Growth & Grace

Wesley Knight 0:00
This is a KU NB studios 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 jazz and Moore the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Even better than that was the last time, baby

Leaha Crawford 0:35
we back and we back and we back and we back. Hey, happy holidays. Happy holidays. Christmas was a couple days ago, so I hope y'all hope you enjoyed yourself, yeah, yeah. That's all you got to say is, yep, yep. That's all you got to say.

Julian Rosado 0:57
Christmas in Nevada, it's Christmas

Leaha Crawford 0:59
you and I love it because celebrate. I mean, back east, I want to say happy birthday to my daughter, because she is having her 30th, her 30th birthday. Oh, so she's had celebrations in multiple cities, you know, because she's just Miss International Tax Attorney. So Miss Aaliyah Bay. Harmon, Aaliyah B Harmon, Happy Happy birthday. Happy birthday, happy birthday. And many, many more. We're not even gonna talk about the games, because every game has been absolutely amazing. I mean, and somebody told me that the second half of football season is better than the first half. I didn't believe y'all it is true. Who you got going through Super Bowl? Who you pick? Who you picking?

Julian Rosado 1:39
Of course, the I have right now, the Niners, the Niners, you can take out Purdy, you can take out anybody. Shanahan has that whole team going,

Leaha Crawford 1:50
got it? That's what you have. All right, all right. Well, you know who I bought in, you know who I got because what's that? NFC East, two years in a row, first time has happened in over 20 years.

Julian Rosado 2:01
Looking at it, he

Leaha Crawford 2:02
A, G, L, E, S, eagles, I don't care what you say,

Julian Rosado 2:06
all right, in the NFC, I mean, you can put me in the NFC. I mean, they'll win you, and I can't have a team in, we could be number one.

Leaha Crawford 2:19
See, disrespectful. It's gonna be totally it's just totally disrespectful. I'm thinking

Julian Rosado 2:25
about joining the team in NFC. You

Leaha Crawford 2:27
joined the team in NFC. All right, you want to know what? But that's all right. Though, that's all right, though we ran them numbers up last year. Though that's all I can say. That's all I can say. Random numbers up, yeah, as they say, Shawn, because shayshawn was the man. Yeah, he was. All right, okay. Well, today y'all we wanted into the year last show, we wanted to have another conversation, because we are going into the new year, and like Marcus Allen told you a couple of weeks ago, it takes a year to plan for a year, and I just want to just drop some more nuggets and give you some more information about a program. And we've talked about it before, Western alliance bank, and I have Lamont and Keith here with me again. So Lamont Fitz and Keith Jackson are here say hello, y'all Hello. Hello, doing and I'm gonna ask y'all a question, who y'all got going to Super Bowl? See y'all not see, look at

Lamont Fitts 3:18
okay, it's too early, so my team is in the NFC East too, just so, you know,

Leaha Crawford 3:22
I know, right? Tell them

Lamont Fitts 3:27
some respect on their name,

Leaha Crawford 3:28
put some SPECT on that name, like them giants.

Lamont Fitts 3:33
So I'm bound by law not to pick the Eagles. I think with everything that's happened with the injuries of Green Bay, I would, I would have to say, San Francisco. Okay. You think San Francisco? San Francisco is gonna make it, win it, yeah.

Julian Rosado 3:48
They always, they always mess it up, yeah.

Keith Jackson 3:51
Where I'm from, Portland, Oregon, have no NFL team, okay, but up the street, we we see it, we roof

Leaha Crawford 4:00
them, Seahawks, Okay, y'all don't go down, and y'all don't go down and roll for the roof of them. Um, Niners, no, okay, now y'all go, Okay,

Lamont Fitts 4:07
I'll leave that to my dad. Lead it to your dad. That's his favorite, yes.

Leaha Crawford 4:12
Well, I know who not going to the playoffs. I know who not going. And I just, I had to say it, because y'all know when the Eagles lost to the Cowboys, I got so many text messages and so much stuff. But guess who not going so didi? Guess who not going to the playoffs? The Cowboys. Now, Alright, y'all, so let's talk about the bank. Let's talk about, let's talk about what's going on with the program. I know this is probably like a third or fourth conversation about it, correct?

