Small Business Loans 101

Audio Transcription

If you are starting a business there is a good chance that you are going to need funding. In today’s episode of The Thrive Time Business Coach Radio Show, Doctor Zoellner and Clay Clark break down small business loans 101 and the 8 things every small business owner needs to know about SBA loans.

 

How did you first get into banking? [ 6:40 ]

1. 1. What do you like most about the banking industry?
2. 2. Why does every entrepreneur need a relationship with a local bank?

 

What kind of credit score do you have to have to qualify? [ 18:15 ]

FUN FACT:  The credit score, commonly referred to as a FICO score, is a proprietary tool created by the Fair Isaac Corporation.

FUN FACT: 3 MAJOR CREDIT BUREAUS –

1. 1. Equifax – www.equifax.com. P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
2. 2. Experian – www.experian.com. P.O. Box 2104. Allen, TX 75013-0949. 1-888-EXPERIAN (397-3742)
3. 3. TransUnion – www.transunion.com. P.O. Box 1000. Chester, PA 19022. 1-800-916-8800.

 

What kind of business plans qualify? [ 24:40 ]

Great Resource for Writing a Business Plan – Pitching Hacks by Naval Ravikant (The founder of Angel List) – Page 55 of Pitching Hacks breaks down what a great business plan looks like.

LINK TO OVERVIEW OF A WORLD-CLASS BUSINESS PLAN – https://venturehacks.wpengine.com/wp-content/uploads/2009/12/Pitching-Hacks.pdf

FUN FACT: The 12 Areas a Great Business Plan Should Cover:

1. a. Cover
2. b. Summary
3. c. Team
4. d. Problem
5. e. Solution
6. f. Technology
7. g. Marketing
8. h. Sales
9. i. Competition
10. j. Milestones
11. k. Conclusion
12. l. Financing

 

What kind of collateral do I have to have to qualify? [ 45:40 ]

DEFINITION – something pledged as security for repayment of a loan, to be forfeited in the event of a default.

 

What kinds of businesses do banks like to lend money to? [ 58:56 ]

NOTABLE QUOTABLE – “My son is now an ‘entrepreneur.’ That’s what you’re called when you don’t have a job.” – Ted Turner (an American media mogul and philanthropist. As a businessman, he is known as founder of the Cable News Network (CNN), the first 24-hour cable news channel. In addition, he founded WTBS, which pioneered the superstation concept in cable television.)

What kind of businesses do banks not like to lend money to? 

NOTABLE QUOTABLE – “Ideas are easy. Implementation is hard.” – Guy Kawasaki

 

How long is the average repayment of a SBA loan? [ 1:09:30 ]

 

 

What makes First Oklahoma Bank different from other banks? [ 1:17:20 ]

 

 

Featured Songs:

DJ Snake – Let Me Love You (feat. Justin Bieber)

OMI – Cheerleader

Blackbear – Hustler

 

 

Transcription: 

Casting for this evening play Business School with up to boom boom boom and boom. Welcome welcome back inside the box that rocks and it’s right time show on your radio. My name is Clay Clark, the former USS be a entrepreneur of the year and inside the box of rocks in a doctor Z, we have a cast of characters. We have a the dream. Team has been assembled inside the box of rocks here at the people left coast of the Arkansas. You know you got, you got the cast of characters, they all have a different superpower about them, but they’re together they make one Dream Team. Let them introduce themselves to Tom who are you my friend, I tell you, it’s super power. What is your superpower? Who are you thank you over here?

So now I guess I’m a I’m a banker and so and then by night kind of investing other things outside of banking. Where are Bank of the world? Big Banks hear it back here and Jake’s write a big, the big toilet. We are it’s a really big billboard and it kind of works to give us a good view of downtown Tulsa and everything else. What’S your website, I can people get ahold of you if they’re looking to let you know I’ve learned more about your bank website is first Oklahoma Bank. Well, it was my game plan to have a flag on top of it, because I just like Flags. I think it’s super cool, and so why not go ahead and do it with the Key Stone Harbor and you guys have a great event that you’re promoting is my understanding. Why you guys have like I’m kind of a big deal event coming up.

Is that right? Well, we think it is quite we’ve got our favorite cause is partners for heroes. Superheroes is serving something that is really been ignored in this country, and that is some folks suffering from PTSD, and so we decided to send sets of dealing with levels of stress. We thought we would actually add to average person stress by having a Bedlam Bass, Classic Bass, Classic slip-on Bass, Classic Bedlam Bass, Classic Bed and Bath Classics, Pelham Bass Classic. Oh, we had a summer. Just join us in the box of rocks was getting a free high. Five high five., It’s very impressive, to be distributed right now.

She just came in to celebrate so this event. If I want to learn more about this event, how to get involved there. Mr. on, how do I do it well go to Partners for heroes.org or come to our Keystone harbor.com its on October 21st it’ll be an all-day fishing tournament, you to clear your colors, orange or red. We couldn’t find a better year to launch the Bedlam bass fishing tournament, because not only does it benefit the folks that are train from PTSD, but also with our football teams, both ranked in the top 10 Bedlam is already on her mind, so we’ll fight it out. First, with fishing lines at Keystone, Harbor there you go now doctors in what ways are you Since I’ve been doing the past year? You know we’ve been. We were closed before that, but they were really close. I feel like some days  business coach  I have to show. I may have PTSD: is there any way to confirm that I have it from Hangout with clay, or is it just my imagination? Well, I’ve been around play just a little bit.

I never had it and just in some brief meetings, I have it so I might help us all, because I think he was one of our first clip holders at the first murder know about which is over on Skiatook Lake. From that we were invited business coach  to come over to Keystone Harbor and build one there. In the meantime, we business coach  took the Overlook in every core, like has an old like we’re at usually broken bathrooms and leaky roofs, and all that, because most of our legs are 40 to 70 years old. So we took the Overlook and we reinvented it, and it is now the main Treatment Center, certainly in Northeast Oklahoma, for folks that have PTSD the best thing you can do like Reagan used to say that nothing is better for the inside of a man than the Outside of a horse, it’s very true when it comes to a camping and getting out of the water to relax and then get these usually stubborn.

Males to open up about other things that are troubling or sleep in their daytime activities, usually brought a brown brought about by being a veteran in a foreign war or being a police officer, or an ambulance driver all the other folks that have to deal with high Degrees a trauma day in and day out, what we are doing is what we’re attempting to talk about small business loans. 101, while also talked about this, this this Bedlam in a match for any idea what you have a passion.

You have passion Z400, you on what what cause business coach  did you hit your head on the toilet seat or or what cause you did just because you’re you are. You are viral, a passionate about your Sinners as a young boy growing up in Oklahoma. I just knew we didn’t, have a professional team, I’m kind of sort of – and I know you business coach  was like the team of note, and so I got on the bandwagon and have been on it for a very long time and been a big OU. Sooner fan in my my family knows when you lose to just not not get to leave me alone business coach   for a day or two.

You know at least a day. This happened as bad as it used to be. Okay, maybe a couple hours, but you know but still leave me alone. You have a small business, 57 % of the people out there want to start a business and what I business coach  discovered a lot is. A lot of people need some working capital once they refine their model. So maybe you have a restaurant and you’re, probably making a profit. You’Re right. You’Ve made a profit for two years in a row when you’re you’re wanting to scale it up. Maybe when I open another location – or maybe you want to spend a little more on advertising and I think a lot of business coach  people don’t know where to even begin when it comes to small business loans, as if we have time on the show daytime bed and he’s At the guru, with the largest of the tallest Bank in Jenks, there we’re going to just pepper him with questions Ron’s going to chime in, and entrepreneurs business coach  he’s an entrepreneur.

I bought a fun with this, so first I don’t ask Tom: how did you get it? First? Get into banking, did you lose a bet? Did you win a bat? Did you business coach  get them? I probably honestly, whenever I was business coach  graduating from college, my dad had retired and he’s been in banking for another year, and so we went on a ski trip and along the way, probably somewhere between Salina and we started thinking about what I was going to do. And one of the things I’d always wanted to do is figure out how we start something.

So we actually came up with a business model to start a bank, and we did so. We started a bank in 2000 and we ended up selling that in 2007, and I liked it so much. We did it business coach  again, nosey you. If you have also gone through the process of investing in a you, didn’t start a bag, but you guys bought with the water, which then became Regent Bank. You know you’ve been through this process. Can you walk us through? What’S it like in me, the idea of starting a bank or being part of a start-up bank or rebranded Bank, you guys are totally transformed the Bank of Nevada.

