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GOOD MORNING. MY NAME IS RICK ORTIZ, PRESIDENCY OF THE GREATER DALLAS SPANISH CHAMBER OF
[Coffee with the CEO Featuring Bank of America ]
COMMERCE. IT'S MY PLEASURE TO VIRTUALLY WELCOME YOU TO THIS MORNING'S COFFEE WITH A CEO FEATURING OUR GREAT PARTNERS, BANK OF AMERICA.I WANT TO MAKE SURE THAT EVERYBODY UNDERSTANDS AND KNOWS WHO ARE OUR SPONSORS ARE AND OUR PARTNERS BEFORE WE GET STARTED.
SO I'LL GO AHEAD AND MENTION THEM AND THANK THEM FOR THEIR CONTRIBUTIONS, FOR MAKING TODAY'S EVENT POSSIBLE.
AND WE GOT SOME GREAT, GREAT FEATURED PANELISTS TODAY.
SO OUR PARTNERS TODAY AND SPONSORS, OBVIOUSLY, BANK OF AMERICA, WE THANK THEM FOR THEIR CONTRIBUTION AND FOR THEIR PARTNERSHIP AS WELL AS TOYOTA.
[INAUDIBLE], THEN ALSO OUR PARTNERS WITH THE REGIONAL HISPANIC CONTRACTORS ASSOCIATION AND SOUTHEAST DALLAS HISPANIC CHAMBER OF COMMERCE.
SO TODAY'S PANELISTS, I'M EXCITED.
WE HAVE A GREAT DISCUSSION COMING UP.
AND WE'LL BE TALKING ABOUT SOME THINGS THAT RELATE TO BUSINESSES, SMALL BUSINESSES AND EVERYTHING THAT'S GOING ON TODAY IN TODAY'S CLIMATE AND SOME OUTLOOKS.
SO IT'S MY PLEASURE TO FIRST INTRODUCE OUR PANELISTS AND THEN I'LL LET THEM KIND OF SAY A FEW WORDS AND SO THAT YOU GET TO KNOW WHO THEY ARE AND WHAT THEIR ROLE IS.
I'LL START OFF WITH SHARON MILLER.
SHE'S THE MANAGING DIRECTOR OF SMALL BUSINESS AT BANK OF AMERICA.
SHE'S THE COMPANY. SHE'S THE MEMBER OF THE COMPANY'S MANAGEMENT OPERATING COMMITTEE.
HER TEAM IS RESPONSIBLE FOR PROVIDING OVER 12 MILLION BUSINESS OWNER CLIENTS A FULL RANGE OF FINANCIAL PRODUCTS AND SERVICES THROUGH BANK OF AMERICA'S NETWORK OF APPROXIMATELY FORTY FOUR HUNDRED FINANCIAL CENTERS, SEVENTEEN HUNDRED ATMS AND ITS AWARD WINNING DIGITAL BANKING PLATFORM.
MILLER'S TEAM DELIVERS ADVICE AND GUIDANCE ON CASH MANAGEMENT, BUSINESS FINANCING, PERSONAL LENDING INVESTMENTS AND RETIREMENT IN LOCAL MARKETS THROUGHOUT THE UNITED STATES. SHE BEGAN HER BANK OF AMERICA CAREER IN 1996 AS A FINANCIAL ADVISER IN HOUSTON, TEXAS, AND HAS SINCE HELD VARIOUS LEADERSHIP POSITIONS ACROSS BANK OF AMERICA AND MERRILL. SHE'S THE RECIPIENT OF AMERICAN BANKERS MOST POWERFUL WOMEN TO WATCH IN BANKING AND APPEARS REGULARLY ON NATIONAL AND LOCAL TV AND RADIO, DISCUSSING SMALL BUSINESS ISSUES AND ADVOCATING FOR THE NATION'S ENTREPRENEURS AS THE ENGINE THAT DRIVES THE US ECONOMY. SHE'S A MEMBER OF AMERICA'S BANK OF AMERICA'S GLOBAL DIVERSITY AND INCLUSION COUNCIL IS COMMITTED TO FOSTERING A DIVERSE AND INCLUSIVE ENVIRONMENT WITHIN THE COMPANY.
SHE'S ALSO A MEMBER OF BANK OF AMERICA'S CORPORATE BENEFITS COMMITTEE AND SERVES ON THE DEAN'S ADVISORY COUNCIL FOR THE UNIVERSITY OF TEXAS MCCOMBS SCHOOL BUSINESS.
SHE EARNED HER BACHELOR'S DEGREE FROM THE UNIVERSITY OF NORTH TEXAS AND HER VOLUNTEER COMMITMENTS INCLUDE THE UNITED WAY MARCH OF DIMES.
SHE RESIDES IN SAN ANTONIO, TEXAS, WITH HER TWO CHILDREN.
PLEASE JOIN ME IN WELCOMING MS. SHARON MILLER. WELL, THANK YOU SO MUCH FOR HAVING ME.
AND IT'S GREAT TO BE HERE AND I'M VERY LOOKING FORWARD TO OUR CONVERSATION AND JUST THE IMPORTANCE OF HISPANIC BUSINESS OWNERS ACROSS THE US AND SPECIFICALLY IN TEXAS.
I'M RIGHT HERE IN SAN ANTONIO, SO IT'S GREAT TO BE WITH THE DALLAS CHAMBER.
SHARON. AND NOW IT'S ALSO MY PLEASURE TO INTRODUCE MR. RAUL ANAYA, THE PRESIDENT OF BUSINESS BANKING MARKET PRESIDENT GREATER LOS ANGELES.
RAUL IS PRESIDENT OF BUSINESS BANKING, ONE OF BANK OF AMERICA'S EIGHT LINES OF BUSINESS AND IS A MEMBER OF THE COMPANY'S EXECUTIVE MANAGEMENT TEAM.
HE LEADS A NATIONWIDE TEAM THAT SERVES MID-SIZED US BASED COMPANIES WITH ANNUAL REVENUES BETWEEN FIVE MILLION AND 50 MILLION BY DELIVERING STRATEGIC FINANCIAL ADVICE AND SOLUTIONS TO HELP COMPANIES GROW, IMPROVE CASH FLOW AND INVEST FOR THE FUTURE.
IN ADDITION TO HIS RESPONSIBILITIES AS PRESIDENT OF BUSINESS BANKING, MR. ANAYA SERVES AS MARKET PRESIDENT OF BANK OF AMERICA FOR GREATER LOS ANGELES.
IN THIS CAPACITY HE SERVES AS THE ENTERPRISE LEADER FOR LOS ANGELES, LEADING INTEGRATION OF BANK OF AMERICA'S BUSINESS LINES TO ENSURE DELIVERY OF THE FULL BREADTH AND DEPTH OF THE BANK'S GLOBAL FINANCIAL SERVICES TO MORE INDIVIDUALS AND BUSINESSES LOCALLY.
HE ALSO OVERSEES THE BANK'S LOCAL CORPORATE AND SOCIAL RESPONSIBILITY ACTIVITIES, INCLUDING PHILANTHROPIC GIVING, COMMUNITY DEVELOPMENT, LENDING AND INVESTING, ENVIRONMENTAL INITIATIVES, DIVERSITY EFFORTS, ARTS AND CULTURE PROJECTS, AND EMPLOYEE VOLUNTEERISM FOR THE BANK'S EIGHT THOUSAND ASSOCIATES THAT WORK IN THE GREATER LOS ANGELES REGION. MR. ANAYA CURRENTLY CO-CHAIRS BANK OF AMERICA'S HISPANIC LATINO LEADERSHIP COUNCIL, WHICH CONSISTS OF THE BANK'S TOP TWO HUNDRED MOST SENIOR HISPANIC LATINO BANK EXECUTIVES IN THE UNITED STATES. THE GOALS OF THE COUNCIL ARE TO HELP DEVELOP AND ADVANCE THE BANK'S HISPANIC LATINO EMPLOYEE BASE AND TO HELP GROW THE BANKS LENDING BEING MARKET SHARE POSITION WITHIN THE US HISPANIC LATINO MARKETS.
MR. ANAYA IS ALSO A MEMBER OF BANK OF AMERICA'S GLOBAL DIVERSITY AND INCLUSION COUNCIL, CHAIRED BY THE BANK'S CEO AND INCLUDES SENIOR EXECUTIVES ACROSS THE COMPANY TO DRIVE DIVERSITY INITIATIVES AND FOSTER AN INCLUSIVE ENVIRONMENT AT BANK OF AMERICA.
MR. ANAYA JOINED BANK OF AMERICA IN HOUSTON IN 1989, MOST RECENTLY, HE LED GLOBAL
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COMMERCIAL BANKING TEAMS, AS PACIFIC SOUTHWEST REGION EXECUTIVE AND PREVIOUSLY AS MARKET EXECUTIVE FOR THE GREATER LOS ANGELES, ARIZONA AND SOUTH TEXAS MARKET.MR. ANAYA GREW UP IN THE RIO GRANDE VALLEY OF SOUTH TEXAS AND EARNED A BACHELOR OF BUSINESS ADMINISTRATION AND FINANCE FROM THE UNIVERSITY OF TEXAS AT BROWNSVILLE.
HE IS ALSO FINRA REGISTERED PRINCIPALS [INAUDIBLE] AND SIXTY THREE SECURITY LICENSES.
ALWAYS ACTIVE IN THE BUSINESS COMMUNITY.
MR. ANAYA, THE MULTIPLE NOT FOR PROFIT ORGANIZATIONS THROUGHOUT HIS CAREER WITH THE BANK. HE'S ON BOARDS WITH THE LOS ANGELES AREA CHAMBER OF COMMERCE.
IS THE INCOMING CHAIR OF THE ALTAMED HEALTH SERVICES FOUNDATION.
CALIFORNIA SCIENCE CENTER FOUNDATION PAST CHAIRMAN, THE HUNTINGTON LIBRARY, ART MUSEUM AND BOTANICAL GARDENS, AND THE CONGRESSIONAL HISPANIC CAUCUS INSTITUTE IN WASHINGTON, D.C..
