaker 1: I know by the credit union, I know by the bank.

114
00:06:13,080 --> 00:06:15,440
Speaker 1: I had never in my life heard about the Community

115
00:06:15,440 --> 00:06:19,080
Speaker 1: Development Financial Institution. Now we always hear the word leary

116
00:06:19,200 --> 00:06:21,760
Speaker 1: or always hear you don't know. Why don't I know

117
00:06:21,839 --> 00:06:22,240
Speaker 1: about this?

118
00:06:22,320 --> 00:06:22,520
Speaker 3: Why?

119
00:06:22,640 --> 00:06:25,840
Speaker 1: You know, in my life of trying to went to college,

120
00:06:25,880 --> 00:06:29,040
Speaker 1: I consider myself educated. I went out there. I've got

121
00:06:29,040 --> 00:06:32,400
Speaker 1: my calls finance, I've got home finance, I've got businesses finance.

122
00:06:32,800 --> 00:06:37,880
Speaker 1: Why am I not hearing about CDFI.

123
00:06:37,240 --> 00:06:40,800
Speaker 4: Why are you not hearing about CDFIVE? Well, we probably

124
00:06:40,839 --> 00:06:43,440
Speaker 4: don't do a very good job marketing ourselves. We are

125
00:06:43,600 --> 00:06:44,320
Speaker 4: non profits.

126
00:06:45,000 --> 00:06:47,360
Speaker 1: Okay, okay, okay, at least you're admitting it.

127
00:06:47,360 --> 00:06:48,400
Speaker 3: At least you're admitting it.

128
00:06:48,839 --> 00:06:51,960
Speaker 1: At least my fans of my my listeners will understand.

129
00:06:52,000 --> 00:06:53,800
Speaker 1: They want to call in and talk to you. They

130
00:06:53,839 --> 00:06:56,120
Speaker 1: can call in talk to the stranger who's out there

131
00:06:56,120 --> 00:07:00,760
Speaker 1: helping communities of color to get business business capital.

132
00:07:00,839 --> 00:07:04,120
Speaker 4: Correct, that's right, And not a lot of us focus

133
00:07:04,200 --> 00:07:07,920
Speaker 4: on communities of color either. So we are the only

134
00:07:08,040 --> 00:07:13,960
Speaker 4: CDFI out there that one exclusively serves business owners of

135
00:07:14,040 --> 00:07:17,080
Speaker 4: color and that's in our charter. Yes, thank you, thank you.

136
00:07:17,400 --> 00:07:19,160
Speaker 1: Now, this location is based.

137
00:07:18,920 --> 00:07:22,960
Speaker 4: Where we have physical offices in New York, but we

138
00:07:23,080 --> 00:07:29,360
Speaker 4: lend nationwide. We we lend primarily to businesses operate who

139
00:07:29,440 --> 00:07:31,440
Speaker 4: are who have a B to B model, So a

140
00:07:31,480 --> 00:07:34,760
Speaker 4: business providing a good or service to another business and

141
00:07:35,120 --> 00:07:38,160
Speaker 4: in that business, there was likely to be a contract, right,

142
00:07:38,200 --> 00:07:41,640
Speaker 4: a contract between your small business and uh the local

143
00:07:41,680 --> 00:07:46,240
Speaker 4: government or your small business in Walmart. And that's where

144
00:07:46,240 --> 00:07:49,720
Speaker 4: we come in to help these small businesses make good

145
00:07:50,240 --> 00:07:54,000
Speaker 4: on their contracts, to help them hire the people, buy

146
00:07:54,080 --> 00:07:58,760
Speaker 4: the materials, and whatever it is that they need to

147
00:07:58,480 --> 00:07:59,960
Speaker 4: to deliver on their content.

148
00:08:00,520 --> 00:08:02,440
Speaker 1: You know, people, all people drop in and out at

149
00:08:02,480 --> 00:08:04,960
Speaker 1: different times of the show. At this time of the show,

150
00:08:05,120 --> 00:08:07,440
Speaker 1: can you tell people how they can reach out and

151
00:08:07,640 --> 00:08:11,360
Speaker 1: find more information about you know, BCF and what you

152
00:08:11,360 --> 00:08:14,640
Speaker 1: guys are doing for the community, the outreach and the

153
00:08:14,640 --> 00:08:17,840
Speaker 1: opportunities to get capital for their businesses.

154
00:08:18,760 --> 00:08:22,280
Speaker 4: It's so easy. All anybody would need to do is

155
00:08:22,400 --> 00:08:27,160
Speaker 4: go to b cfcapital dot com. That's b AS in business,

156
00:08:27,280 --> 00:08:31,240
Speaker 4: see us in consortium and FS and fund bcfcapital dot

157
00:08:31,240 --> 00:08:34,560
Speaker 4: com and apply for a loan there or simply put

158
00:08:34,559 --> 00:08:38,080
Speaker 4: in your information and one of our lending staff will

159
00:08:38,120 --> 00:08:40,920
Speaker 4: reach out to you. And the great thing about BCF

160
00:08:41,000 --> 00:08:43,960
Speaker 4: we are community led. We are one hundred percent staffed

161
00:08:43,960 --> 00:08:49,360
Speaker 4: by people of color. We are people who understand what

162
00:08:49,640 --> 00:08:53,240
Speaker 4: the needs of the small business owner are and we'll be,

163
00:08:53,360 --> 00:08:56,800
Speaker 4: you know, standing by, ready to respond and to help

164
00:08:56,800 --> 00:08:57,160
Speaker 4: you out.

