Stories of Technology, Innovation, & Entrepreneurship in the Southeast

The TRUIST Bank hosted an educational seminar on borrowing for small businesses. TRUIST is one of the ten largest banks in the United States and prides itself on being founder-friendly.

Most first-time founders launch a start-up because they are passionate and believe in their mission. That mission may vary from business to business, but LeShaun Johnson, the Assistant Vice President and Branch Leader for TRUIST Bank said it’s always important to remember it.

“Businesses need funds to grow, scale, boost profits, increase production, and fund new equipment. Some bootstrap it, others secure investors, but most don’t have those options,” Johnson said. “Most people need to borrow.”

Her first, and perhaps most important advice to founders was to get acquainted with their banking staff. Business owners should be on a first-name basis with their local representatives.

“Get off the internet, go into the building, and have them meet you in person,” she said. “There are certain strings that bankers can pull for in-person clients (that they know), versus people they only know over the phone. Make deposits in person, make withdrawals in person, and ask your questions in person.”

In most cases, TRUIST Bank wants founders to be in business for at least two years before any money is lent; however, the bank has a partnership with Pathway Lending, where founders can get a business loan within the first six months.

Johnson warned the seminar participants that when seeking a loan, it’s imperative to think literally about the cost to run the business. She suggested people factor in the cost of materials, production, payroll, contract employees, troubleshooting, delivery services, insurance, gas, etc.

“You have to consider the true cost of your business, otherwise the loan will just set you farther behind,” she said.

To learn more about TRUIST, click here.

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