Video Transcript: Business sCOOP – Your Business Loan Application

The Business sCOOP – Your Business Loan Application

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.
Let’s say a business owner at home hasn’t had any experience in lending prior to now and they’re looking to get started can you share with us a little bit about what the application process looks like maybe maybe a little bit about what documentation we need to review in order to look at a request?

Mary Lenihan: Absolutely The Cooperative Bank of Cape Cod has a really good streamlined application process but what it starts with first is either a phone call or an in-person meeting or even some sort of web meeting which we’re all getting used to these days and it’s at that time that we really listen to the client, listen to their story, listen to what they may need and we have a give and take right and then we do a follow-up and we ask them for certain information. I often do this follow-up in the form of an email so they have a nice to-do list in which they can complete their application and some of the items we typically look for would be tax returns federal tax returns for their business maybe for two to three years depending upon the request and we also look for federal tax returns for the owners of that business because much like any other debt we ask our owners to guarantee their loans personally and then we typically ask for a personal financial statement because again like other types of loans we run credit to make sure our clients can demonstrate that they pay their bills over time and that they’re good risk because underlying all of this is risk and the bank needs all of that information to assess the credit worthiness of any borrower but again once we collect that information it is a give and take and we really do take the time to get behind those numbers and understand the story especially since we’ve come out of this really difficult time the last thing a client wants to hear is you can’t help them when they’re in fact many ways we can help them to get them through rough spots and help them get back on their feet and to grow but we’re going to continue to do it in a thoughtful and responsible way.

Donnie Robicheau: Thank you Mary really great information useful and just super important we now have an online portal where our clients can go and actually start their application for lending for one of our products can you tell us a little bit about that process?

Mary Lenihan: The online portal has been a great addition to how we do business here at The Coop. It affords our clients, new and existing, the chance to get started from their living room or kitchen and answer a few questions right from our website and upload some documents that gets right to the bank through the portal but actually ends up in a relationship manager’s hands to review in a streamlined manner so they can get an answer pretty quickly to turn it around and document the loan and get the money that they need in their hands soon there are scenarios where that portal may not fit everybody’s needs so that’s when relationship managers would come in and spend a little more time with the client digging in having some questions answered and getting some more information so we can turn around the best product with the right terms to fulfill their needs while making sure the risk is managed here at the bank awesome yeah I for one am also super excited about the portal because it really is improving our process and helping more of our business clients every day how is our loan experience different from others. I’d like to think that the main thing that differentiates The Cooperative Bank in the whole loan experience is that we really listen we really try to take the time to understand a business. Ask the right questions, give them good counsel, so we can craft what it is they need to move forward and sometimes that means they don’t get exactly what they ask for, but we come up with a better solution for them and I think that give and take where we don’t treat them just as a number or a commodity is really something that sets us apart.

Donnie Robicheau: That’s great Mary. Just one of the many reasons why I love being here at The Coop and thank you so much for being with us today Mary. Thank you for watching this edition of The Business Scoop, brought to you by The Cooperative Bank of Cape Cod.