Growth & Grace

Wesley Knight 0:00
This is a KU n b Studio's original program. The following program is underwritten by Crawford management group and Chris glow and does not reflect the views or opinions of 91.5 Jaz and Moore the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education

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even better than I was

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the last time, baby. We back and

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we back and we back and we back and we back and we back. And I was the last to eat. That was the

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last time.

Leaha Crawford 0:44
Good. Good morning. Las Vegas. Good morning. Jolene,

Julian Rosado 0:47
good morning. How are you doing? Pretty good. It's Saturday.

Leaha Crawford 0:50
Yes, another week. Damn,

Julian Rosado 0:53
yes, yes. It's cooling down. A little bit down where? Well, it dropped, I don't think I got to 115

Leaha Crawford 1:02
Oh, okay. Say cooling down where it's still summertime in Vegas. Yeah, it's still summertime in Vegas. Are you going to any of the summer league games?

Julian Rosado 1:11
No, but I went to the to the A's initial like, opening thing. Oh, was a nice, yeah, yeah, it was. Do you know much they spent for the stadium? I didn't ask. Is $1.75 billion Oh, wow, yes, 1.75

Leaha Crawford 1:31
and the stadium is going on. What's that?

Julian Rosado 1:33
Tropicana? Yeah, Tropicana in Las Vegas, yeah, yeah, that's gonna be nice, yeah,

Leaha Crawford 1:39
nice. Okay, all right, I haven't driven down Tropicana. I haven't driven

Julian Rosado 1:45
down right there. I'm not sure this town is locally for baseball, but

Leaha Crawford 1:52
we will be, yeah,

Julian Rosado 1:55
we will be. I mean, someone with that large investment, we're going to make it.

Leaha Crawford 1:59
Well, no, the other thing, I was in Anaheim over the weekend, and they have, I guess the A's is, I don't know the name of the team, but baseball, I mean, baseball Tickets are affordable. That's what it seems. Baseball Tickets are affordable. Yeah, they're not as expensive as the other sport, and they'll hold a lot more games. And they hold, they host a lot more games. So I'm looking forward, yeah, and you

Julian Rosado 2:21
get good seats. So, like, at NFL game feeling pain, like, you know, like $45 you in the nosebleeds, but the baseball game, you pay $45 like, on a Tuesday, and you

Leaha Crawford 2:33
Okay, well, I'm looking for, I'm not really, I guess I'll learn to like baseball.

Julian Rosado 2:37
Yeah, it's a different type of sport. Yeah, yeah.

Leaha Crawford 2:41
I think I've been to only made like, two or three baseball games in my

Julian Rosado 2:44
life. It's fun, it's it's fun. It is,

Leaha Crawford 2:47
yeah, all right, well, today, y'all we have, we have a repeat, because it's such an amazing conversation. And we hear entrepreneurs all the time talking about having access to capital, access to capital, access to capital. Thought it was very important to bring these two gentlemen back so we can talk about it, because I don't think we finished our conversation last time. Did we good conversation? It was a good conversation. So I would like to welcome back. Mr. Keith Jackson, hello. Hello. Mr. Lamont. Lamont Fitz, how you doing? All right? Bank of Nevada, correct, yes. Bank of Nevada. Love. Bank of Nevada. And also Shouts out to Jerry Merritt, you know, we love you. We love you. We love you. This new product that's out there. I know we were talking about it, and well, first of all, are people getting approved for the new product that you guys are offering? Yes. They are, yes. They are. Yes, they are, okay. What is it? Talk to me about it. What is what is, what is this new product?