165
00:08:57,360 --> 00:09:00,520
Speaker 1: Great. Well, this this is great. Now always I'd always

166
00:09:00,840 --> 00:09:03,200
Speaker 1: I'd like to get a little background on individuals, because

167
00:09:03,240 --> 00:09:05,760
Speaker 1: you seem to be passionate about this. It seems to

168
00:09:05,760 --> 00:09:09,400
Speaker 1: be something that you bonded to. Does your background lend

169
00:09:09,440 --> 00:09:11,559
Speaker 1: yourself to this? Can you educate my audience on a

170
00:09:11,600 --> 00:09:14,880
Speaker 1: little bit about how you started in the financial community

171
00:09:14,920 --> 00:09:16,800
Speaker 1: before I go into the more questions and dan led

172
00:09:16,880 --> 00:09:18,880
Speaker 1: and how did you wind up at BCF.

173
00:09:19,640 --> 00:09:22,920
Speaker 4: Yeah, well, I never thought I was going to have

174
00:09:22,960 --> 00:09:26,480
Speaker 4: a career in financial services. I'll just start there. But

175
00:09:27,720 --> 00:09:31,760
Speaker 4: the way that I got there is as like a

176
00:09:31,800 --> 00:09:37,120
Speaker 4: little girl. I always understood that where I was born

177
00:09:37,240 --> 00:09:39,200
Speaker 4: and the opportunities I had had so much to do

178
00:09:39,240 --> 00:09:43,439
Speaker 4: with luck. And part of that is my mother came

179
00:09:44,240 --> 00:09:47,160
Speaker 4: to the United States from Trinidad and Tobago when she

180
00:09:47,600 --> 00:09:51,360
Speaker 4: was in her early twenties and she was trying to

181
00:09:51,520 --> 00:09:55,000
Speaker 4: flee from a pretty bad situation. And she got to

182
00:09:55,000 --> 00:09:58,440
Speaker 4: the United States and met my dad and she was

183
00:09:58,480 --> 00:10:02,920
Speaker 4: able to how and make a life for herself right

184
00:10:03,360 --> 00:10:08,160
Speaker 4: because people helped her along the way. And that that's

185
00:10:08,240 --> 00:10:12,520
Speaker 4: how I understood that without people helping each other, I mean,

186
00:10:12,559 --> 00:10:15,160
Speaker 4: I wouldn't be here, my mother wouldn't be here. And

187
00:10:15,559 --> 00:10:20,960
Speaker 4: I started doing work in human rights, and that took

188
00:10:20,960 --> 00:10:25,200
Speaker 4: me to economic in being interested in economic development. I

189
00:10:25,240 --> 00:10:28,280
Speaker 4: actually worked at Charles Schwab for fifteen years. I never

190
00:10:28,320 --> 00:10:30,880
Speaker 4: thought I'd work for a bank for that long, but

191
00:10:31,240 --> 00:10:33,319
Speaker 4: when I was there, guess what I was doing, or Sean,

192
00:10:33,960 --> 00:10:38,040
Speaker 4: I was making loans to CDFI's like, wow, why I

193
00:10:38,080 --> 00:10:40,680
Speaker 4: did that for fifteen years before I got to lead

194
00:10:40,760 --> 00:10:41,360
Speaker 4: this company.

195
00:10:41,520 --> 00:10:45,400
Speaker 1: Yeah, we know. The beauty of your conversation is that

196
00:10:45,520 --> 00:10:48,720
Speaker 1: it's about opportunity. And what I try to do on

197
00:10:48,840 --> 00:10:51,800
Speaker 1: my show is I find so many people who are

198
00:10:51,840 --> 00:10:54,680
Speaker 1: filled with doubt. So many people are filled with disbelief

199
00:10:54,800 --> 00:10:58,559
Speaker 1: that what people say isn't real, what people the work.

200
00:10:58,640 --> 00:11:02,000
Speaker 1: I think that what we especially in the minority community,

201
00:11:02,040 --> 00:11:04,439
Speaker 1: is that nothing's ever easy. You know. I wish you

202
00:11:04,480 --> 00:11:06,640
Speaker 1: could just fill out a single piece of paper and

203
00:11:06,400 --> 00:11:09,800
Speaker 1: your dreams will come true. How what is the process

204
00:11:09,920 --> 00:11:14,079
Speaker 1: of walking through the front door and the paperwork that

205
00:11:14,200 --> 00:11:17,240
Speaker 1: one would have to fill out all the background because

206
00:11:17,720 --> 00:11:19,960
Speaker 1: do you have to have fantastic credit? I don't want

207
00:11:20,000 --> 00:11:22,520
Speaker 1: to start too far into the conversation, but can you

208
00:11:22,559 --> 00:11:26,080
Speaker 1: walk us through the process of sitting down or contacting

209
00:11:26,480 --> 00:11:30,480
Speaker 1: cd A, cd IFI in this case BCF, which is

210
00:11:30,520 --> 00:11:33,040
Speaker 1: Business Consortium Fund and Try and Investments.

211
00:11:33,800 --> 00:11:37,559
Speaker 4: So the first thing I would say is put your

212
00:11:37,679 --> 00:11:41,400
Speaker 4: fear in your self doubts, you know, put them aside

213
00:11:41,559 --> 00:11:46,120
Speaker 4: before you walk in the door. Put aside your preconceived notions,

214
00:11:46,200 --> 00:11:51,200
Speaker 4: and also put aside your maybe desire to put everything

215
00:11:51,240 --> 00:11:56,320
Speaker 4: in the best light, because when it comes to capital provision,

216
00:11:56,480 --> 00:11:59,760
Speaker 4: we need to really know you, and that means knowing

217
00:12:00,120 --> 00:12:02,680
Speaker 4: your strength and your weaknesses as a business owner. Because

218
00:12:02,720 --> 00:12:06,160
Speaker 4: we want to help and we do what we do.

