Episode description
“If you need a loan to survive, you have other things going on. If you need a loan to help grow your business, that’s where we can help be a partner.” -Mark Ritter
Mark is the CEO of MBFS, a credit union community he founded in 2001. Despite common misconceptions, credit unions offer many of the same products and services as large corporate banks. MBFS helps connect consumers with credit unions around the nation which can help them with their needs.
Mark Ritter and Kim Sutton dive into business finances and banking in a conversation about credit unions and corporate banking for entrepreneurs.
02:02 Figuring it out
04:00 The difference between a credit union and a corporate bank
08:23 The history of credit unions
18:18 The initial focus of credit unions in America
20:46 The difference between getting a business loan at a credit union and getting a business loan at a corporate bank
22:47 Kim’s family’s struggle with getting a mortgage
24:54 What MBFS does
28:25 How Kim built her first business the wrong way
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