Sami Etienne (Host): Hi, and welcome back to Talking Cents. I'm your host Sami Etienne, and I feel like it's been a minute since we've been here. It's actually been so long that my co-host is on maternity leave, and so filling in for her is Taylor.

Taylor Humphrey: Hey, thanks for having me.

Sami Etienne (Host): Why don't you introduce yourself? With your title?

Taylor Humphrey: Yes. So I'm Taylor Humphrey, I'm Heritage Community Engagement Manager. So I have been a substitute for Cierra once before and I work on the marketing team with both Sami and Cierra.

Sami Etienne (Host): Yeah. And the last time Taylor filled in, she did a wonderful job. So no concerns here. We're looking forward to this episode because we've got Jennifer Boester here. She is the SBA Relationship manager at Heritage. And Jen, do you want to say a little bit about yourself?

Jennifer Boester: Yeah, so I'm Jen Boester. I am the SBA relationship manager here at Heritage. I've been in this role for about a year, but I do have a little over 20 years in commercial experience, commercial underwriting specifically.

So for me to move into the sales role with some of the tedious aspects of SBA felt more like a seamless transition for me as a former credit oriented person that had to know it anyway.

Sami Etienne (Host): Yeah, I feel like you've totally just like stepped into the sales role, like no problem.

Jennifer Boester: It's been pretty natural.

Taylor Humphrey: Yeah. It feels like you've been in sales your whole career, at least on the outside.

Jennifer Boester: I used to say that, I was probably the most extroverted credit person I knew, and then I was actually a sales person trapped inside a credit person's body. So yeah, here we are.

Sami Etienne (Host): Yeah, here we are. Sales is such a personality trait, so like you have it. No worries.

Taylor Humphrey: Okay, we're going to play a little game at first to get the audience to know you. So we will play 20 questions in under two minutes. So how this works. So we'll set a timer for two minutes and see if we can both ask you 20 questions in under two minutes.

So don't think about your answers, just rapid fire. Okay.

Sami Etienne (Host): Rapid fire. I'll start with the questions. We will flip the timer in 3, 2, 1. What's your favorite cookie?

Jennifer Boester: Chocolate chip.

Sami Etienne (Host): Favorite childhood show.

Jennifer Boester: Oh, probably Full House.

Sami Etienne (Host): Okay. First job?

Jennifer Boester: I worked at Donut Bank.

Sami Etienne (Host): Oh, I love that. Yeah. Would you rather have the ability to talk to animals or speak every human language?

Jennifer Boester: Definitely every human language.

Sami Etienne (Host): Who was your childhood celebrity crush?

Jennifer Boester: Oh, I don't remember mine. My sister's with Jonathan Taylor Thomas, without hesitation.

Sami Etienne (Host): Are you more of a planner or go with the flow type?

Jennifer Boester: It depends on the circumstance. I can be both.

Sami Etienne (Host): That's fair. What was your last trip?

Jennifer Boester: I went to Put-in-bay, Ohio. In South Bass Island on Lake Erie.

Sami Etienne (Host): Okay. Which Marvel superhero is your favorite?

Jennifer Boester: Definitely Iron Man.

Sami Etienne (Host): Oh yes. Morning routine must do.

Jennifer Boester: Coffee.

Sami Etienne (Host): If you got stuck in a reality TV show world, what show would you want to be stuck in?

Jennifer Boester: Oh, reality TV . Oh, that's, I'm going to get stuck on this one, Sami.

Sami Etienne (Host): Then. We'll, we gotta go. Let's get it. Okay, let's do it. Would you rather never have to do laundry again or never have to do dishes again?

Jennifer Boester: Definitely dishes, yeah. Great.

Sami Etienne (Host): Do you have a hidden talent?

Jennifer Boester: I don't think so.

Sami Etienne (Host): When taking a flight, do you prefer aisle or window seat?

Jennifer Boester: Window.

Sami Etienne (Host): Okay. Which one is your favorite? TJ Maxx, Marshalls, Home Goods or Sierra?

Jennifer Boester: Probably TJ Max.

Sami Etienne (Host): Shoe size.

Jennifer Boester: Six.