219
00:12:06,240 --> 00:12:09,040
Speaker 4: Look for paperwork, we want three years of tax returns.

220
00:12:09,360 --> 00:12:11,800
Speaker 4: We do look at your credit score, we do look

221
00:12:11,840 --> 00:12:15,160
Speaker 4: at your business success. We do look at your bank

222
00:12:15,200 --> 00:12:17,760
Speaker 4: statements and your cash flow. And the reason we do

223
00:12:17,840 --> 00:12:20,480
Speaker 4: that is we want to make sure that any loan

224
00:12:20,840 --> 00:12:24,440
Speaker 4: that we provide is a path to growth and that

225
00:12:24,520 --> 00:12:27,520
Speaker 4: it's not another headache for a small business loader. Imagine

226
00:12:27,559 --> 00:12:30,360
Speaker 4: a predatory lender. They don't care, right, They're just gonna

227
00:12:30,760 --> 00:12:33,320
Speaker 4: They're just gonna give you money until you pay it back,

228
00:12:33,360 --> 00:12:36,600
Speaker 4: and if you don't, there is serious consequences for us. Yeah,

229
00:12:36,600 --> 00:12:38,200
Speaker 4: we want, we want you to pay the money back,

230
00:12:38,240 --> 00:12:40,680
Speaker 4: but we want to help you understand how you pay

231
00:12:40,720 --> 00:12:42,960
Speaker 4: the money back and how this loan and how this

232
00:12:43,080 --> 00:12:47,679
Speaker 4: capital leads to growth for your company. So it's paperwork,

233
00:12:47,720 --> 00:12:49,880
Speaker 4: But don't be afraid, that's what I would say.

234
00:12:50,200 --> 00:12:53,679
Speaker 1: Well, you know that that's the key fear. Now we've

235
00:12:53,720 --> 00:12:58,800
Speaker 1: noticed recently, Sarah, they have been raising interests, interest just

236
00:12:58,920 --> 00:13:02,040
Speaker 1: to be our friend. Now they may raise an interest

237
00:13:02,040 --> 00:13:04,880
Speaker 1: because they say they're trying to curtail the inflation. Where

238
00:13:04,960 --> 00:13:08,080
Speaker 1: are how are the decisions on interest made on the

239
00:13:08,160 --> 00:13:13,439
Speaker 1: loans that you're giving out to potential mbes.

240
00:13:14,120 --> 00:13:19,040
Speaker 4: Yes, one of the barriers is affordable capital. Yes, one

241
00:13:19,040 --> 00:13:23,079
Speaker 4: of the barriers to success is affordable capital. And yes,

242
00:13:23,280 --> 00:13:25,679
Speaker 4: rates that have been rising, and a lot of CDFIs

243
00:13:25,679 --> 00:13:29,199
Speaker 4: are raising their rates, but many of us have really

244
00:13:29,240 --> 00:13:32,959
Speaker 4: solid bank partners who have extended money to us at

245
00:13:32,960 --> 00:13:35,840
Speaker 4: low rates. So we borrow money from a bank. This

246
00:13:35,880 --> 00:13:38,360
Speaker 4: is how it works. We borrow the money and then

247
00:13:38,520 --> 00:13:41,440
Speaker 4: we put an interest. We add a little interest to

248
00:13:41,679 --> 00:13:43,280
Speaker 4: the money we have to pay back to the bank,

249
00:13:43,320 --> 00:13:45,800
Speaker 4: and that's we charge the client so that we can

250
00:13:45,880 --> 00:13:48,560
Speaker 4: cover our own costs and that we can also pay

251
00:13:48,600 --> 00:13:53,640
Speaker 4: the bank back. Right now, we are lending around still

252
00:13:54,080 --> 00:13:58,200
Speaker 4: eight to ten percent interest or maybe eleven percent interests

253
00:13:58,240 --> 00:14:01,679
Speaker 4: at the higher end, and that is very much in

254
00:14:01,760 --> 00:14:06,080
Speaker 4: line with what banks are doing, but some are much

255
00:14:06,160 --> 00:14:10,000
Speaker 4: higher than that right now, and we have not increased

256
00:14:10,000 --> 00:14:13,160
Speaker 4: our rate in the face of these interest rate increases

257
00:14:13,160 --> 00:14:14,240
Speaker 4: of the past year and a half.

258
00:14:14,520 --> 00:14:16,839
Speaker 1: Well, we're about to go to break be right back

259
00:14:16,840 --> 00:14:19,360
Speaker 1: with the incredible Sarah Howprom she is the president and

260
00:14:19,480 --> 00:14:22,720
Speaker 1: CEO of the Business Consortium Fund and try and investment.

261
00:14:23,000 --> 00:14:23,760
Speaker 1: Don't go nowhere.

262
00:14:31,200 --> 00:14:34,800
Speaker 5: We'll be right back with more money making conversations. Masterclass

263
00:14:34,840 --> 00:14:38,920
Speaker 5: with Ushawn McDonald HBCUs represent Black Excellence.

264
00:14:39,000 --> 00:14:42,239
Speaker 6: If you attend or are an alumnus of an HBCU,

265
00:14:42,440 --> 00:14:43,160
Speaker 6: We want.