Can you break it down? What was it feel like a whole different kind of kind of business that I had been in before and when the things that I quickly learned is that I’m I’m going to respond for you know how I like to do the deals I like to say yes And so I figured out that ultimately, I would not be the world’s best Banker, because I’m always saying yes, yes to the deal., the average tendency to over-analyze and probably say more often than I would say I mean say no more often than I would say. No, as a general rule of thumb, what is it interesting to come? Look at the the downside of it because there’s not a lot of margin when you’re loaning out money, the one bad loan can really hurt your whole quarter.

I mean you’ve got a it’s. It’S not you, don’t have a bad loan and someone can’t repay it. It takes a lot more money loaned out right time business coach  to make up for that. I think about. It is there’s two business coach  types of risk: theirs, Bank risk and then there’s Equity risk. And so let’s take an example say I lend you a million dollars. Let’S say that the interest rate at 6 % I’m trying to pay that, but, let’s just say it’s 6 %. So the most with that we are going to make on that money, money business coach  per the contract – it’s ,000 a year.

So it’s what’s that that that idea turns into your next moves. Multi million dollar idea, so you sell the business they sell it for 5 million dollars. Will you pay off a million-dollar debt? You walk away with four million bucks and everybody’s happy great idea like that idea: 87 x securing a loan with, let’s say at the end of the day we get ,000 for the, for whatever your collateral is so on that we’d lose ,000 on that trade and The max we would have made would have been ,000 per year for each year that it went until Bank risk is naturally business coach  going to be less risky than not to pair with your Unlimited on your upside banks are Unlimited on our downside.

That’S a strong word and I have all your eyes out of your teeth: Crossbill to go in and get Bank financing which is used, the least expensive money business coach  for that’s why it’s the most desirable to get here? Absolutely no! What do you Tom, like about the banking industry she started? Thank you sold the bank to do it again. What do you like about it? Is it? Is it, although it’s not the board meetings, is it all the all the committees business coach  or subcommittees the flag?

On top of that occurs, at the end of the day, what they do is they really serve as an intermediary between generation, so you got one generation that comes in and deposit some money and then, on the other side, the banks manage lending that money out to The next group to me, the thing that is the most fun about is thinking through business coach  the deals and thinking helping people think about how they use money, either in their personal lives, in terms of what they’re, buying and selling for houses or or whatever else, they’re. Investing. In or for the businesses, and it’s really, how do you think about I business coach  ‘ve got a little bit of money here? How do I stretch it? So then I can do what I want to do in the future.

I want to ask questions. You’Re, the CEO of the Keystone, Harbor Inn, and you obviously have had some banking relations over the years. Why is it so important as an business coach  entrepreneur that you have a banking relationship now, even if you don’t need money for two years from now yeah, it’s incredibly important. You really, I want a banking relationship that is truly like a partnership that they fully are involved in your business decisions. Are there working with you on what you’re, currently, business coach  how you’re doing and what you’re doing.

But what you business coach  propose to do next case and point would be our Cross. Timbers Marina. We started that in a 2005 and within just for 5 years it went from 100 slips up to 517 slip, so that means a lot of going back to the bank. For more investment, I didn’t park a battleship business coach  there was it a submarine, I mean, did you put your submarine? There was no, not strictly a party boat in one. We had too often say doctors. He could you just tone it down just a bit. You know he had the loud music coming up.

I’Ve never seen business coach  so many grass skirts but coconut coconut, coconut shells wakeboarding, but we went out to wake boarding quite a bit and I actually my business coach  brother’s got keys to it. I can magically my kids got keys to the boat. I don’t think I was ever Harley on the boat. To be honest, I get a bill. I would get a bill religion every month. All you hardly a lot of gas and business coach  accouterments at the little store. How to become a nail technician?

We come back from the break room to talk about what kind of credit score do you need to have to qualify for an SBA loan? I mean what kind of credit do you have to have? This is a question why people have they say I’ve got this business coach  great idea and your idea on a scale of 1 to 10 might be a 10, but your credit score might be like a want. You might go when you business coach  got a great idea, but you have a track record of not paying your bills. You had a couple bankruptcies, you know you went through the whole for is your deal and you’re not really paying your cell phone bill either.

But your idea is great man, you know, and so is a banker. They have to use that credit score to look and say: are you a credit where the individual we’re talking about how you get your credit score? How to determine what kind of credit score that you need to have even qualify? What kind of things can screw up? Your credit score: we got the man the myth, business coach  the legend Tom Bennett, from the biggest bank and Jake’s. I mean it’s a tall building, first business coach  Oklahoma Bank, First Oklahoma Bank install it’s got a flag at the top. Do you have to shoot? Do you need me to do that? The drive-through shoots hop in a pneumatic tube and let’s go for a ride. You are for suckers. We do. What time does coach radio show buy?

New Jersey’s submarine you got to go up to Skiatook Lake stay business coach  tuned back to the business coach. Radio show that’s so all-inclusive that Barack Obama and Donald business coach  Trump could agree on it. If we could just get them in the same room together get ready to enter The Primetime show on talk. Radio 1170, oh wow, wow, they’re the same room. I have the same room, it wasn’t a very good conversation. Obama says he says you know he makes business coach  one statement all the sudden says: you’re fired it’s over the crowd started tearing some pretty crazy.

That’S what happens when you get those two in the same room inside the box of rocks. You have a cast of characters. We have some people that really know what they’re talking about in the respective areas and Susan on the show Susan earlier, the CEO of partners for Heroes and she’s here to promote a great cause. Then we have time. Then it with the tallest business coach  Bank in Jenks has a flag pole that shoots, and I suckers Dome it’s the dose that don’t you forget about the donuts at Golden down and it lights up at night. It’S like a dance party.

I used to get to the business coach  building on a certified of the Chrome on a on a Sunset and Romy, really it babe brink of a relative with those that are suffering from post brain injury. Depression like that veterans and First Responders, are typically the people that we work with, and so we get them back to Nature. A tagline is healing Our Heroes in The Great Outdoors pepper, your page, into a corner with with tough statistics.

I just want to ask you if there would say a thousand people that go serve. Is there a large percentage of business coach  people that are coming back with with this situation? I mean it doesn’t exist or maybe doesn’t know what you’re going through I’m actually about 1 and 5 that go over and serve will come back and they will suffer from some form of post-traumatic stress disorder of some kind. What did what is PTSD? How does it? How does it show up? What would it l business coach  look like if you know if, if you see somebody that has a new, how what is it, how does it raise its head?

What does it look like many different forms? It can be something that you have a trigger. Maybe they hear something at the one thing that everybody always knows that there’s fireworks going off and you’ve got somebody who’s, a better. That’S been in a theater that there’s been a lot of fire back and forth. That you’ll see them respond to that. So there’s it! It is business coach  not always something that you can easily identify just from looking for looking at somebody, but don’t be too certain triggers it that they know it’s what I look over at clay, there’s no way to really tell you got PTSD I mean just on the outside.

Yet, that’s why I don’t fire fireworks off business coach  around. I have to do a kid growing up. I had an experience of the cow that scared me, and so, when you walk into with those couch, that always just makes me scared too much company, PTSD CTS, I’m just saying: hey, there’s a problem: you’re saying: hey, there’s a problem, but you want to make a Solution you want to get behind the cause and do something for these folks. Can you tell us about the event you’re, organizing and how people can get involved?

It’S business coach  called the Bedlam Bass Classic it’s going to be held at Keystone Harbor. I please don’t like it’s going to be October 21st October 21st. That include some really awesome at event. T-Shirts, as 70 % of the interviews are going to go back out to pay out in prize money and when the most exciting things we have is we have a ,000 cash prize for the person business coach  that brings in the largest bat ,000 cash prize. The person brings in the largest bass, okay, now again, what’s that website that they want to get involved.

What’S a phone number, I can call you yet go to Partners for heroes.org or the little bit easier. They can go to bed 1 bath classic.com. They were talking about SBA Loans and how you can get one who needs one, how to get a loan for a small business owner. So topic number to hear area number 2 is what kind of business coach  credit score do you have to have to qualify so Tom Bennett run a bank I mean, if someone’s looking to get a small business loan in your listening today. What kind of credit score do you have to have to just to get in the game? Well, basically, it depends, and so well I would say one of the things is acceptable.

Credit history comes in different shapes and sizes. It could be that you have a you. Don’T have any pastors on your credit, but your credit score is going to be 680 or less, and that could be the moves. It is based business coach  on your usage. What’S he got a ,000 credit card and that doesn’t mean that you’re not paying it on, but that does mean that it’ll drive your credit score. If somebody wants to figure out what their credit score is all these business coach  kind of urban legends people say what you want to pull your credit cuz.