Lamont Fitts 4:35
Yeah, we it's been kind of tailored and changed a little bit, right? We've talked in the past about it, but just to give everybody an update of what the product is, it's a it's a business line of credit up to 100,000 that doesn't require you to submit as a business owner financials now, they're additional information that we're going to need from you. Also, what. Required is that you are a business deposit customer of the bank, so it's important that you establish that deposit relationship with the bank in order to have access to this product. And what it is, it's up to $100,000 revolving line of credit. It's a five year term. The interest the interest rate is Wall Street Journal, prime plus point nine, five. And the, you know, the the fees, total fees that come with, there's no loan fee, there's a documentation fee and a processing fee that will take it up to $300 but that, that cost is, you know, it's pretty much covering that line of credit for

Leaha Crawford 5:38
five years. I love it now, Western alliance bank. Let's talk about the bank and formerly bank of Nevada here. Well, formerly named bank, always Western alliance bank, but formerly named bank of Nevada, because I'm noticing around town that Western it just it hits different. Yeah, it is different. Just by me knowing where the branches are, I'm like, Oh, wow, that W, A, B, I like that.

Lamont Fitts 5:59
What I think is done is because we've rebranded. We were always, like you said, we were always Western alliance bank, but we had different affiliate banks in different regions going by different names that were important to those regions. Torrey Pines in Southern California, bridge bank in Northern California, Alliance bank of Arizona in Phoenix. And it made sense, just for at this point, to brand all the banks into one name, because we all already are one company. So we rolled out their that rebranding of the bank second half of this year, right? And I think it's caught on with the people. You know, it's, it's, there was a reason we held on to bank in Nevada for so many years, but now it was time to make that

Leaha Crawford 6:41
it's so funny because I have a few clients that bank with you, and they consistently, you know, Western Western alliance bank of Nevada. I'm like, No.

Leaha Crawford 6:49
They're like, Western alliance bank of Nevada. I'm like, no, no. And they're like, Well, what is it then? Or they just messed the name all up. But I love it now, because now it distinguishes you from Nevada State Bank, because I would get that confusion. I mean, I was even confused when I first got here, Nevada State Bank, or bank of Nevada, but now it's a clean distinction. This is Western alliance bank. So kudos to you guys. Kudos to you.

Keith Jackson 7:12
It's interesting. Lamont was recapping the line of credit, and did a great job doing so. I will point out that when we first started having these conversations. I think Prime was eight and a half or somewhere. Yeah, now it's down to six and three quarters. I love it. So then you Okay, six. So I just wanted to make a note of that. It's cheaper money, cheaper money. Yeah, nowadays, and so that point nine five is under a point two, so that's the margin above. So, yes, competitive pricing.

Leaha Crawford 7:41
All right, so the thing, okay, so I'm a business owner, and I'm interested, what are the qualifications for me, besides being a depository of the bank, do I mean, is it a time limit? I mean, do I have to have that account for a couple of months a year? Are there any other requirements for me as a business owner,

Lamont Fitts 8:01
that's a great question. The requirements is that you your business has been operate, in operation, and been registered with the Secretary of State of Nevada for two years along. That's the biggest requirement. Okay, so we want to see an established, seasoned business. It's not a startup, because this product is not for a startup. It's not for it's not for a startup. And as we're getting into the beginning of the year, and as you know, businesses are planning for that year and preparing for, you know, 2026 it's probably an important product to have, depending on what type of business you have.

Leaha Crawford 8:35
Okay, well, let me ask you this, though, what if, because we have a lot of people moving to Nevada, and my business. I have my business, but my business was in another state. If they have a far a new foreign entity here, but they've been established somewhere else for years because I'm running into a few clients that have that

Keith Jackson 8:50
issue, absolutely. Let's say it's Wyoming somewhere, and they've been there since 21 they file as a foreign entity here in Nevada, right? So however, they still need to be in this marketplace, operating and managed as a business for at least two years.

