In this episode, we are joined by Matt Olsen, the Vice President of Torrey Pines Bank. Matt walks through the different types of loans available to small business owners and entrepreneurs. He also discusses the difference between big-name branches and customers’ personalized touch with a smaller bank. Matt gives tips on what is a true bank and a scam. Lastly, we touch on how COVID has changed the dynamic of banking. 

IN THIS EPISODE:

• [10:38] How can our guests help small businesses? 
• [11:30] What do loans look like for brand-new companies? Can they qualify? 
• [13:10] Does this bank use merchant processing?
• [15:43] What is the SBA, and what is the 7A program?
• [19:21] If a company is a DBA and becomes successful, does the time the business has been in place based on the original company, or is it a brand new company?
• [23:48] Micro-fund companies – how do you know what is real and what is a scam? 
• [25:30] How is personalized service even possible anymore? 

KEY TAKEAWAYS:

• Small businesses have options for funding, going to a smaller bank will give you more options than a large chain bank.
• If you aren’t sure if a loan offer is legit, look up the company on the internet, better business bureau, and read other reviews from customers of the bank to see what their experience has been.
• COVID has opened up the doors to do more banking online and created a way to do banking without having to go into an office. This is a great option for solo online entrepreneurs. 

BIO:

Matt Olsen is vice president of commercial banking for Torrey Pines Bank. Based in Beverly Hills, Matt works with clients throughout California, focusing on developing customized depository and treasury management solutions for privately held businesses and partnerships. He works with deposit-centric clients in real estate, property/HOA management, non-profits, private equity, and venture capital firms.

Mr. Olsen joined Torrey Pines Bank in 2019 and has more than twenty years of banking experience.

A graduate of San Jose State University, Matt volunteers with local charities, including NFTE, the International Visitor’s Council of L.A., and the L.A. Regional Food Bank.

LINKS MENTIONED:

Email: molsen@torreypinesbank.com

310-623-8908

Torrey Pines Bank Website