Community Development Banking List
06-29-2010, 02:46 PM
Original message from: richard@bancofino.com
Greetings Community Banking Members,
I wish to thank you for your input and suggestions on the new product we are
developing for the Hispanic and minority markets. Based on the feedback
we've received, we are going to rebadge our product eliminating the word
"payday" from our marketing program. Our lending product is actually a
short term working capital loan designed strictly for "businesses" who need
immediate short term funds. These folks usually do not qualify for our
standard P.O. financing program due to the loan request falling below our
minimum lending guidelines, or their profiles do not lend themselves for a
standard loan approval from our company.
I've received numerous requests for additional information such as rates and
terms. We are working on those items as I speak, but I can assure you this
lending product by far is NOT a bank product and therefore rates and terms
will be reflective of the markets being served. Additionally, we may
incorporate other services we offer as part of a loan approval in order to
secure our position and insure loan performance is as expected. Community
members also have inquired if this product would be available outside of the
US. I feel first we should see how things go domestically and then take it
from there. We will make this product available through our standard
channels including future franchisees.
Please keep the suggestions coming in for they are very helpful and allow us
to see our efforts from a different perspective. Thank you.
Regards,
Richard David x 300
Bancofino of New York
richard@bancofino.com | www.bancofino.com <http://bit.ly/Bancofino> ('http://bit.ly/Bancofino>')
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. Stay tuned for our BancoCash Pronto Loan for Business
. Click
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20Program%20for%20Business> here to indicate your interest in applying for
the above loan
New York 212.254.2600 | Dallas 214.986.1700 | Houston 281.444.4100
San Antonio 210.333.9700 | Austin 512.444.4200 | Chicago 312.251.4300
Los Angeles | Miami | Atlanta | Boston Coming Soon!
Bancofino to visit Houston in July. To set up an appointment,
please send email to Richard David
From: Richard David | Bancofino of New York [mailto:richard@bancofino.com]
Sent: Thursday, June 24, 2010 10:20 AM
To: 'communitydevelopmentbanking-l@list.cornell.edu'
Subject: Business Payday Loans Input
Good morning my fellow colleagues,
We are currently developing a business payday loan program for the small
business minority market. According to our research and feedback from
existing and potential customers, the need for this type of product is in
high demand. Most small businesses requiring working capital under $25,000
are not able to secure this type of financing from their financial
institutions. I understand there are micro loan programs available, but
with underwriting criteria that is not conducive for a successful loan
approval. The latter programs are not for everyone.
We see our product as an entry level funding tool for small businesses who
eventually will need larger funding commitments, but are not yet ready for
prime time. Additionally, small business owners will be able to capitalize
on our purchase order financing, factoring, bonding and payroll management
programs. I welcome constructive input from fellow members who have
developed such programs for their customers along with the long term
benefits associated with small business participation. Potential partners
are welcome to inquire with me to explore potential synergies as well.
Thank you.
Greetings Community Banking Members,
I wish to thank you for your input and suggestions on the new product we are
developing for the Hispanic and minority markets. Based on the feedback
we've received, we are going to rebadge our product eliminating the word
"payday" from our marketing program. Our lending product is actually a
short term working capital loan designed strictly for "businesses" who need
immediate short term funds. These folks usually do not qualify for our
standard P.O. financing program due to the loan request falling below our
minimum lending guidelines, or their profiles do not lend themselves for a
standard loan approval from our company.
I've received numerous requests for additional information such as rates and
terms. We are working on those items as I speak, but I can assure you this
lending product by far is NOT a bank product and therefore rates and terms
will be reflective of the markets being served. Additionally, we may
incorporate other services we offer as part of a loan approval in order to
secure our position and insure loan performance is as expected. Community
members also have inquired if this product would be available outside of the
US. I feel first we should see how things go domestically and then take it
from there. We will make this product available through our standard
channels including future franchisees.
Please keep the suggestions coming in for they are very helpful and allow us
to see our efforts from a different perspective. Thank you.
