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Have you ever wondered what it is that your banker is really looking for when they talk with you about a credit request? Well, wonder no more, I invite you into the brain of a commercial lender (enter with caution as it is a scary place!)
So now that you have seen into the mind of a commercial lender I hope you will take away from this discussion that it isn’t too scary a thought process. Indeed, the more certainty that the banker has that the loan will be paid “as agreed,” the more likely that you will not only receive a favorable loan decision, but also the best interest rate.
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Chris Caldwell is Senior Vice President of Business Banking for MutualBank.
Winston Churchill said:
“We make a living by what we get, but we make a life by what we give.”
Giving is the spirit of MutualBank. We have four values which guide how we do business: Character, Compassion, Class and Competition. MutualBank has had a long standing history of giving back to the communities we live and work in, but our Jeans Day program goes beyond a company gift. It’s an opportunity for MutualBank employees to ‘make a life’.
Inevitably when you talk with someone who runs a nonprofit, they always say their greatest need is money. Our Outreach Committee found a way to meet the greatest need of the local nonprofits while giving our employees the opportunity to make a difference. The Outreach Committee decided to incorporate a monthly "Jeans Day". Jeans days occur on the last Friday of the month and it costs an employee at least $5.00 to participate. The benefit to the employee is that they get to wear jeans to work. Bankers are typically traditional and conservative, so this is a step outside the box! The benefit to our community; however, is greater than we imagined.
A bank of our size, $1.4 billion, typically has a plan for sponsorships and certain organizations they support year after year. The best part about the Jeans Days is that the beneficiary of the funds, for each of the counties we serve (Delaware, Randolph, Grant, Wabash, Kosciusko, Elkhart, St. Joseph counties) are local to each county. Some months, the funds go to a national effort, like the American Red Cross, but the funds stay local in each of the communities we serve. Other months, the funds are given to different nonprofits who serve a certain segment of our community footprint. Either way, the funds, with the exception of one Jeans Day in 2012, stay in the county in which they were raised.
The one month I am referencing when funds did not stay in the counties we serve was in March 2012. In early spring, there was a horrible tornado in Southern Indiana, near Henryville, that leveled the town. It was one of the most devastating natural disasters our state has seen. As a result, we had an “Emergency Jeans Day” to help our fellow Hoosiers in their time of need. Proceeds from this effort went to the American Red Cross to aid those Hoosiers in need.
We believe by giving our employees the opportunity to show compassion, we are helping them ‘make a life’. We are proud of our employees and the impact they have on the communities we serve. It is our pleasure to share that in 2012, our employees have helped over 20 different organizations raising $14,264.03!
I hope I have become wiser as I have aged. For I have surely aged! I work in Human Resources & Training at the bank, and we had a great manager’s round table discussion the other day, and I had possibly the best question that has ever come up in one of our sessions. A young, very new manager asked: “If you knew then, what you know now (about managing people), what would you do differently?”
And every manager in the room had an answer. This was a great reflective question. We had engaging and wise comments shared, and so, I am going to turn this question inward, twist it a little, and share: “If I knew then, what I know now, about preparing for my financial future, what would I do differently?”
Yes, I was a not-so-smart-but -thought-I-was-da-bomb-college-graduate-newlywed-burgeoning-career person, way back when, and as I am now aiming for some financial goals so I can live comfortably in a few years, here’s how I answered my own question:
If I knew then, what I know now, I would do these things differently, to plan for a more secure financial future:
Hindsight is 20/20. So, hopefully I’ve learned. If nothing else, maybe my ‘shoulda coulda wouldhave’s’ will help someone else make better decisions.