It’S going to hurt your credit, you know, so you really should just not even know what your credit score is it in some people say what you want to do if you want to go to business coach  Discover card, if you want to sign up to monitor that thing And some people say you don’t even want to ask the bank or business coach  what your credit score is that shows your stupid and there’s all these kind of.

What would you do if I was listening today and they go all out? My credit score has been a great idea that our business is doing well, that’s business coach  making money, but they there may be thinking about applying for a small business loan and they don’t even know their credit score is. Can you walk us through it? So, what’s up with some of the rules here update the freecreditreport.com, I think allows you to pull your credit once every business coach  year in the fact.

The matter is with all of this, this Equifax stuff – that’s going on! You need to be doing that anyway, just to be smart about. What’S going on, cuz, they decided to participate, they want to catch the large business coach  fast they want to support. Our veterans are going. I’M sorry! I did last month, I’ve just been locked in on this event. I can’t even I didn’t even hear about this if this Equifax Think Credit is not just your credit score, not only just matters if you’re going to borrow money, it matters for a lot of other things too, because you know there’s all kinds of folks out there.

Trying to steal business coach  your stuff at and identity, and still in your credit, that’s a big deal and that’s in the top. That’S in the news today at the fact that the company could allow over half of the population of the United States credit card United States credit to be compromised should really Scaris Beyonce videos of Banker. I’M afraid that this is all it’s going to do is create more regulation for us in some way shape or form. But the fact that matter is somebody got in fact a ton of information and the odds.

Are you got a 50 % chance that you’re one of the ones business coach  they got hacked Jersey invested over there and Region Bank near big fan of regulations, red tape, things to move slow committees? I mean why did you get involved in banking? Well because love regulations? I love saying no, I love, I love just you know, walk into the Vault and Counting the money which was waiting room. So that’s always a good thing and you playing with those. When was business coach  it that every business needs a bank, and so it’s it’s one of the few businesses that I own a piece of that I don’t own a controlling share, but I know it so highly regulated, which is good and bad.

There’S the good and bad about him and there’s obviously some business coach  regulations that were happier in place and some that are kind of frivolous and are designed to actually to make Banks hire people in try try to drive the business. I mean you, don’t Floyd hiring, but then I think about it is I thought, where I’m going to have business coach  to use a bank. So why not use a bank that only piece up, and so that’s when it started my journey of finding someone and getting involved and if I knew Tom before back, maybe you can we be partners in the bank, but I know back in the day you guys Had a bunch of Partners is that still your place?

Where is the new when you guys? Is it just a bit FAMU hunker business coach  down and do when anybody else a piece of it? Do you like my sandbox? Nobody else can come in a Latino. Here’S. The thing is: if you got a growing business, you need to have growing access to Capital, and so we do have a bunch of people that are that are helping us until the is a matter of fact that hungry. So it’s the same same place, be at on your first bank to do about small business loans.

1018 things every small business owner needs to know about SBA loan. You thought about getting a business coach  loan with the word capital for your business. You want to stay tuned. We have Tom Bennett inside the box that rocks. We have Susan, it’s incredible to drive time go on your radio. My name is Clay Clark, I’m a business coach Stadium. Do you want to learn how to build a successful business, or do you want to live in a red van down by the river Ball Z? What do you think about that?

The van down by the river remix? Is that, like a Poor Man’s RV? Well, I just things we are located right business coach  here by the river and forever. When I watch that Chris Farley skit, he would talk about you, don’t want to be make these bad Life Choices. Cuz. You may end up living in a van down by the river. All the way around the inside, because what we just get a van mobile, I’m only one block, no news on block so yeah you keep that you just remove a few doors. So it’s easy to business coach  access for you and I could just live with the river people about think it’s a great idea what you think, or maybe you should ask for forgiveness.

It’S just do it. Do you think we have about three or four weekends are being away? Should I ask you about small business loans? 1018 things every small business coach  business owner needs to know about SBA Loans, and so this is this is a script and I’m sorry to paint in the corner. But this is a tough question, so here we go. If you can fill out the loan documents – and it says you know, what’s your name, what’s your social, what’s your address, if you put on the left, you just wrote The Left Coast of Arkansas River in a van right down by the river.

And the river to The business coach  water occasionally comes up it’s right down by the river. With that hurt your credit score. If you live in a van beachfront property down by the river with that hurt the credit score collateral burial, I know it’s worth. A lot could float off. Okay. So what kinds of business plans qualify? So I’m listening right now and I see this all the time it’s a guy’s listing right now and he says I want to open up a food truck a food truck. I met a guy at the conference about the what three months ago, who wants to start a business coach  food truck there’s another guy who came out in the workshop this past month, who has 7 Fitness locations and business coach  he’s wanting to dramatically expand them, has a proven model and Then there’s another person has a restaurant that it’s finally profitable walk me through what kind of business qualified.

So it’s listening right now they wanted a food truck center area. What kind of business plan what I need to have together business coach  when they come meet with you? Well, ultimately, what you’re trying to do if you’re trying to get the banker to believe in you and believe in your idea? So what’s your business coach  plans it when you put your plan together, it’s going to have to be well thought out here. So here’s why I know what I’m doing you’re going to want to have some math behind it.

That’S reasonable and they’re going to have to justify what your math is, will see you starting the f business coach  ood truck and you’ve never done this before in your life by day and all the sudden, you think I can do food truck business coach  absolutely so you never done anything like This in the past, if you just show up with an idea and just say hey, I need ,000 for his truck, which way is it what’s the math behind this story and really it it’s it’s kind of like if you’re going to equity investor Bank, the same Thing, but you know, there’s a more conservative of the business coach  partner, and so if you want the money and you want to rent the money for a period of time, you got to come with the story and then from there does it have to be totally detail than Any one particular place not business coach  really because some ideas aren’t totally fully form until you start talking about.

If you go to thrive time, show.com business coach  and you click on podcast you’ll see the show notes for today and there we listed the 12 areas you want to have to go to the 12 aspects of the business plan you want to have together before you even come Meet with Tom, because that way you know you business coach   don’t show up and that you can’t answer all these questions. I was going to kind of go through these and between Ron and z and tumblers going to go through one by one here so see you need to have a cover page and it didn’t seem too business coach  obvious with the logo.

The company, in your website, that kind of thing, a summary Z. What are you looking for? In a summary, the business plan should be like at multiple page document or something short and fast as I can see, but business coach  when you said you just skipped over something very, very, very important, and that is logo. It can’t be something right. Matilda Drew up even though me she may be a fine artist. It’S amazing, it’s amazing until the, but I think I’m business coach  going to get it. I’M going to pay a hundred bucks. A couple hundred bucks.

It’S not expensive folk to have a professional. Do a professional logo for you, and that is very key, because that is you get your logo. You get your colored, you get your l business coach  ook your branding, and that is very that that makes you look professional. The whole deal by Emmett Till is a very good graphic artist and I get to know you went around telling me I’m not going to say I agree, but I don’t disagree. Okay, so important that somebody has some credibility.

Some credible Partners, potentially if there a newer business owner for the matter, is you can’t do everything yourself and you going to have some strings and you’re going to have some weaknesses business coach  and if you have a team it makes people think that you business coach  actually thought about that. You’Re being honest about where you’re going there things for existence like on our team, you know there are. I know I like details, but the fact that matter is I’ve got it sometimes delegate that stuff on the fact I like financials, but then I don’t like account as much.

We got to have an account again, and so, as you grow, it’s kind of like how do you envision yourself going forward in the things that you’re good at? How do you can do more in the things business coach  that you’re not good at? How do you find other people that are on your team to do it, and it doesn’t mean that they’re on staff, for instance, most of your small business people, they probably have an idea and lot of times are really the sales guy guy who’s got an idea. That’S going out, and accounting probably is not going to be their strong suit and want to think the banks going to want is going to be report well.

Part of your team could be an accountant and it could be I’m going to business coach  bring my accountant from pick one here in town they’re, not full time so you’re paying by the hour. But then it gives Bank confidence that you’re working with that we’re going to get what we’re looking forward to measure your success is the next year is the problem in the solution run. If someone was picturing you and idea or you’re trying to get money for when you opened up with a Cross Timbers Cross Timbers, this was the place that the harbor up there in Sky took like you had business coach  to tell somebody here’s the problem.