HE'S ALSO A MEMBER OF THE ANGELINO CHAPTER OF YPO GOLD.
PLEASE JOIN ME IN WELCOMING MR. RAUL ANAYA.
GOOD MORNING. GOOD MORNING, EVERYBODY.
IT'S GREAT TO BE BACK IN TEXAS, EVEN THOUGH IT'S VIRTUALLY HAVE GOT ALL MY FAMILY CONTINUES TO BE IN BROWNSVILLE.
AND SO IT'S GREAT TO BE HERE WITH YOU RICK AND TO BE PART OF THIS PANEL DISCUSSION.
AND I ALSO WANT TO THANK YOU ON BEHALF OF ALL OF MY COLLEAGUES AT BANK OF AMERICA FOR THE LONG STANDING PARTNERSHIP THAT WE'VE ENJOYED WITH YOU AND THE REST OF THE FOLKS AT THE DALLAS HISPANIC CHAMBER OF COMMERCE.
I KNOW THAT EXTENDS FOR MORE THAN FIFTEEN YEARS.
SO VERY MUCH APPRECIATE THE PARTNERSHIP AND LOOK FORWARD TO THE DISCUSSION TODAY.
THANK YOU. I LOOK FORWARD TO IT AS WELL.
AND THANK YOU BOTH FOR JOINING US TODAY.
AND SO TODAY'S CONVERSATION IS GOING TO BE WE'RE GOING TO GET INTO A COUPLE OF DIFFERENT TOPICS. AND THE FIRST TOPIC IS GOING TO BE THE PAYCHECK PROTECTION PROGRAM.
AMIDST ALL THE DISRUPTION FROM THE PANDEMIC THIS SPRING, THE PAYCHECK PROTECTION PROGRAM, PARTICULAR CHALLENGES AND OPPORTUNITIES FOR BANKS TO DISTRIBUTE OVER HALF A TRILLION DOLLARS TO SMALL BUSINESSES WITH ONLY A WEEK TO PREPARE.
I'LL START OFF WITH SHARON, HOW DID YOUR BANKS MOBILIZE TO DELIVER THESE LOANS? WELL, YOU KNOW, WE CERTAINLY HAD LITTLE TIME TO PREPARE, AS YOU INDICATED, RICK, AND IT WAS AN ENORMOUS TASK AND IT WAS IMPORTANT TO US AS A COMPANY.
SO WE RALLIED THE ENTIRE COMPANY REALLY TOGETHER TO SAY WE NEED HELP.
I MEAN, IN THE PERIOD OF 45 DAYS, WE COMPLETED ABOUT 18 YEARS WORTH OF LOANS.
AND SO THE MAGNITUDE OF THE VOLUME, ONCE THIS WAS ALL SAID AND DONE, WE HAD DISTRIBUTED THREE HUNDRED AND FORTY FIVE THOUSAND AND HELPED THAT MANY BUSINESSES ACROSS THE COUNTRY AT MORE THAN TWENTY SIX BILLION IN DOLLARS.
SO IT HAS IT WAS AN ENORMOUS TASK.
IT WAS IMPORTANT AND JUST EVERYTHING THAT THE COUNTRY WAS GOING THROUGH AT THE TIME.
I MEAN, I THINK BACK TO THOSE TIMES, THIS PROGRAM AND THE STIMULUS WAS WAS VERY MUCH NEEDED. AND WE KNEW AS A COMPANY WE NEEDED TO BE THERE.
I MEAN, WE ARE THE NUMBER ONE LENDER IN THE UNITED STATES TO SMALL BUSINESSES.
THAT WAS BEFORE THE PANDEMIC AND DURING THE PANDEMIC.
AND THROUGH PPP WE WERE THE NUMBER ONE PROVIDER OF LOANS IN A NUMBER OF LOANS TO BUSINESSES. AND EIGHTY TWO PERCENT OF THOSE LOANS WENT TO BUSINESSES THAT HAD LESS THAN 10 EMPLOYEES, WHICH IS EXACTLY WHAT THE PROGRAM WAS INTENDED TO DO TO SUPPORT SMALL BUSINESSES. SO I'M VERY PROUD OF HOW THE COMPANY CAME TOGETHER ON BEHALF OF BUSINESS ACROSS THE US. THANK YOU, SHARON.
YEAH, THOSE IT SEEMS LIKE YEARS AGO WHEN WE WERE ALL WORKING ON PPP BUT IT WAS LITERALLY ONLY, YOU KNOW, SIX OR SEVEN MONTHS AGO, BUT IT WAS SOME CERTAINLY TRYING TIMES AND VERY PROUD OF HOW OUR BANKING TEAMS SPENT AROUND THE CLOCK TIME SPENDING WITH OUR CLIENTS, WORKING WITH THEM, TALKING TO THEM AND UNDERSTANDING WHAT THEIR CAPITAL AND LIQUIDITY NEEDS ARE BECAUSE IF YOU REMEMBER THERE WAS ALL OF A SUDDEN, YOU KNOW, FROM LITERALLY FROM ONE DAY OR FROM ONE WEEK TO THE NEXT, YOU KNOW, LARGE PARTS OF THE COUNTRY WERE SHUT DOWN. AND THAT OBVIOUSLY IMPACTED ALL OF OUR CLIENTS BECAUSE THEY'RE HAVING TO, YOU KNOW, UNDERSTAND WHAT THEY'RE GOING TO DO.
AND SO WE SPENT A LOT OF TIME WORKING WITH THEM, EDUCATING THEM ABOUT THE VARIOUS PROGRAMS THAT WERE AVAILABLE, WORKING WITH THEM, PROVIDING ADDITIONAL LIQUIDITY AND CAPITAL DURING THIS TIME, JUST HELPING THEM NAVIGATE THROUGH SOME CHALLENGING TIMES.
THERE WAS NO PLAYBOOK FOR FOR THIS PANDEMIC.
RIGHT? IT HAD BEEN 100 YEARS SINCE THE PRIOR ONE.
AND SO ALL OF A SUDDEN, WE HAD TO WE HAD TO REACH OUT, SPEND A LOT OF TIME WITH OUR CLIENTS, WALKING THEM THROUGH, HELPING THEM WITH WHATEVER THEY NEEDED.
ONE OF THE INTERESTING FACTS THAT I KNOW WE'LL BE TALKING MORE ABOUT THIS IS JUST HOW QUICKLY THE BUSINESS COMMUNITY IN GENERAL TRANSFORMED THEIR OPERATIONS FROM A PHYSICAL PRESENCE TO ONE THAT'S VIRTUAL OR DIGITAL.
[00:10:01]
JUST THE ONGOING DIGITAL TRANSFORMATION OF CORPORATE AMERICA CONTINUES NO MATTER WHAT SIZE BUSINESS YOU ARE. WELL, THAT IS THAT IS A BIG, BIG UNDERTAKING IN A VERY SHORT PERIOD OF TIME. REGARDING HISPANIC BUSINESS OWNER RESEARCH AND OUTLOOK TO START OFF WITH RAUL ON THIS ONE, BANK OF AMERICA PUBLISHES A YEARLY REPORT ON HISPANIC BUSINESS OWNERS BASED ON THEIR FEEDBACK OF THEIR GOALS, CHALLENGES IN EVERYDAY REALITIES OF ENTREPRENEURSHIP. WHAT HAS CHANGED THIS YEAR, GIVEN THE COVID-19 IMPACT ON BUSINESSES? HOW ARE THESE BUSINESS OWNERS ADJUSTING TO MAKE IT THROUGH TO THE OTHER SIDE? AND THEN AFTER THAT, AS A FOLLOW UP, HOW ARE YOU CONTINUING TO ASSIST THEM? THAT'S A GREAT QUESTION, RICK, AND I'LLLET SHARON TALK A BIT MORE ABOUT SOME OF THOSE DETAILS, BECAUSE THAT'S ACTUALLY A REPORT THAT SHARON AND OUR TEAM IN SMALL BUSINESS COMES OUT EVERY YEAR, AND IT'S ONE THAT WE'RE VERY, VERY PROUD OF.AND I KNOW WE JUST CAME OUT WITH A SMALL BUSINESS REPORT, BUT I KNOW SHE SHOULD BE TOUCHING ON IT. BUT WHEN I THINK BACK ON, YOU KNOW, OUR HISPANIC BUSINESS COMMUNITY ACROSS THE COUNTRY, IT'S NO DIFFERENT THAN JUST THE BROAD BUSINESS COMMUNITY.
YOU KNOW, THEY THEY WERE LOOKING FOR INFORMATION AND ASSISTANCE FROM FROM US AT BANK OF AMERICA, EVERYTHING FROM CAPITAL LIQUIDITY TO JUST HELPING THEM NAVIGATE THESE TRICKY WATERS, HELPING THEM. AND IN MANY CASES, WE'RE BASICALLY SHARING THE THINGS THAT WE WERE DOING AS A COMPANY OURSELVES, YOU KNOW, TAKING INTO CONSIDERATION THE SAFETY AND WELL-BEING OF OUR EMPLOYEES FIRST.
AND A LOT OF THAT MEANT HAVING GOING FROM IT ALL OF OUR ASSOCIATES IN THE THOUSANDS WORKING FROM AN OFFICE AND THEN ALL OF A SUDDEN MIGRATING THEM AND PUTTING THEM IN A POSITION TO BE ABLE TO WORK FROM HOME.
SO TODAY WE'VE GOT ABOUT 180000 EMPLOYEES CONTINUING TO WORK FROM HOME.
AND SO, YOU KNOW, WE LEARNED A LOT AS A COMPANY OURSELVES.
AND MANY OF OUR BANKERS WERE ABLE TO SHARE SOME OF THOSE EXPERIENCES WITH OUR CLIENTS OF ALL SIZES, FROM EVERYTHING FROM, YOU KNOW, NAVIGATING THE RULES AROUND WHAT HAPPENS IF YOU GET AN EMPLOYEE THAT IS EXPOSED.
