ROLANDAS BYRD, vice president, commercial relationship manager and community enrichment officer, Paducah Bank
Years In current Job:1
Years in banking industry:13
What's the thing you're paying attention to most in the banking industry right now?
I am currently most concerned about how banks are navigating and responding to the pandemic in relation to their client base. Given that a majority of businesses have not been operational for months, we must do everything we can to ensure that
our local companies survive.
I am so proud that at Paducah Bank. we were able to provide assistance to nearly 500 small businesses with the federal PPP loans. These companies received more than $60 million In financial support.
How do you feel about the local economy right now?
Although the city has been shut down in recent months and we are now just starting to open back up, I am very optimistic about the state of our local economy. The Paycheck Protection Program and other government assistance programs have tremendously helped businesses weather the storm through this crisis, but the swiftness of economic recovery will depend on how safe consumers feel to integrate back into society. As the city opens back up and consumer base gains confidence, we will gradually see the economy improve and eventually stabilize.
What advice do you have for businesses that are seeking loans?
Be prepared and get organized for the loan process. Before visiting a bank to discuss a business loan, make sure you know the reason for the loan. the amount and if you have ability to repay.
Lenders will review a loan applicant's personal finances and business profit. So, check your credit report and organize your business financial records.
Additionally. what banks look for in a candidate goes much further than numbers. For instance banks look at the years of experience and the amount of knowledge you have in your industry.
What types of businesses do bankers currently see as safe bets for lending?
I do not believe there is a specific type of business or industry that is a safe bet for lending. There are industries we see as less risky. but all loans carry some level of risk. When we are reviewing a loan request, we keep in mind the 5Cs: Character Capacity, Capital Collateral and Conditions. Inevitably this is how we gauge a borrower's credit worthiness and decide to approve the loan request.