Last week, the Friendly Bank sent two of its representatives from the head office to our Institute to explain their lending system.

They made  a power point presentation about their lending policies, and the different products they have for entrepreneurs.  They are a friendly bank because they have a character-based lending policy (meaning that they will lend money based on the character of the applicant) as opposed to a asset-based lending policy (meaning that they will lend money only based on  hard asset as collateral).

They explained their ladder system of lending from a starter point of $5,000, to $35,000, $75,000 and so on.  Tips on how to repair one’s credit score,  how to establish a credit history, and why an entrepreneur must set up a line of credit account even prior to needing one; the difference between term loans, line of credit, bridge financing, mezannine financing, blended loan payments, fixed loan repayments…….

Both reps are young adults in their late 20’s, sharply dressed, and very well spoken.  They gave out their email addresses and asked that our students can email directly with any questions and they will not only answer them but also direct their loan  inquiries to the proper branches.  What a treat!

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Filed under: Life at E-Institute, Taxes & Finance