Let’s say you are a small business owner — an insurance agent, home construction company or consultant. You need a vehicle (or perhaps several vehicles) directly tied to your job to get work done. Typically, in order to finance such vehicles, members would go to their local credit union and take out a loan based upon their own personal credit and name.This, however, poses challenges for the business owner. For example, if our hypothetical business owner has a small fleet of vehicles under his or her personal name and credit, they may count towards the traditional debt to income ratio and may limit that individual’s ability to acquire, for example, a home mortgage or other financial products and services which he or she may need; all because these vehicles are tied directly to his or her personal name and credit and not to the name and credit of the business.Rather than running this legitimate business expense through a member’s personal credit, many may find it advantageous to link the loan to their business name and credit. That way, the loan is held under the umbrella of the business name and does not impact in a negative way, the personal name and credit of the business owner. Business owners can also grow and nurture their business credit in such a way. By obtaining the loan through a commercial lending program, such as may be made available using the Small Business Administration (SBA) loan programs, tax write-offs and other implications of securing a business vehicle are simpler in nature than if the member was to use traditional consumer lending.Arranging vehicle loans in such a way is also of benefit to the credit union in that it helps increase overall loan portfolio, improves account relationships and business loan capacity and empowers members for future additional product penetration. It also offers a credit union the ability to realize a higher return on assets, as these business loans may be sold off at a premium if government backed.We have developed a program that also designed to help introduce credit union staff at the branch level to business lending. From the outside, business lending can be seen as complex, time-consuming and, frankly, intimidating to many credit union employees. Such a program allows credit union staff to dip their toes into the business lending waters with a seamless program designed to be simple to learn and beneficial to both the credit union and its members. The program also allows credit unions to use their already-established and proven credit scoring system in order to qualify such loans, and ensure their member a legitimate business loan that may be closed within 2-24 hours.Additional benefits of such business lending-focused vehicle financing include lower loan risk for the credit union (due to the government-backed nature of the SBA loan). The member will also realize potential longer terms with lower payments and lower collateral requirements than with typical consumer lending. Overall, the program offers positive gains and the potential for deeper and more meaningful product and service relationships for both member and credit union.For more information about this program and the potential for your credit union to serve business member vehicle lending needs through the SBA program, contact Joey Duckworth at (801) 545-7935 or [email protected] 56SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Joey Duckworth Mr. Duckworth has over 17 years of experience in the financial services industry, and over 15 years of experience in the credit union industry, including more than 10 years of … Web: www.mblllc.com Details
According to the Chief Executive Officer of Afa Sports, Ugo Udezue, the company is excited to work with Olalade Ibrahim whose Nigerian background not only confirms the abundance of talent herein, but consolidates the brand’s mission to project the originality, creativity and uniqueness of the African culture to the rest of the world.“We are excited to work with Ololade. Her pedigree in the fashion industry speaks for itself and her roots bring originality to our concepts,” he said.Speaking on this recent milestone, Ms. Ibrahim expressed happiness at the opportunity to be a part of a solely indigenous outfit, noting that she could not be prouder to showcase to the world clothing that represents her African roots.Her words, “Afa Sports has done Nigeria proud and I am happy to be a part of this great achievement. I have been on the international scene but doing this for my own indigenous brand attaches a sense of belonging to it”She added also that she is especially impressed by the fact that the apparel caters to the form and feel of the African climate with a look that is all style and comfort.“Their collections and designs are comfortable and eco-friendly. It is everyone’s brand with everything from stylish jackets to casual fixtures. Being a part of this coming from a country where I was born and raised is huge.”Afa Sports is an indigenous brand vested in the design, production, marketing and sales of athleisure outfits as well as sneakers.The company has been keenly promoting the African culture through all its products as it believes that Africa has the potential to counterbalance other continents in every ramification.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Nigeria’s foremost sportswear brand, Afa Sports, recently concluded its partnership deal with international model, Ololade Ibrahim.Afa Sports is the official sportswear of Tokyo Olympic-bound Nigeria’s male and female basketball teams.This development adds to the portfolio of the 23-year-old Nigerian born model, who has modelled for universal fashion brands including Armani, Off-White, Nike, Thom Browne, Each Other, Yves Saint Laurent Beauty and many more. She has also been on the runway for Adidas, Victoria Beckham, Bulgari, Sergio Rossi, London Fashion Week, Milan Fashion Week, Paris Fashion Week and covered popular fashion magazines including Vogue, Town & Country and Lampoon amongst others.