HOW DO YOU HANDLE THAT? HOW DO WE HELP OUR CLIENTS JUST DO THEIR ONGOING DAILY BANKING IF THEY'RE NOT ABLE TO TO LEAVE THEIR HOME WHERE THEY'RE STAYING AT HOME FOR THE SAFETY OF THEIR OWN WELL-BEING? YOU KNOW, IT'S INTRODUCING THEM TO DIGITAL TOOLS WHERE THEY CAN DO THEIR BANKING ONLINE WITH THEIR WITH THEIR MOBILE PHONE OR THROUGH THEIR LAPTOP, JUST WITH ONLINE BANKING.
SO, YOU KNOW, THOSE ARE THE TYPE OF THINGS THAT WE CONTINUE TO SPEND A LOT OF TIME WITH OUR CLIENTS. AND I KNOW WE'LL BE TALKING MORE ABOUT THIS WITH PPP AND KIND OF THE NEXT PHASE. AND THAT NEXT PHASE RIGHT NOW IS AROUND THE LOAN FORGIVENESS ASPECT OF IT.
AND I KNOW WE'LL BE TALKING MORE ABOUT THAT AS WELL.
YOU KNOW, I THINK THAT, AS RAUL MENTIONED, WE DO RESEARCH EACH YEAR TO UNDERSTAND HOW BUSINESS OWNERS ARE FEELING AND ACTUALLY THIS WEEK WE JUST RELEASED A REPORT AND IT'S, YOU KNOW, THIS YEAR IS ANYTHING BUT TYPICAL.
SO I THINK THE RESEARCH AND THE UNDERSTANDING OF WHAT HAPPENED TO BUSINESS OWNERS ACROSS THE COUNTRY IS IS VERY IMPORTANT AS WE LOOK BACK AND THEN AS WE LOOK AHEAD AND PLAN FOR THE NEXT FEW YEARS.
AND ONE THING THAT CAME THROUGH ON THE SURVEY IS THAT BUSINESSES AND THAT'S THE GREAT THING ABOUT BUSINESS OWNERS, THEY ARE RESILIENT, THEY ARE FLEXIBLE, THEY'RE ABLE TO PIVOT. AND AS RAUL MENTIONED, YOU KNOW, THEY CHANGE THE WAY THEY OPERATED.
YOU KNOW, YOU HEAR NEWS REPORTS THAT, YOU KNOW BUSINESSES, YOU KNOW ALL THESE BUSINESSES.
AND CERTAINLY THAT IS TRUE IN SOME AREAS AND IN SOME INDUSTRIES.
BUT I WOULD SAY, BY AND LARGE, IN OUR SURVEY AND RESEARCH, 85 PERCENT OF BUSINESSES REMAINED OPEN THROUGHOUT THIS CRISIS IN SOME FORM OR FASHION.
NOW, THEY MIGHT HAVE RETOOLED HOW THEY'RE DELIVERING.
SO YOU MAY HAVE HAD A RESTAURANT THAT NOW IS, YOU KNOW, DELIVERING WINE BASKETS.
THEY'RE CHANGING HOW THEY'RE DOING BUSINESS AND HOW THEY'RE DELIVERING.
BUT BY AND LARGE, EITHER AS AN ESSENTIAL BUSINESS, WHICH 38 PERCENT TOLD US THEY WERE, AND THAT'S WHY THEY STAYED OPEN OR THEY RETOOLED THEIR OPERATIONS.
AND THAT WAS ABOUT 43 PERCENT OF OUR RESPONDENTS TOLD US THAT.
SO THAT JUST GOES TO THE HEART OF THE RESILIENCE, OF THE FLEXIBILITY.
AND THEN WHEN YOU LOOK AT THE HISPANIC COMMUNITY, 90 PERCENT OF BUSINESSES STAYED OPEN.
SO WHEN YOU JUST LOOK AT THE HISPANIC BUSINESS OWNERS, THEIR REPORT WAS EVEN STRONGER THAN THE GENERAL POPULATION, WHICH I JUST BELIEVE GOES TO THE RESILIENCY, THE FLEXIBILITY AND THE SPIRIT OF WHAT'S HAPPENING ACROSS AMERICA.
I MEAN, NO ONE WOULD HAVE EXPECTED I MEAN, I THINK ABOUT WITHIN OUR BUSINESS HERE AT BANK OF AMERICA, WE BANK 40 PERCENT OF ALL DENTAL PRACTICES IN THE UNITED STATES.
AND, YOU KNOW, YOU THINK ABOUT DENTAL PRACTICES, EVERYONE GOES TO THE DENTIST.
YOU'RE NOT GOING TO SHUT DOWN DENTAL PRACTICES.
[00:15:01]
BUT WHEN THE ADA MANDATES IT BECAUSE OF THIS HEALTH CRISIS, YOU KNOW, WE HAD CLIENTS THAT, YOU KNOW, WEREN'T OPEN AND DIDN'T HAVE THE ABILITY TO REMAIN HAVING THEIR REVENUES.THERE WERE SO MANY WAYS THAT WE, AS THE COMPANY REALLY STOOD BEHIND AND BY OUR CLIENTS TO SAY, LET'S GET THROUGH THIS.
LET'S TALK ABOUT WHAT'S HAPPENING IN YOUR BUSINESS.
LET'S HELP YOU THINK ABOUT THOSE DIFFERENT WAYS TO REALLY PIVOT AND NOW MOVE FORWARD.
AND WE'RE STILL EXPERIENCING THAT TODAY.
I MEAN, YOU HEAR RIGHT WHERE YOU ARE RAUL IN L.A.
I MEAN, THERE'S MORE SHUTDOWNS HAPPENING.
AND IT'S JUST IT'S REALLY GEOGRAPHY BY GEOGRAPHY, CITY BY CITY, THAT THINGS ARE CHANGING AND QUICKLY. SO WE'VE GOT TO KEEP OUR FINGER ON THE PULSE.
AND THAT'S WHY WE OPERATE IN 91 DIFFERENT LOCAL MARKETS ACROSS THE COUNTRY THROUGH OUR MARKET PRESIDENT NETWORK, BECAUSE EVERY COMMUNITY IS DIFFERENT.
AND THAT'S REALLY WHERE SMALL BUSINESS, I THINK, COMES TOGETHER WITH OUR LOCAL MARKETS.
WELL, THOSE ARE GREAT NUMBERS.
WHAT ABOUT NOW, IS THERE ANY DIGITAL CAPABILITIES THAT YOU'RE BRINGING TO MARKET NOW? WELL, YOU KNOW, WHEN WE FIRST STARTED, WE HAD ALWAYS BEEN MAKING SIGNIFICANT INVESTMENT ON TECHNOLOGY. IT'S SOMETHING THAT OUR CLIENTS WERE LOOKING FOR.
IT JUST IT'S EASIER TO DO BUSINESS THAT WAY, RIGHT, IF YOU'RE AT HOME OR YOU'RE ON VACATION, YOUCAN MOVE MONEY AROUND.
AND CERTAINLY AS THE LEADING BANKS WITH CONSUMERS RIGHT, THE 60 MILLION CONSUMERS THAT WE SERVED IN OVER THE LAST FEW YEARS, WE'VE BEEN USING AND LEVERAGING THAT TECHNOLOGY FOR OUR BUSINESS CLIENTS OF ALL SIZES.
AND SO WHAT WE SAW BECAUSE OF THE HEALTH CRISIS BEGINNING IN MARCH, APRIL, IS ALL OF A SUDDEN BECAUSE OUR CLIENTS WERE CONCERNED ABOUT THEIR OWN SAFETY AND WELL-BEING OF THEIR EMPLOYEES, OF HAVING TO GO TO THE BANKING CENTER, MAKE DEPOSITS, WAIT IN LINE.
RIGHT. IN SOME IN SOME CASES, THERE ARE MANY PARTS OF THE COUNTRY THAT DO NOT ALLOW FOR SOME OF THAT. THERE WERE SOME RESTRICTIONS AROUND THAT.
SO, YOU KNOW, WE MOBILIZED OUR BANKING TEAMS TO REALLY SIT DOWN WITH OUR CLIENTS, TO WALK THEM THROUGH AND HAVE THEM UNDERSTAND THE BENEFITS OF THE VARIOUS DIGITAL PRODUCTS, EVERYTHING FROM CASH FLOW OR ONLINE BANKING TOOL, WHICH ALLOWS THEM TO TRANSFER MONEY FROM VARIOUS ACCOUNTS AND CONDUCT THEIR BANKING BUSINESS THROUGH THE COMFORT OF THEIR HOME OR WHEREVER THEY MAY BE THROUGH THEIR LAPTOP OR IN MANY CASES, EVEN THROUGH THEIR THEIR IPHONE, THROUGH MOBILE APPLICATIONS.
BUT WE SAW DOUBLE DIGIT INCREASES IN JUST THE USE AND ADOPTION OF THESE TOOLS.
AND GIVE AN EXAMPLE, YOU KNOW, MANY OF OUR CLIENTS IN BUSINESS BANKING, WERE USED TO GETTING THE CLOSING A LOAN BY GETTING A PACKAGE OF DOCUMENTS THAT THEY REQUIRED A PHYSICAL SIGNATURE.
AND WE HAD ALREADY STARTED DOWN THIS EVOLUTION OF USING E-SIGNATURE, WHERE EVERYTHING IS DONE ELECTRONICALLY, NO DIFFERENTLY THAN MANY OTHER PARTS OF BUSINESS.
AND SO TODAY, IN THE LAST COUPLE OF MONTHS, NINETY SIX TO 97 PERCENT OF ALL OF OUR LOAN CLOSINGS IN BUSINESS BANKING ARE DONE ELECTRONICALLY ALL THROUGH DIGITAL.
SO THE TIME WHEN WE HAVE TO ACTUALLY BE PHYSICALLY IN FRONT OF OUR CLIENTS, HAVING THEM SIGN DOCUMENTS AND HAVING THEM RETURN THEM TO THEM, EITHER IN PERSON OR VIA FEDEX, YOU KNOW, THAT'S GONE.
AND WE KNOW THAT WE'VE LEARNED A LOT OF OUR CLIENTS VERY MUCH APPRECIATE THE INVESTMENT THAT WE'VE MADE IN DIGITAL TO WHERE IT'S JUST IT'S JUST A GREAT CLIENT EXPERIENCE.
AND OUR CLIENTS ARE ASKING FOR MORE OF THOSE TYPE OF OPPORTUNITIES TO BE ABLE TO DO BUSINESS WITH US IN A MORE VIRTUAL DIGITAL WAY.
SO IT'S SOMETHING THAT WE'LL CONTINUE TO MAKE SIGNIFICANT INVESTMENTS.
AND THIS JUST BASICALLY HELPED PUT THE SPOTLIGHT ON HOW EASIER IT IS TO DO BUSINESS VIRTUALLY NO DIFFERENTLY THAN WHAT WE'RE DOING RIGHT NOW.
YOU'RE IN DALLAS. AND YET WE'RE ABLE TO HAVE A VERY THOUGHTFUL CONVERSATION AROUND BUSINESS. THERE'S NO REASON FOR ALL OF US TO GET ON A PLANE AND GO TO DALLAS.
IF WE CAN DO THIS VIRTUALLY NOW, THERE'S ALWAYS GOING TO BE THAT PHYSICAL HUMAN CONNECTION. WE'LL CONTINUE TO DO THAT.
BUT WE'VE LEARNED A LOT DURING THIS DURING THIS CRISIS THAT WE'LL BE ABLE TO LEVERAGE FOR DECADES TO COME. SO IS IT SAFE TO SAY THAT THE PANDEMIC HAS CHANGED YOUR PRIORITIES, AT LEAST SOME PRIORITIES, AND IF SO, CREATING NEW OPPORTUNITIES FOR INNOVATION IN BANKING? YEAH, I MEAN, I THINK THAT I THINK IT'S PUT EVERYTHING INTO PERSPECTIVE.
I REALLY DO. I MEAN, I THINK ABOUT JUST AS HUMAN BEINGS.
[00:20:02]
I MEAN, IT'S BACK TO WHAT'S REALLY IMPORTANT AND FAMILY.AND I THINK ABOUT I HAVE TWO CHILDREN THAT ARE LEARNING VIRTUALLY THAT THEY'RE STILL YOU KNOW, THEY GO TO SCHOOL AND THEN THEY'RE COME BACK AND, YOU KNOW, BECAUSE OF JUST THE DIFFERENT COVID CASES THAT EITHER RISE OR FALL.
AND SO, YOU KNOW, FIRST, JUST AS A FAMILY AND AS A MOM, YOU KNOW, IT'S DIFFERENT.
AND THEN YOU ADD ON TO THAT WHAT'S HAPPENING IN THE BUSINESS LANDSCAPE.
AND AS RAUL SAID, WITH THE DIGITAL CAPABILITIES, WE HAVE BEEN HARD AT WORK THROUGHOUT THE LAST FIVE YEARS, REALLY BUILDING OUT OUR CAPABILITIES FOR BUSINESS OWNERS SO THAT THEY ARE ABLE TO BETTER MANAGE THEIR BUSINESS.
AND I DO THINK DURING COVID AND THIS HEALTH CRISIS THAT WE'VE SEEN BETTER ADOPTION, ALTHOUGH EIGHTY ONE PERCENT OF OUR BUSINESS CLIENTS AT BANK OF AMERICA ARE DIGITALLY ACTIVE. AND SO THEY'RE USING THESE TOOLS AND THAT CONTINUES TO GAIN TRACTION BECAUSE WHEN YOU CAN BE MORE EFFICIENT, YOU DON'T HAVE TO GO INTO THE BANK.
YOU CAN USE MOBILE CHECK DEPOSIT YOU CAN SIT ON YOUR COUCH AND JUST TAKE A PICTURE AND GET IT DEPOSITED. SO THERE'S SO MANY WAYS THAT THAT HAS ACCELERATED THROUGH THIS PANDEMIC. SO NOT TO MENTION THE WAY BUSINESSES OPERATE.
BUT THEN WHEN YOU THINK ABOUT NEW BUSINESSES AND INNOVATION HAPPENING AND JUST BUSINESS IN GENERAL PIVOTING, WE'RE SEEING A LOT OF YOU KNOW, IN ANY CRISIS, THERE DOES COME OPPORTUNITY. AND SO WE DO LOOK FOR THOSE OPPORTUNITIES.
LET'S TALK A LITTLE BIT ABOUT YOU KNOW WE TALKED ABOUT, YOU KNOW, THE BUSINESSES AND WHAT ABOUT COMMUNITY ENGAGEMENT? BANK OF AMERICA HAS ALWAYS BEEN VERY INVOLVED IN THE COMMUNITY THEY SUPPORT.
YOU RECENTLY ANNOUNCED A NEW BOND INITIATIVE TO INVEST IN LENDING TO LMI NEIGHBORHOODS TARGETING BLACK AND HISPANIC BORROWERS.
TELL US A LITTLE BIT ABOUT HOW SMALL BUSINESS AND BUSINESS BANKING WILL PLAY A PART OF THAT. SHOULD I GO WITH SHARON.
WANT TO GO FIRST? I COULDN'T GET IT OFF MUTE.
YES, SO RAUL AND I ARE WORKING VERY CLOSELY TOGETHER TO MAKE SURE THAT WE ARE COMMUNICATING WITH OUR COMMUNITIES BECAUSE REALLY BACK TO THE WHOLE YOU KNOW, THERE'S 91 DIFFERENT MARKETS AND DIFFERENT THINGS ARE HAPPENING.
SO MUCH OF THIS IS DONE THROUGH OUR MARKET PRESIDENT LIKE RAUL HERE IN LOS ANGELES.
BUT OUR FOCUS IS REALLY TO PROMOTE RACIAL EQUALITY.
WE KNOW AND IN OUR SURVEY, YOU KNOW, WHETHER YOU'RE A WOMAN, WHETHER YOU ARE BLACK OR HISPANIC, WHATEVER YOU YOU MAY IDENTIFY AS, WHAT WE FIND IS THAT ACCESS TO CAPITAL CONTINUES TO BE A THEME THAT, YOU KNOW, WE NEED ACCESS TO CAPITAL.
HOW DO WE GET ACCESS TO CAPITAL? AND SO BANK OF AMERICA, WE HAVE BEEN VERY, VERY COMMITTED, NOT JUST WITH OUR MINORITY BORROWERS, BUT JUST WITH THE ACCESS TO CAPITAL, BUT ALSO WITH EDUCATION, WITH TRAINING, WITH UNDERSTANDING.
WHAT ARE YOU GOING TO NEED TO DO IN ORDER TO APPLY FOR TRADITIONAL FINANCING? BECAUSE I THINK THAT THERE ARE A LOT OF AREAS WHERE IT'S JUST GETTING THAT INFORMATION OUT TO SAY, HERE'S WHAT YOU'RE GOING TO NEED.
AND THEN THE OTHER PIECE THAT WE DO A LOT OF AND WE'VE COMMITTED MORE TO IT DURING THIS CRISIS IS WE WORK WITH CDFIS, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS ALL ACROSS THIS COUNTRY. AND IN FACT, WE HAVE ONE POINT SIX BILLION INVESTED.
SO WE PARTNER WITH BUSINESS LENDING GROUPS WITH THESE CDFIS TO HELP WITH THOSE FINANCING THAT MAY NOT QUALIFY FOR A TRADITIONAL LOAN WITH A BANK.
AND SO THOSE ARE ALSO WAYS THAT WE ARE WORKING TOGETHER.
AND THEN THERE ARE SOME NEW PROGRAMS. AND I DON'T KNOW RAUL IF YOU WANT TO TAKE THAT JUST ON SOME OF THE THINGS THAT WE'RE WORKING LOCALLY EVEN MORE.
YES. SO, YOU KNOW, RICK, BANK OF AMERICA HAS ALWAYS BEEN VERY INVESTED IN UNDERSERVED COMMUNITIES, BUT WHAT WE FOUND BECAUSE OF THE GLOBAL HEALTH CRISIS IS THAT HISPANIC AND BLACK AFRICAN-AMERICAN COMMUNITIES IN PARTICULAR HAVE BEEN DISPROPORTIONATELY IMPACTED BECAUSE OF THIS HEALTH CRISIS, WHETHER IT'S AROUND HEALTH CARE, WHETHER IT'S HIGHER UNEMPLOYMENT, WHETHER IT'S AROUND THE DIGITAL DIVIDE, AROUND EDUCATION, AND SO AS THE LEADERSHIP TEAM GOT TOGETHER.
AND WE WERE ALREADY WORKING ON SOMETHING TO ANNOUNCE.
BUT THEN, YOU KNOW, THE PANDEMIC HIT AND WE JUST ACCELERATED OUR ANNOUNCEMENT.
AND WE CAME OUT WITH THIS ONE BILLION DOLLAR COMMITMENT.
AND SO WHAT THAT IS, IS IT'S A FOUR YEAR PROGRAM FOR US TO HELP ADDRESS THE DISPARITIES THAT EXIST WITHIN THE HISPANIC AND BLACK AFRICAN-AMERICAN COMMUNITIES BECAUSE OF THE PANDEMIC, AND THERE'S FOUR PILLARS THAT WE'RE GOING TO BE FOCUSING THAT.
[00:25:01]
ONE IS AROUND SMALL BUSINESS, A LOT IS GOING TO BE AROUND TECHNICAL SUPPORT, HELPING THEM GET THROUGH THE CURRENT CRISIS, WHETHER IT'S EDUCATION, WHETHER IT'S ACCESS TO CAPITAL, WHETHER IT'S TECHNICAL ASSISTANCE.THE SECOND THING IS AROUND JOBS.
IF YOU THINK ABOUT SUCH THE HIGH LEVELS OF UNEMPLOYMENT THAT HAPPENED, IN PARTICULAR BECAUSE SO MANY BUSINESSES WERE SHUT DOWN, SOME OF THOSE BUSINESSES MAY NEVER COME BACK.
AND SO THOSE ASSOCIATES, THOSE EMPLOYEES NEED TO BE RETRAINED, PERHAPS, OR UP SKILLED OR RESKILL. AND SO THERE'S A VERY LARGE FOCUS AROUND WORKFORCE DEVELOPMENT.
THE THIRD ONE IS AROUND HOUSING.
HOW DO WE HELP CONTINUE TO BRING AFFORDABLE HOUSING AND INVEST IN OUR COMMUNITIES AND NEIGHBORHOODS ACROSS AMERICA? AND THEN THE FOURTH ONE IS AROUND HEALTH CARE.
HOW DO WE INCREASE THE CAPACITY? IF YOU THINK ABOUT WHAT'S WHAT'S GOING ON RIGHT NOW IN THE COUNTRY, HOW DO WE TEST FOLKS WITH SCREENINGS? YOU KNOW, IF WE'RE GOING TO GET AMERICA BACK TO WORK, WE NEED TO DO IT IN A SAFE WAY.
AND SO OUR INVESTMENT THROUGH THIS ONE BILLION DOLLAR COMMITMENT IS THROUGH VARIOUS HEALTH CARE ORGANIZATIONS TO HELP INCREASE CAPACITY OF TESTING EDUCATION.
SO THOSE ARE THE FOUR PILLARS.
AND THE WAY WE'RE GOING TO DEPLOY THOSE BILLION DOLLARS IS THROUGH OUR 91 DIFFERENT MARKETS. SO IN DALLAS, JENNIFER CHANDLER, WHO IS OUR MARKET PRESIDENT FOR DALLAS, SHE AND THE LEADERSHIP TEAM, WHICH CONSISTS OF ALL THE DIFFERENT HEADS OF THE VARIOUS LINES OF BUSINESSES IN DALLAS, WILL GET TOGETHER AND AND COME UP WITH SOME CREATIVE WAYS TO HELP DEPLOY PART OF THAT ONE BILLION DOLLARS IN THE DALLAS COMMUNITY WITH A VERY TARGETED FOCUS AROUND THOSE FOUR PILLARS AND ADDRESSING THE HISPANIC AND BLACK AFRICAN-AMERICAN COMMUNITIES IN PARTICULAR.
YOU KNOW, WE JUST ANNOUNCED IT IN EARLY JUNE.
HERE WE ARE SIX MONTHS LATER AND WE'RE MAKING SOME GREAT PROGRESS.
YOU MAY HAVE HEARD HOW WE'VE SET ASIDE ABOUT TWO HUNDRED MILLION DOLLARS OF THAT ONE BILLION DOLLAR COMMITMENT TO FOCUS ON PRIVATE EQUITY AND VENTURE CAPITAL FIRMS THAT ARE EITHER OWNED BY HISPANICS OR BLACK AFRICAN-AMERICAN OR WOMEN THAT INVEST IN BUSINESSES THAT ARE EITHER OWNED BY HISPANIC, BLACK AFRICAN-AMERICAN OR WOMEN OWNED BUSINESSES OR INVEST IN THOSE COMMUNITIES IN GENERAL.
SO IT'S SOMETHING THAT WE'RE VERY, VERY EXCITED ABOUT.
I KNOW [INAUDIBLE] AND JENNIFER AND THE REST OF THE TEAM IN DALLAS WILL CONTINUE TO KEEP YOU AND THE BOARD AND THE REST OF THE COMMUNITY APPRIZED.
IT'S GREAT INFORMATION, THANK YOU SO MUCH FOR SHARING ALL THAT.
AND SPEAKING OF WHICH, YOU MENTIONED THE FOCUS ON WOMEN OWNED BUSINESSES.
SO COULD YOU TELL US A LITTLE BIT MORE ABOUT THE FOCUS ON SUPPORTING WOMEN OWNED BUSINESSES THAT YOU GUYS HAVE.
I WILL I'LL TAKE THAT IT'S IT'S CERTAINLY A PASSION OF MINE AND, YOU KNOW, NEAR AND DEAR TO WHAT WE DELIVER EVERY DAY AT BANK OF AMERICA, WE BANK 12 MILLION BUSINESS OWNERS ACROSS THE COUNTRY. AND OF THOSE, FIVE MILLION ARE WOMEN.
AND SO IT IS VERY, VERY IMPORTANT TO US TO CONTINUE TO INVEST IN WOMEN AND TO HELP THEM, WHETHER IT BE, YOU KNOW, HOW TO ACCESS CAPITAL, HOW TO GROW YOUR BUSINESS, MANAGE YOUR BUSINESS, WHATEVER THOSE NEEDS ARE.
AND SO WE HAVE PARTNERED WITH CORNELL UNIVERSITY TO SPONSOR 50,000 WOMEN FOR A CERTIFICATE PROGRAM FOR BUSINESS.
AND THIS IS A YOU KNOW, IT'S CALLED THE BANK OF AMERICA INSTITUTE FOR WOMEN'S ENTREPRENEURSHIP. AND DURING THIS CRISIS, WE ADDED ANOTHER 30000 SEATS BECAUSE IT WAS SUCH IN HIGH DEMAND.
AND WHAT WE'RE HEARING FROM GRADUATES ARE JUST GREAT REVIEWS.
SO THAT'S ONE WAY THAT WE INVEST IN WOMEN TO HELP THEM UNDERSTAND HOW TO CONTINUE TO ACCELERATE AND GROW THEIR BUSINESS.
AND THERE ARE SO MANY OTHER WAYS THAT WE'RE OUT THERE IN FRONT.
AND I WOULD TELL YOU THAT WOMEN ARE OPENING BUSINESSES FASTER THAN OUR MALE COUNTERPARTS.
AND SO IT'S IMPORTANT AS WE LOOK AHEAD AND SUPPORT WOMEN, BECAUSE REALLY, YOU KNOW, 80 PERCENT OF ALL THE BUYING DECISIONS, WHETHER, YOU KNOW, WHETHER YOU'RE MARRIED, UNMARRIED, BUT 80 PERCENT OF ALL THOSE BUYING DECISIONS ARE DONE BY WOMEN.
I MEAN, THE RESEARCH TELLS US THAT.
SO WE HAVE TO BE IN A BETTER POSITION, NO MATTER IF YOU'RE MALE OR FEMALE, TO REALLY CONNECT AND UNDERSTAND AND HELP DRIVE WOMEN FORWARD.
SO IT'S IT'S CERTAINLY SOMETHING THAT THE BANK IS PASSIONATE ABOUT AND WE CONTINUE TO DRIVE THAT SO RAUL I'LL LET YOU ADD A FEW MORE THINGS AS WELL.
WE HAVE A LONG HISTORY OF SUPPORTING OUR WOMEN OWNED BUSINESSES, WHETHER ENTREPRENEURS OR LATER STAGE COMPANIES.
YOU KNOW, WITHIN BUSINESS BANKING, ONE OF THE THINGS THAT WE ARE DEVELOPING IS A NATIONAL STRATEGY AROUND WOMEN OWNED BUSINESSES AGAIN OUR CLIENTELE IN BUSINESS BANKING WOULD BE COMPANIES THAT HAVE ANNUAL REVENUES FROM FIVE MILLION TO FIFTY MILLION DOLLARS.
[00:30:02]
AND SO WE'RE PUTTING IN PLACE A NATIONAL STRATEGY TO HELP FOCUS OUR EFFORTS AROUND WOMEN OWNED BUSINESSES. AND SO SUPER EXCITED TO CONTINUE TO WORK VERY CLOSELY WITH SHARON, BECAUSE IF YOU THINK ABOUT IT, MANY OF THE CLIENTS THAT ARE IN SHARON'S WORLD IN SMALL BUSINESS OVER TIME AND AS THEY GROW THEIR REVENUE BASE THEY EXCEED THE FIVE MILLION REVENUE MARK. AND THAT'S WHERE OUR BANKERS WORK VERY CLOSELY WITH SHARON'S BANKERS TO HELP CONTINUE THAT EVOLUTION OF THEIR LIFE CYCLE.I THINK IT'S A GREAT POINT RAUL.
I MEAN, I THINK THAT EVERY BIG BUSINESS WAS ONCE A SMALL BUSINESS.
I MEAN, EVERYONE STARTED SOMEWHERE, NO MATTER WHO YOU ARE, GOOGLE, WHATEVER, WHATEVER COMPANY. AND SO IT'S SO IMPORTANT THAT AND THAT'S WHY WE ARE SO COMMITTED TO HELPING SMALL BUSINESSES AND ENTREPRENEURS ACROSS THE COUNTRY.
AND IN FACT, THIS YEAR, YOU THINK ABOUT THE CRISIS THAT'S HAPPENED, THREE POINT TWO MILLION SMALL BUSINESSES OPENED THROUGH THE LAST DATA THAT WE HAVE END OF OCTOBER AND THAT TIME LAST YEAR, TWO POINT SEVEN MILLION.
SO YOU CAN SEE THAT CREATION IS HAPPENING.
INNOVATION IS HAPPENING IN THE MIDST OF THIS CRISIS.
AND IT IS UP TO US TO BE HERE TO SUPPORT THAT AND TO REALLY HELP THEM, BECAUSE THE GETTING OVER THAT MILLION DOLLAR IN REVENUE MARK AND THEN THE FIVE MILLION AND SO ON, THAT'S WHERE WE ARE HERE TO HELP.
AND THAT'S WHERE MOST BUSINESSES STRUGGLE.
AND SO WE KNOW TWO YEARS, FIVE YEARS, THOSE ARE ALL POINTS THAT YOU KNOW ARE [INAUDIBLE] POINTS. AND SO THAT'S WHERE OUR BUSINESS BANKERS ACROSS THE COUNTRY ARE REALLY EQUIPPED TO HELP AND TO UNDERSTAND DIFFERENT INDUSTRIES AND LIFE CYCLES, DEPENDING ON ON WHAT KIND OF INDUSTRY YOU'RE IN.
THANK YOU FOR SHARING, AND IT SOUNDS LIKE ALL THAT HARD WORK HAS GOT TO LEAD TO SOME SUCCESS STORIES, RIGHT.
AND THAT'S SO IMPORTANT TODAY, ESPECIALLY WHEN WE'RE TRYING TO STAY POSITIVE THROUGH THESE VERY CHALLENGING, DIFFICULT TIMES.
