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Mike the Pirate

12/22/2014

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I have been gainfully employed at Enterprise Development for a little over a year.  Before that, I consulted with them on a few projects and helped manage the Microloan program, which has since been discontinued.  By the way, I like to tell myself that the discontinuation of the program is more of an illustration of how hard it is to breakeven making teensy-tiny, high-risk loans that require a lot of assistance than of my management ability.  Yeah, that’s it…find my happy place…continuing…

Getting the opportunity here has been so great.  It has also really helped me understand commercial loan underwriting and risk management.  I know it sounds like we are bankers.  If you read my blogs you might believe we come in to work every day in suits and ties carrying fancy briefcases.  The only thing in my possession right now that sounds like briefcase are the “briefs” I am wearing… and I never carry documents in them. 

As you can guess, the banker perception might not be quite accurate.  When I put on a suit I normally find the funeral announcement that I put in my pocket from the last time I had the suit on (this tends to build on my suit aversion…subconsciously I am sure I have connected suits and dirges).  Also, I am quite sure my hair is longer and messier than would be acceptable in most banks.  The “Ramones” and “Social Distortion” music blaring through my headphones right now probably do not indicate a “traditional bank” atmosphere (wait…what…I can’t hear you…HUH?). 

I am not trying to paint some picture that Enterprise Development is made up of a bunch of counter-culture radicals.  I actually fall a long way from that tree.  We are, in my humble opinion, an incredibly professional, honest, efficient and process driven organization.  I am proud to be part of what we are building here.  We are good at what we do.

So, having said that, this blog is called Mike the Pirate for a reason.  This organization was founded by Mike Crist, our titular hero.  When Enterprise was started thirty years ago, the type of lending we do now did not exist.  It was the wild west, or maybe more relative to the title, the high seas.  The rules were made up as everyone went along, and Mike the Pirate was a big part of that.  He was clever and smart and really helped the organization grow into what it is now.  He is a self-described 60’s hippie agitator, never afraid to poke a stick at organizations that need a stick poked at them.

He really set the company culture as it exists today.  We have obviously had to do some tuck pointing to help meet the increasingly complicated and stringent regulatory requirements and market demands, but the culture he started still exists.  So often I write these blogs about new issues in the lending world or ideas to help a business improve.  Or, occasionally, about something that has irritated me enough to need to rant and rave.  It is nice, however, to remember our roots and to pay a little homage to the people who helped start it all.  Mike the Pirate is no longer with the organization and has moved on to other adventures on the high seas, ever the pathfinder and explorer.  I am raising a glass of hot buttered rum (Arrgh!) to Mike the Pirate.           

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Who am I?  I deserve to know...

12/10/2014

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Enterprise Development’s fiscal year ended on September 30.  We follow the same fiscal year as the federal government because of our relationship with the SBA.  On a side note, only the federal government can create a new 12 month year that has nothing to do with the solar cycle or tradition (“We should create a new last day of the year…September 30th?...sounds good to me….THEN MAKE IT SO!).

Anyway, to commemorate the passing of another year, we have a nice dinner for our Board of Directors where we discuss the past year’s high points and low points and what to expect for the coming year.  Enterprise Development is blessed with a very intelligent and highly involved board.  Listening to them  was very interesting and enlightening.  Hearing these very successful men and women discuss and politely debate some of the issues we face made me start thinking, “Who are we?”  Not the “who are we” that comes up with questions of existential angst and self-doubt.  Not the “where do we fit in the universe” contemplations.  I am far too shallow for deep thoughts like that.  I was legitimately thinking, “Who is this organization that pays me to write these blogs and analyze risk and underwrite loans.” 

There are a lot of high volume Certified Development Companies (CDC) throughout the United States.  CDC’s are not-for-profit organizations started to promote economic development by making  504 Real Estate Advantage Loans.   These high volume CDC’s often have giant portfolios and in many cases, have virtually no relationship with the borrower.  They have great systems in place to manage volume and are very effective meeting the needs of their clients.  We, however, certainly do not fall into that category.  We are but a speck of dust on the giant elephant’s dandelion compared to them (no philosophical thinking from this guy… unless it comes from Dr. Seuss or a Mickey’s Big Mouth lid).

So who are we?  Enterprise Development Corporation is a very small, niche community lender and supporter.  We create relationships with borrowers, civic leaders and bankers.  We tend to stay in markets that we can service within a few hours of travel.  Enterprise understands every loan it makes and how that loan might affect our banking partner, the borrower and the overall community.  We pride ourselves on the thoroughness and service that only a small organization can provide.    

 We also work with entrepreneurs who are not candidates for 504 loans.  These business owners may only be at the beginning of their entrepreneurial journey and do not need to buy real estate or property yet.  We know and understand that these folks are the background of the community and increase the overall economic outlook for the area.  As President Kennedy said, “A rising tide lifts all boats.”  These entrepreneurs perfectly fit our niche and we are proud to serve them. 

I am not sure this totally encapsulates who Enterprise Development Corporation is and its true purpose, though I think it is close.  We are not revolutionary and have no “secret sauce” that has allowed us to successfully stay in business for the past 30 odd years.  We have evolved with the times (blogging, SEO, changing credit standards..even twitter) but have really tried to remain true to our roots.  We try to be the face of community 504 lending in central Missouri, offering support and help to anyone who needs it.  That is our mission, and I hope it never changes.          

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