Speakers Detail Keys to Business Lending Success

July 13, 2010
/ PRINT / ShareShare / Text Size +

“As our business lending department continues to grow, we continue to work closely with our marketing and business development department,” said Sandi Carangi, vice president of marketing and business development at Erie (Pa.) Federal Credit Union, during a Monday afternoon breakout session at The 1 Credit Union Conference in Las Vegas. The marketing folks have access to all the competitive intelligence the business lenders need, she said.

Erie Federal’s business loan portfolio should be about $10 million by the end of this month, said Carangi. About half of its business loan volume comes through its credit union service organization. She said her credit union has opened 217 business accounts during the past year, with an average balance of more than $2 million in deposits.

Sandi Carangi
Interest income on business debit and credit cards is very strong, says Sandi Carangi, vice president of marketing and business development for Erie (Pa.) Federal Credit Union.

“It’s not clear yet how legislation will affect interchange fee income, but right now interest income on business debit and credit cards is very strong,” she said.

Joining Carangi was Scot Hadden, vice president of business banking for Servus Credit Union in Alberta, Canada. His credit union has been offering business services for many years and has a mature business services department, with a $3 billion business loan portfolio and 200 employees dedicated to business services.

Hadden says his credit union's keys to business services success are to be:

* Fast. Most small-business owners aren’t blessed with patience, so don’t be bureaucratic.

* Competitive. The market is smart, but you don’t have to have the lowest fees and rates.

* Flexible. If a deal is strong, your terms should be flexible.

* Advisory. Make it your business to know their business.

* Relationship-based. This is the most important one and is the key to success in business banking. Visit your businesses and take interest in them and their business. Smile, relax, and have fun. Go the extra mile for your businesses and offer a full package of services.

* The employer of great people. There are a lot of people out there who have the tech skills to do business lending, but you also need people with sales and relationship skills.

* Involved in your community. Be visible and support other small, nonprofits.

Daily News





 View more conference coverage

Post a comment to this story


What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive