Episode 30: Nick Sarantopoulos and Jodi Dugan of Community Credit Union
Today I'm speaking with Nick Sarantopoulos, who is the CEO and President of Community Credit Union in Lynn, Ma and Jodi Dugan who is the marketing manager at CCU. CCU is a brick and mortar for sure, but neither Jodi or Nick actually own it. Technically the credit union is owned by the members, the people in the community that are putting their money into the institution. This structure is exactly why establishing a relationship with a local credit union might be best for a brand new brick and mortar. As you'll hear in this episode, CCU prides itself on being a partner to the businesses it lends to and takes a vested interest in their successes and failures.
I wanted to talk with a financial institution that could answer some of the questions we all have about start up cash, lines of credit and all the other financial aspects of running a small business. I was also interested in the differences between borrowing from a traditional bank vs. borrowing from a credit union. And by the end of the this convo, I was definitely convinced that should I ever need another loan, I'll be marching over to my local credit union and working with them.
- Forming a relationship with your bank or credit union before you apply for a loan to increase your chances of getting the money you need.
- What will keep you from getting a loan.
- How to build your credit in preparation for applying for a loan.
- Why a local credit union is more like an ally than a lender.
- What you need to prepare before securing a loan.
- Some guidelines for how much $$$ you'll need to borrow (but it's really pretty relative).
- Why relationships are more important than ever in establishing a partnership with your bank or credit union.
- Why the way that a credit union is structured is what allows for this type of relationship to form.
Do you have questions about loans, lines of credit or anything related to business banking? Ask away! I'll do my best to answer them and if I can't, I'll pass your query on to someone who can. And stay tough friends, I know that money is often top of mind when running a business and not always in a good way. If finances are tight, remember that you're not alone, not everyone is making more money than you and your business will be okay.
Remember to sign up for shop keepers notes on this very site and to rate and review the show on Apple Podcasts if you're feeling generous. Thank you for your support!