With over 40 years of experience in the segment, Rod Johnson has seen it all when it comes to business banking: cycles in interest rates, the rise of digital banking tools, economic changes from recessions to inflation, and changes in the DMV region.
He has seen his business clients evolve too, from entrepreneurs looking for their first loan, to regional businesses opening new offices, funding acquisitions, or forecasting how to respond to changing market conditions to ensure liquidity.
As EagleBank’s 1st VP, Small Business Administration (SBA) Relationship Manager, Rod’s focus is on expanding access to capital for small businesses as they evolve. He works with businesses as they secure loans that can help them fund growth from acquisitions to new locations and beyond. “SBA loans are government-backed and can offer more favorable underwriting criteria and terms than other types of business loans. They can be a game changer,” he explains. “Clients often think SBA loans are complicated. But when you work with an SBA-preferred lender, you are partnering with someone who has the tools and expertise to get the loan done quicker.”
From contractors to medical offices, from real estate to professional services, Rod finds that local business owners often have similar concerns and questions. He shares his top tips for leveling up your banking relationships.
1. Don’t be afraid to ask questions.
“Many business owners are really great at what they do, but can find it hard to understand the basics of financing and credit,” notes Rod. Through early conversations with clients, he helps assess their needs, and an experienced banker can go back to basics: explaining rates in an easy-to-understand way and pointing out offerings, accounts and financial opportunities you might have overlooked.
“When I sit down with a business owner who is considering an acquisition,” Rod adds, “I ask a lot of questions to understand their business. Yes, I can guide them through the SBA loan process and advise them on how much capital we may be able to offer. But I can also tell them honestly if I think they can afford the acquisition, and it’s that truthfulness and expertise they often value most.”
2. Bank local.
As a DC native, Rod finds that his decades of experience in the region are often appreciated by new clients. “I often know exactly where their business or real estate deal is located, down to the street they are on. This helps create an environment of trust and comfort, whether they are in Prince George’s County, Loudoun County, the District or anywhere in between.”
Banking local also keeps money within the community, supporting job creation, growth and the development of businesses that shape the DMV region. Plus, local bankers tend to sit on local boards, participate in chamber of commerce meetings, and volunteer locally as well.
That affords knowledge of the financial trends affecting local industries. As the largest community bank based in Maryland, EagleBank associates are in a unique position to help clients navigate the local landscape. For example, Rod and his colleagues note that healthcare businesses, nonprofits, and professional service firms have seen consistent growth, while the government contracting sector is diversifying and seeing a very active period of change.
3. Look for flexibility to customize solutions.
Your bank has more flexibility to customize solutions than you may think.
Community banks can offer local market knowledge, fast decision-making, and flexibility. They can often tailor financial solutions in ways that larger institutions cannot. That could mean setting up digital services in a way that’s tailor-made for the processes your business follows, finding ways to minimize and offset fees, or uncovering just the right services to help you optimize everything from payroll to reporting to how cash flows within your organization. Or it could mean new capital for your business, made available fast. “Our doors are wide open to local, growing and profitable companies,” says Rod.
No matter the industry, small business owners tend to rely more heavily on their financial partners than other commercial clients when it comes to service. While a good banker won’t always be able to say “yes,” they should be responsive and look for ways to tailor your banking to support how your business works – not against it.
Finally, Rod adds, finding the capital for your business to run smoothly and profitably can feel daunting when you’re busy managing your clients and team — but it doesn’t have to be complicated. Just ask someone who knows.
To learn more about how EagleBank partners with small businesses, visit here or call 301.986.1800. EagleBank is an equal housing lender.