We see it. This Lake and here’s how we’re going to solve it? How did you go about doing that to give a big old, big old document at the core? Of course, it’s a Engineers Lake, and that means that they control the leases. So the business coach  first thing we did, as we got a a public partner because the core likes that and then immediately we went to work on getting all of the comparative data. I grew up a Coke Industries under Charles Koch, so he’s pretty pretty routine as far as showing comparative advantage, competitive, competitive advantages and so what we did as we.

We did the brief summary, but we also had an awful lot of market analysis with done because, frankly, the core. This is ironic, because Skiatook business coach  became the largest Purina. They they have a f business coach  easibility study requirement and they said what we’ve looked at that Lake and there’s only one Marina there, but it’s got 325 slips are full. We don’t think there’s room for any other Marina. Well, we we went in with our feasibility study with me till business coach  I got our best bank in those days was our banker and we went in saying: hey of the market is very underserved there. A lot of people it’ll become boaters that aren’t voters right now.

If you give him a first-class experience, I think 20 minutes from Tulsa business coach  that’s a huge Advantage. We think that the market is under built. We prove to be correct on that. So what we really did is, I think, exactly what Tom was saying. We had the right kind of financial information. Obviously we had a pretty strong borrow or going in, and we business coach  made it very very clear that everything we’re going to do is going to be very new, very clean. It’S going to be kept that way we had seen most of the restrooms at marinas around looked about like the service station at the 35 year old Shell Heroes Reborn, shell, with business coach  First Bank of Oklahoma, he’s at the top Bank in Jenks what the flag, with the Lights with the suckers say it’s all there and now back to the business coach. Radio show that has a diary called a Guinness Book of World Records. 7 3. Alright Thrive, Nation.

Welcome back of the conversation is the business coach  hrive time show on the radio. We have time been here was the first Oklahoma Bank of a business coach  forward to the break. I said the wrong name. I apologize on the air. I if you want to list your grievances right here in the area. Can so people out there who are not familiar with your bank first Oklahoma Bank? Where are you located? How do people get there and What Makes You Different first Oklahoma Bank are.

Our main headquarters is just across the bridge in jinx it so we’ve talked about it. Look for the building with the flag, there’s another Branch, that’s across from Whole Foods in Midtown, and then business coach  the original bank that we bought is in Glencoe, which is a suburb of business coach  Stillwater on the North side to go to Stillwater. You don’t realize you Pastor it twice. We just don’t have an exit there, yet oh wow, okay, okay, to be a loans 101 and 8 things.

Every small business owner needs to know about these SBA. Loans are going through a 12-point check business coach  list of all the things that need to be on a business plan when you’re pitching to a bank and we’re moving on to aspect number six and seven. So six, the technology we have, the technology figured out if you have a technology-based business in the marketing. So, let’s just talk about this time, so somebody comes into first Oklahoma Bank, the big tall bank, and they could they come in there business coach  they’re motivated and what they want to do.

Is they want to make an app that’s going to automate something and they’re, not a coder, or maybe they want to come up with an auto shipping online product or something and they don’t have a tech team? Talk to me just to tell you look at the technology very business coach  much before lending money to a business or is that does that play into it or just walk me through it? Absolutely it’s got to be a fully formed, and so you know just cuz. I want to do something that sounds cool and I’d like to wear. A tight, pants and business coach  live. Out in the coast doesn’t mean that you can actually get money for that idea.

It doesn’t mean you can probably go talk to some Equity guys and I actually might give it to you. Who knows nothing to say about that business coach  once I don’t know how people, where there’s real tight with all day long. But how do you do it? The thing is, I found the only business coach  way to compensate for my large Cranium is by wearing really tight, pants yeah I’ve known as your head. That makes it look even bigger. Doesn’T it it’s a really it’s a pleasure for me to wear them everyday what they do? I, like I like to kind of break down just a little bit as well as we continue down the list of things you need for SBA loan is.

How would you address if I’m out there listening, I’m I’m going to lunch? I’M you know I’m in my office, I’m in my car. I missed the business coach  podcast late at night, I’m thinking of starting a business. What makes an SBA small business administration loans so wonderful to me what what why? Why bother with the one I was going to try to get a conventional loan me? What makes it different or you know special, but what makes it special to business coach  give you that we wouldn’t normally do it. So there’s a SBA has a couple different types of business coach  programs and I’m not going to get exactly into the different programs.

But in the scheme of things you can Banks can lend through SBA. We can make a longer amortization schedule so, where we take ten or fifteen years on a on real estate in SBA, we can go out 25 Jimmy Hughes. There some business coach   instances where we can lend you a hundred percent of the money that you need: wow, that’s even more awesome, one hundred percent and lower payments. This is a good things, keep it coming, and then I also if it’s it. Basically, if you think about a box business coach  and if lending is a box, SBA allows you to stretch it in the circle and so and you can other types of things you can do as an SBA format.

We can actually loan for working capital case. We can do geometry, we can do geometry, get a hundred business coach  percent and stretch and get a lower payment. I like this right now we’re devoting a lot business coach  of one of the show today to at teaching people how to get an SBA loan that you need to grow. A profitable business and while we’re out there making a profit, I wish nothing wrong with that. There’S also people that invest their time really trying to help out the business coach  community and, to my knowledge, you don’t really make a profit from giving back to the community. A lot of cases and end so Susan earlier here and she’s here with us she’s a CEO of Partners for Heroes. I just want to ask you: why did you decide to get i business coach  nvolved with the partners for Heroes program? I mean a lot of us are chasing a profit white.

What motivates you to become a CEO of part? I think a lot of it was. I was at grew up as I am the daughter of someone who was in military veteran. My husband’s been business coach  been in the military for 31 years, he’s been on 13 deployment, size 13 13 deployment. So I had a business coach  very good idea of what that feels like and some of the stresses and some of the things that they come back with the issues that they face. So I had that going behind me and I also had a son he’s got. I have a son he’s, got a traumatic brain injury that he suffered when he was 14.

Things are business coach  that can help these people as they’re trying to navigate through their life, and so I just decided – and this is a great way to do it – I partnered up with Ron Howard, who had a place out at Skiatook Lake, that he allowed me to sublease. You know, I don’t worry about it, it’s what business coach  happens on the radio this. What is this is, I called radio brand. What business coach  happens if I could be having a very rational conversation with dr. Z? Just hanging out doesn’t happen for you to get on the radio. All the sudden, what was my name again? Are you remember your name and my business coach  name on each on each other in the past.?

I gain it back to Nature, getting away from that. The normal see me like that. You have in your everyday life, getting away from cell phones in traffic and the things that really cause you to stress out, Get Back To Nature, relax calm down soon as business coach  your brain and in actually get back to a balance in your life. If somebody wants to get involved in your cause and what you’re doing here for this event on October 21st, how do they get involved in the Bedlam Bass Classic by the way that they can get business coach  involved if they want Andrew there fishing in the winter, to the Tournament, they go to Partners for heroes.org and they can get the rent reform there if they want to just come out and have fun and they can come out and tailgate with us.

It’S give me for vehicle. All that makes business coach  can get a partners for Hero, silly helping business coach  us out to get her brownies. You get something to eat something to drink as it’s going to come back to Partners. Roadies has a karaoke bar kind of thing. On the second floor, am I right? Am I correct, and it’s going to be fantastic James there so just come on out, have a great time. There’S lots of ways for you to get business coach  involved that doesn’t involve fishing. If you’re not a fisherman. Can I come. I get a cool t-shirt and not and not have to fish, or do I have to fish to get the cool t-shirt.

Cuz, that’s cuz! It’S all about the cool picture. Time is called what it is. You know a red shirt or an business coach  orange shirt. You were out there fishing, so the almost want it, but you didn’t really. You can just tell everybody whatever kind of fish store you when I tell him oh yeah, the fish will get bigger every year now as the right. It is about. Rosa type of these business coach  answers to be a loans and how to qualify for an SBA loan, and we business coach  have 12 areas that every great business plan should cover this next one is a marketing Z. I want to talk to you about this.

When you invest in a business or when you’re pitching to a bank to raise Capital, why do you have to have your business coach  marketing nail down and what what kind of detail do you have to have nail down before pitching? Why I think it’s important to get a business coach to help you coach you up before you go to the bank so that you look like you got your act together. That’S right! I’Ve got my act together. Cuz I had a business coach until one thing: two peoples have a three-legged Marketing System. Other words have three areas that you’re not putting all your eggs in one basket.

