Jesse Sanchez recognized as the 2016 Area Financial Services Champion of the Year
Texas Border Business
By Roberto Hugo Gonzalez
Jesse Sanchez is a loan officer for People Fund. The company is a non-profit microlender servicing the Rio Grande Valley.
In Texas Border Business terms, he is an exceptional and intelligent young man that has his future already drawn up.
“The funny thing is I’ve been with the company for almost two years, and I have been awarded by the US Small Business Administration (SBA) for my first full year in lending as the 2016 Area Financial Services Champion of the Year,” he told Texas Border Business.
SBA is a government agency that guarantees loans and also recognizes lenders for being critical supporters of the program. “I’m very excited because it was my first year in lending and I’m very involved with the community, that’s where it starts, like small business,” he said,
He also stated that he is involved with chambers of commerce, with economic development entities and small businesses.
He pointed out that that getting access to money is one of the hardest things for small businesses. “They don’t have sufficient money to run their business.”
It’s easy to see that loves his job. “The funny thing is that I started as a business adviser and I transitioned to become a loan officer.” He said, “The first year it was a lot of learning. I had to learn the whole SBA policies, the procedures because with the government, there’s certain things that you have to do.”
Sanchez’ dedication and efforts got him selected, and in May of this year, he was recognized by the Small Business Administration. The event took place at the UTRGB Center in Brownsville.
During the same event, other business people of the Rio Grande Valley were also recognized by SBA. Some of the categories included; exporter of the year, AD business of the year, the small business person of the year, financial services champion of the year for which Sanchez was selected and recognized.
Also, he said that their average loan size is around $60,000. “We mainly target people that are barely starting their business, or they have an existing business that is not bankable.” He said, “So if they can walk into a traditional bank, that’s perfect for us. Our interest rates start at 7% which is very, very good.”
As an example, he said, “7% is good because if you get a credit card, the lowest interest rate is about 11%. So 7% is very reasonable.”
In his offerings, he pointed out that the government sets the interest rate. “There’s no balloon payments and up to 25 years to repay back the loan; it’s splendid term.”
If your average loan is $60,000, how many of those have you made? “About thirty of them of them.” He said, “But then we do a lot of microloans as well. Microloans are loans that are under 50,000.”
He was excited to announce that they are working on a new program for veterans. “Our veterans get a 5% interest rate loan.”
He also told Texas Border Business of another program that they are working one helping people that are former convicts. “If they are on probation or parole, we assist them with a loan from 1 to $10,000.” He said, “We’re helping people that have a tough time getting money. We provide them with those opportunities at very reasonable costs.”
Sanchez loves his job, and he has a passion for what he does. He tries to involve himself in the community, helping small business owners and then he says, “I mean, it’s been an honor, it’s been a blessing to be recognized.”
How do you feel? “It’s very overwhelming. So I’m jubilant, my parents are crazy happy for me, this is my first year in lending. I mean, we have to keep that in mind, as my first year in lending and being awarded as the financial services champion of the year is like it’s pretty crazy.”
How old are you? “29 years old, sir.”
What is your academic background? “I have bachelor’s degree from the University of Texas at Austin. I went to McCombs School of Business it’s one of the top business schools in the nation.; I have a degree in finance, and I have a minor in communications. I’m also pursuing my master in accounting to become a CPA. And after that, I plan to go to law school and then open up my bank.
How are you planning to pursue owning a bank? “I have a committee of accountants, lawyers, and people that have worked on opening banks.” He continued, “I don’t have the experience yet, that’s the truth, but I do have colleagues that I’m working with to be able to accomplish this.”
So, according to him, one of his primary goals is that in seven years is to open up his bank.
He said that he is giving himself enough time to get his CPA degree. “I’m planning on practicing accounting, it’s just for the knowledge and experience and also a background in law so I can know and learn about different aspects of lending,” he finalized. TBB