266
00:14:42,960 --> 00:14:44,480
Speaker 1: To hear about your story.

267
00:14:44,520 --> 00:14:48,840
Speaker 6: The My HBCU Story digital Library will allow current HBCU

268
00:14:48,920 --> 00:14:52,880
Speaker 6: students and alumni to share their stories. Registration is open

269
00:14:52,960 --> 00:14:57,040
Speaker 6: to everyone. More information is available at HBCU college day

270
00:14:57,080 --> 00:15:00,840
Speaker 6: dot com. Click my HBCU Story. Next, you can upload

271
00:15:00,840 --> 00:15:03,680
Speaker 6: a photo. The photo can be recent or from when

272
00:15:03,720 --> 00:15:07,720
Speaker 6: you attended your HBCU. Then share your academic or social

273
00:15:07,760 --> 00:15:12,280
Speaker 6: experience at your HBCU, which can be your favorite class, hangout,

274
00:15:12,360 --> 00:15:16,160
Speaker 6: joint homecoming game, student center, on or off campus party,

275
00:15:16,280 --> 00:15:20,080
Speaker 6: greek show, and how attending an HBCU changed your life.

276
00:15:20,120 --> 00:15:22,720
Speaker 6: We also want to hear stories if you pleasure a

277
00:15:22,800 --> 00:15:26,080
Speaker 6: fraternity or sorority. The goal is to use your my

278
00:15:26,360 --> 00:15:30,600
Speaker 6: HBCU story to promote and uplift the HBCU brand. Your

279
00:15:30,800 --> 00:15:34,760
Speaker 6: HBCU prepared you for success and now we want everyone

280
00:15:34,840 --> 00:15:38,680
Speaker 6: to read about your black excellence. More information is available

281
00:15:38,760 --> 00:15:42,280
Speaker 6: at HBCU college day dot com. You can click my

282
00:15:42,600 --> 00:15:45,000
Speaker 6: HBCU Story to share your story.

283
00:15:46,320 --> 00:15:51,320
Speaker 5: Now, let's return to Money Making Conversations Masterclass with Rashaan McDonald.

284
00:15:52,000 --> 00:15:54,360
Speaker 1: That's right, Rashwan here as talking to I'm gonna call

285
00:15:54,360 --> 00:15:56,920
Speaker 1: it my friend. I'm calling my friend because she's a

286
00:15:56,920 --> 00:16:00,120
Speaker 1: friend of the show. She's she You know. The the

287
00:16:00,160 --> 00:16:01,840
Speaker 1: thing about it when I invite people to come on

288
00:16:01,880 --> 00:16:04,120
Speaker 1: the show, I love it when people are excited to

289
00:16:04,200 --> 00:16:07,720
Speaker 1: share information, and information that can change your lives is

290
00:16:07,760 --> 00:16:10,760
Speaker 1: what we're talking about right now. We're talking about a

291
00:16:10,800 --> 00:16:13,880
Speaker 1: person you can call. This is not a charge to

292
00:16:13,920 --> 00:16:17,520
Speaker 1: call this company or this individual to find about how

293
00:16:17,600 --> 00:16:20,480
Speaker 1: you can get educated. I think that's what hurts a

294
00:16:20,520 --> 00:16:23,480
Speaker 1: lot of small businesses. They have you know, you have

295
00:16:23,520 --> 00:16:26,040
Speaker 1: the SBA, you have a lot of platforms out there,

296
00:16:26,200 --> 00:16:29,040
Speaker 1: But this is a financial platform that's set up and

297
00:16:29,120 --> 00:16:32,360
Speaker 1: able to a CDFI. And again, this is the first

298
00:16:32,400 --> 00:16:34,680
Speaker 1: time I heard of a CDFI when I met her,

299
00:16:34,960 --> 00:16:36,880
Speaker 1: And so I'm bringing it on my show. And I

300
00:16:36,920 --> 00:16:38,880
Speaker 1: talked to a couple of my producers offline and I

301
00:16:38,960 --> 00:16:41,240
Speaker 1: asked them, have you heard of a CDFI anyway?

302
00:16:41,400 --> 00:16:41,680
Speaker 4: Nope.

303
00:16:42,080 --> 00:16:44,600
Speaker 1: And so that means that this is information that's new

304
00:16:44,720 --> 00:16:46,800
Speaker 1: to the community, and it's information that we should take

305
00:16:46,800 --> 00:16:51,120
Speaker 1: advantage of it. When I'm talking to you, Sarah am

306
00:16:51,160 --> 00:16:55,560
Speaker 1: I being naive when I say that. Not a lot

307
00:16:55,560 --> 00:16:57,600
Speaker 1: of people I know. I mentioned it on the other break,

308
00:16:57,640 --> 00:17:00,400
Speaker 1: But how can I help you or help get the

309
00:17:00,400 --> 00:17:02,960
Speaker 1: word out? Because in our community, the more we know,

310
00:17:03,520 --> 00:17:06,879
Speaker 1: the more small businesses we can create within the community,

311
00:17:06,920 --> 00:17:10,080
Speaker 1: more taxes we can create within the community, the more

312
00:17:10,119 --> 00:17:12,959
Speaker 1: and people we can plow within the community. More and

313
00:17:13,000 --> 00:17:15,520
Speaker 1: more of our communities within the educational because you know,

314
00:17:15,560 --> 00:17:18,880
Speaker 1: that's how taxes are done for education. They tax houses,

315
00:17:18,920 --> 00:17:21,960
Speaker 1: they tax businesses, which means that the educational structure within

316
00:17:22,000 --> 00:17:24,800
Speaker 1: the community is stronger. What can we do as a team?