Do when you come in, and you can talk about your three legs. Your budgets are going to do the percentage of the profit you can put into that Baker’s like to hear that cuz I go okay, they’re, not they get it, they understand markings a necessary part of it and if so many people are on the business and say I can’t mark it because I don’t have the money right. It’S going to come in Day. One Step One is to listen. I know this is important and here’s my plan for it. Here’S my three legged marketing still between the three ways I’m going to Mark and I’m going to do a a billboard, because why I’m going to do radio, because why I’m going to do is see you on Facebook or I’m going to Facebook?

I mean you know you have your reasons why your Target, in your most your highly most likely buyer and what that person looks like and how you going to go, find them now we’re talking specifically about the 12 aspects of a great business plan before you, the 12 and aspects you want to nail down before pitching to a local bank to actually get the capital. You need now with your listing today and they said: okay, I’m here with first Oklahoma bank. I know where it’s located. I can come pick up my mind.

What are the steps needed to go, see you and apply for an SBA loan just call. What number should I wanted to give you a call at 918-392-2500 people might have been eating some lunch partaking at 918-392-2500. Okay, when someone comes in to pitch their they’re out front, all right we’re talking about how to get a small business loan to make your business grow. We come back going to break down some more specific details of everything that you’ve ever needed to know about SBA Loans. If you have a business, you need to take that thing.

Growing we’re going to teach you specifically how you can get an SBA loan. I have a business coach and back to the business coach radio show that’s more organic than sprouts and Whole Foods combined see you are looking organic, my friend, while I’m eating my more Sprouts or Whole Foods, you think you’re kind of a Whole Foods organic. Is that why you’re so pale, could you not to care what is my pill? This is causing my lack of intake of of kale. Have more, can I be less pale stepped outside one day? Are the sun’s Rays?

How do you get from your man cave your car or your car into the box of rocks with would seriously without you that bad you can dodge the sun rays themselves sing the first thing as yesterday, when I got in the car, it was still dark. When I head into the office, it’s dark, it’s your move all the time, almost all of the service area with with a hoodie material plastic ones. In the hood, and then it has kind of that that that does sexy Unabomber, look that people are going to die Out so good keeps the sun’s Rays away and she back in the day, you were the one that you’re going to big deal if you’re pale.

You know back in the day, if you were in England and you were an outside worker, you are obviously still Dragon World nail down what I say you were an indoor cat and not an outdoor cat right back, I’m waiting for it to come back, I’m at The bleeding edge of the pale movement toward my favorite, my favorite vacation stories of clay Clark, because you don’t go on that, many as when you went and just burned yourself to a crisp. Okay, here’s what happens if my wife says hey, let’s go on a fun trip and I just have a hard time going on vacation cuz. I don’t know what to do cuz. I don’t.

Usually, people involved that you have to meet and greet, and will you go and we’re on the beach, and I asked Vanessa member say it like that. So what should we do now? She’S like we’re just relaxing. I don’t know if that is so we’re on the beach, I’m just kind of waiting to get back to Tulsa where on the beach and she said, let’s go for a walk and how long of a walk – and I don’t realize it. But this looks at me and she says: oh no, oh no and they look at you.

Yeah he’s. Never good. Is there a spider on my head? What’S going on? Is your catch up somewhere? You know know, and I blistered up and I was like a lobster and I couldn’t put on a shirt and it was just terrible. Did you not think about putting on sunscreen as tell you the last time I never got a son. That’S the last time.

I’M going to go to seven years ago and I’m just going to stay that way, so the box of rocks. Today we have some unicorns. We have Tom Bennett with first Oklahoma bank and he has been gracious enough to come on the show today to break down small business loans. 100. Moving on to the fourth aspect of the small business loan, is it something you need to know about a qualifying for an SBA loan? It’S a time. I want to ask you what kind of collateral do I The Listener to have to qualify for the best?

I guess the first question: what is collateral collateral is at the end of the day, if this idea that you have doesn’t work, what is securing the bank that we sell at the end of the day to try to get her money back at the end of You can say collaterals lots of things. You can say inventory account receivable real estate equipment, all kinds of other things, but at the end of the day, it’s what can the bank sell to pay? The loan back is a kidney and ever acceptable collateral.

I mean if I said I want to put one of my kidneys as collateral if the business didn’t workout, that is, it would that ever fly that would ever get by there to keep you alive on a minor political tangent without other people in my office who Have a Associate’s degrees from Tulsa, okay and they did not go to class one time and said online online. But their spouses took the test form, so they actually never took a test. And so they have a degree and Associates the great and they have a ton of student debt.

You know they got because it’s before it, people in Tulsa can get the free school or river that is so in. The thing is a human who these people are gainfully employed now they’re going to pay it off over time. What happens when people get a huge student debt and they can’t pay it off? He doesn’t matter. What do you take the person hostage? Sia mean what what’s the point of the correct things are going to do now, with these students all default on their loans. Student loan default in crisis is a huge, huge bubble.

It’S a huge bubble, something what’s your prediction, are we going to ask you lock him up and said you have to get a job? You can no longer live on the couch me what’s going to happen, dogs and cats living together at becoming probably acid rain. I mean I don’t know just going to be me. You know, I know what we’re going to rip tide. Riptide I’ve been watching The Weather Channel lot here lately Riptides and tropical forest wind. These people who are default on your student loans back to work, but I figured it out when I want to share it with you right here on the air you ready.

Yes, I am, we are going to force them to eat gluten or vegetables in the oven until they’re working, and we would force them to have opinions that could have been people backup my political tension, okay, so cool. What kind of collateral Tom do I need if I legitimately want to qualify for an SBA loan, and let’s say I have a business that is producing ,000 a year, profit right now, after paying everybody, okay and I want to open up a second location and, and Maybe it’s over head start up cost of 250,000 to get start to open up my new restaurant or something what kind of collateral.

I know you know just kind of spitball an off-the-cuff here, but what kind of collateral do I need to have for you to feel comfortable as a bank to lend money to an existing profitable business? Basically, you’re going to come in one of the things you’re going to give me his personal financial statement, you’re going to give me the business financial statement to give me the personal financial statement and it in in SBA contacts it’s not necessarily driven by collateral. It’S really driven by cash flow, and so what I’ll do is I’ll sit down and say?

Okay, if you don’t have enough collateral to be able to secure this loan in its entirety, then you got to pledge what you got so you’re all in one way or another way. So if you’re thinking in terms of SBA lending collateral in and of itself, isn’t a the determining Factor as to whether you’re going to get the loan or whether you want okay cuz, you talk to a lot of people that ask you is either I came out. How do I get a loan? If I am I missing something is there a big I want it shows collateral.

Subject is completely understood in the Deep dive into this little bit when you talk about cash flow, some people out there going on here. What are you saying is that if the new restaurant failed did not do well page picked a bad location, I mean you have something bad happen to it. You it didn’t succeed. You have enough income coming in from the first place to service the debt on the second place, and that’s the cash flow coming in. So sometimes it go. You know what, even if this new place doesn’t do well you’re making enough money to service the debt, because the pain is going to be XYZ, and you have enough coming in to do that.

You actually aren’t entrepreneur you’re the CEO of the Keystone Harbor, and so will you actually taking the risk you’ve been on yourself, you and your team. You started a business. Can you talk to me about the moment that you achieved positive cash flow for the first time?

Maybe how did you feel when you said we made more more money came in then what would excitement of actually making a profit? I do. Basically, the rule of thumb on Marina’s is that it’s not a perfect rule of thumb, because slips slips that you put your boat in December, and so, if you had 200 slips that are 60 to 100 foot, that’s a whole different Revenue stream. But just talking in generalities, the industry usually uses about 200 slips is usually when you start cash flowing positively and a knowledgeable Banker like Tom Bennett and gentleman like that know that going in that hey, we taking a look at the Ford Market development. What we see is the potential in size.

We’Ve looked at the competition with you and I we feel confident that you’ll get 200 slips, but you don’t cash flow on a Mirena until you had about 200 slips nail. Here is a profound thought for the Thrive Nation. Tesla did not cash flow positive for almost a decade, ESPN for 9 years, FedEx, my name in Fred with the headaches that guy was going almost 15 years before he made a profit, oh yeah, and so I will say this to you.

If you’re going to start a business for says that eight out of 10 businesses fail – and I believe that’s because we’re not intentionally saving money, I think that’s an issue as it might get a phone call right here on the show. Are you calling me right, now. My phone’s on silent? Really I was a good boy on the show me off my game. There’S a when you call me wife on the show me double-check. I change the phone on silent. You know Tom, they probably have. It said enough money aside to withstand the two years or the one-year a battle of the war to profitability.