Regards,
Richard David x 300
Bancofino of New York
richard@bancofino.com | www.bancofino.com <http://bit.ly/Bancofino> ('http://bit.ly/Bancofino>')
<http://bit.ly/BancofinoTwitter> ('http://bit.ly/BancofinoTwitter>') Follow Me on Twitter and Stay in the Loop
See My Profile on <http://bit.ly/BancofinoLinkedIn> ('http://bit.ly/BancofinoLinkedIn>') Linkedin
Visit me on Facebook <http://bit.ly/BancofinoFacebook> ('http://bit.ly/BancofinoFacebook>')
Bancofino Biz Card_Snip4_75%
Finance | Banking | Insurance | Merchant Processing
. Bancofino Press Releases | Click Here to Read the Latest!
<http://bit.ly/BancofinoPressReleases> ('http://bit.ly/BancofinoPressReleases>')
. Click
<mailto:franchiseinfo@bancofino.com?subject=Bancofi no%20Franchise%20Inquiry>
here to sign up for a Bancofino franchise
. View our suite of BancoLoanT Financial Products Here
<http://bit.ly/BancoLoanFinSvcs> ('http://bit.ly/BancoLoanFinSvcs>')
. Get your BancoCashT Advance today! Click Here to Apply
<http://bit.ly/BancoCashAppNY> ('http://bit.ly/BancoCashAppNY>')
. Apply for your 100% LTV commercial BancoLoan
<http://bit.ly/BancofinoCommApp> ('http://bit.ly/BancofinoCommApp>') T now!
. BancoLoan <http://bit.ly/BancoLoanCommFin> ('http://bit.ly/BancoLoanCommFin>') T Commercial Mortgages up to
100% LTV
. BancoLease <http://bit.ly/BancoLeaseProgramApp> ('http://bit.ly/BancoLeaseProgramApp>') T Equipment Finance |
BancoFactor <http://bit.ly/BancoFactorAppBrochure> ('http://bit.ly/BancoFactorAppBrochure>') T Program
. BancoMerchantT Program | Click Here to Apply Today!
<http://bit.ly/BancoMerchantApp> ('http://bit.ly/BancoMerchantApp>')
. BancoPayroll <http://bit.ly/BancoPayrollProgram> ('http://bit.ly/BancoPayrollProgram>') T Program | Business
Payroll Solution <http://bit.ly/BancoPayrollApp> ('http://bit.ly/BancoPayrollApp>') s
. BancoSurance <http://bit.ly/BancoPayrollProgram> ('http://bit.ly/BancoPayrollProgram>') T | Pay as You Go
Workman's Comp Liability
. BancoBond <http://bit.ly/BancoBondProgram> ('http://bit.ly/BancoBondProgram>') T Program | Surety Services
for Contractors
. Get your BancoBondT Today! Click Here to Apply
<http://bit.ly/BancoBondApp> ('http://bit.ly/BancoBondApp>')
. BancoSBAT and BancoTitleT Services Coming Soon!
. Stay tuned for our BancoCash Pronto Loan for Business
. Click
<mailto:bancocashprontoloan@bancofino.com?subject=B ancoCash%20Pronto%20Loan%
20Program%20for%20Business> here to indicate your interest in applying for
the above loan
New York 212.254.2600 | Dallas 214.986.1700 | Houston 281.444.4100
San Antonio 210.333.9700 | Austin 512.444.4200 | Chicago 312.251.4300
Los Angeles | Miami | Atlanta | Boston Coming Soon!
Bancofino to visit Houston in July. To set up an appointment,
please send email to Richard David
From: Richard David | Bancofino of New York [mailto:richard@bancofino.com]
Sent: Thursday, June 24, 2010 10:20 AM
To: 'communitydevelopmentbanking-l@list.cornell.edu'
Subject: Business Payday Loans Input
Good morning my fellow colleagues,
We are currently developing a business payday loan program for the small
business minority market. According to our research and feedback from
existing and potential customers, the need for this type of product is in
high demand. Most small businesses requiring working capital under $25,000
are not able to secure this type of financing from their financial
institutions. I understand there are micro loan programs available, but
with underwriting criteria that is not conducive for a successful loan
approval. The latter programs are not for everyone.
We see our product as an entry level funding tool for small businesses who
eventually will need larger funding commitments, but are not yet ready for
prime time. Additionally, small business owners will be able to capitalize
on our purchase order financing, factoring, bonding and payroll management
programs. I welcome constructive input from fellow members who have
developed such programs for their customers along with the long term
benefits associated with small business participation. Potential partners
are welcome to inquire with me to explore potential synergies as well.
Thank you.