317
00:17:25,280 --> 00:17:28,280
Speaker 4: I love the question. I'm smiling that you asked it,

318
00:17:29,040 --> 00:17:32,320
Speaker 4: And what can we do? It is all about word

319
00:17:32,320 --> 00:17:37,720
Speaker 4: of mouth. It's very true. We are on LinkedIn, we

320
00:17:37,760 --> 00:17:40,760
Speaker 4: are on social media. You can find us there. But

321
00:17:40,880 --> 00:17:44,399
Speaker 4: really it's all about talking to your friends talking to us.

322
00:17:45,040 --> 00:17:49,000
Speaker 4: We have some wonderful clients who tell their friends about

323
00:17:49,080 --> 00:17:52,800
Speaker 4: us after they've had success, and their friends come to us,

324
00:17:52,840 --> 00:17:55,200
Speaker 4: And it really is all about word of mouth, especially

325
00:17:55,280 --> 00:17:57,840
Speaker 4: in the community that we serve, and it is about trust,

326
00:17:58,280 --> 00:18:02,159
Speaker 4: and it is about, you know, helping people overcome that

327
00:18:02,280 --> 00:18:06,280
Speaker 4: reluctance and wariness of the financial services industry. That's really

328
00:18:06,280 --> 00:18:07,720
Speaker 4: what it's about. So you have to hear about it

329
00:18:07,720 --> 00:18:09,600
Speaker 4: from your friends and your family, you.

330
00:18:09,480 --> 00:18:13,959
Speaker 1: Know when one comes into see you, and I know

331
00:18:14,440 --> 00:18:16,159
Speaker 1: sometimes on this show, I'll be honest with you, sir,

332
00:18:16,320 --> 00:18:20,119
Speaker 1: I get frustrated. I might get too emotional because I

333
00:18:20,119 --> 00:18:22,199
Speaker 1: want people to see it. I want people to get it.

334
00:18:22,240 --> 00:18:24,880
Speaker 1: I want people to run out there and just take

335
00:18:24,880 --> 00:18:27,800
Speaker 1: advantage of the opportunity. You know, and you say, you

336
00:18:27,800 --> 00:18:30,800
Speaker 1: know for fifteen years you've basically doing this at Charles

337
00:18:30,840 --> 00:18:33,800
Speaker 1: Swab before you came over here and did it for

338
00:18:33,960 --> 00:18:38,800
Speaker 1: as the CEO and the president of BCF. So what

339
00:18:38,840 --> 00:18:40,920
Speaker 1: frustrates you. I know that has to be some degree

340
00:18:40,920 --> 00:18:44,320
Speaker 1: of frustration that comes out of this because you want

341
00:18:44,480 --> 00:18:48,199
Speaker 1: to make a difference, and you have financing that can

342
00:18:48,200 --> 00:18:50,440
Speaker 1: make a difference. I guess that's said. That's the question.

343
00:18:50,760 --> 00:18:52,480
Speaker 1: Are enough people knocking on your door?

344
00:18:53,640 --> 00:18:57,400
Speaker 4: No? No, enough people are not knocking on our door.

345
00:18:57,720 --> 00:18:57,880
Speaker 5: Now.

346
00:18:57,960 --> 00:19:01,359
Speaker 4: One thing about BCF is that we have some really

347
00:19:01,359 --> 00:19:06,520
Speaker 4: wonderful new news, but we're also overcoming our own our

348
00:19:06,560 --> 00:19:10,680
Speaker 4: own past. We have a lot of capital available right now,

349
00:19:10,920 --> 00:19:13,640
Speaker 4: but we didn't a few years ago. So we are

350
00:19:13,920 --> 00:19:18,560
Speaker 4: reintroducing ourselves to the community, We are re engaging with

351
00:19:18,760 --> 00:19:23,000
Speaker 4: the community, and we are here really to serve this community.

352
00:19:23,359 --> 00:19:26,240
Speaker 4: So the are there enough people knocking on our door.

353
00:19:26,600 --> 00:19:29,159
Speaker 4: Not quite yet, but you know what there will be

354
00:19:29,560 --> 00:19:33,280
Speaker 4: as we continue to make loan by loan by loan,

355
00:19:34,000 --> 00:19:39,439
Speaker 4: and our community understands that we're here for everybody's benefit.

356
00:19:39,480 --> 00:19:42,680
Speaker 4: We're here as a community development financial institute.

357
00:19:42,800 --> 00:19:45,520
Speaker 1: Well, you know, I smile and a laugh and as

358
00:19:45,560 --> 00:19:47,480
Speaker 1: you said, you are smiler when I asked that question,

359
00:19:47,560 --> 00:19:50,240
Speaker 1: because you know it is it is. Sometimes you have

360
00:19:50,240 --> 00:19:53,960
Speaker 1: to your patient. Sometimes you have to understand that we

361
00:19:54,040 --> 00:19:57,280
Speaker 1: all want everything to jump off real quick. But yeah,

362
00:19:57,320 --> 00:19:58,920
Speaker 1: we know you know you want to do you want

363
00:19:58,920 --> 00:20:01,160
Speaker 1: to open the door and run past you like they

364
00:20:01,160 --> 00:20:06,480
Speaker 1: do on Black Friday, you know, but it doesn't happen

365
00:20:06,520 --> 00:20:10,360
Speaker 1: that way. And and and the process is is knowledge.