CAN YOU SHARE WITH US ABOUT ONE OR TWO OF YOUR CLIENTS WHO HAVE MANAGED TO DO WELL THIS YEAR IN LIGHT OF THE CHALLENGES AND HOW THEY MANAGED TO DO THAT? YEAH, IT'S LIKE WE AGAIN AS SHARON HAD MENTIONED, YOU KNOW, BUSINESSES ARE JUST SO RESILIENT AND LOOK I AM TALKING TO CLIENTS.
I ALWAYS REMIND THEM, LIKE THERE HAS BEEN NO PLAYBOOK OF WHAT TO DO IN A PANDEMIC.
RIGHT. THE LAST TIME SOMETHING LIKE THIS HAPPENED IN THE WORLD WAS BACK ONE HUNDRED YEARS AGO. BUT YET MANY OF OUR CLIENTS WERE CREATIVE, THEY WERE INNOVATIVE.
YOU KNOW, I THINK ONE OF OUR CLIENTS WHO IS A MANUFACTURER OF DENIM JEANS.
IF YOU THINK IF YOU GO BACK TO MARCH, APRIL, WHEN EVERYTHING JUST SHUT DOWN, NOBODY REALLY KNEW WHERE THE ECONOMY WAS HEADED.
YOU KNOW, THEY BASICALLY RETOOLED THEIR OPERATIONS AND WENT FROM MAKING DENIM JEANS TO ONE HUNDRED PERCENT OF THEIR PRODUCTION CAPACITY, WENT TO MAKING MASKS, CLOTH MASKS.
AND TODAY THEY CONTINUE TO HAVE A DOUBLE SHIFT OF DENIM JEANS AND THEN MASKS.
AND SO YOU THINK ABOUT THE CREATIVITY AND HOW INNOVATIVE THEY WERE AND HAVING TO CHANGE THE PARADIGM OF GOING FROM THE FOR DECADES THEY WERE MAKING JEANS THAT WE ALL WEAR TO NOW HAVING TO MAKE MASKS FOR THE CONSUMER.
AND, YOU KNOW, THEY ARE THEY'RE DOING WELL.
THEY'RE NOT DOING AS WELL AS THEY WERE PRE PANDEMIC, BUT THEY WERE CREATIVE ENOUGH TO BE ABLE TO SHIFT AND PIVOT THEIR BUSINESS MODEL TO TAKE ADVANTAGE OF WHAT MOST WOULD SAY IS A HUGE CHALLENGE. BUT, YOU KNOW, THEY'RE MANAGING THROUGH IT AND THEY'RE ABLE TO EMPLOY AND KEEP EMPLOYED 250 EMPLOYEES THAT OTHERWISE WOULD EITHER BE A BIG PART OF THAT EMPLOYEE BASE. THEY WOULD LIKELY BE GONE AND UNEMPLOYED.
BUT BECAUSE OF THEIR INNOVATIVE THINKING, THEY WERE ABLE TO CONVERT A LOT OF THAT PRODUCTION TO SOMETHING WHERE THERE'S DEMAND RIGHT NOW.
THAT'S ONE EXAMPLE. ANOTHER EXAMPLE.
YOU KNOW, WE'VE GOT, YOU KNOW, SOME REGIONAL RESTAURANTS THAT ALL OF A SUDDEN HAVE HAD TO SHIFT AND GO FROM INDOOR DINING.
AND WE CONVERT THEIR PARKING LOTS INTO AN OUTDOOR DINING PATIO AND HAVE THE PLEXIGLAS AND HAVE, YOU KNOW, SOCIAL DISTANCING AMONG THE DIFFERENT TABLES.
YOU KNOW THE MENUS NOW, NO MORE PAPER MENUS.
YOU NOW HAVE MENUS THAT YOU'RE ABLE TO READ THROUGH YOUR PHONE.
AGAIN, THEY HAD TO ADJUST AND ADAPT VERY, VERY QUICKLY.
WE'RE VERY PROUD TO HAVE BEEN ABLE TO HELP MANY OF THEM WITH CAPITAL AND AGAIN, SOME OF OUR DIGITAL TOOLS TO HELP THEM MAKE THAT SHIFT.
AND QUITE FRANKLY, NOW THEY LOOK BACK AND SAY, LOOK, EVEN IF THINGS GO BACK TO THE NEW
[00:35:02]
NORMAL A YEAR TO TWO YEARS FROM NOW, I KNOW THEY'VE CHANGED THEIR BUSINESS MODEL TO WHERE THEY'RE GOING TO TAKE ADVANTAGE OF WHAT THEY'VE LEARNED DURING THIS TIME TO REALLY USE THAT GOING FORWARD FOR YEARS TO COME.YOU SAID 250 EMPLOYEES, WOW, THAT THEY WERE ABLE TO.
IS THAT RIGHT? THEY MANAGED TO KEEP THEM ALL THAT'S SUCCESS RIGHT THERE, JUST [INAUDIBLE] SHARON. IS THERE ANYTHING YOU'D LIKE TO ADD AS FAR AS A SUCCESS? I THINK THAT ANY YOU KNOW, AND RAUL SORT OF HIT ON THIS, BUT ANYTHING THAT WE SEE AND IN FACT, IN OUR SURVEY THAT THAT WE JUST RELEASED, THERE WAS A PIECE ABOUT, YOU KNOW, WHAT ARE YOU SPENDING YOUR MONEY ON NOW AS A BUSINESS? AND MOST TOLD US, YOU KNOW, ENHANCED SANITATION PRACTICES.
SO TO MAKE OUR CUSTOMERS FEEL SAFE, DEPENDING ON WHAT TYPE OF INDUSTRY YOU'RE IN.
SO YOU DO SEE THAT, YOU KNOW, POPPING UP AND YOU DO SEE A LOT OF DIFFERENT BUSINESSES MAKING INVESTMENTS IN THOSE, WHETHER IT BE TO THE POINT THE PLEXIGLASS SEPARATORS THROUGH THE AIR CONDITIONING SYSTEMS, MAKING SURE THAT YOU HAVE THE THE PURIFIERS.
I MEAN, THERE'S SO MANY THINGS THAT ARE COMING OUT TODAY THAT, YOU KNOW, THE STAMP OF APPROVAL, SO TO SPEAK, TO SAY THAT WE'RE DOING ALL WE CAN TO KEEP YOU SAFE, BECAUSE WHEN PEOPLE FEEL SAFE, THEY FEEL GOOD TO GO OUT AND THEY FEEL OK.
SO I THINK THAT THAT'S ALSO WHAT WE'RE SEEING IS A LOT OF INVESTMENT HAPPENING IN THAT AS BUSINESSES DO RETOOL.
BUT I DO THINK THAT OVER THE LONG TERM, IT IS GOING TO WE'RE GOING TO CONTINUE TO SEE THAT BECAUSE NOW WE'RE STARTING TO EXPECT IT.
AND I DON'T THINK THAT WE'LL GO BACK TO A NORMAL WE WERE BEFORE.
AND ALSO THE SURVEY SAID TWO YEARS.
WE KEEP IN MIND, WE TOOK THIS SURVEY IN AUGUST AND SEPTEMBER OF THIS YEAR.
SO BEFORE THE PRESIDENTIAL ELECTION, BEFORE THE VACCINE.
AND WHAT ENTREPRENEURS TOLD US WAS IT WAS GOING TO BE ABOUT TWO YEARS BEFORE THEIR REVENUE RECOVERED TO WHAT WAS BEFORE COVID.
I DO THINK WITH CERTAINTY BECOMES MORE OPTIMISM.
SO I THINK IF WE WERE TO REDO THIS SURVEY TODAY, I THINK THAT TIME FRAME WOULD SHORTEN FOR BUSINESSES THAT ARE REMAINING OPEN AND AND THAT HAVE PIVOTED.
SO I DO THINK THAT THERE IS DEFINITELY A SILVER LINING THERE.
GOOD POINT. SO LET'S SHIFT GOING BACK TO INTERNALLY, YOUR TEAMS, YOUR BANKERS AND ALMOST ALL OF YOUR BANKERS ARE STILL IN THE WORK FROM HOME POSTURE AND TRYING TO MEET WITH CLIENTS VIRTUALLY OVER THE PHONE.
HOWEVER BOTH OF YOU AND YOUR ASSOCIATES MANAGING BALANCE IN THE WORKPLACE, HOME.
AND IN SOME CASES, VIRTUAL SCHOOL IS ALL OCCURRING UNDER THE SAME ROOF.
SURE, I'VE GOT ALL THAT, ALL THE ABOVE.
AND AND IT'S DEFINITELY AN ADJUSTMENT.
WE ACTUALLY HAVE BANKERS, OUR SMALL BUSINESS CONSULTANTS ARE IN FINANCIAL CENTERS.
SO WE DO HAVE FINANCIAL CENTERS ARE AN ESSENTIAL BUSINESS.
WE HAVE OUR BUSINESS CONSULTANTS IN FINANCIAL CENTERS.
SO WE HAVE SOME OF OUR TEAMMATES IN THE CENTERS.
SOME ARE AT A WORK FROM HOME POSTURE.
BUT EITHER WAY, WHAT WE SEE IS TRAFFIC DOWN.
THERE'S NOT AS MANY PEOPLE COMING INTO OUR FINANCIAL CENTERS.
WE'RE LEVERAGING WEBEX LIKE WE ARE RIGHT NOW TO HAVE CLIENT MEETINGS BECAUSE PEOPLE WANT TO BE ABLE TO SEE YOU AND AND TALK TO YOU.
THIS FEELS CLOSER THAN PERHAPS A PHONE CALL.
AND SO WE'RE USING CREATIVE WAYS TO STAY CONNECTED WITH OUR CLIENTS AND TO UNDERSTAND WHAT'S HAPPENING. SO I WOULD SAY WE'RE DOING BOTH.
AND I THINK THAT THE TEAMS HAVE BEEN INCREDIBLY RESILIENT AND HAVE ADAPTED.
AND I THINK WE'LL CONTINUE TO SOME OF THIS TECHNOLOGY.
WE DIDN'T HAVE THE ABILITY BEFORE TO HAVE WEBEX MEETINGS WITH CLIENTS.
