Michelle Netwal, our Chief Financial Officer, sat down with Emily Rogers, Founder and CEO of Emily Rogers Consulting and Coaching, to talk about leadership development for women.
“Let’s make it happen,” said Paul Noris, CEO of Bank of Central Florida. Those were words Sonji Coney, CEO of Coney Funeral Homes, did not expect to hear as she shared some of the challenges she and her business were facing. This was the perfect example of what the term “relationship banking” means: sitting down with a Commercial Banker and CEO of a bank, laying everything out on the table and asking about financing options with someone you trust.
There are many options for financing your business. Two of the most common are conventional and Small Business Administration (SBA) loans. In some cases, borrowers apply for a conventional loan, but don’t meet the lender’s criteria. When that happens, it doesn’t mean the borrower can’t obtain financing, it just means the borrower needs an alternative source of financing.
Bank of Central Florida is aware of the impact COVID-19 has had on local businesses. To help meet the growing need of an SBA 7(a) lending program, Bank of Central Florida has brought on Kevin Riffey to lead the development efforts.
A Tampa Bay native, Lauren Fernandez has joined Bank of Central Florida in their Vision 2025 initiative. The goal of the initiative is for the bank to see growth and expansion in Central Florida over the next five years. Hiring Lauren is the next step in seeing that goal realized.
A wise banker once said, "Profits don't pay loans back – cash does." While that comment is somewhat cryptic, it does make a point. Namely, that profits result from an accounting formula that often includes accruals, depreciation, and other items that do not change a company's cash position. On the other hand, cash flow is truly what a company has available on any given day or month to meet its obligations.
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