I attended the Grand Opening of the new headquarters of Camino Financial last night. Many large banks claim to be there to help small businesses, but you have to wonder if they are motivated more by profit, or the sincere desire to help.
My friends, and extended family at Camino Financial are motivated by the sincere desire to help. Kenny & Sean Salas, set out to solve a problem. Their mother was a successful entrepreneur for many years. Then the time came, when she needed help, to get through and the needed resources were not there. Her sons, saw a real problem with this, and set out to create a resource for small businesses, that would help make sure this didn’t have to continue happening to other small business owners, who can’t get traditional lending and financing from the bank.
There can be any number of reasons why people, and businesses who are perfectly capable of repaying their loans, are declined by the bank. Perhaps the most common one, is simply a lack of credit history. They didn’t borrow, when they didn’t need to, so now that they need to they can’t qualify, because they’ve never needed it before. Sort of ironic.
The truth is, the best time to borrow is not when you need it. You borrow, or line up the financing when things are good. The objective is to have access to cash, so that you don’t miss an opportunity when that opportunity comes up. As Sean points out in the video above, the ideal candidate for Camino Financial is not a business who is in trouble. The ideal candidate for Camino Financial, is the small business who really wants to grow.
In business you have to plan ahead!
The fed has been trying to raise interest rates all year, but they haven’t done it since last December. Yet. This is thanks, at least in part, to our friends across the pond, and their decision to leave the European Union. Maybe now is the time to look into it. Lock in a loan, or a line of credit, at a fixed rate, before they do it. Rates can’t get much lower.
Watch the video above for some insights into Camino Financial, who they are, what they are doing, and whom they are doing it for. Expect more on them, as I plan to follow these guys closely as they continue on this journey to ACTUALLY help small businesses grow.