NOW WE DO. SO SOME OF THE THINGS THAT WE HAVE THE ABILITY TO DO, WE WILL CONTINUE THAT FOR EFFICIENCIES AS WELL.
AND I THINK IT'S A GOOD WAY TO THINK ABOUT DOING BUSINESS.
RAUL. YEAH, I MEAN, THERE'S VERY LITTLE FOR ME TO ADD FROM WHAT SHARON MENTIONED, BUT ONE OF THE THINGS THAT WE HAVE LEARNED IS REALLY LEVERAGING TECHNOLOGY TO INTERACT AND CONNECT WITH CLIENTS DIRECTLY, WHETHER IT'S ONE ON ONE, OR INVITING CLIENTS TO RESOURCES AND EXPERTISE THAT PERHAPS MAY BE MORE DIFFICULT FOR THEM TO ACCESS.
BECAUSE I'LL GIVE YOU AN EXAMPLE.
YOU KNOW, MANY OF OUR ECONOMISTS ARE IN NEW YORK.
AND WE ARE REGULARLY PROVIDING THESE TYPE OF VIRTUAL SETTINGS WHERE WE'LL INVITE MANY CLIENTS, WHETHER IT'S SMALL BUSINESS, BUSINESS BANKING, SOME OF OUR LARGER CORPORATE BANKING CLIENTS TO A WEBEX LIKE THIS.
AND IN MANY CASES, WE'LL HAVE HUNDREDS TO TALK ABOUT TOPICS LIKE THE NATIONAL ECONOMY, LIKE WHAT'S GOING ON IN WASHINGTON, D.C., AND WHAT THAT IMPACT WOULD HAVE IN THE NATIONAL
[00:40:03]
ECONOMY FOR YEARS TO COME, WHETHER IT'S THE NEW ADMINISTRATION OR TAX REFORM OR THE VARIOUS LEGISLATION THAT'S BEING DISCUSSED IN CONGRESS.SO ALL OF A SUDDEN, WE'VE GOT, YOU KNOW, OUR EXPERTS WITHIN OUR RESEARCH GROUP, OR IT COULD BE AROUND INDUSTRIES THAT WE'RE BRINGING THEM TO, YOU KNOW, WITH THE HUNDREDS OF THOUSANDS OF CLIENTS THAT WE HAVE ACROSS THE COUNTRY.
SO THAT'S ONE OF THE THINGS THAT WE'VE LEARNED AND THAT IS BEING ABLE TO BE BETTER CONNECTED ACROSS THE ENTIRE BUSINESS CLIENT.
WHETHER YOU'RE A SMALL BUSINESS, THAT'S A MILLION DOLLARS IN REVENUE TO A MULTINATIONAL GLOBAL COMPANY THAT HAS 10 BILLION DOLLARS IN REVENUE, IS JUST BRINGING THAT ACCESS AND BRINGING THAT EXPERTISE DIRECTLY TO THEM, USING TECHNOLOGY LIKE WEBEX.
SO IN MANY RESPECTS, THERE ARE MANY SILVER LININGS, DESPITE ALL THE CHALLENGES THAT WE'VE HAD AS A COUNTRY AND AS A BUSINESS COMMUNITY.
SO WE'VE COME TO THE LAST PORTION OF OUR EVENT HERE, AND THERE ARE A FEW EXTRA QUESTIONS THAT WE HAVE A FEW MINUTES.
ARE YOU GUYS OK WITH ANSWERING A COUPLE OF THOSE QUESTIONS? I THINK SOME OF THEM YOU'VE PROBABLY ALREADY ANSWERED SOME ON SOME LEVEL, BUT WE'LL TRY TO GO THROUGH AND SEE IF THERE'S ANYTHING WE MISSED.
WHAT PROCESSES DOES THE BANK PUT IN PLACE OR COMMUNICATION CHANNELS ARE YOU USING TO ENSURE THAT THESE PUBLICATIONS AND ANY ASSISTANCE THAT YOU'RE MAKING AVAILABLE TO THESE BUSINESSES WILL REACH THE ONES THAT MAY HAVE CHALLENGES SUCH AS TECHNOLOGY AND LANGUAGE BARRIERS. WHO'D LIKE TO TAKE THAT? I'M GOING TO START ON THAT ONE.
SO WE'VE GOT, YOU KNOW, MILLIONS OF BUSINESSES OF ALL SIZES THAT WE BANK.
AND, YOU KNOW, THE GREAT THING IS WE ARE OUR RELATIONSHIP MANAGERS.
OUR BANKERS ARE CONTINUED TO BE OUT THERE WITH OUTREACH TO OUR CLIENTS, JUST ONE CHECKING IN ON THEM, SEEING HOW THEIR BUSINESS IS DOING, HOW WE CAN BE HELPFUL TO THEM, HOW WE CAN BRING WHETHER IT'S DIGITAL, HOW WE CAN BRING MORE CAPITAL AND MORE LIQUIDITY.
BUT ONE OF THE THINGS THAT WE HAVE FOUND IS THAT MANY OF OUR CLIENTS, BECAUSE THEY'RE SO FOCUSED, UNDERSTANDABLY, ON THEIR BUSINESS AND IN SOME CASES TRYING TO BE INNOVATIVE AND GET OUT TO GROW THEIR BUSINESS, WHAT IS CONTINUES TO BE IN SOME PARTS OF THE COUNTRY, A CHALLENGING ECONOMIC ENVIRONMENT BECAUSE OF RESTRICTIONS.
YOU KNOW, WE ARE KEEPING THEM INFORMED AROUND THOUGHT LEADERSHIP TOPICS, WHETHER IT'S AROUND, YOU KNOW, WHAT TO EXPECT IN THE NEXT GOVERNMENT STIMULUS BILL AS AN EXAMPLE.
SO RIGHT NOW, I MENTIONED EARLIER THAT, YOU KNOW, PPP WAS A BIG PART OF FUNDING FOR MANY OF MY CLIENTS AND SOME OF SHARON'S CLIENTS.
RIGHT. BECAUSE THEY DON'T HAVE ACCESS TO THE CAPITAL MARKETS LIKE SOME OF THE LARGER GLOBAL COMPANIES HAVE.
SO PPP WAS AN IMPORTANT SOURCE OF LIQUIDITY FOR THEM.
AND NOW THEY'RE ENTERING INTO THE FORGIVENESS PHASE, WHICH HAS BEEN UNDERWAY FOR A FEW WEEKS. IT'S PART OF THE SBAS PROGRAM.
AND SO AS AN EXAMPLE TO YOUR QUESTION, LIKE WHAT ARE WE DOING TO REACH OUT? YOU KNOW, AS AN EXAMPLE, WE'RE TALKING TO WE'RE TALKING ABOUT THE HISPANIC COMMUNITY, IN SOME CASES, SOME HISPANIC BUSINESSES, YOU KNOW, THEIR PRIMARY LANGUAGE MAY BE SPANISH.
AND SO ON THE LOAN FORGIVENESS SIDE, WE PARTNERED UP WITH ERNEST AND YOUNG AND FOR OUR CLIENTS WHO ACTUALLY APPLIED FOR THEIR PPP LOAN THROUGH US, WE PARTNERED UP WITH ERNEST AND YOUNG TO MAKE AVAILABLE TO THEM IN SPANISH ALL THE THINGS THAT THEY NEED TO KNOW IN ORDER TO GET THE DOCUMENTATION, IN ORDER TO HELP PROVIDE AND SUBMIT THAT DOCUMENTATION TO US SO THAT WE CAN EXPEDITE THE WHOLE FORGIVENESS PROCESS.
THAT'S AGAIN, PART OF THAT SBA PROGRAM.
BUT WE DID THIS IN SPANISH TO HELP FOR THOSE CLIENTS OF OURS THAT, AGAIN, SPANISH MAY BE THE PRIMARY LANGUAGE OR THEY'RE MORE COMFORTABLE INTERACTING IN SPANISH.
SO THAT'S ONE OF THE WAYS THAT WE'RE DOING JUST TO BE MINDFUL AND THOUGHTFUL AND AROUND, YOU KNOW, THE HISPANIC COMMUNITY.
THANK YOU. SPEAKING OF PPP AND FORGIVENESS, WHAT PROCEDURES HAS THE BANK PUT IN PLACE OR DOES THE BANK HAVE IN PLACE TO FOLLOW UP WITH BORROWERS, SMALL BUSINESSES THAT HAVE APPLIED FOR PPP TO ENSURE THERE'S COMPLIANCE ON THAT FORGIVENESS PROCESS OF THE PROGRAM? I'LL TAKE THAT WE THROUGHOUT THE PPP, WE TALKED ABOUT THERE WERE THREE HUNDRED AND FORTY FIVE THOUSAND BUSINESSES THAT WE HELPED THROUGH THE PROCESS.
OUR APPLICATION WAS ONLINE, DIGITAL, SO PEOPLE CAN GO IN AND APPLY ONLINE.
THAT'S HOW EVERYONE DID IT THROUGH OUR SITE AND LIKEWISE FOR OUR FORGIVENESS PROCESS.
IT'S ALSO THROUGH OUR ONLINE CAPABILITIES.
AND WE HAVE NOT JUST THE ONLINE CAPABILITIES, BUT A TEAM OF PEOPLE BEHIND THAT TO HELP.
TO RAUL'S POINT, YOU KNOW, WE WANT TO MAKE SURE THAT WE'RE NOT JUST, YOU KNOW, ALL
[00:45:02]
DIGITAL WITH NO ONE TO TALK TO.I THINK, YOU KNOW, MOST OF THE PEOPLE IT'S PRETTY STRAIGHTFORWARD OF WHAT YOU NEED TO IN ORDER TO GET THE FORGIVENESS FOR THE FOR YOUR PPP LOAN.
BUT, YOU KNOW, THERE'S SOME QUESTIONS, TOO.
SO WE HAVE A WHOLE TEAM OF SPECIAL PEOPLE THAT ARE THAT UNDERSTAND PPP.
THEY UNDERSTAND WHAT ARE THE REQUIREMENTS.