366
00:20:10,760 --> 00:20:14,719
Speaker 1: It is also is networking. It also is people. And

367
00:20:14,760 --> 00:20:18,879
Speaker 1: sometimes you know, the part that I that annoys me

368
00:20:18,920 --> 00:20:21,399
Speaker 1: about a good secret is that people don't want to

369
00:20:21,440 --> 00:20:24,360
Speaker 1: share it. Sometimes, you know, they're they're shared with their

370
00:20:24,359 --> 00:20:26,760
Speaker 1: little group or they might have a little Facebook group

371
00:20:26,880 --> 00:20:29,960
Speaker 1: online they share within that little group and things like that,

372
00:20:30,080 --> 00:20:33,000
Speaker 1: and it is winning for them, but it's not winning

373
00:20:33,000 --> 00:20:35,200
Speaker 1: for enough people. And that's the purpose of the Community

374
00:20:35,240 --> 00:20:39,719
Speaker 1: Development Financial Institution. It's called community, which means it's setting

375
00:20:39,760 --> 00:20:42,960
Speaker 1: place for the community to have an opportunity to grow

376
00:20:43,040 --> 00:20:46,800
Speaker 1: their businesses within the community. With that being said, what

377
00:20:46,920 --> 00:20:50,800
Speaker 1: are three financial secrets for all business owners seeking to

378
00:20:50,840 --> 00:20:53,200
Speaker 1: grow their enterprise or their business?

379
00:20:54,640 --> 00:20:59,520
Speaker 4: Okay, I would say one is know the industry that

380
00:20:59,560 --> 00:21:01,760
Speaker 4: you want to serve. And this is specifically for the

381
00:21:01,800 --> 00:21:04,359
Speaker 4: B to B companies that we serve. Right, So, if

382
00:21:04,400 --> 00:21:08,439
Speaker 4: you're a if you're a catering company, for example, and

383
00:21:08,640 --> 00:21:12,320
Speaker 4: you are serving the tech industry, well, you might have

384
00:21:12,400 --> 00:21:15,600
Speaker 4: certain insurance requirements that you need. And I say tech industry,

385
00:21:15,600 --> 00:21:18,359
Speaker 4: I'm actually located in California, so it comes to mind,

386
00:21:19,760 --> 00:21:24,600
Speaker 4: you might have certain insurance requirements, you might have certain

387
00:21:24,880 --> 00:21:28,520
Speaker 4: legal or compliance requirements that you need to be aware

388
00:21:28,520 --> 00:21:32,000
Speaker 4: of and comply with in order to serve that industry.

389
00:21:32,119 --> 00:21:35,440
Speaker 4: So really knowing the industry that you serve is really

390
00:21:35,480 --> 00:21:39,720
Speaker 4: really important. Another on just the personal side, know your

391
00:21:39,760 --> 00:21:43,040
Speaker 4: credit score. Everybody needs you can go to you know,

392
00:21:43,200 --> 00:21:48,479
Speaker 4: there are so many free opportunities to get to know

393
00:21:48,520 --> 00:21:51,720
Speaker 4: your own credit score. I always say, know your credit score,

394
00:21:51,840 --> 00:21:55,920
Speaker 4: know yourself, right, and it really is about knowing ourselves,

395
00:21:56,280 --> 00:21:59,480
Speaker 4: knowing what our strengths and weaknesses are, and also working

396
00:21:59,480 --> 00:22:01,760
Speaker 4: on our weeknd is your credit is something that can

397
00:22:01,800 --> 00:22:03,919
Speaker 4: be It can go up very it can go up,

398
00:22:03,920 --> 00:22:05,959
Speaker 4: it can go down, but it can go up and

399
00:22:06,000 --> 00:22:07,760
Speaker 4: people need to know that and not you know and

400
00:22:08,119 --> 00:22:10,960
Speaker 4: be and be willing to uh to fix that. Another

401
00:22:11,040 --> 00:22:14,080
Speaker 4: one is don't take on debt you can't repay.

402
00:22:14,760 --> 00:22:15,160
Speaker 1: Amen.

403
00:22:15,359 --> 00:22:17,360
Speaker 4: Sometimes people come to us and they say, well, what

404
00:22:17,400 --> 00:22:20,520
Speaker 4: loan size can you give me? And we say, that's

405
00:22:20,520 --> 00:22:22,800
Speaker 4: not how you think about it. What you need to

406
00:22:22,800 --> 00:22:27,040
Speaker 4: think about is what kind of cash flow your business

407
00:22:27,119 --> 00:22:30,480
Speaker 4: is throwing off and whether that cash flow can cover

408
00:22:30,960 --> 00:22:35,080
Speaker 4: the principle and interest on alone. And you'll also want

409
00:22:35,119 --> 00:22:38,720
Speaker 4: to know do I have collateral? What things can I

410
00:22:38,800 --> 00:22:41,520
Speaker 4: do to support a loon? Most people know about mortgage

411
00:22:41,600 --> 00:22:44,159
Speaker 4: lending and small business lending, frankly is is similar in

412
00:22:44,160 --> 00:22:46,920
Speaker 4: a lot of ways. There's an asset, right, it's your business,

413
00:22:46,960 --> 00:22:49,520
Speaker 4: and there's cash flow, which is your income, and you

414
00:22:49,600 --> 00:22:51,320
Speaker 4: need to know that you can repay that loan and

415
00:22:51,359 --> 00:22:53,879
Speaker 4: that is going to help your business grow, not that

416
00:22:53,920 --> 00:22:55,160
Speaker 4: it's going to keep you up at night.