Leaha Crawford 9:06
Okay, all right. I like, okay, great question, though. No, I do, because I think when people hear it, people only hear 100,000 and no, Doc, they don't hear the other requirements. And they get, you know, it's kind of getting frustrated. I mean, you're frustrated. You go to the bank, you're expecting one thing, and then you're asked a whole bunch of questions, and you can't answer the questions,

Lamont Fitts 9:26
yeah, you know, the bank always has to do it. It's the due diligence and make sure we're putting good loans on the buck, right? You know, that's a requirement from the regulators. It's a requirement of our stockholders, and we always want to put the customer in the best position. We don't want to put them in a position to fail. So there is a credit score that is that they must meet. You know, we won't talk about that here, but there's a credit score that they must meet as a business owner. And then there's also business score. And the business score is based on not. Only the credit that they have out there as a business, but also, you know, industry, location of industry, length of time in business, length of time in that market. Now, these things are proprietary to Experian, which is a credit reporting agency, and you know, it's kind of like your FICO score. We know what goes into the score, but we don't know, but

Leaha Crawford 10:21
you don't, and that's the and I guess that's the other thing too, because when you're thinking about it as a business owner, because I've heard about the business score, and I have no idea what my business score is. I know what my credit score, my personal credit score, is, and I know that when I apply for stuff as a business, I get it, but I have no idea what the score is or what makes up the score.

Julian Rosado 10:38
I know you look at the DUNS number, yeah, there's, yeah,

Keith Jackson 10:42
there's certain done Street in for information that goes into it. How you pay your trade creditors, okay, your contractor and you, I think we talked about this before, and you're buying wood at Home Depot or something, you establish a credit account there. Those things count against your your trade experience. They look at that size industry, I think Lamont mentioned and even on a personal level, I think there is some accounting of your personal score, some ingredients from your personal score that goes into it. But there, there is a lot to that score. But to answer your your inquiry there about the business score, and not knowing it, you do have access, and can get access to that score, and we again, use experience. So there are con there's contact information that we can provide individuals that they can lean into the okay to see what that might be okay.

Leaha Crawford 11:43
Because, you know, you hear all the all the people telling you on all the YouTubes and Instagrams about all the things, and you hear this stuff, but then I'm like, is it really credible? You know about I can help you raise your business score, can you know? And that's, and that's just me being skeptical as a business owner, because I know with credit is paying your bills over time, yes, on time, over time, yep.

Lamont Fitts 12:07
The thing, the thing about the business score that's a little different than the FICO is, is that it appears to me that sometimes it's hit and miss. Okay, what appears on that report? Okay, I've had customers that when you look at their their report, it doesn't show any trade lines for their business, but they've known they've had, you know, loans or accounts somewhere, like Keith said, maybe a Home Depot because they bought some materials for the business. But it's not, but it's what

Leaha Crawford 12:33
was the Home Depot account in the business name or in their personal

Lamont Fitts 12:36
name? That's, that's one, that's one. Was

Leaha Crawford 12:39
it driven by the EIN number or their social security number. So it was all those little things. And, you know, as a business owner, I had to, you know, I was like, okay, and you hear people say different things, and it's like, I don't know. Okay. What do I do? So, what do you see when people and, let's talk even I know you can't disclose why they got declined, overall, when people are getting declined. What is the what? What is the issue? What do you see for this product? What if people

Keith Jackson 13:06
have the overarching reason is that business SPSS score, it falls under our threshold. Got it? Yeah, in my experience with the clients and applications I've seen,

Julian Rosado 13:17
okay, it's just the score. What is your recommendation for improving that.

