Michael Bianchi joined CEDF in April as a Loan Officer following his career as a mortgage lender.
Q: What differences do you note in small business vs. mortgage lending?
MB: I had my own mortgage brokerage business. We lent statewide and dealt with all types of borrowers. I dealt with a lot of small businesses and some SBA loans. Then I worked for different lenders and banks. In the mortgage business all of the rules are determined by Fannie Mae and Freddie Mac and there’s not a lot of flexibility. What’s different in this job is that we have the ability to take in the whole picture and if it makes sense, make a loan – even if it doesn’t fit in all of the boxes. It is really our mandate as a mission -driven nonprofit.
Q: What changes have you seen in the small business world during your career?
MB: It’s cliché but the biggest change is the internet. It really democratized information for the consumer. And some people who had small businesses that relied on word of mouth and had high margins – they’re just out of business. But the flip side is that small businesses can still compete by being local and having good service, and almost being the opposite of the internet.
Q: What best prepared you for working with our applicants and borrowers?
MB: Being a mortgage broker for so many years and interviewing them and going through their finances. And having my own business – and I grew up in a family business too.
Q: What’s the best part of your job?
MB: It absolutely is lending money to a company that can’t get it from a bank, and at a reasonable rate, and helping them stay in business or grow. That has a significant multiplier effect and it keeps their suppliers in business.
Q: Tell us about your family.
MB: I’ve lived in Guilford for the last 25 years. I married my kindergarten sweetheart, Kristin. We have two kids, Kyle and Erika, ages 22 and 23.
Community Economic Development Fund