417
00:22:55,760 --> 00:22:59,080
Speaker 1: Great Karen and Karen's Online Karen, Welcome to Money Making

418
00:22:59,080 --> 00:23:01,920
Speaker 1: Conversation Master. Ask you speaking to Rau Sean McDonald Sarah,

419
00:23:01,920 --> 00:23:02,600
Speaker 1: what is your question?

420
00:23:03,680 --> 00:23:07,480
Speaker 3: Thank you, I appreciate it. My question is how can

421
00:23:07,520 --> 00:23:12,000
Speaker 3: you display three years of taxes when you own a

422
00:23:12,040 --> 00:23:16,080
Speaker 3: food truck business that's seasonal. You know, the pandemic was

423
00:23:16,119 --> 00:23:19,920
Speaker 3: you know, it was weird. So how do you deal

424
00:23:19,960 --> 00:23:22,679
Speaker 3: with the three year tax returns when it's it's so

425
00:23:23,440 --> 00:23:27,040
Speaker 3: unpredictable when you put in your your application for a loan.

426
00:23:27,960 --> 00:23:32,399
Speaker 4: Absolutely, it's a great question. And we where as we

427
00:23:32,560 --> 00:23:35,119
Speaker 4: you know it's required. We do need the tax returns.

428
00:23:35,119 --> 00:23:37,040
Speaker 4: We need to understand, you know, what your apporting to

429
00:23:37,040 --> 00:23:42,560
Speaker 4: the government. We look at the pandemic as a special situation.

430
00:23:42,840 --> 00:23:46,280
Speaker 4: A lot of our clients had down times in the pandemic.

431
00:23:46,800 --> 00:23:48,719
Speaker 4: We try to look to the future as well. We

432
00:23:48,760 --> 00:23:51,440
Speaker 4: want to look to the path we to show performance.

433
00:23:51,520 --> 00:23:54,080
Speaker 4: We also want to look to the future. We want

434
00:23:54,080 --> 00:23:56,160
Speaker 4: to see what your future. You know, what this loan

435
00:23:56,240 --> 00:23:59,960
Speaker 4: can provide in terms of future earnings. So we love

436
00:24:00,160 --> 00:24:03,960
Speaker 4: got pandemic times with a special lens, and we're willing

437
00:24:04,000 --> 00:24:04,560
Speaker 4: to overlook.

438
00:24:04,640 --> 00:24:09,120
Speaker 1: You know, so you're basically down, so the downtime. First

439
00:24:09,119 --> 00:24:11,240
Speaker 1: of all, you gotta fire your taxes every year. I

440
00:24:11,240 --> 00:24:13,360
Speaker 1: gotta get your taxes in every year to be able

441
00:24:13,400 --> 00:24:17,520
Speaker 1: to consider that. We understand the pandemic was an odd period,

442
00:24:17,560 --> 00:24:21,720
Speaker 1: but more importantly, since twenty one, twenty two, number and

443
00:24:21,800 --> 00:24:24,320
Speaker 1: twenty three, what are your sales looking like? That's what

444
00:24:24,400 --> 00:24:27,399
Speaker 1: she's talking about. Are you projecting? Are you are you?

445
00:24:27,560 --> 00:24:30,440
Speaker 1: Are your sales flat versus what happened in twenty two?

446
00:24:30,920 --> 00:24:33,639
Speaker 1: We expect in twenty one the twenty two should have

447
00:24:33,720 --> 00:24:36,360
Speaker 1: increased over twenty one. We're gonna look at if you're seasonal,

448
00:24:36,600 --> 00:24:39,280
Speaker 1: there are no seasonal periods that you're open. What are

449
00:24:39,320 --> 00:24:42,400
Speaker 1: your sales matching day to day, month to month, month

450
00:24:42,480 --> 00:24:44,640
Speaker 1: and all these things? What was your what was your

451
00:24:44,680 --> 00:24:48,480
Speaker 1: expenses versus your income? Those things that that's the part

452
00:24:48,480 --> 00:24:51,679
Speaker 1: of the business that frustrates small business owners because you

453
00:24:51,680 --> 00:24:54,040
Speaker 1: have to do the math, and sometimes the math doesn't

454
00:24:54,040 --> 00:24:57,520
Speaker 1: add up. But what Sarah is saying is don't let

455
00:24:57,560 --> 00:25:01,119
Speaker 1: that stop you, because it's important that you start talking

456
00:25:01,119 --> 00:25:04,760
Speaker 1: to somebody who knows how to handle money, and if

457
00:25:04,760 --> 00:25:07,760
Speaker 1: you're not handling it correctly, they can advise you, especially

458
00:25:07,800 --> 00:25:09,639
Speaker 1: if you're trying to get a loan from them, and

459
00:25:09,760 --> 00:25:12,320
Speaker 1: help you correct maybe the way you're doing business, or

460
00:25:12,359 --> 00:25:14,560
Speaker 1: advise you. If you do this, then you can be

461
00:25:14,600 --> 00:25:17,720
Speaker 1: considered for this, which may be a key moment in

462
00:25:17,880 --> 00:25:21,200
Speaker 1: running your business. So I feel it's important that when

463
00:25:21,560 --> 00:25:24,400
Speaker 1: I'm on the show, when she's a person like hers

464
00:25:24,160 --> 00:25:27,159
Speaker 1: on the show, even if you don't or can't afford

465
00:25:27,200 --> 00:25:30,240
Speaker 1: the loan, call these banks and find out or these

466
00:25:30,520 --> 00:25:34,439
Speaker 1: community development financial institutions so they can set you in

467
00:25:34,440 --> 00:25:37,440
Speaker 1: the right course to think about budgets, to think about planning,

468
00:25:37,640 --> 00:25:40,239
Speaker 1: to think about that path to success. Do you think

469
00:25:40,320 --> 00:25:43,080
Speaker 1: that when I'm saying it's correct, Sarah.