Sami Etienne (Host): Same. Okay. What financial term do you think could make a good baby name?

Jennifer Boester: You're gonna have to skip that one. I'm not gonna make it.

Sami Etienne (Host): Okay. Do you believe in luck?

Jennifer Boester: No.

Sami Etienne (Host): What's one small thing that can always make your day better?

Jennifer Boester: Can I say coffee twice?

Sami Etienne (Host): Yeah. Yeah. If you were a flavor of ice cream, what flavor would you be?

Jennifer Boester: Mint chocolate chip.

Sami Etienne (Host): Okay, eh. What's a fashion trend that you secretly love?

Jennifer Boester: I really never got past the exit of the skinny jean.

Sami Etienne (Host): I I knew you were gonna say that. I knew you were gonna say that.

Taylor Humphrey: Keeping skinny jeans in the rotation, they'll come back eventually as well.

Sami Etienne (Host): They, you're trying. I see you wear wide legs.

Jennifer Boester: I, I try. Thanks to you Sami. . Keeping my fashion intent.

Sami Etienne (Host): You always say my legs look so short in these. So, okay, going back to your answers though, I have to know what Put-in-bay is.

Jennifer Boester: Oh, Put-in-bay.

Sami Etienne (Host): Oh, Put-in-bay.

Taylor Humphrey: Yeah. I remember when you went on this trip, but now I wanna go.

Jennifer Boester: So it's, a little town on South Bass Island in Lake Erie, and we took a camper. And well, we took my car too and we took it on the ferry over the water to the island. Then we camped there for a week.

Sami Etienne (Host): And it's pretty party-ish.

Jennifer Boester: It is on the weekends, so we strategically went through the week so that my children weren't exposed to extra shenanigans. But yeah, it was beautiful. It was great.

Taylor Humphrey: Yeah, I love the Great Lakes.

Sami Etienne (Host): Yeah. Is it like Mackinac Island?

Jennifer Boester: Like, I've not been to Mackinac, but I would say.

Sami Etienne (Host): Okay.

Jennifer Boester: It would be probably similar.

Taylor Humphrey: Can you drive a car on Put-in-bay.

Jennifer Boester: You can. But we rented golf carts. Okay. And we did golf carts, all around the, I mean, that's part of the, that's part of the draw and part of the fun.

Sami Etienne (Host): Well, cool.

Taylor Humphrey: So, oh, it's dreary and rainy here this morning, so I'm thinking about a lake vacation. Just sounds great.

Sami Etienne (Host): Yes. Now my mind's there. But we're glad to have you on our podcast today to talk about SBA loans, which for those who don't know, it stands for Small Business Administration Loans. So, Jen, in your own words, can you tell us what an SBA loan is?

Jennifer Boester: Well, let me start by telling you a little bit about what SBA is and then I can explain the loan. So, the small business administration, you should just more think of it, it's a federal organization that exists solely to help support the small businesses and entrepreneurs in the United States. The SBA provides opportunity to those who are startup in nature or who are otherwise less eligible for conventional financing.

And so the SBA loan is actually a regular loan that you get through a bank or a credit union, but the SBA actually provides a guarantee to the loan. And so what that really means is without getting into like nitty gritty details, that'll put everyone to sleep. So they guarantee it, and then a certain percentage of the loan is backed.

And so in the case of default, which we hope never happens, and default is when somebody just completely walks away from the loan and can't repay it, the SBA comes and makes the credit union whole for that portion of the guaranteed part. So there's three different SBA product types. There's the SBA Express loan, there's the SBA seven A loan, and there's the SBA 504 loan.

Sami Etienne (Host): What the difference say?

Jennifer Boester: So the SBA express is a product that you can only get if you are a delegated lender in the SBA program and Heritage Federal is. And so that is a faster, more efficient loan process. It is a lesser guaranteed amount though. So the SBA express is a 50% guarantee. And the full SBA 7A, that is anywhere from 75 to 85% guaranteed by the SBA and that is a whole different step in additional underwriting and due diligence that takes place after it leaves Heritage's land into SBA, if you will. They also have their own due diligence and practices in order to make a decision on it. And then the SBA 504, that is, where the credit union would take a portion of it.

