Video Transcript: Business sCOOP – Business Loans

The Business sCOOP – Business Loans

Donnie Robicheau: Hi I’m Donnie Robicheau here at The Cooperative Bank of Cape Cod and I’m here today with Mary Lenihan and this is the Business Scoop.
How can a business line of credit help out our clients?

Mary Lenihan: That’s a great question Donnie thanks for having me today. Business lines of credit are great tools for our small business and even larger businesses here at the coop and we use lines of credits with our customers largely to help them ramp up for their season and this could include things like funding payroll before really the income starts coming in so you want to get people working right before the business starts coming in so that’s one use of a line of credit. We also see lines of credit used for inventory purchases. Again buying the inventory before they sell it so they need some cash on hand to do that they’re great tools to do for our businesses and really can help them position themselves to start their season with the right foot forward.

Donnie Robicheau: That’s great information, Mary. I know the business lines of credit are used for short-term financing needs short-term cash flow needs can you tell us about what types of products are available to our clients that are used for more longer-term needs?

Mary Lenihan: Sure, Donnie, the bank has several opportunities here to help business with longer-term financing needs and medium-term financing needs we often have clients that may need equipment or vehicles and we offer term loans for things like that these would be fixed-rate loans that we help them finance a vehicle or some equipment and amortize it over three five or seven years it really depends on what the actual item is that we’re financing and that’s a great tool in many cases to complement the line of credit because a customer needs several different things at the same time we also offer commercial mortgages and these can be used to assist clients in refinancing or buying a building they may have been renting and this is a great way for them to stop paying rent and build equity in a property and these sorts of loans can amortize over a much longer period like 20 or 25 years commercial mortgages along with term loans and lines of credits are a nice suite of products that the bank can offer that can work together to help a client grow in themost efficient and stable manner.

Donnie Robicheau: Awesome, Mary! Thank you for the detail around those products. The business line of credit term loan and commercial real estate are there any other ways in which we can help our clients are there any customizable products that are available that we can support our customers’ needs with?

Mary Lenihan: Absolutely, Donnie! What we pride ourselves in is listening to our customers and being creative with some of the solutions we offer so when talking to a customer we really try to assess what’s actually happening and how best to craft the solutions that work best for them a great example has been the last two years really that we’ve gone through with this whole covid crisis we’ve had a lot of clients experiencing disruptions in their business and their supply chain and their continuity and that has caused larger cash flow problems not just from season to season but maybe a bigger picture item so some of the things that i personally have done with my clients is help them consolidate some of their smaller debt into one larger loan supported by a piece of commercial real estate so that allows them to take shorter term payments and really stretch them out over a longer term and this saves them a lot of money that they can use for other things to support their business like obtaining good staff and making sure that their hours of operation are there to support their growth.

Donnie Robicheau: Great information, Mary! I love all the ways in which we can help our business clients. Thank you for being with us today and thank you for watching another edition of the Business Scoop, brought to you by The Cooperative Bank of Cape Cod.