470
00:25:42,520 --> 00:25:46,159
Speaker 4: The relationship is so important, Sean. Absolutely, you need to

471
00:25:46,200 --> 00:25:50,879
Speaker 4: have the relationship before you think you need financing because

472
00:25:52,000 --> 00:25:54,000
Speaker 4: it takes some time to get to know the lender

473
00:25:54,000 --> 00:25:55,960
Speaker 4: and for the lenders to get to know you, first

474
00:25:56,000 --> 00:25:57,919
Speaker 4: of all. Second of all, you don't know when an

475
00:25:57,960 --> 00:25:59,600
Speaker 4: opportunity is going to fall in your love. You may

476
00:25:59,640 --> 00:26:02,000
Speaker 4: think I don't need credit. You may think I got it,

477
00:26:02,080 --> 00:26:05,119
Speaker 4: I got this. I don't I don't need help and

478
00:26:05,200 --> 00:26:08,320
Speaker 4: I don't need cash. But the day may come, and

479
00:26:08,359 --> 00:26:11,560
Speaker 4: it could be tomorrow when you have an opportunity that

480
00:26:11,600 --> 00:26:16,160
Speaker 4: you need an additional amount of money to make good

481
00:26:16,160 --> 00:26:17,119
Speaker 4: on and to deliver on.

482
00:26:17,520 --> 00:26:19,440
Speaker 1: I want to thank you Karen for calling in to

483
00:26:19,560 --> 00:26:23,639
Speaker 1: the show. It's important that she called because she got answered.

484
00:26:23,680 --> 00:26:27,240
Speaker 1: But an important Karen is about their relationship. So it's

485
00:26:27,280 --> 00:26:30,480
Speaker 1: about the information you're trying to get. And other Karens

486
00:26:30,480 --> 00:26:33,159
Speaker 1: in the world out there are Brian's the world or

487
00:26:33,200 --> 00:26:35,480
Speaker 1: bills in the world out there. They need to really

488
00:26:35,520 --> 00:26:38,600
Speaker 1: start getting answers to your business in order to move forward,

489
00:26:38,640 --> 00:26:41,560
Speaker 1: and stop praying about it, stop holding about it, stop

490
00:26:41,600 --> 00:26:43,800
Speaker 1: putting it all in faith, and start putting it in

491
00:26:44,040 --> 00:26:46,600
Speaker 1: to the pen to the papers. They say, Sarah, I

492
00:26:46,680 --> 00:26:49,120
Speaker 1: want to thank you, thank you, thank you for coming

493
00:26:49,160 --> 00:26:52,120
Speaker 1: on Money Making Conversation master Class. I know you're busy,

494
00:26:52,240 --> 00:26:54,240
Speaker 1: but can I get you on the show once a quarter?

495
00:26:54,520 --> 00:26:55,640
Speaker 1: It's that too much to ask.

496
00:26:55,840 --> 00:26:57,639
Speaker 4: I don't think that's too much to ask, because you

497
00:26:57,680 --> 00:27:01,480
Speaker 4: know why, man, more people know need to know about CBFI.

498
00:27:04,080 --> 00:27:05,960
Speaker 4: I'm happy to come on and do that. Well.

499
00:27:06,000 --> 00:27:09,080
Speaker 1: Thank you the energy with fantastic your education and the

500
00:27:09,119 --> 00:27:11,840
Speaker 1: tools you're going to bring to the table game. Sarah Hoppin,

501
00:27:12,160 --> 00:27:16,440
Speaker 1: President CEO of BCL Business Consortium Fund. Please tell them

502
00:27:16,440 --> 00:27:18,320
Speaker 1: how to get in touch with you as I wrap

503
00:27:18,400 --> 00:27:18,800
Speaker 1: up the show.

504
00:27:19,160 --> 00:27:24,680
Speaker 4: Www dot bcfcapital dot com. Come see our website, come

505
00:27:24,760 --> 00:27:27,160
Speaker 4: get in touch and we would love to talk to you.

506
00:27:27,200 --> 00:27:29,320
Speaker 1: Thank you for coming on Money Making Conversation mastic Lands.

507
00:27:29,359 --> 00:27:39,399
Speaker 4: I appreciate you fantastic, take care Okay, thank you everybody, bybye.

508
00:27:40,560 --> 00:27:42,960
Speaker 5: Thank you for joining us for this edition of Money

509
00:27:42,960 --> 00:27:48,560
Speaker 5: Making Conversations Masterclass. Money Making Conversations Masterclass with rough Shan

510
00:27:48,680 --> 00:27:52,400
Speaker 5: McDonald is produced by thirty eight fifteen Media Inc. More

511
00:27:52,440 --> 00:27:56,320
Speaker 5: information about thirty eight fifteen Media Inc. Is available at

512
00:27:56,359 --> 00:28:00,280
Speaker 5: thirty eight fifteen media dot com. And always remember to

513
00:28:00,480 --> 00:28:01,520
Speaker 5: lead with your gifts