Keith Jackson 13:23
Again, like even on your your personal side, it's establishing more credit and getting a more history of payment experience, for instance, with your trades, it's as you grow as a business. Again, remember, there's industry dynamics that this score incorporates. So as you grow as a as a business, the size of your business, what industry you're in, there's so much data out there that they use in comparison to other businesses in the industry. And so those kinds of elements you need to be very conscious of in terms of not only payment experience, but ensuring that you're continue to be successful, even as when I when I mentioned size. Let's say you're starting out at $100,000 a year. That's the type of revenue you generate. Well as your business grows, then that accounts for something in that school as well.

Leaha Crawford 14:22
Yeah, okay, all right. I love it. So you're listening to growth and grace. I am Leah Crawford.

Julian Rosado 14:26
This is Julian Rosado, and we are here with always. Love how you look at me, when you

Leaha Crawford 14:30
Oh, when I say that, Oh, do I look at you a certain way? We're here with Lamont and Keith. Let's give your contact information. So Lamont, if you want to give me your contact information,

Lamont Fitts 14:41
sure my my direct line is 702-252-6304 that's 702252636334 right. 63346, yeah.

Leaha Crawford 14:53
63046304, okay, I'm gonna let you say that again,

Keith Jackson 14:57
because you could, you didn't do well because I. Call him all

Leaha Crawford 15:01
well, maybe I should have asked you for his right?

Lamont Fitts 15:04
So it's, once again, 702-252-6304,

Leaha Crawford 15:09
and that's so funny. You say that because I remember somebody asking me for my phone number, and my daughter gave it to him. She was like, because I call you, you don't call you. And I'm like, that makes sense, right? Right? Absolutely. So I'm gonna ask you what's keeps

Lamont Fitts 15:23
on what's your phone number? Keep

Keith Jackson 15:26
My office number is 702-268-2048, that's 702-268-2048,

Leaha Crawford 15:33
okay, so now let me ask you this though, what do you recommend for small business owners if they're trying to get ready for for the product, things that they can do just on recommendations,

Lamont Fitts 15:42
like just general recommendations. My always because the we are still a traditional lender, okay? So even if you don't meet the criterias of the business advantage line, we do look at we do we can look at all loans with Financials. So my suggestion is to make sure you have your financials in place, because there may be questions anyway, even though we we start the product out saying we don't require any financials, but there may be a question on revenue and and, you know, sometimes we'll, we'll ask to see maybe the last, the last financial state or less, tax return, business tax return. And that's really just to establish that the revenue hits where it needs to hit in order to meet the need of that line of credit. So the things I would say is, is, as you're working towards the end of the year, as you're getting ready to get into New Year and tax season, especially personal tax season, that you have those things in place for if you are looking for a loan. If you do have that need, that not only can you apply for the business advantage product, but you, you're, you have the ability to plan to, you know, apply for any other product with full financial package.

Leaha Crawford 16:52
Now, what about the bankers at the bank? Because that's what I love about Western alliance bank, the bankers at the bank. I love the fact that you're not banking behind Plexiglas and most of the branches you know you are, and you can have a relationship if you choose to have one with a banker.

Keith Jackson 17:06
Funny, you segue into that, because my response to your previous question was going to be, it's always great when we're able to sit down across from business clients. Okay, because they, you know, businesses are the owners. They love telling their story about their business. They love talking about their business, and as they do, they uncover needs for us. Okay? And so while we're talking you talk about being prepared, we have an opportunity to zero in on discussion topics that lead us to what they will need in order for a specific product that they're looking for, or, you know, whether it's long term capital or short term capital, we need to understand that so that we can really strategize on what product we can discuss with them that is right for their opportunity,

Leaha Crawford 17:58
right, right, Right. So here, give your contact information again so that they can contact you, because I think that's good, because don't just call me for you, because you want this product. Let's plan and part, you know, I talk about bail, bails, and one part of bail is a banker. As a business owner, you need a banker, an accountant, somebody insurance and a lawyer and a support system, yeah, but the banker is important, and you're saying we want the relationship

Lamont Fitts 18:22
with you and to piggyback. What Keith said is, I know I had an experience recently where I went out and visited a customer and had a conversation on a current product that they already have, and what you what you end up doing is by sitting down and talking to them, you understand and they realize some of the other needs that they may have that the bank can also assist them with, and it just comes out of that conversation. So yes, I love that about our bank is that we provide that personal touch. We provide that someone you can talk to, someone you can have a conversation with. You're not just dialing one for this and two for that. You actually have the ability to talk to someone and get that kind of conversation, that feedback that, as a business owner, you need,

Leaha Crawford 19:09
I appreciate that, because that's sometimes that's very important. It's the relationship, the relationship.