We would work in partnership with the CDC to take a portion of it, and then the borrower would come with the remaining portion of it. So a lot of times you'll see a structure on a 504 of like 50, 40 10, right? And so the credit union would take the 50% and take first lien position on the collateral.

The CDC would take the 40% and then the borrower would come with the 10%. That's just a example. That's not necessarily the way they always go though.

Sami Etienne (Host): Okay. So can you get an SBA loan for anything if you're a small business? Like what can SBA loans be used for?

Jennifer Boester: SBA loans a lot of times are used for businesses that are startup in nature. And startup is two years or less, is considered a startup. Other businesses that can really take advantage of small business loans would be your service industries. You know, so anything where there's not a lot of equipment or other assets that could serve, to secure the loan in a tertiary repayment source.

So, for instance, like even medical practices, you know, if they're startup in nature, a lot of their assets are intangible. They're the invoices that are out after services are provided, and like a consulting firm especially if they don't have real estate. So that would be, something that they have intangible assets.

They have a huge turnover of accounts receivable into cash at some point. But, those are the kind of businesses and industries that can take advantage of SBA loans.

Sami Etienne (Host): Okay. So it's not just businesses that have a product that they're selling, like they're making pins.

Jennifer Boester: It's not, it's not limited to retail. Uh, there's fewer ineligible industries than there are eligible. We see a lot of restaurants, we see a lot of lawn care. Sometimes we see engineering, a lot of logistics, the trucking companies. We see salons. And that's another good example of a service industry.

Typically, your salon owner might lease a space and what they have inside the building is what the assets that they have. Right? Right. Like chairs and mirrors and mm-hmm. And hair products, you know, so.

Sami Etienne (Host): Okay. So that makes sense. So those types of businesses might not be eligible for a regular commercial loan because they don't have enough assets.

Jennifer Boester: That's right.

Sami Etienne (Host): So they would fall more into line with getting an SBA loan.

Jennifer Boester: Right. So with any kind of um small business loan transaction, there are three sources of repayment. The primary source of repayment is the operations of your business, right? We hope that you make enough revenue and you generate enough of the net profit to service your debt payments every month.

So that's your primary source. Your secondary source would be your guarantors and in the consumer space, that's more like a co-signer, but in the business space, it's called a commercial guarantor, and that would be your business owners. So anybody, 20% or more ownership would be guaranteeing the loan.

That's your secondary source, especially if they have additional income from other resources. You know, W2 jobs, things like that. And then your tertiary source is the collateral that secures a loan. So whether that's a piece of real estate or a UCC filing on all your business assets or a truck, or, you know, a heavy piece of equipment, those are your tertiary sources.

And so really, as a credit union, we want to have all three all the time. And when one falls short, specifically that tertiary source where it's the collateral, that's where we can really, hone in on deciding whether a loan should be SBA guaranteed or not.

Sami Etienne (Host): Okay. That makes sense. So, since you've been doing this and you've approved people for SBA loans, are there some success stories that you can tell us, or at least one success story of somebody who's benefited from an SBA loan from Heritage?

Jennifer Boester: Sure. So a few months ago I had the opportunity to look at an SBA loan for a consulting company here locally that was going through a partial acquisition. So they had a couple of owners, one wanted to retire and they had a couple other candidates they were gonna bring in to buy in, and we were able to successfully generate a small business loan for them that allowed them, those new prospective owners to have the financing to be able to buy out the old owner. And so that was a really great win for us and a really great opportunity for them.

Sami Etienne (Host): That's cool. Yeah. Yeah. I wouldn't have thought SBA for that, but it sounds like there's so many different opportunities for it.

Jennifer Boester: So many. So like, kind of going back to what we said it was not a startup. Very, very, solid business. Been in business a while, but you know, it was a consulting company, so it was a service industry in a leased space. And we ran into that, maybe the lack of collateral again, and, that's where the SBA loan really came in to shore that up, made us feel comfortable, gave them great repayment terms.

