Lendio funding manager Cody Swensen

Meet Your Lendio Funding Manager: Cody Swensen

3 min read • Nov 05, 2021 • Lendio

Part of what makes Lendio unique are our funding managers. These aren’t customer service reps or an unlock-my-password helpline. They’re the rockstars who know small business financing inside and out and who make the process of getting financing for your business easier. Granted, that’s just our opinion. See for yourself in our Q&A with one of Lendio’s funding managers.

Funding manager: Cody Swensen

Lendio employee since 2017

Favorite part of being a funding manager: Overcoming challenges—the same type of things business owners go through. 

Q:  What makes you easy to work with?

A: I think what makes me easy to work with is that I don’t sugar coat things. I don’t really have a reason to coax you into something that you’re going to regret. So I’m just very direct with the clients that I work with. I tell them, ‘Hey, this is about what it’s going to look like. This is the expectation, this is the timeline.’ And if I tell them they’re going to get offers by tomorrow or by the following business day, I follow up with them at the same time. My goal is to keep the work out of their hands and put it into my hands. That’s the whole point. That’s the reason that they’re coming to us.

Q: What can a business loan or financing applicant do to make the application process easier for themselves?

A: Just be open to the knowledge that I or someone like me gives. For example, if a business owner comes in with the expectation that the offers they get will be like a personal loan—like a car loan—where the cost of capital is pretty cheap for the applicant, well, business funding isn’t quite like that. A lender can’t really repossess your business and run it for you to recoup their money if you default: there may be no real assets tied to the loan. So the cost of capital and the terms are going to be higher because of the associated risk. Sometimes you’ll have a business owner who realizes this and says, “I’ll just do a personal loan.” I remind them why they set up a business—an LLC or a corporation: it was to separate the business liability from themselves individually. So taking a personal loan to fund your business is counterintuitive. It works against that separation.

Q: As someone who helps small business owners navigate financing options, how important is “open communication” from a funding manager during the application process? 

A: On a scale of 1 to 10, I’d say 10. I’m not going to hold back information from you. If I see that you were declined for X, Y, and Z reasons, I’m going to tell you. Or, if a lender is giving us an approval but I know, based on working with this lender before, that it could be better, I’m going to tell you that it looks like you’re being approved but you’re being qualified into a more expensive tier and these are the reasons why. That way, the owner can work on improving those reasons and, maybe in a few months, we can refinance with the same lender.

And, yeah, I do recommend that a business takes something now. Ninety percent of the time, the business owners who apply for financing have an aspiration or a goal that they’re working towards—there’s a reason that they filled out an application with us to begin with. And even if they qualified for something that’s more expensive than they expected, that can still put that money to work for their business. 

 

Ready to work with your own funding manager? Start the process by applying now.

 

Disclaimer: The information provided in this post does not, and is not intended to, constitute business, legal, tax, or accounting advice and is provided for general informational purposes only. Readers should contact their attorney, business advisor, or tax advisor to obtain advice on any particular matter.

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