Bridgeway in Action!
The Bridgeway in Action! series presents our impact through the lens of the people we serve (our clients), paired with the tools (our loans and programs) and the team members who helped them along with the business growth journey.
For today’s spotlight we chatted with Bridgeway’s Lending Team Leader Shawn Thomas about the benefits of owner-occupied commercial real estate loans and how this loan product helped one of his longtime customers, Clayton Scott of American Drain Cleaners, to grow his plumbing business. A video about Clayton’s journey follows the brief Q&A.
Four Questions with Shawn Thomas
With more than 20 years of experience, Shawn Thomas is an expert at guiding customers toward the right financing for their needs. Bridgeway’s nontraditional access to capital helps entrepreneurs grow their businesses, which leads to thriving local communities with active stakeholders rooted in the place they call home. Here’s how Shawn worked with Clayton Scott on an owner-occupied commercial real estate loan to expand his business in Pittsburgh’s East End.
How do you approach building relationships with your customers?
I think the biggest thing is just listening. When I hear a customer’s story and understand what they want to accomplish, then I am able to give them sound advice, pulling from my 20-something years in lending.
What is an Owner-Occupied Commercial Real Estate Loan?
It provides financing to help nonprofits and small businesses purchase the buildings they work in every day. Small businesses don’t always identify this as an opportunity for them. I always tell them that it’s not much more than it would be to rent, and then you have an asset, one that is an investment for you, but it’s also an investment in your community.
Why is building ownership so important for an entrepreneur?
If you look at East Liberty, it was majority African-American businesses there. During redevelopment, those businesses got priced out because they were renting. And you can see now, there are fewer than five minority-owned businesses in East Liberty. When you own the building, you can’t get priced out. It gives you equity. Also, if you get to a point where you want to sell, you still have that property with residual income coming in.
What did the owner-occupied commercial real estate loan allow Clayton to do?
It gave him the opportunity to expand. Clayton’s building has something like 2,000 square feet. He was able to purchase more vehicles and hire additional employees. When I look at small business owners, I look at growth. I say, “Tell me where you want to be in the next five years.”
Featured Client: American Drain Cleaners
Bridgeway Capital offers wrap-around support to small businesses, from access to financing to technical support, cohort opportunities, and more. Reach out today to see how Bridgeway can help you grow.