By the way, I don't know that we covered that, but the advantage to SBA as the borrower is that sometimes you get better structure. The last thing we want for a new business owner to do is to come in and take out a big loan and have to repay it back in conventional terms, which is usually a much higher payment, right?

Every month. So with SBA, we're allowed to stretch that and make that way more digestible for your new business owner are trying to get off the ground.

Sami Etienne (Host): Okay, so, it sounds like SBA really supports and helps small businesses and communities and keeps them going, whether they're startup or not.

It allows the opportunity for longstanding businesses to continue to stay small and not be bought out by larger.

Jennifer Boester: That is correct. Larger, that is correct. It gives everybody still some market share, if you will, and, keeps everything from being monopolized by the big box stores and things like that.

Taylor Humphrey: Which is what we want. We wanna keep it small. That's right. In our community. So can you walk us through the start to finish process on SBA loans? So say, Sami and I have a business, we're interested in SBA loan. What's our first step?

Jennifer Boester: Your first step actually would probably not be to come to me.

Taylor Humphrey: Okay.

Jennifer Boester: Your first step would be to make an appointment and visit with an advisor at the small business development center.

Sami Etienne (Host): And we have that in Evansville.

Jennifer Boester: That is in downtown Evansville. They are a great team of professionals in all different industries that join forces to provide advisory, great information to new business entrepreneurs.

So that would be my first thing to tell you to do. Because what they can do over there is they can get you ready for all the items that I as the banker I'm gonna need from you. So if you are new off the ground, they're gonna help you build projections and help you understand, what all financial items you might need and, help you find ways to budget to start to save money for your equity injection.

All of those things. And they can work in tandem with me, to help the borrower on both sides during that process. So that would be the first step. Then there's the connection with me. If that hasn't already taken place, sometimes it goes backwards. They call me first. And I send them there and then they come back.

But then they come to me, we collect all the data for underwriting. I kind of walk them through the different product types. And we talk about, short term, long term goals, what that really is gonna look like. And then sometimes we don't fit them with the SBA product, necessarily until we've had our credit team have a chance to look at it, that they can usually discern and we can work together in partnership to, determine the best product for them and for us as a credit union.

So for instance, if it's a SBA 7A loan, underwriting will look at it. Let's say they give their blessing and they say, yes, this looks good. So then the next step would be to submit it all the way to SBA. And then they have an underwriter and a due diligence team that kind of do, goes through the same steps, maybe finds any gaps that we might have had in our thought process, may come back with like a counter offer to us for us to present to the client.

And then if they say yes, then there you go. They, it comes back and we do all of our, the rest of our remaining due diligence and we get it closed.

Sami Etienne (Host): So does Heritage underwriting usually, or typically always match SBAs underwriting or sometimes do they come back? Like do they often dispute?

Jennifer Boester: So I will say that Heritage is very good at SBA. We do a lot of it. We have the resources to allocate towards it. We find it to be very important, for us to participate in being that we're a not-profit, credit union, very involved in the community. We really wanna see our community thrive. And so it has been, you know, an initiative for us to grow that portfolio and help those people that need the SBA loan.

So that was a long-winded way to answer your question, that occasionally they come back and they say, we'd like to have extra collateral, or we might want this, or that, but we're pretty good at it. So typically if we feel like it's a good deal, when it makes it there, it's still a good deal.

That's good. Like we know what they, we have a higher approval rate back from SBA.

Taylor Humphrey: Go us.

Sami Etienne (Host): Yeah. Yeah. That's awesome. So once the loan is closed, let's say like approved, the business owner, they're making payments to Heritage, correct?

Jennifer Boester: That is correct. It is a loan serviced by us. The only time SBA comes in is to occasionally, audit, make sure we're doing our due diligence. There's some, ancillary items that we might need to collect on an annual basis from our borrower. Or if the loan were to go into default, but otherwise, the SBA's that silent partner. That's the way we like them to stay and, we take care of the loan and, we develop that relationship with our clients in the hopes that, I mean, if we're really being honest, that someday they'll be strong enough and, have enough that they can obtain financing maybe without that SBA guarantee.

Mm-hmm. Yeah. So that's actually the long game, long goal of this. Yeah.