Keith Jackson 19:14
So I'm going to give my info again. Come on. 702-268-2048 Keith Jackson, 702-268-2048

Leaha Crawford 19:24
All right, Lamont, I think you want Keith to give yours.

Lamont Fitts 19:27
No, I got it's Lamont fits, and it's 70225263047022526304

Leaha Crawford 19:37
and to our listeners, what I want to say is, what I love about them, is they are not in competition. They are complementing each other and absolutely and they want what's best for the business owner. So how do we get you in position to succeed? What do we need to do to get you in position to succeed? It's the end of the year. So is there anything, any best practice? Says you would tell the business owners now, I mean, as they're planning for their 2026

Keith Jackson 20:04
ensure that those entity documents are up to date. That's for sure.

Leaha Crawford 20:09
Have you seen that a lot? Yeah, the entity documents not up to date. Yeah. Okay, okay, all right. And what that simply means, guys, is your Secretary of State is due annually. Got to pay it annually. If not, you're gonna pay a late fee.

Lamont Fitts 20:21
And also, if you make any changes to your business ownership structure, remember you have to memorialize that with paperwork. It's important, because I've run into that a few times where someone has purchased an LLC or a corporation from an individual, and they didn't change the document secretary and they didn't change all the documents, especially, all the documents, especially with a limited liability company. An important document is that Articles of Organization, and sometimes you need to, you know, rework that when there are big changes to the ownership structure. At one time, there may have been three owners, and now there's one, but their entity documentation says their their requirements is three people that have to agree on any new deposits, count any new loan, and then they don't realize that, because they don't have that need at that time that transition happened. But when you do need money now you have to now you have to go back and call your lawyer and say, Hey, I need this new document drawn up. So it's

Leaha Crawford 21:20
important you want to think about and again, again, that's my bail. That's why you need the banker and you need the lawyer, right? Because you really need to understand those documents. When you talk about multi member LLCs or corporations that you really do need the lawyer

Lamont Fitts 21:35
and they and they set the ground rules for that company moving forward, whether it's deposit accounts, whether it's loans, we have to follow what those those guidelines are that you put forth in your own business.

Leaha Crawford 21:47
That's why I love Marcus Allen. I said, Who's your partner? He said, Me. And God, he said, No, that's easy. Me and God, he was like, all my documents is me. It's just me. I don't know it's just me, okay, but you really so when you're buying corporations, or buying these LLCs and all the things, you just need to make sure that when you buy it, that you look at the documents and make sure that the documents are in alignment with what you purchased and how you want to operate.

Lamont Fitts 22:18
And not just when you purchase a business, it's when you make changes within that business, because a lot of times what you see is that there were several owners, or a couple of owners, and one of those owners has left the business and sold the business to the other partner. But you need to put that in writing in and that's important as you move forward. And you need these things, you you're going to need them, not just for the bank, but you're going to need them in other places. So it's important that you get that in place. Also, what I would say is that you, because we're coming up to year end, is to get your internal financials in place so you can provide them to your accountant, so they can do their work and put you in the best position for the new year.

