Elle Prewitt has business in her blood, so to speak. Born into a family operating its own small business, she now takes that knowledge – and lifelong respect – and puts it to work as a commercial loan officer at OMB.
A longtime Springfield resident, Elle recently talked about her love of small businesses and shared some tips for people interested in commercial loans. I got to talk to her about these passions and her background, and here’s what she had to say:
Tell us about your background growing up with a small family business.
Small family business has been a part of my life for as long as I can remember. My grandfather founded a distribution company with his brothers, which my parents ended up working for as well.
Growing up, business was always a fun topic of discussion at the family dinner table. I learned at a young age there’s no shortage of decisions small business owners are required to make daily. Mixing family and business comes with its own set of challenges, but in the end can be one of the most rewarding combinations.
How do you feel that experience has shaped you as a commercial lender?
My background growing up around a family business taught me the value of taking care of customers. I have always enjoyed the dreams and ideas business owners have about creating new business solutions or making changes.
It’s also vital for business owners to have partners around to bounce ideas off and help create solutions for whatever business or economic impact they are experiencing on a day-to-day basis.
What I love about being a commercial loan officer is helping business owners and real estate investors take their ideas and turn them into tangible reality with loans and any other products to help meet their growth and expansion goals.
Helping small businesses seems to be your passion. What is it you love about them?
Small businesses are the backbone of our community. I’ve been fortunate to witness firsthand throughout both my childhood and career the unmatched opportunity and innovation they foster. Small businesses are nimble, creative and embrace a challenge.
You get a lot of questions from your customers about business purchases. What advice do you give them?
Purchasing a business can be a complicated transaction. Before purchasing, I recommend business owners contact business brokers, attorneys and their bank. I also always recommend having third parties review any contracts to ensure a smooth transition and a full understanding of what they’re signing.
A commercial loan officer at OMB can help every step of the way and think of creative solutions for the business purchasing process that’s tailored to the individual and business.
There are a wide range of loan options for businesses. What are a few of your favorite OMB products and services for business owners and entrepreneurs, and why?
OMB is uniquely positioned to help business owners in our community with a wide variety of their needs. One thing we do especially well is finding creative financing solutions that are personalized to help meet an individual customer’s needs rather than taking a one-size-fits-all approach.
No matter the need, we will work to find the best fit for you and your business.
Everyone seems to be talking about the current rate environment. What advice have you been giving your customers on how to best navigate that?
There’s a lot more that goes into a loan than the rate alone. While this has been a hot-button topic with the rapid increases, it reinforces the importance of evaluating all of the factors that go into a loan.
Whether a customer is sensitive to monthly payments or wants a strong equity position to purchase or refinance a capital expenditure, OMB offers a solution. Any concerns regarding rates are great topics to visit with your lender about when you begin the process.
OMB is proud to offer multiple business products and services for a variety of needs. From SBA loans for starting a small business to Treasury Services such as ACH processing and Insured Cash Sweep for larger-scale businesses or agriculture loans for local farmers, there’s a solution to meet every need.
To reach out to Elle or for any questions about business financing needs, visit her personal page online. You can also stop by any of our eight convenient branch locations or our Lending Center and ask to speak to a loan officer.
OMB and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decision.
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