Lamont Fitts 3:42
One of you, well, it's, well, we have the streamlined product. And what the streamlined product is the ability to apply for a loan up to $250,000 without much financial information. I will say, okay, yeah. So we can do

Leaha Crawford 3:59
say that again. Slow down. So say that again, though, up to how much 250,000 to have 250 that's a quarter of a million, that's correct, with no to low docs, that's correct. That's correct. Okay, so I'm gonna say that again, y'all, because I want y'all to listen 250,000 with no to low documentation. Okay, go ahead. No, I'll let you go. Go

Lamont Fitts 4:19
ahead and with the benefit of that product is is that we can do several things off of that. We can do lines of credit, we can do term loans. Now, these are all business loans, and also business credit cards and overdraft protection to protect your operating account. Can

Leaha Crawford 4:38
I get all of them? Yes, you can. Yes you can wow, that's a lot,

Lamont Fitts 4:42
yeah. And what we like to do, let's say you're you come into our bank and you need a line of credit for 100,000 also part of that approval process, we will look to approve you for business credit card and an overdraft protection for your operating account at the same time. So those are not seven. Products that you have to apply for. We're looking to see if we can pre qualify you for those products.

Leaha Crawford 5:04
Oh, so y'all trying to be friendly to every Okay, so All right,

Keith Jackson 5:07
no annual fees, no payment penalties, no additional documentation for those. What

Leaha Crawford 5:14
catch? I know it got to be a catch. Y'all not that can't be real. Are you serious? Well, we

Julian Rosado 5:19
do have to give up your firstborn child?

Lamont Fitts 5:23
No, the only thing that we really are looking for is that you're you have been in business for two years or more. And the things that we need, the things that we're looking for, is that, just to make sure you have your ownership documentation, whether it be for LLC, corporation, sole proprietorship that you have, though that paperwork, and it's all current, and just you know that you have revenue generated revenue as a business over the last year. So and based on on that, is that that's how we qualify. All right,

Leaha Crawford 5:58
so let's back up. Back up. You said, sole proprietors. So hair stylists are sole proprietors. Nail technicians are sole proprietors. Uber drivers, if I'm not mistaken, they are considered sole proprietors. Toro. If you have a Toro car, you're considered a sole proprietor. But you have to, and I believe a lot of them, they make you have your paper Toro. And I know the online stuff, you have to have your paperwork in water,

Lamont Fitts 6:25
correct. You do. You do. And so that's that's very important. So if you have that, and you've been in business two years, you're generating some revenue, we can definitely look at helping you grow your business through whatever lending product you may need, whether it's to buy equipment for your business, whether it's to buy a new truck for your business, a new car for your business, computer equipment, whatever you need, and or a line of credit to kind of gap your receivables, that receivable financing. So we can do that as a bank and through that streamlined

Leaha Crawford 6:57
product. I love it. Okay, so contact information. Y'all want to give you contact information? Absolutely. Go ahead. Go Keith Jackson,

Keith Jackson 7:06
phone, 5032680, excuse me. I'm combining my cell number, 702-268-2048,

Leaha Crawford 7:19
say it slower. Say it one more time. 503. No. The other one, the other 1-702-268-2048, Okay, one more time slower. So we can start with 7027022682048.

Leaha Crawford 7:37
All right, Lamont, what's your contact information?

Lamont Fitts 7:39
And I'm Lamont Fitz, and my direct line is 702-252-6304

Leaha Crawford 7:45
Okay, still say it one more time. 702-252-6304 and I wanted people to hear from you guys, because I could have said it, but I wanted them to hear from you because you have two options, because both of these gentlemen can help you through the process. Now, what if I come to you? I don't know what I don't know what I don't I don't know what I don't know. I know I want to grow. I know I need more money. I know I've exhausted all of my funds, but I'm paying my bills. Would you guide me on what I need?

Keith Jackson 8:13
Absolutely there is a process of advocacy that we we do provide our our clients, and so we get a lot of those questions, and so we do take the time necessary to provide direction for small to moderate businesses on a consistent basis. Absolutely

Leaha Crawford 8:32
okay. So say I am, I am an Uber driving drop, an Uber for maybe three or four years now. And you know, I want a loan. What is my process? What do I do?