AND IN ESSENCE, WE HAVE THOSE THOSE FOLKS REACHING OUT SO THAT IF IT HASN'T GONE THROUGH THE PROCESS YET AND IT HASN'T, IT'S GETTING HUNG UP SOMEHOW AND THE DOCUMENTS AREN'T GETTING UPLOADED. WE'RE REACHING OUT DIRECTLY.
SO THAT'S HOW WE DID IT THROUGH THE WHOLE PROCESS, BOTH WHEN PEOPLE WERE APPLYING FOR A LOAN, BECAUSE YOU HAVE TO SHOW, YOU KNOW, WHAT WHAT YOU WOULD QUALIFY FOR AND WE HAVE TO REVIEW ALL OF THAT. SO IF WE DIDN'T GET YOUR PAPERWORK, WE FOLLOWED UP WITH PEOPLE, TOO.
SO BOTH SIDES OF THAT EQUATION.
BUT I MEAN, THE WHOLE IDEA IS WE WANT YOU TO GET THAT LOAN FORGIVEN.
I MEAN, THAT'S THIS IS THE BRIDGE.
SO JUST YOU KNOW, WE JUST NEED TO MAKE SURE YOU'RE GETTING YOUR PAPERWORK IN THERE SO THAT WE CAN THEN TURN THAT TO THE SBA TO HAVE THAT LOAN FORGIVEN, WHICH IS WHAT THIS PROGRAM IS ABOUT. VERY TRUE.
AND YOU MENTIONED CHANGING HOW YOU DO BUSINESS DURING THE PANDEMIC.
ARE YOUR BRANCHES STILL OPEN FOR BUSINESS OR HAVE YOU HAD TO CHANGE OR DO YOU HAVE ANY IN-PERSON SERVICES? I GUESS YOU TALKED ABOUT VIRTUAL.
WE'VE TALKED ABOUT THAT ALREADY.
BUT YOU STILL HAVE ANY IN-PERSON SERVICES AT ALL? YEAH, WE'RE ESSENTIAL BUSINESS.
SO OUR 4400 FINANCIAL CENTERS ACROSS THIS COUNTRY ARE OPEN.
NOW, I WILL SAY THAT WE'VE HAD, FOR EXAMPLE, YOU KNOW, IN SAN ANTONIO, YOU MAY HAVE A FEW FINANCIAL CENTERS CLOSED IF THERE ARE SOME ISSUES WITH, YOU KNOW, MAYBE HEALTH WITHIN THAT CENTER, THERE ARE DIFFERENT THINGS HAPPENING WITH THIS HEALTH CRISIS.
SO BUT BUT I WILL TELL YOU, BY AND LARGE, YES, WE HAVE CLOSURES ACROSS THE COUNTRY, BUT IN EACH COMMUNITY, WE HAVE CENTERS OPEN.
AND SO WE WANT TO MAKE SURE WE ARE AN ESSENTIAL BUSINESS.
WE HAVE BEEN OPEN THROUGH THIS WHOLE CRISIS AND OUR SMALL BUSINESS BANKERS ARE IN THE CENTERS TODAY. SO ALTHOUGH WE SEE TRAFFIC DOWN THE NUMBER OF PEOPLE COMING INTO OUR FINANCIAL CENTERS DOWN, WE DO CONTINUE TO OFFER IN-PERSON SERVICES.
I MEAN, THAT'S THAT'S WHAT WE ARE HERE TO DO.
AND AND WE'VE ADDED THE VIRTUAL CAPABILITIES AS WE'VE GONE INTO THIS PANDEMIC.
AND THEN THE LAST QUESTION, MANY HISPANIC BUSINESS OWNERS HAVE ACCESS TO CAPITAL ISSUES, AS WE TALKED ABOUT EARLIER, THERE ARE BARRIERS WHICH KEEP THEM FROM QUALIFYING FOR BUSINESS LOANS OR LINES OF CREDIT.
WHAT'S YOUR BEST ADVICE TO HISPANIC BUSINESS OWNERS IN THIS REGARD? LOOK, FIRST OF ALL, WE ARE WE CONTINUE TO BE OPEN FOR BUSINESS IN A VERY BIG WAY, WHETHER IT'S A SMALL BUSINESS THAT'S JUST STARTING OUT OR A LARGER BUSINESS THAT HAS A FEW MORE YEARS OF EXPERIENCE.
WE ARE HERE TO HELP AND HELP THEM PROVIDE CAPITAL HELP, PROVIDE OUR TECHNOLOGY AND OUR PLATFORM.
IN SOME CASES, IN THOSE CASES WHERE PERHAPS A BUSINESS, YOU KNOW, FROM A CREDIT PROFILE, YOU KNOW, HAVE EXPERIENCED SOME HARDSHIP.
YOU KNOW, WE'VE GOT PARTNERSHIPS AS SHARON HAD MENTIONED WE ARE THE LARGEST INVESTOR IN CDFIS COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS.
WE'VE GOT A NETWORK OF THOSE RELATIONSHIPS THROUGHOUT THE COUNTRY.
IN MANY CASES, WE PARTNER VERY CLOSELY WITH THEM TO PROVIDE CAPITAL TO THEM WHILE THIS WHILE THE BUSINESS GETS BACK ON ITS FEET AND BECOMES BANKABLE ON A MORE TRADITIONAL BASIS, WHICH IS WHEN WE STEP IN.
BUT I WOULD SAY THE ADVICE IS JUST TO STAY CONNECTED WITH OUR BANKERS.
YOU KNOW, WE ARE HERE TO HELP.
WE WANT TO WE WANT TO HELP THEM GROW.
IN MANY CASES, WE'RE GOING TO WANT TO PARTNER WITH YOU RICK AND YOUR TEAM TO HELP PROVIDE THAT TECHNICAL ASSISTANCE.
IN SOME CASES, IT'S JUST A MATTER OF, YOU KNOW, PACKAGING UP THE INFORMATION THE RIGHT WAY. IF IT'S A BORROWER OR IF IT'S A COMPANY THAT'S NEVER REALLY BORROWED WITH A BANK.
BUT WORKING WITH YOU AND YOUR TEAM ARE WORKING WITH OUR OWN BANKERS AND PUTTING TOGETHER THE PACKAGE OF INFORMATION THAT WE NEED, THE FINANCIAL INFORMATION, THE OVERVIEW OF THE BUSINESS, YOU KNOW, THINGS THAT THEY NEED WITH SOME OF THE PROJECTIONS AND THEN SITTING DOWN WITH THEM AND WORKING WITH THEM AND PROVIDING THAT CAPITAL, WHETHER IT'S A LEASE FOR NEW EQUIPMENT, WHETHER IT'S A REAL ESTATE LOAN THROUGH THE BANK OR THROUGH THE SBA TO HELP THEM FINANCE A REAL ESTATE PURCHASE, WHATEVER IT MAY BE.
BUT, YOU KNOW, AGAIN, BANK OF AMERICA IS OPEN FOR BUSINESS.
WE ARE HERE TO HELP. OUR PARTNERSHIP WITH YOU IS JUST GOING TO CONTINUE TO GET STRONGER AS WE JOINTLY HELP MORE AND MORE BUSINESSES IN THE DALLAS AREA.
SO WE'RE EXCITED ABOUT ENTERING TWENTY, TWENTY ONE.
IT'S STILL OBVIOUSLY THE ECONOMY IS STILL SHAKY IN CERTAIN POCKETS AND THERE ARE CERTAIN
[00:50:04]
INDUSTRIES THAT CONTINUE TO SEE SOME HARDSHIP BECAUSE THEY'RE IN A IN A BUSINESS OR AN INDUSTRY THAT IS CONTINUES TO BE DIRECTLY IMPACTED BECAUSE OF SOCIAL DISTANCING RULES AND RESTRICTIONS. BUT, YOU KNOW, WE WANT TO FIGURE OUT A WAY OF HELPING THE COMMUNITY, HELPING THE BUSINESS COMMUNITY GET BACK ON ITS FEET AS QUICKLY AS POSSIBLE.THANK YOU, RAUL. AND WE LOOK FORWARD TO CONTINUING THAT PARTNERSHIP AND WE'RE VERY EXCITED ABOUT THAT AND THAT THERE'S A LOT OF BUSINESSES WE WORK WITH AND WE LOOK FORWARD TO WORKING WITH YOU ALL ON THAT.
AND I JUST WANT TO SAY THANK YOU BOTH.
SHARON, RAUL, THANK YOU SO MUCH FOR JOINING US TODAY.
I KNOW YOU HAVE A LOT ON YOUR PLATE, BOTH OF YOU TAKING TIME.
THAT REALLY MEANS A LOT AND WE TRULY APPRECIATE IT AND WE THANK THE BANK OF AMERICA AND [INAUDIBLE] ALSO FOR ALL THE HARD WORK SHE DID IN PUTTING ALL THIS AN AND COORDINATING ALL THIS FOR ALL OF US TOGETHER.
IT'S BEEN A PLEASURE GETTING TO KNOW YOU AND LEARNING ABOUT WHAT YOU DO.
AND I WISH YOU THE BEST AS WE GO FORWARD.
AND OBVIOUSLY SAFE HOLIDAYS AND AND OBVIOUSLY, IF YOU EVER NEED TO GET IN TOUCH WITH US, YOU KNOW WHERE WE ARE AND WE TRULY APPRECIATE IT.
I'D ALSO LIKE TO THANK BANK OF AMERICA FOR SPONSORING AND FOR THEIR PARTNERSHIP, AS WELL AS THE REST OF OUR PARTNERS AND SPONSORS, DALLAS COLLEGE, TOYOTA, GROUPO, [INAUDIBLE] AND THE REGIONAL HISPANIC CONTRACTORS ASSOCIATION AND THE SOUTHEAST DALLAS HISPANIC CHAMBER OF COMMERCE. SO THIS EVENT HAS NOW COME TO A CLOSE.
AND SO, ONCE AGAIN, THANK YOU.
SHARON, THANK YOU RAUL. TRUELY APPRECIATE IT AND I HOPE YOU HAVE A GOOD DAY.
* This transcript was compiled from uncorrected Closed Captioning.