Harry Allen is the Co-founder and Chief Relationship Officer of Studio Bank. With a purpose of "empowering creators", Studio Bank launched in June 2018 to become the first new, locally-headquartered bank in Nashville since 2008 and is one of the City's fastest growing companies.
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Key Highlights:
[00:01 - 19:48] When Business and Service Combine, Magic Happens
Harry's career has focused on combining his financial knowledge and expertise with service to business owners.
How centralized banking processes can be leads to undeserving the communities and this leads to consumers proving a preference for local banks.
Studio Bank employs a vertical strategy in all of the sectors that make up Nashville's economy, including music, arts and entertainment, nonprofit and education banking, and professional services.
.[19:49 - 29:40] New Bank Launches in Nashville to Fill the Void Left by Exits
Harry discusses how Nashville was able to benefit from the growth of the pandemic by providing services such as financial assistance and capital raising.
Nashville is growing and has reached a point where it is becoming an important part of the regional economy. There are many challenges that Nashville faces, including gentrification and disparities in education.
[29:41 - 32:37] Striking the Balance to be Involved Holistically
How Harry manages to juggle his time between work, family, and community involvement - identify the non negotiables and set boundaries.
Harry offers advice for people who want to get involved in their community but feel overwhelmed or don't have the time.
[32:38 - 34:01] Closing Segment
Reach out and learn more about how to serve the community!
Key Quotes:
“Access to capital is no different from the disparity in health outcomes and education… Community banks are making decisions at the community level, by credit committees that are made up of local citizens, and we're approving loans for neighbors. And so when, you know, minority business owner applies at the Bank of America, you know, this is not a criticism of large banks, but those processes are centralized. And so the underwriting takes place way outside of the community. And they're just looking at the the numbers on the application, which doesn't always tell the complete story.” - Harry Allen
“Have a vision for the type of life you want to lead, and identify and define the non negotiables as early as possible.” - Harry Allen
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