Sami Etienne (Host): Okay. Okay. What are some ways that a small business owner can make their SBA loan process more efficient?

Jennifer Boester: Just being prepared, doing the homework, meeting with the small business development center, really thinking it through. Sometimes we get applications in where they've got it all ready and it's a nice packet and we're ready to rock and roll. And then sometimes it's a longer process because they're not quite ready. And so just taking that extra step to go to the Small Business Development center and maybe have those conversations.

Some people you don't have to go to there. I mean, if, you have a business owner that is a friend or mentor to you that can help you with that, that's fine too. Right. But not showing up empty handed would be a nice, efficient way and shorten that turnaround time because commercial lending is not the same kind of turnaround time as consumer lending.

And so that's something else that sometimes is mysterious to the borrower, that it's not, a two day turnaround because sometimes there's a lot more red tape to sift through. And making sure everything is in compliance and all T's crossed.

And i's dotted. So you're dealing with a little bit of a higher caliber. That's right. As well.

Taylor Humphrey: I've heard great things about the SVDC in our community through my work with RE and being in the community. Like I know so many businesses that have gone through them. So it sounds like do your homework with the SBDC.

And then we have strong Heritage backing and then the SBA, it's like all those parts create a thriving community for our small businesses.

Jennifer Boester: That's right. And one thing I didn't mention is the small business development center, all of their services are completely free. If you don't pay for any of it, they have a launch your own business class that they host.

They offer, QuickBooks tutorials. I mean they offer all kinds of really cool things for free to new small business owners or existing small business owners.

Taylor Humphrey: I know of two local breweries who went through them first and they like swear by them. And then another girl that I know, a friend of mine went out on her own and launched, a fitness program that she wants to like, have ambassadors and like teach people then how to be instructors of the class. And she went through them as well and they say great things about it. Yes.

Sami Etienne (Host): And that awesome. I have not heard of them before, but it sounds like a great resource in the community. Are they a nonprofit? Jen, you're on the advisory.

Jennifer Boester: I am on the advisory board. They are a little bit of an arm off of maybe a small business administration too.

Sami Etienne (Host): Okay. So they kind of fall under their umbrella.

Jennifer Boester: They get some funding. Ah, I'm not gonna talk too much about it because I don't know all the ins and outs of that. I don't want step out my lane, but, they do exist again, kind of like the SBA Yeah. To serve the communities and to serve the small business owners and in a capacity that's totally free that the small business owner.

Taylor Humphrey: So can our members just Google it to find instead of an appointment or a meeting with them? That's right. It's on Rev website. Yes, they can. Oh, okay. And e Rev website. Yes.

Sami Etienne (Host): Okay, we're gonna do a mid podcast, another little game, but it's a short one. So we're gonna play, this segment is called Broke or Bougie. So I'm gonna ask you a scenario and you tell me in your personal opinion if you think it's something that a broke person would do or a bougie person would do. Yeah, it's more like, is it broke to where like that's a waste of money, like you shouldn't do it, but maybe some people do it anyways or bougie like it might be expensive, but to me that is worth it. Oh, so here's your scenario. Okay. And as a busy mom who prioritizes health and fitness. I think I can probably answer this for you. Okay. Is it broke, bougie to order meal kits such as HelloFresh every week?

Jennifer Boester: Oh, that's a hard one. Yeah. And I feel like I'm on a timer, but I'm not. Right. So I, I've done that. I've used those kits. So I do think that there's definitely benefits to them. So would I say it's broke or bougie? Gosh, that's a hard one because I quit using it for, you know? Yes, because it did get expensive.

Because it did make it broke. Yes, it did make it broke. No. I think I used it for a time, I think it's like a season. Yeah. Yes. So you use it so that it will help you, get the creative juices flowing to make your own meals without having to use.

Taylor Humphrey: I will say when I moved into my first big girl apartment, I went through a HelloFresh phase. And I did get food too much, but it, got me so comfortable with cooking. Because you have all the ingredients, it takes you step by step and I probably wouldn't d do it again. But it was so helpful. Yeah. For like a month.

Jennifer Boester: I, I learned like lots of little tips and tricks that I still use in my cooking today, even though I don't use, you don't need the service.

