Being a Business Development Officer, I have the pleasure and opportunity to develop impactful relationships, create strategic partnerships, and help provide access to solution-based products and services to our business members and community.
I reach out to new business members via a thank you email to ensure they have a resource for any immediate or future needs. One new business member, Justine, contacted me after receiving my welcome email to discuss how I could further assistance her.
We scheduled an hour meeting at the branch, and I dedicated the first 30 minutes to simply hear her story. She shared with me that she was inspired to start her own caregiving business after discovering her passion when caring for her mother who had unfortunately passed away.
She was also recovering from a difficult marriage that left her with significant debt. Despite limited resources, she was determined to establish a solid financial plan to get back on her feet and take her business to the next level.
Justine shared how her ultimate goal was to buy a caregiving home for her business. Although she had many years of experience, she had just started her business and therefore did not have business credit or tax returns. She understood we needed to put a plan in place to secure her business home.
After additional conversation, we decided to start with refinancing the existing auto loan she held with another financial institution to free up monthly cash flow. She had a $30,000 loan and was making $900 monthly payments. After calling the lender, she was shocked to find out the payoff balance was $29,000 — all of her payment was going toward the high interest and little to the principal.
We refinanced the loan at a much lower rate of 9.89% and also provided her with a share secured Visa for her business, which would help her start building business credit.
She was incredibly thankful and knows I will continue to be in contact with her for any future need. It was a great reminder that our purpose is to help elevate the financial wellbeing of our members through good times and bad, and I was able to achieve that just by listening.
This story was submitted by an employee of Redwood Credit Union.