Lamont Fitts 8:44
So what you would do is you give one of us a call, and then we would meet with you and discuss with you, what are your lending needs, what are you really looking to do with that money? Not every product is built for every business, but we can meet you where you need us. So let's say, like you gave the example of a Toro driver or owner, I should say, and you want to buy a new vehicle. We could definitely do that for you. We can fund the that is considered. For us, it's considered an equipment loan, okay? So we can fund and buy that, you know, finance that vehicle for you to give you an extra vehicle to rent out on Toro. If you're a caterer, okay? And I love using this example, if you're a caterer and you know, you you have food, you have workers, you need, you you need whatever equipment you need, but you're not going to get paid until the end. So what a line of credit will do for you is to help you finance those expenses, and then once you get paid, you can pay back the line of credit with those funds, and that way you're not pulling that cash in your account out. You know you're using you're not using your own. Capital. At that point we can finance that, that gap, that receivable payment.

Leaha Crawford 10:05
I love it. I love it so. And we just talked about a few industries. So depending on what your needs are, I guess someone just needs to come. Just had a conversation. Let's talk about it absolutely and not in a vacuum. Get out of your silos and you know, just have a conversation.

Keith Jackson 10:20
There's some sophisticated businesses out there. One client in the portfolio specifically makes K cups for coffee

Julian Rosado 10:28
makers. Okay, that's a large business, yeah, absolutely, extremely large business.

Keith Jackson 10:33
And so they buy their equipment overseas, so obviously there's a time sensitive process there, in addition to large ticket items and so structurally, just this just goes into the diversity of how we provide financing too. We can provide an interest only process until they buy that equipment over time, a three month, six months time frame, like a bridge loan, yeah, and at the end of that process, once they acquired all the equipment, we term it out, okay? It was a process of permanent financing on a monthly basis. They pay us on a monthly basis, principal and interest and to the loan is paid off. Okay,

Leaha Crawford 11:19
okay, so base, it's good to have the conversation with you gentlemen, so that you can help the client figure out, the customer figure out, what is the best product for you, because it might not be. It's not one size fits all correct. It's catered to whatever your needs are,

Lamont Fitts 11:38
correct. And I like you know, that's the benefit of working with the bank, like Bank of Nevada, is that we are a regional community bank. So the, I think, the most important thing is that you you have the ability to talk with someone, to sit down with someone and discuss your business and your business needs. That's why I love working. Where I work is because I'm able to provide that, you know,

Leaha Crawford 12:03
let me tell you why I love where you were. You're not doing business with a bank behind plexiglass, yes, yeah, that's huge for me. And you're actually, I mean, you can touch, I mean, you're not doing business with a banker behind plexiglass. And sometimes that is so hard when you go into the larger banks, because they have all the, you know, just to, yeah, that's just one of my I mean, and I remember when the banks changed, because I remember a time when you could go in, but now everybody's behind, you know the stuff, but not at Bank of Nevada. You still it's traditional banking. It's traditional banking. All right, so we talked about Uber now, what about the hair stylist? So I'm a hair stylist, same thing. I just come in,

Lamont Fitts 12:43
same thing, same thing. It's, you know, business is business, and as long as you are running your business in a correct way, and we're able to to show you have the ability to repay that debt, we're looking to grow your business. So if you're a hair stylist and you want to start your own shop, you know, and you need a loan to get that building, to get that to buy that unit, where you can not only do your own but you can hire other people in and grow your business. We're able to do that owner occupied financing. I'm

Julian Rosado 13:20
sure you guys already had clients that were already financially backed by like angels and VCs that were seeking some like outside capital. So how would you guys manage that without them taking equity in to the business?

Leaha Crawford 13:34
So ask a question again. So

Julian Rosado 13:37
how you sure you guys took business or startups that had outside capital, like in VCs and angels, and they came to you said, well, let's say they came to you and said, well, we need some more capital. But they, you know, they exhausted all their resources, basically. And how, how would they come to you and grab some more cash without even messing with, you know, the VCs or angel funds,

Keith Jackson 14:11
that's the distinguish, distinguishing factor. That's the equity side. Is the VC we're on the debt capital side, and so if they have a need, we still treat it like business coming in. Yeah, they still have to qualify, still have to go through the process, provide the proper documentation, etc. Great question, though, yeah, yeah. And

