Episode•November 25, 2021•17 min

Small Business Banking with Derek Ellington | Ep. 79

Derek sits down with Tiffany to talk all things small business banking! Derek dives into how to direct your money as a small business owner and how to move forward with a growing business model. About Our Guest Derek Ellington is head of Small Business Banking for Wells Fargo and is responsible for leading and accelerating the growth and focus on the company’s small business clients, which have up to $10 million in revenue. Derek was previously with Bank of America, where his 24-year career spanned leadership roles in retail banking, commercial banking, credit, and small business banking. Most recently, Derek was Business Banking executive for the Atlantic South Region and served as National Business Banking Digital executive and National Business Banking Environment, Social Governance (ESG) executive. Derek also served as president of the North Carolina Triad region, where he led associates across all lines of business, including Consumer, Wealth Management, and Commercial Banking. He is a frequent speaker on small business topics and received the Bank of America Global Diversity and Inclusion Award in 2017. Derek has been consistently active in the community. He has served on the boards of East Greensboro Now, The Greensboro Chamber of Commerce, Guilford Merchants Association and the Board of Visitors of NC A&T State University. Derek is a graduate of Troy University in Alabama with double majors in Computer Science and Business Administration. He later received a Master’s Degree focused on International Business from Birmingham Southern College. Connect with Derek LinkedIn Twitter: @dereketriad Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

Small business is big business

99% of the 32 million businesses in America are small businesses

Small businesses make up over 46% of U.S. employment

Wells Fargo supports over 3 million small businesses (10% of U.S. total)

Build a strong advisory team early

Small business owners need an attorney, accountant, and banker

Proper documentation speeds access to capital and grants

Transactional banking relationships miss valuable strategic guidance

Move to where the cheese is now

Business models successful 2-3 years ago may not work today

COVID forced many owners to pivot quickly to new products/services

Constant reevaluation and willingness to form new partnerships is essential

Grants vs. loans: know the difference

Grants do not require repayment; loans do

Many banks require two years of business history for loans

Grants are increasingly available for startups and growth

Wells Fargo is reinvesting PPP fees into small business support

$20 million grant to Foundation for the Carolinas for ~1,000 small businesses

Funds support starting, stabilizing, and accelerating businesses

Open for Business fund created from PPP loan fees

Intro

Tiffany hosts Derek Ellington, Head of Small Business Banking at Wells Fargo, to discuss funding, growth strategies, and resources for small business owners.

Derek Ellington leads Wells Fargo's small business banking efforts for companies with up to $10M in revenue. Previously at Bank of America for 24 years, he held leadership roles across retail, commercial, and small business banking, including serving as president of the North Carolina Triad region.

Small Business Banking with Derek Ellington | Ep. 79

Key Takeaways

Intro

– The Importance of Small Business

– Starting a Business: Education and Advisory Team

– Building a Banking Relationship

– Moving to Where the Cheese Is Now

– Wells Fargo $20M Grant to Foundation for the Carolinas

– Hope USA Initiative

Resources

Topics