Leaha Crawford 22:58
What I can tell and that's thing, and that's good advice, because I'm having conversations now, because a lot of people this new 1099, NEC, and not really understanding what the NEC is, because it used to be just miscellaneous. But we'll have a later conversation about that, because if people are earning money or understanding who gets one, because I had someone call me something, do I need to send it to the bakery? I was like, No, you don't send it to the bakery. The bakery number. The bakery gave you some donuts,

Leaha Crawford 23:25
not for the donuts, but you give the to 99 for people providing services, but just having that conversation so that people understand

Keith Jackson 23:32
what they need to do. And we don't want to scare business owners when we're talking about amendments to documents. Literally, it's really not that much. It's not page exactly,

Lamont Fitts 23:45
Minnesota meeting,

Leaha Crawford 23:46
Minnesota meeting, this Minnesota meeting, but you have to have the meeting. You have to have the meeting again. But I think that it sounds foreign, but once you start digging into it and you Well, when you understand that it's not difficult, but if you're getting all this information at one time. It can be overwhelming, true, and that's what I was seeing a lot of times. Stuff was just being overwhelmed, overwhelming. But as I started to break it down, and somebody said to me, early on, you see an elephant, you have to eat the elephant. How do you eat it? And they were like, one bite at a time. Just go one bite at a time and take it little by little, but you got to plan it and know what the end goal is. So if you have anything for our listeners, what would you tell them to get ready for 2026 I'll start with you.

Julian Rosado 24:28
Julian, well, I love the fact that you love the in person, in person meeting at Western alliance, because I've seen you on the telephone with the telecommunications call with my banker, yeah, with the automated calls, like you don't, you don't know how to say representative. You know you don't. You don't know how to how to deal with those AI calls. You're supposed to say representative, representative, really fast, but you go ahead and hit the buttons and go through that long process. And I keep watching you get really, really frustrated. I think it's so funny.

Leaha Crawford 25:06
Yeah, that is true. Well, because you want to know, because I try to give them the benefit of the doubt, you know. Okay, so y'all say that this thing can handle it. Let me see

Julian Rosado 25:14
if this thing can put you in a loop over and over.

Leaha Crawford 25:17
But when you call most companies, that's what happens now they you know nobody, you don't get

Julian Rosado 25:23
a direct person. That's the purpose,

Leaha Crawford 25:27
and that's all my problem. You

Lamont Fitts 25:28
get two number pushes out of me if I can't speak to someone after the Second.

Leaha Crawford 25:34
We have a problem. We have a problem. We have a problem. That's why, less less communication, less conflict, right? But I

Keith Jackson 25:41
was just getting ready to say answer to your question. For me, the thing that came to mind was, businesses have business plans. And for 2026 in this uncertain marketplace economy, I would say, stick to your blueprint. What has sustained you up to this point. Of course, you're going to have to be adaptable over time, etc, but the Yeah, the core products and services that you provide that have been successful really be consistent there as we wade through the 26 season, because there is some, there will be a lot of uncertainty. All right,

Lamont Fitts 26:27
Lamar, what you got, I would say similar things, is that you know, you take the lessons as a business owner, the business owner, that you learned in 2025 and try and move those into 2026 because if in the business, in the business world, I think 2026 is going to look similar to 2025 I don't see much changing as far as the environment that we're currently in. So just be prepared for it. Just be prepared. Like Keith said, to be adaptable in your business. Have give yourself the ability to make moves and changes within your business that are, they're going to help you and help the bottom line of that business there. There may be some things you have to subtract, there may be some things you have to add, but like he said, The most important thing is to plan that, and to get with your accountant, get with your banker, and really dig deep and try and plan 2026, because we don't know what the environment is going to be. We don't know what the what the interest rates are going to be. You know, they can go up, they can go down. We don't we don't know how tariffs are going to continue to affect businesses. Are they going to come down? Are they going to go up? We don't know. So you you just have to be very mobile in your business.

Leaha Crawford 27:41
Got it so I can tell you guys happy New Year. I hope you have a good holiday season. We will see you at the top of 2026 Thank you, gentlemen, as always, talk about this product. Talk about this product to make sure that we're educating people and getting people, you know, just informed, because education is the best way to, you know, combat not knowing, right? I won't call it something else, not knowing. All right, y'all Happy Happy holidays. Happy holidays. Happy holidays. Pleasure being here. All right, peace and blessings. You.

Transcribed by https://otter.ai