LENDER SPOTLIGHT: Q&A with Lori Cote

When Lori Cote joined Service Credit Union three years ago, she brought with her a passion for “helping the little guy.”

And so she has, first as Business Development Officer/ Commercial Lender and more recently as Small Business Lending Team Leader at the Gorham branch in New Hampshire’s North Country. Her background as a small business lender for a bank, combined with her time at Service CU, makes her a valuable partner for small and medium businesses. We talked to Lori to get some insight into her experiences, both personal and professional.

Why do you love this line of work?

It is the perfect balance of being able to help people, being challenged every day, and being in an environment where

you can grow and learn. I feel like there is no ceiling on what I can do every day. It is an amazing feeling to know that you can learn something if you're open to it,

that you're going to learn something new today, and there's probably going to be somebody new that you can help today. Every day, my love for this work grows.

Can you describe the corporate culture at Service CU?

I feel our culture encourages everyone to have open communication. You can talk about the challenges you're facing, but when you have those conversations, they immediately turn to how can we resolve this, how can we improve on what we already are doing. I feel my voice is heard, that I can bring something to the table and it's going to be considered.

How does that culture translate to our members?

They feel it because we're able to tell them we don't operate a cookiecutter business here, that we have the flexibility to be creative. We don't have these hard and fast lines that we adhere to; we’re open to saying, “OK, we don't have any loans like this in the books, why don't we? Is this something we should entertain?” We can have those conversations, and it opens us up with our members to be able to say, “I'm not sure if we can get this done, but we're going to try.”

We also make sure that we keep lines of communication open with our other partners, and other financial institutions, so if there's something that for some reason we can't do here, we can refer that borrower somewhere else. We're not about just putting loans on the books. We’re about helping our members, and that's a huge thing that sets us apart.

What are some questions people should ask themselves before meeting with a lender?

What do I need now? What do I need tomorrow? Next year? If it’s a seasonal business, what is my plan for getting through the winter? Do I want to grow my business, or am I looking to sell? What’s the plan for replacing or upgrading equipment? How would I secure the transaction? What collateral would I need? If business owners think through those questions, we’re in a better position to help them.

What do you see as the most common mistake small business owners make in their financials?

Not being familiar with and not understanding the numbers. A small business owner can tell anyone all day long that they pull in $100,000 from their business every year, that's their salary. But it doesn't mean anything if the financials don't support it.

What is one thing you want small business owners to know?

That we are here for you. And that doesn't always mean what you want it to mean; it can mean we're here for you by declining a loan if you can't afford the payment. We're here for you to offer you commercial financing that's going to help you grow your business. We’re here for you by saying this is a startup business, let's work on your business plan. Here’s the contact information for your local SCORE chapter (a nonprofit network of volunteer business mentors), let's connect you with someone there. But I think overall the message I want to be loud and clear is that we are here for you.

Why is it important for a member to have a relationship with a lender they trust?

The best way to explain why it’s important is by what I saw at an SBA annual meeting when a business was receiving an award. The business owner said, “I can't be up here without my lender, my partner. I couldn't have done this without you.” They went into the audience and pulled the lender up on the stage. This was not just somebody they got a loan from; this was a partner who helped them through the process.

What is the proudest moment of your career so far?

The day I received my National Association of Government Guaranteed Lenders (NAGGL) SBA lender diploma. I'm one of 263 people in the United States who has this diploma. That allowed me to be an authorized official for PPP (Paycheck Protection Program). We’ve worked with over 600 small businesses and provided just over $23 million in paycheck protection, so that's a pretty proud moment, too.

What challenges has the COVID pandemic presented?

I have made it my own personal challenge to try to make everyone feel that I'm there for them, that I'm right beside them through this process. There are very few branches in my territory, so oftentimes we would meet at coffee shops. We'd be in close proximity, sharing a cup of coffee. We’re not doing that now, but I’m still trying to give everybody that coffee shop experience but in a protected environment. That’s been my personal challenge through this, and I’m still working on it.

Now almost all real estate closings are handled by email with DocuSign, so we’re challenged every day to deliver that high level of experience and to create a connection with people that we're likely not going to meet face to face.

How do you create that connection?

The biggest thing with small business owners is they want clear communication, so now I'm learning how to best communicate with people. Do they want to text? Do they want to email? Do they want a phone call? Do they want to try to meet? I work with them on whatever communication level is best.

This is what we do here at Service CU — we accommodate, that is exactly what we do. It’s about what meets your needs the best.