The issue is capital, it’s how much Capital do you have, and so, whenever you’re thinking through your financial projections, if you’re going to lose money for a period of time, you’ve got to have that amount in cash or Capital. However, you want to say it you’re going to have to have that set aside and then it’s not only so much that you’re going to have your projections and it’s going to say: okay, what’s a before you get the profitability you’re going to lose ,000 over two Years: okay, let’s say that your number, you need to go ahead and times that by probably one and a half, because you know what things don’t always go according to plan and they don’t go according to plan for two different reasons and a practical story is, you Know what are the most with first Oklahoma Bank whenever we went and bought the little bank to get it started, we lost money, for I think we lost it for about 17 or 18 months and we didn’t lose a couple hundred thousand.

That’S a couple million okay! Well, let me know if something ever find it, because I did you bury the backyard cuz I got to go to shovel and I’d come help. You find it was great in the end of the other thing is it’s kind of like: where can go good or bad? I can go bad in that you lose more money and you’re not getting up to your profitable or your sales. What you think you want, it could go the other way to where you grow faster than you think, and it also requires more money.

H, Ere’S an example Thrive nation that will blow your mind. I encourage you to look this up and 2009 Uber was founded and they recently hosted their CEO in a lot of changes of made they’ve been made their will on Charlie Rose. They had they’re interviewing people. Talking about this is Uber and who’s in charge now and the transition – and it was pointed out by Charlie, Rose that you guys have never made a profit, yet it’s 2017 and they have a huge valuation but they’re not focused on probably the Amazons. Another example of this there is trying to grow, grow, grow, grow, grow and Zi seen you obviously you’ve been profitable, but I’ve seen you with Optometry when you, when I can argue when you started your business 25 years ago. I was 13 years older sp25.

So I would be eleven years old at the time when you started that I mean you delayed gratification and you sent money back every month to grow and grow and grow your marketshare did you have in your mind the threshold with when you’d finally start to take A profit and when you would stop delaying gratification or did you have in your mind how long you were going to be to operate a break even or barely profitable, or how long were you willing to stand? That was a couple years into it and just kind of growing and put money into big cars in a big home to put money up and do the Hama do the harm. I put it back into the business and grow the business and I knew that that if there’s one thing I could go back and tell my self back 25 years ago.

We probably need to even delayed even little bit more and it’s your life and to keep growing at a higher, faster rate. You know back in the day anytime, you can take that money and put it back to the just like saying they put. He said they lost is probably not the best term to use they invested, probably would be a better cuz I’ll, probably be in bed. It was that part of your business plan going into a couple million bucks before we get ramped up and get really rolling or what what you think I’m going to take. We did think it was going to take that, but the problem was and it’s a good problem we started off in our plan – was within 10 mil 10 years.

We wanted to grow to be a 500 million dollar bank at 500 million dollar Bank. In less than seven and a half years, and so the thing was, you had to continue to keep and had to continue to invest in employees. You had to continue to invest in just the way Bank math is in terms of your ass at size. In your growing faster than your cash everything, you could possibly need to know about a small business loan if you’re looking for an SBA, loan go to First Oklahoma Bank checking out there right there on the Left Coast of the Arkansas River in beautiful Jinx America.

To have a flag, a dome, it lights up at night, suckers the shoots where you can deposit through the drive-thru. It’S the whole deal. It’S the first Oklahoma Bank. When it split Clark, business coach, stay tuned. You are now entering the dojo of Mojo and the Thrive time show make it because I have strong girl from Route Chesterfield Danielson say you have strong growth just accept what to grow. I know why this is so funny to me Karate Kid 2. I don’t member, be a comedy. Pictures really gets me going now.

I’M going to ask people that worry about coming on the radio show special in their great sponsor, like first Oklahoma bank. They worry. Am I going to be asked a tough question. Why going to be made to look ridiculous? Am I going to be blindsided with some intense political question? It’S almost a yes! I’M going to get some cooking question is the hot seat for Tom Tom Edison question you’re, not you’re, not prepared for us. Here we go. How many times have you watched Karate Kid? 2. I have no idea what’s once and I only asked you twice: Ralph Macchio The Karate Kid himself.

You know I’m this is this is a question here for it for Susan here, because she’s, a CEO of the partners for hero Susan earlier in that end in Idaho, is a CEO. You we can make a tough call. You can make the big decisions: Ralph Macchio in your mind, the main actor from Karate Kid. Is he in the top 10 of all actors that number 10 or is it Keanu Reeves really give me too? We have planned, I play Tron in Europe. I don’t know the name of the actor who played mr. Miyagi, but I think he had to be at number 11 overall Ralph Macchio down with a small business loans. Small business owner needs to know about the SBA loan.

So the next question is what kinds of businesses do banks like to lend money to you know, Ted Turner was asked to describe his son. Does again, Ted Turner was asked you that you know. Can you describe video for America? What your son doesn’t? It’S always kind of sarcastic, sarcastic and witty, and he says my son isn’t actually in my son is now an entrepreneur. That’S what you’re called when you don’t have a job and they come in there with his revolutionary idea, and maybe you won’t win the money.

Maybe we’ll and there’s somebody who has maybe a construction company, maybe Linda money, maybe you don’t there’s a restaurant, maybe you do maybe.. What kind of businesses do you all like to lend money to it? First, Oklahoma Bank: we that’s a really good question.. There’S probably a couple different ways: you can answer that the first one would be we’d like to lend money to bad to customers or people, entrepreneurs who have an idea that they’re working on now and we’re financing growth and so they’ve shown that they’ve been able to Their experience than what they’re doing they come with some sort of an idea or it’s a construction company.

We’Ve made some money. We may not be terribly profitable, but here’s our plan going forward, and so those are probably we would like to listen to that in an SBA lending. That makes a lot of sense and that’s an easy way to be able to help me get to go farther than where they are today. Matthew 25:14 through 30 in this incredible book, explains the parable of the town, the the parable of the talents, which, basically you know one guy’s, giving one to know one guy’s giving 20 and 1 guys. Given five. Will the guy gets the one Talent basic?

It is going to lose the money he’s been given, so he buried it, and so the more of the story was that father came back, he’s okay, you know why you guys what you do with your money and one guy says that you gave me 20 and I made 20 more. Everyone says he gave me five. I get I made 5 more than what the ones that’s why I didn’t lose it, and so the parable was way. We’Re not going to give you any more than okay.

So your boo, so I think what you’re doing is you’re looking on a very small level on the smallest level start a small business with a capital you have do whatever you can do to start a small, profitable business listing right now do whatever you have to Do to make it small and profitable I’ll give you one example that was a business that my partner Braxton fears. He signed the lease with Libby all her alone. She believed that downtown Tulsa was going to make a comeback, and so she opened up the elote at 5th and Boston, Puffy Tacos, and she open that thing and everything in that bank right back in that restaurant is recycled like everything about it is recycled in it.

I was telling entrepreneurs is not about resources, it’s about resourcefulness and she used to use reclaimed recycled. She made every just: did everything she possibly could do to keep me over head low and that thing started to take off and grow and grow and grow? Well, if you, then, if she came into the bank – and you looked at the numbers in the math – was good and you’re going well, your business has a line around the door. You got great reviews online, your business is growing and you want to do what she says. I want to open up another another business or another restaurant.

You probably have a pretty good appetite for helping somebody with an existing profitable business grows. When I’m here at solutely ain’t that don’t count out the person who is driving down the road right now at lunch, they like their job, but they also think they can do it better okay.. So don’t don’t count that person out either. It could be that you know you’ve been on your job for 10 years and you have an opportunity to buy that business. You may not have your own Capital, you may have to go, raise some money, you know what you’re doing, and so you just need a break to be able to run so don’t count those guys out either.

Somebody wants to get a hold of you over there. First, Oklahoma Bank: how do they do what’s the best way to begin a banking relationship with you over there? First Oklahoma bank, I would say we’re relational, so just call 918-392-2500, and I appreciate the plugs for me, but the fact that matter is earlier on in one of the segments we are talking about. What the need to have a banker in a local Banker run was talking about that in the fact that matter as well – I’m partial as to our bank, if you’re wanting to do it, maybe that, where the right fit for you, it may be that somebody else Is the right fit, but you need to get out and go call on folks and start thinking about start thinking through with him and build a relationship.