Leaha Crawford 14:31
the other side to that is, are they in bit? Okay, so a lot of times when you talk about VCs and all that other stuff, and running out of money, they haven't started the business yet. No, sometimes, yeah. So they haven't started normally, that startup, right? And, yeah, so, and they don't do startups necessarily. So you have to be in business for two years generating revenue. One of one of their requirements is generate,

Lamont Fitts 14:55
well, Bank of Nevada does have a Small Business Administration Department, right? Right? So we can do some startup lending, just our department doesn't do your department

Leaha Crawford 15:05
doesn't do that, and we're focused on your department, because we don't have to expert in and tell us what they can and cannot do. Exactly, okay? But with this product, it's no Well, we well, let's talk about the startups, because there is something for startups, but it's a little bit more limited, correct? Is it limited?

Lamont Fitts 15:21
Correct? So this is pretty recently, and we've, you know, we do have a lot of new businesses, and we do want to help and grow those businesses. Now, they have to establish some type of performance in their business, but what we can do for them is we can do give them a little financial help, so anything under two years, we can look to qualify them for a $10,000 business credit card and $1,000 overdraft. Now that may not seem like a lot of money, but if you're a new business owner, and your ability to use that business credit card to kind of get some of the things you need as a new business, if you're starting that new hair shop or nail shop, and there's equipment, and there are things that you have to pay for. It's always good to have that business credit card to help you out, and especially in those first two years,

Leaha Crawford 16:11
in those first two years. But you guys won't do now, what if the person is it's their industry, they're just starting. They're in the industry. They have another successful business, but they're just starting this new business, but they have the experience that doesn't Does that count? Or

Keith Jackson 16:29
do you want to take that one key I would certainly we'd still be able to support them,

Leaha Crawford 16:35
but you still wouldn't be able to do. What would you be but the but does it still

Keith Jackson 16:39
start under the startup. Yes, if it's a you're saying it's a separate entity, separate

Leaha Crawford 16:45
entity from what is already established.

Keith Jackson 16:47
Yeah, they would still, if it's under two years, we certainly can support him the overall aggregate debt for that relationship. Though, since there's common ownership, we can only go up to a certain amount in terms of lending on an overall basis.

Leaha Crawford 17:06
I love it. So let me ask you this, though. So if with the products, what were the what are the challenges that you see with applications? So our listeners know what to bring you know what are some of the challenges that you see the businesses,

Keith Jackson 17:20
entity documentation,

Leaha Crawford 17:21
okay, okay, well, let's talk about it. What is entity documentation?

Keith Jackson 17:26
Entity documentation, how did you establish your business, and what's the legal structure of that business? Is it a sole proprietor? Is it an LLC Corporation? We need to know that. And there's associated required documents that need to be provided for each one of those types of businesses. Okay? And so when you establish your company day one, you have to go to the state and file and establish this company through proper paperwork. And so that's what we need in order to identify and know that you're an existing company in the state of Nevada.

Leaha Crawford 18:14
So that's your biggest challenge.

Lamont Fitts 18:16
It is, and you know, you see it sometimes with like LLCs, and they may have fine, filed that article of organization, but they didn't take that next, next step and do the operating agreement. And if it's more than just one owner of that business, that becomes very important, because that kind of tells you, within that business, who has the authority to do what? Who has the power to do what? Who? What percentage of ownership between the two your Articles of Organization, they're not necessarily going to say that. Now, if you're a single owner in that in that LLC, well, that's a little different story. That that that is more understandable, but once you start getting beyond one owner that are those articles of organization are very important.

Leaha Crawford 19:04
Do you ask for the IRS letters? Yes, we do, actually IRS. We do because they're telling that as they tell everything.

Keith Jackson 19:13
I'm so glad we're having this conversation, because the added issue in this particular conversation is when you change ownership, or when you change the name of an entity, we run into issues where they don't file, for instance, amendments that are required with the state.

Leaha Crawford 19:37
Now, are they doing are they changing the name, or are they doing the DBA? Because those are two different things, two different things. Those are two different things and

Keith Jackson 19:44
and in my example, changing the name. It might have been something originally, but even their services changed, so a more appropriate name to identify those services happens a lot. And so when that happens, you do. File another document to document the change.