Yeah. And I would say that if you've got the money and you really don't have the time. Then it's not broke, it's bougie. It's fine. Okay.

Sami Etienne (Host): Okay. So I think our answer is it's a seasonal broke or bougie. It definitely is a season. It definitely is a season for me too. Like in the summer I don't do it because we like to use the grill and stuff. That's right. But winter I might sort of back up. I'm not gonna lie.

So back to SBA talk. Are you seeing any trends right now in the SBA lending world?

Jennifer Boester: Yeah. I mean, we always see some upticks and trends. This is something we didn't touch on yet, but we also participate in the lender match program on the SBA website. And so, let me give you 30 seconds of the summary of that so an interested borrower can get on that website.

And fill in all kinds of information about themselves, their demographics, what they're looking for, the industry they're in, how long they've been in business, that kind of thing. And then when they submit it, it gets sent out to all kinds of different banks and credit unions that participate, including us, if it fits our metrics, right?

So we're federally chartered, but we can only serve certain counties. And so most of our restrictions are around their location. And so. they can submit that. We get a chance to review it and say, you know what? This looks like something that fits our credit risk appetite and what we're interested in doing, so it's like not an application, it's like the pre-application.

 So then we can opt in or out. We opt. If we opt in, then at the end of the deadline for the borrower, they get a whole list of banks and credit unions that are interested in financing and then they get to pick. So then I wanna call it like a little interview process. Yeah.

Taylor Humphrey: It's like a, does Heritage gonna swipe left or right and they have to swipe too, like bid day for like sororities or like people going med school. Yes.

Jennifer Boester: So then if they choose us, then they are prompted to visit our online portal and I think they might get our contact information as well. And so sometimes I'll get calls before I get the application, which is typically a good thing. That way I can kind of help walk them through it anyway. But back to why I had to tell you that. So a lot of things I've been seeing in the winter match lately, so surprisingly, a lot of requests for like mental health facilities and practitioners starting up and, wanting to create their own practice.

And I think that's really cool. Actually, and there.

Sami Etienne (Host): It's encouraging to hear, we need more in this community and especially in Southern Indiana.

Jennifer Boester: And they have to be for-profit, right? To be eligible for SBA not-for-profits are not as eligible for SBA. Okay. But if they're a for-profit, then they are, and that's a perfect example of probably a great SBA loan, right?

So you have a service industry, medical credentials, all the things a great need for it, Nationwide, in my opinion, I guess. So that's one interesting trend I've been seeing. We get a lot of restaurants, again, back to the logistics. We get a lot of logistics companies that connect with us.

Sometimes we get, construction contractors or excavation. We get a lot of that too, into that lender match.

Sami Etienne (Host): Okay. Well, excited to see what comes out of that then. What's one thing you wish every small business owner knew before starting the loan process?

Jennifer Boester: I wish that every small business owner knew all the opportunities that they actually have to get the financing. I mean, there's opportunities outside of even banks and credit unions, right?

And so of course I would love for every eligible business to come to Heritage. We really wanna support that. But there are also other alternatives and resources. So even if they can't even get the SBA loan, my encouragement to them would be to not give up. Check with the SPDC. See if you can maybe get in connection with the CDFI and there's different resources. Yeah. the other thing I'd like to say, and I just thought of this secondarily, a lot of people don't realize how important your personal credit is. Okay. Obtain a small business loan. Yes. Okay. They think it's all separate.

You know, this is my business credit. This is my personal credit. News flash it is not, it's all together. Okay. You kind of are one and the same. And so one thing I guess I would like to say is that you gotta have good credit. Mm-hmm. If you're gonna get financed, whether it's SBA or conventionally, and with a business loan.

Taylor Humphrey: Okay. That's actually a really good tip that I bet a lot of people don't know. I didn't know, but I do think you're right that small business owners, especially if you're a startup, you don't know all that is offered like in your community or even federally? Before I started at Heritage, which was a year and a half ago, I didn't know what SBA was.

I'd never heard of it. Or if I did, I didn't dig enough to know, what it was. Mm-hmm. Right. I think it's uncommon, but I think it's something that is really cool for small businesses and like kind of a game changer. I would agree.