Now we’re talking a lot today about small business loans, but we want to make sure we give you an opportunity to share about the partners for Heroes and what you’re doing to help veterans who are returning from military service. Can you walk us through what the partners for Heroes program is and what it’s all about there yeah? Basically, what we do is we work with veterans and First Responders that are suffering from post-traumatic stress, traumatic, brain injury, depression and our main focus is to get them back.

Outdoors get him back to Nature, and that seems to be the best medicine, but a lot of times. Experts will tell you that, instead of prescribing a bunch of the medicines that are given to her people immediately get him back to Nature. First, get him outside getting away from the stresses, and everybody knows when you walk outside you’re out by the lake. What’S the first thing, you do you take a deep breath and it feels so good out there and all those dresses you can feel them just going out.

So that’s one of our biggest things is getting back to Nature, even activities that are pure bonding, so they can be with other service. Members are other First Responders and get a chance to just share and talk and be around people that understand what it is. They been through and what it is that they’re facing play. This is why I think, maybe we need to get you outside every now, and I don’t know I don’t know about it. I think you know and sharing your feelings with with with people.

You don’t know you know and just deep talking and walking, you know Barefoot to the grass. You know where a lot of feelings for you, I put case studies in my head instead and some stats stats statistics case studies, best practices, notable quotables things like this. I don’t know where I mean we have with man cave with you. Sweet man cave and you give Coach to me until you know I am working on my mistake place for you, I’m a safe place. You are in the middle of Susan’s.

Take on this upcoming event, which is October 21st she’s, going to tell you all about it. We come back from the great minds, think alike, Clark. I am a business coach and we are talking to me about SBA Loans. Everything you need to know to get the capital that your business needs Capital. The lifeblood of your business stay tuned is the DriveTime business coach. Radio show welcome to the Thrive time, show a show for the enemies of average to leave big shout out to my wonderful wife of 16 years for Oral Roberts University cheerleader Vanessa Clark.

How are you doing? I’M excited to see you this weekend. We are going to buy a new mattress. Rogue on yesterday show, if you miss any part of a show, you can always go to DriveTime show.com. If you want to have a lab and just realized the way, Clay’s brain sometimes works, and what good does it or doesn’t work he? He just realized that the mattress, let me take it up first, to put your hand up and ask me questions in this. Wonderful lady she’s a clinical psychologist and she said I have a question about XYZ and so we’re responding to a question, and I said how did you hear about the conference and she says: oh you guys, DJ’d, my wedding, like 13 years ago, when I saw who Was your DJ Josh Smith and I’m going okay, Jon Schmidt, so my wife and I are moving into the new house.

It’S removing stuff around removing the bad the movers are moving. You know in Vanessa was at the workshop we’re moving the bedroom around and Vanessa goes. I think this mattress that we sleep on is the one he gave us 16 years ago, maybe 17 years ago, and I think that’s what he had in college and I’m like. Oh no. This is true. We end up going to Mathis Brothers in I’m just laying down laying down with some of these mattresses. You don’t talk to Carl, the best guy in the history of Mathis Brothers potential, the best salesman, the history of American furniture sales.

In there he looks just like Jamie Foxx and I’m just blown away by his visual appearance, and I lay down. I have not asked him that we did go to Bible College, so I’m laying down on the mattress – and I realize he – the technology has improved. You think I’m room mattress mattress may be as old as I am dude. I know that that’s that’s kind of crazy. 10 likes it, but I think that’s why you don’t sleep now I figured it out like Mike 2 hours, a night cuz. You know, I don’t really like it and yes, it’s the first question on there. Do you have a mattress from mattress that you got from a Cheesy?

You know disc jockey back in 1980 to cancel Drive Nation. I’M excited I’ll, see you at Mathis this weekend, get myself a new mattress. Nothing can stop me say, no one can stop you several times that we don’t meet. Him know he’s the Beast. The best I mean Carl, I may have a great relationship. I beat him in the in the Festivus push-up contest years ago and said: what are the odds if I walk in there and I say to myself – I am not going to buy anything I walk in. I want to see Carla car lots of to my limits and listen. I don’t need anything. I don’t want anything.

I don’t want to buy anything where the odds on the leave. There was something. So if you were to say like I don’t have the time he would go. So what’s your main concern, yeah, that’s and then you would tell him and he’d say. Will let me ask you if you did have all the time you needed. What’S the main thing you’re looking for out of this mattress and then you would say: well I guess I’m looking for one.

That’S not 18 years old, it was a regifted from a college guy who was probably a disc jockey and it’s kind of weird thing, and then he would say you know you’re exactly right. He would explain to you that your mattress isn’t actually an expense, but it’s actually an asset, and it actually appreciates over time because it’s a limited edition collector’s on SBA Loans, everything you need to know about an SBA loan.

So the next question is how long Mr Tom Bennett, how long is the average repayment of an SBA loan over there first Oklahoma Bank depends on what you want to do, but I would tell you it’s probably 10 years. If you involve real estate, are there some other type of form of dirt, or even maybe a heavy piece of equipment? You can go longer real estate, you can take out 25 years and then everything else is really kind of 10 years it within the SBA rules and the extent that it makes sense that repayment set schedule makes sense.

Well, then, that’s probably what we’ll do so if you’re listening today and you’re looking for a business loan, I see there’s a conventional loan that everybody knows about you going to the bank to try to get a loan, but there’s this loan called the SBA. Now you’ve invested in Regent Bank and in your mind, the banking industry. So I could, you explain, see why anybody would like to First apply. Maybe for an SBA loan as opposed to another kind of loan, is so much just now too, but if you could get them there are there more favorable you can get up to his Thomas an earlier.

You can get up a higher percentage of the money. You need up to 100 %, which is basically all of it. You can have longer pay out, as he just explained a little bit ago, so that means lower payments per month, which is very important, you’re starting a business, and then I think about it to Banks like them, because part of the loan is guaranteed by the federal Government, so they they feel a little better sense of security, and I would say the reason why an entrepreneur should like an SBA loan is because of flexibility and think about it. If you’re growing your business, what do you really need in your pocket?

Any cash, because, if your, if your business grows, what you want to you don’t want to have to go back and get a loan to us for it. So if you’re going to buy a building, you know most banks a conventional loan they going to make it to the 15 or 20 % down. So you know you got a hundred fifty to ,000 stamp. You can always pay the loan back. That’S not the problem! You can pay it down if you want to, but it’s like the idea. Is you keep more your cash? So then you can grow your business in the fact that matter is say: you’re buying a building the building’s not going to appreciate as fast or as make as much money as your cash can. If you invest in pain now, that’s just good healthy advice right there.

Now you’ve seen Tommy been around the bank, you for a while you’ve done with a lot of businesses, and this forms rate of these brand new businesses that start up and get going to have a fail rate. How much? What percentage of does feel right? You think it’s it’s their undercapitalized. Have you have you looked into much of that I haven’t, but I would tell you if just from experience most of the time with people don’t think about is how much money they actually need and a lot of times they really the under shoot.

It shoot it because they they either grow faster than what they think or it takes some longer for their business to materialize, and so on a lot of it. It’S going to probably under shooting what they really actually need and then spend the time mathematically to work through it on the show. Was that your move? That’S my move, remove, okay! What was the I appreciate you a call in show, but when I question for you, hey bacon relationship should be really kind of a partnership. If it’s done correctly, it’s kind of a partnership, and can you explain what are you looking for a short-term loans here or long-term loans or what kind of relationship are you looking for with your bank account with your with your entrepreneurs?

I can partner up with banking at the end of the day. Is you need to pay ass off on the way we make money, as whenever people have won without standing with us? But the fact the matter is, you need to kind of be in and out over time with it, and so sometimes people’s needs before term. For instance, we approve the loan, just at the other day, he’s a he’s, a contractor who’s going down to Houston needed a line of credit because he’s got to fund his labor down there until he gets repaid in the payment source is going to be at from Its most likely come from insurance companies contractor Tom, but I would think that they would be.

That would be a target-rich environment to find some work done in Houston. Do you think, oh yeah, it was good, we’ll see. Definitely until we’re money Works in his environment. Is it’s going to be a short-term need, and so if he goes down there is no, let’s say it was ,000 line. He’S got ,000 worth of Labor. Let’S hope that he comes back and makes a couple hundred thousand in the process Jersey. We come back from the break here. We’Re going to have Susan. Tell us all about this partners for Heroes, Main Event, the Bedlam Bass Classic.