Leaha Crawford 20:06
Because you can change. And that's and that's the thing, because if you have the corporation set up, you can change. So when you're so when you run across these challenges, are people frustrated? Do they or did it? Is it that they didn't know that they had to follow the documents.

Lamont Fitts 20:23
Yeah. So, yeah, they become frustrated because it creates delays that don't need to be there. So, you know, the streamline process is a pretty quick process when it comes to approving a loan and getting it to the finish line, as long as we have everything in place. But if you have to go back and, you know, find paperwork, or have to create new paperwork, or create the changes to your ownership, I think that's the biggest hurdle we see, is especially when there are changes to ownership and that's not documented on paper, is not documented properly and filed properly, because we because that is the history of the ownership of the business and and as legal documentation, like any any legal loan note, is that we have to make sure we have the proper owners approving that loan as as you know, as it's stipulated in their in their paperwork. So

Leaha Crawford 21:21
let me ask you this, what percentage of ownership stipulates them being on the documents per the bank's requirements.

Lamont Fitts 21:29
Yeah, so we, well, we require, we require, as far as being a guarantor on the loan, we require any 20% or more owner to guarantee the loan. So if you are 80% owner and you have two 10% owners, we still need their information. We still need to show that paperwork that you know you have the 80% and they have the 10% they don't have to guarantee the loan, but we just we need to show the whole percentage of ownership in our

Keith Jackson 21:59
paperwork. Okay, keep in mind. Leah, the reason that's important is because we're doing this in the best interest of the companies, yeah, to properly document their loan. That's essentially the spirit of what we're

Leaha Crawford 22:16
doing. Because I think people, and I watch people get frustrated, because even in our office, for us to do your tax return, you got to give us all your documents I need, because I need to see with all the different types of organizations what form to complete, because there's a particular form that goes with each type of document. And if you give me a LLC document, but you tell me you're a S Corp. I know. I'm looking for another document. Yes. And we've had that happen when people tell me I'm an S corp, okay, I need the election date. I need the election date, you know. And we've had to call the IRS to get them, because they only send it one time, you know. They don't mail it out anymore. You get it, you know. But they mail the S corp election out, but they changed addresses or something happened, and we have to have the election date and so we know what forms to file, because, but I run across the same thing, just not handling the paperwork and knowing you got to pay the Secretary of

Lamont Fitts 23:16
State every year. So the biggest things is having your entity documentation in place and your financials Okay, and making sure you have all that financial paperwork. So if it is the loan that you need, especially a loan above 250,000 we can do that for you. We just need to, you know, have your tax returns, your your your only, your company prepared financials, you know, interim financials that you may have, we're going to need that documentation. We're gonna need your personal tax returns as a business owner, we're going to need personal financial statement. So those are things that you get into the larger when you get into the larger loans, correct, right? But the streamline where, where that's great is that we don't require all that financial information. Now, we may ask, because we're doing our due diligence, we may ask to see your revenue for the prior year, but we're really looking to approve you based off a business score and the FICA score of any 20% or more owner.

Leaha Crawford 24:16
Okay, so what if somebody comes in and they initially they ask for 20, but they really need 70 can they increase the line of credit? They

Keith Jackson 24:25
can. Okay, they can. And typically they can increase it after a 12 month period. They want to see, see our underwriting team wants to see seasoning on the original loan before they come back and

Leaha Crawford 24:39
ask for Okay. All right, so there is some. So you guys are really advocating for business owners, absolutely, helping them get the capital they need in order to be successful in their businesses. Yeah,

Lamont Fitts 24:51
and it makes us successful in ours, because, you know, if we can help fund your business and grow your business, you're going to be you. You're going to want to stay with us as a bank if we can provide the the checking needs you need, you know the deposit needs you have, treasury management needs, you have your lending needs. You know we are trying to build a relationship. We're not trying to be a transactional bank. We are trying to be a relationship bank.