Sami Etienne (Host): What comes after a small business owner receives an SBA loan with Heritage? Are you still like servicing with them, the loan with them? Are you still a resource for them?

Jennifer Boester: Absolutely. I am their relationship manager, and so my hope is is that they don't call the 800 number. My hope is, that they have me, in their phone, and if they need something, whether it's something to do with their deposit account or their loan, or they wanna bounce an idea, a new idea, you know, any of those things, my hope is that they do reach out to me and or someone on my team if they're assigned with someone else.

And, really utilize us as the relationship manager that we are designed to be.

Sami Etienne (Host): You mentioned, their deposit account. So like, because Heritage offers other business products and solutions. So when somebody gets an SBA loan at Heritage, you encourage them to go ahead and get a deposit account with us?

Jennifer Boester: I do. And so it is a rule that, and because you have to, gain your membership at the credit union in order to receive services like a business loan. They do have to open a share account. So, sometimes I'll say, well, we need to get your LLCA share account open at the minimum.

And they'll say, well, I've already got my personal account open. And I'll say, yes, but your business is its own entity. So we have to get that open as well. They have to have a share account and then yes, of course, we would love for them to do all of their banking with Heritage. It makes it really easy for them.

We can set up the auto pay really easy for their loans. And then again, back to that service when they have issues or questions or whatever, they can just, pull me up in their phone and give me a call and I can help them with it. And if I don't know the answer, I'll go find out the answer.

Taylor Humphrey: Right. We can be a one stop shop for these businesses.

Jennifer Boester: That's right.

Sami Etienne (Host): One thing I love to say about Heritage is we are a mid-size financial institution, so we are big enough for all the bells and whistles, but we are also very personable and Jen, I know you personally and I know that you will go the extra length for your customers and our members and we're just an all encompassing credit union that can offer a lot, but we are not too big to where we forget about the human side and the relationship side.

Jennifer Boester: Yes. And that's what makes me love working for Heritage.

Sami Etienne (Host): So I think as we close we're gonna ask all our guests this. So you are on the list of other people who have been asked the same question. So what is one financial tip that you wish you knew at 18?

Jennifer Boester: Well, one financial tip that I wish I knew, maybe I did know, but maybe I didn't understand all the, facets of it because I wish I would've opened a Roth IRA, like the day I turned 18. Good tip. Yes.

Taylor Humphrey: I actually just opened mine last year because someone here at the credit union like said, you need to do the Roth instead of your traditional 401k. So I have both now, but did the same thing. That's great.

Sami Etienne (Host): And my grandpa, my whole life was like, get your Roth. And right before he passed away, I was able to tell him that I opened a Roth with Heritage. He just so proud. That was, he was so happy. Like it was the last, one of the last things, one of our last conversations. well, okay. Thanks for being here with us, Jen.

Jennifer Boester: Yeah, thanks for having me.

Taylor Humphrey: I have learned so much. Yeah. You did a wonderful job explaining everything. I know there's a lot to it and I know that you kind of still have that underwriting mind so, you know, the details and everything that goes into it. But, I understood it. I think you did a good job.

Jennifer Boester: Thank you.

Sami Etienne (Host): Good job.

Jennifer Boester: I hope so.

Taylor Humphrey: Dumbing it down for the lay person.

Jennifer Boester: Well, it's practice. It was a good little practice run when I also, you know, am explaining it to my clients.

Sami Etienne (Host): Well, thank you so much for being on here and thanks Taylor who will actually be with us for at least another episode, I'm sure. Maybe two. You get to hear more of me.

Yay. All right, so until next time. Thank you.

Scott Webb (Announcer): This podcast is for general information purposes only. The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect the views or positions of Heritage Federal Credit Union. Heritage Federal Credit Union is federally insured by the National Credit Union Administration.

Heritage is an equal housing lender. Membership restrictions apply. Programs, rates, terms and conditions are subject to change without notice. Loans may be subject to credit review and approval and property insurance may be required. The rate may vary depending on each individual's credit history and underwriting factors.

Call 1-800-858-1693 for details about credit costs and terms.