If you’re looking for something fun to do on October 21st, while giving back and supporting the veterans, you do not want to miss out so stay tuned Susan earlier partners for Heroes is going to share with us about the Bedlam Bass Classic it’s a game-changer. You could win ,000 stay tuned back to the business coach. Radio show that’s so good that it makes the Oru praying hands. Clap! Oh yes, see! I I’ve never actually seen them clap it’s just a rumor. I’Ve never actually confirmed as the Oru hands clapping. Oh really.

I thought I thought that was for the visual. I have a feeling that happened, but probably did I want to. I want to ask you there if anybody out there who’s thinking about exfoliating thinking about getting in shape, thinking about just really taking their physical appearance to the next level. What are your tips, my man you’re, looking good, it’s an incredible highly recommend fish oil and that kind of ties back into this Bedlam Bass Classic because it all wrapped around fish.

Alright, I’m going to see Susan earlier, the CEO of partners for Heroes, and you are sacrificing your time, you’re investing a lot of resources into putting on a great event to support our veterans on October 21st. As a 7:15 kickoff, it’s called the Bedlam Bass Classic. Tell us what it is and how we can get 10 volt you’re having a great big fishing. Your buddy is bedlam fishing tournament free to the Bedlam football game. So it’s going to be a lot of fun.

You came out it doesn’t matter if you are an OU supporter and OSU supporter. If you support some other team in the state come on out, because every time that you are the other teams in the state that was the River Hawks of Northeastern State University, not really into OU or OSU OSU, but because you’re so owe you, I sort of Try to pacify passively aggressively attack all universities on your behalf, military kind of think. It’S really cute.

You were back in high school, my daughter, they had college t-shirt day and what you did you wear the T-shirt with the college logo emblem of the of the team. You wanted to join, you supported right, and so she said dad. I don’t really. I can’t get what I want your old college t-shirts and where that’s at your honey, so she wore. It was like an issue because you had that’s a neutral State University.

What are you – or I want to ask you this because we’re talking about everything you need to know about SBA Loans, the 8 things every small business owner needs to know about loans for their business in this final was a question I want to ask. Is you obviously are with first Oklahoma bank? It’S obviously something you’re passionate about. It’S obviously something you put your reputation your time, your energy into starting, walk us through what makes first Oklahoma Bank different from other Banks aggressively trying to grow this bank.

Is it’s a little less than or less than 8 years old we started bought a little bank, that was nine million dollars in assets, and it will be knocking on the door six hundred million dollars in the year. It is just going to work everyday. I mean I’d love to say that there’s a magic formula to it, but my father-in-law has a saying: you know the the the lucky you’re at the harder I work, the luckier I get in so yeah, that’s true! It’S just you got to go out and go for it, and so I think, want to think what makes us different we’re, not the only Bank in the market going there, a bunch of good Banks here in Tulsa, I would say trying to do is try to Go out and try to invest in our community and frankly, the majority loans we do or business-oriented loans, and so that’s what we’re looking for so they’re listening out there right now.

What kind of person absolutely needs to set an appointment with you? Give you a call to get to know you shake your hand? Cuz you guys are a relationship driven Bank. What kind of person you know is the ideal in likely buyer the ideal unlikely, a contact for you guys over there at first Oklahoma bank, I would say business owners or folks that are trying to build where they are going in life and there’s that that looks A handful of different ways: I mean the business side, we talked about a lot you’re, starting something you’re growing more of what you’re doing you’re expanding, and so that would be.

That would be a customer on the business side on the personal side. It’S what else are you doing in life? I mean there’s that, but we have the bank side and we have a mortgage company to mortgage company Roots done, does over a couple hundred million a year and Lone Tree Service Arlington house, until we could also help on that side as well. I want to go around the table and give kind of one small business tip for all the business owners listening right there as relates to Bank in All Star. All start for this is my listening to the show.

What do you have a small business or you’re starting a business or you or for someone else, find a way to save a minimum of 3 % of what you are just forget. It me with the financial planner, some kind, taser yourself, deprived yourself of sleep, go to the woods whatever you have to do, but he’s going to be able to sleep or do whatever you need to block out the time to save at least 3 %. I recommend at least 3 % of what you make, because when I have found is when you automate your savings, when you make a one-time decision to automate your savings, you look back and you know man, I’ve been saving.

I don’t like care what vehicle you put it in at this point. I’M just talking about the habit of delaying gratification and saving money, because when you do that, when you meet with the banker, who’s that you’ve been diligent, you’ve been a good Steward of your of your finances and I’ll. Show that you’re consistently a saver and then you’ll be able to buy an opportunity when that arises. I don’t know what that opportunity to be. Do. I know when we started elephant in the room. I need to Capital. When I started DJ connection, I need to cap. It all when it started epic photos,

I need a capital, we started driving to Capital everything in my life, I’ve always needed capital, and if I had to learn that one principle for musically and other entrepreneurs, I know it would have been a struggle. I don’t ask you Tom: what’s maybe a tip of small business banking tip that you would have for any of our listeners? Well, the first thing is Swing. The bat because most people have an idea and they won’t step out and go, give it a shot, and so the I would I would hate to have been.

You know, 70 years old, looking back going ahead, a bunch of different opportunities and I didn’t go for it until the first thing would be to swing the bat and go and give it a shot because it’s harder than what people think there’s the financial side. But then the fact the matter is people may or may not talk about it and I’m sure is a business coach. You guys can help train people and talk to him about it, but there’s an emotional toll to until you know it’s it’s kind of a lifestyle, but I would say for me it has been great and I would not sure if that’s exactly what you’re looking to Banking and just kind of getting in the game of Entrepreneurship, you might tip, would be build a relationship before you need it and what I meant, what I mean by that is that has a bank through using right now, okay, you’re making deposits you got to check, Checking account savings account.

You’Ve got your credit card through something I mean you. You have your your banking right now with somebody and if you don’t have a relationship with somebody that bank something’s wrong something’s wrong things wrong. If I don’t have a relationship with my back, if you don’t know who to call, if you don’t have a relationship with somebody in there, if you have it, and now all the sudden to what I would say to people is build that relationship before you actually Have to have the relationship is that makes sense, build a relationship before you have to have it.

I would I would. I would definitely affirm – and I definitely agree with what you’re saying and Andrew Carnegie, the late great entrepreneur who wrote this book called The Gospel of wealth and in there he says you take your practical education, missed your skill, plus your reputation and that’s how you make Compensation, your practical education plus your reputation, equals your compensation and if you don’t have a reputation with the bank, that’s not a good thing.

You know to be going to make for the first time when you need money, so I encourage you to definitely build a banking relationship and I we all really love to support our sponsors, and so I encourage you to check out first Oklahoma bank, make sure you Check them out no citizen people or want to know more about this Bedlam Bass, Classic cover real, quick or give us the details. How can someone get involved with the Bedlam Bass Classic need to do is go to Partners for heroes.org you’ll find everything you need to know right there you’re going to have an entry form, you can enter online or you can print it off and send it in Your going to find out when all the activities going to be working have lots of family fun activities fisherman.

That’S okay, sleep in coming a little bit later, get something to eat. At brownies tailgate with us we’re going to have some fun scavenger Photo Sphere, going to have a rustic cuff give away. So we have lots of things going on out there. We got a silent auction that we’ve got some amazing amazing items, for one of them is going to be a autographed football and OU autographed Washington and Barry Switzer autographed on one football that you go for a great amount of money.

It’S going to have a great cause. This is all to raise money for those who have served our great country now, thrivers, we have for tools. We can help you with your for tools. We can use to help you you can use to help. You grow your business one. We have the Thrive Time, show.com Podcast go to thrive time should I comment subscribe to the podcast, never missed an episode of the Comcast at Thrive time, show.com to book tickets for the in-person workshops, my man.

Why would anybody want to attend in person Workshop? Well, if you like to learn something about starting growing, a business check if you’d like to smile and maybe laugh a little bit meet some other entrepreneurs that are in the same boat, that you’re in and just have an awesome time in Tulsa Oklahoma. You need to come now the move in over 3 years of time show.com you can sign up for the world’s best and most affordable business school with just a dollar for the first month.

There are thousands upon thousands of training videos up there for you and finally, I would highly recommend that you sign up for a one-on-one consultation with the member of our Thrive time. Show business coach team did Steve Jobs had a business coach. Did you know that Jeff Bezos had a business coach picture of Eric Schmidt? The city of Google says you need a business coach. I think you need a business coach. Pro athletes need a trainer business owners. Professional business owners need a business coach. I encourage you to seek some professional advice, DriveTime show.com today, to sign up for your free consultation with an incredible boom, my friend so, but I need further. You were so mentally ready here we go 3. 2. 1 BOOM!