Leaha Crawford 25:18
I love it. Okay, so one more time, can we have a contact information. So we're going to have Lamont, you go first, so Keith can get together.

Lamont Fitts 25:24
So he can get together, Lamont Fitz and I'm with Bank of Nevada. My direct contact number is 70225263041, more time. 702-252-6304,

Keith Jackson 25:38
okay, Keith on this. Is, don't give us your cell number. This is Keith. I have it together. Jackson, come on.

Keith Jackson 25:45
It's 70226820481 more time, that's 702-268-2048

Leaha Crawford 25:54
and I thought it was very important to have both of you on here, so that you know people, you know they have options, and that that's the one thing I hear access to capital, because it was very hard for small business owners to get working capital. People would say, We're doing working capital loans, but we would consistently get denied for whatever reason, consistently denied, and just access to a little bit more money can help us get just over the finish line, and y'all are bridging the gap. So I want to say thank you. Thank you for the willingness to come on and to share the information. I mean, is there anything else you want

Lamont Fitts 26:30
to add? No, I just want to thank you for having us again and kind of this discussion, because it's important and it can help a lot of people. I think it helps a lot of business owners when they approach a bank, even if they don't come to us. But you need to have this stuff in in in order to get what you need to grow your business with any bank you go to. But I prefer you to come to us.

Leaha Crawford 26:51
Well, the thing about it is, we talk about bail all the time, and guys can take this with you, because bail is you need the banker. You need that banker. Yes, and from what you're saying, you want the relationship. So you're the banker, yes, you know the CPA, the accountant, you know insurance and the lawyer, but this banking, I love the fact that Bank of Nevada wants to have the relationship because that, I mean, that's everything the relationship is, everything, anything you want to add.

Keith Jackson 27:15
Last thing is utilize that those numbers Lamont and myself

Leaha Crawford 27:20
one more time. Let's let's go for one more time. You want to go first? You ready? Absolutely, come on, let's go. Keith

Keith Jackson 27:24
Jackson 70226820481 more time. Keith Jackson 702-268-2048

Lamont Fitts 27:35
All right, Lamont and Lamont Fitz, 70225263041 more time, 702-252-6304, sit down and discuss how we can help

Leaha Crawford 27:46
grow your business. They can, yeah, contact information. So what we'll do is, what I would like to do is to bring you on probably every six weeks or so, and let's continue to have this conversation, because you never know who is listening. And we want to make sure that, you know, especially as long as the product is out there and you guys are doing the product, and it's great conversation. It's a great conversation. A great conversation. Julian, you have

Julian Rosado 28:09
anything you want to add? Yeah, how does the follow up look like? So let's say I'm small business and come to you take out a loan, how about the follow up look like? So let's say you don't hear word from from that certain time when he's supposed to pay back the loan or something like that, how would the follow up look like? Say, Okay, we'll come back. Or is your business struggling or, or

Lamont Fitts 28:29
are we talking about if they've already established alone with Yes, yeah. Well, I mean, I mean, that's where the relationship comes in, yeah. So hopefully we've developed a relationship as as your banker, that as you grow in your needs, grow that I'm the first phone call you're going to make, that you're you're calling us, and we can figure out what your needs are and and how we can fit you into a product that that's suits you and your need. So it's just continual follow up, continual, you know, conversations. I always like to, if I can, you know, we're very busy right now, but I like to drop in and see certain business owners and see their business because, you know, that's what I get personally out of it. Of what I do is, is when I can drive around town and say, Yeah, I helped that business out, and look at that business. I remember when they first started. And, you know, I've gone to a couple of places, and you know, for me, that's the pride in what I do in banking, is just being able to say I helped that business owner out, I helped that business grow,

Leaha Crawford 29:30
and I appreciate that. All right, y'all. That brings us to the end of the show. Thank you very much for coming on. I appreciate you. You have listen here Vegas. You got the information. I can say we put it out there for you, because we know there's a need, and we're trying to fill that need. You're listening to growth and grace with me. Leah Crawford, this is Julian Rosato, and we will talk to you next week. Peace and blessings. Bye. You.

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