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S2 E04 - What Every Contractor Needs to Know About Bank Loans
Description
In this episode of Beers with Contractors, hosts Will and Terry sit down with Josh Adel, Senior Vice President of First National Bank of Oklahoma, to discuss the world of banking for contractors. The discussion dives deep into various banking topics specific to contractors, such as the importance of maintaining good credit, types of loans suitable for contractors, the intricacies of SBA loans, and the significance of having a strong relationship with your banker. Josh emphasizes the human element still present in banking, shedding light on how personal financial statements, cash flow understanding, and wise business partner choices can make or break a contractor's financial health. The episode also touches on succession planning and the complexities of transitioning business ownership, offering key insights and practical advice. Join this informative and entertaining session as the trio navigates the often confusing aspects of banking in the construction industry.
00:00 Introduction
00:10 Vegas Recap
02:07 Introducing Today's Guest: Josh Adel
02:53 Banking Insights for Contractors
06:28 Common Loans for Contractors
08:17 Avoiding Bad Loans
10:45 Understanding Loan Approval
13:41 Credit Scores and Financial Statements
20:08 Working Capital vs Long Term Loans
24:57 Duck Hunting Memories and Business Talk
25:20 Student Success Stories
26:29 Banking Relationships and Advice
30:43 Understanding SBA Loans
33:36 Hidden Fees and Loan Terms
40:54 Succession Planning for Businesses
44:51 Final Thoughts and Contact Information
45:48 Conclusion
Contact Josh Adel at:
email: jadel@fnbok.bank
LinkedIn: https://www.linkedin.com/in/josh-adel-277aa891/
Facebook: https://www.facebook.com/FNBOK/
Contractors Kick Ass!
Podcast Store Link:
https://williamwalkerblake.com/store-1
The Personal Financial Statement template is under "Financial Statement Forms" towards the bottom of the page.
https://fnbok.bank/business-banking/business-loans/
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