It was a great idea. But then … the Great Recession.
Houses and neighborhoods popped up everywhere. Freeways lengthened; highways expanded. Pharmacies, grocery stores and hospitals burst into existence. Demands arose for more schools, fire departments and roads. In the early 2000s, a record influx of families swelled the East Valley. The economy boomed as business owners filled commercial complexes.
Business ownership is a mentality that runs in my family. In other words, I am an entrepreneur at heart, driven to fulfill perceived needs in my community. So, when I moved to Arizona in 2004, I saw a need in the East Valley and wanted to meet it. In 2008, Recess Kids Club opened in Mesa. It was a 5,000-square-foot indoor play place for kids that stayed open late into the evening and on weekends, and where parents could pay by the hour. It was exactly what the community needed as newly located families from all over the country had to settle into their new homes. Parents needed a safe place for their kids while they unpacked boxes. Realtors with kids needed to show homes to parents on weekends, and both needed childcare. The stay-at-home mom with multiple kids needed a break every now and then. Sometimes, it was to get her nails done; other times, it was an OB/GYN appointment. Who could safely watch her kids play and give her peace of mind when she leaves them? Recess Kids Club.
It was a great idea. But who knew the recession would be so … great?
Soon and swiftly, houses foreclosed, neighborhoods folded, and realtors had to find other work. Recess Kids Club relied upon on the expendable income of its customers. There is nothing expendable in a recession. Sadly, in 2010, Recess Kids Club recessed permanently.
When Recess Kids Club first opened, the big bank rolled out the red carpet. I received lots of attention. Bank accounts, payroll support, credit cards … you name it. But when hard financial times hit, I had no one to call or care. If only I had known a local bank and the name of my banker …
Today, I am a business development officer for Gateway Bank, a local, community bank that sees and cares about the people behind the business — their struggles, their challenges.
Small-business owners need more than a bank to succeed; they need an experienced banker at a local bank who has a pulse on the local economy and is well-networked in the community. Gateway Bank’s culture is to journey with a small-business owner for the life cycle of their business, not through a single banking transaction. Sure, like any bank, we look at the business we work with. But more importantly, and distinctively, we get to know the business owner by their name. That is who Gateway Bank is and how we do business.
Why should knowing you by name matter? Because when hard times hit, like — ahem — a global pandemic, a banker who cares to know your name is a banker who will care for your business. Gateway Bank has taken care of our business owners. They know us by name, and we know them, too. That matters and makes a difference when it comes to assistance for government funding, connections to other sources of capital, re-negotiating loan terms, and receiving access to more capital.
Why should knowing the name of your banker matter? Because when hard times hit, like the recent surge of racial injustices toward Black Americans and its economic impact, Gateway Bank channels its emotions into action, starting with Gateway’s president, James Christensen (gcbaz.com/news-and-resources/safety-and-solidarity-message-from-president-james-christensen).
Says Christensen, “We understand the unfortunate disparity in access to capital between Black- and White-owned businesses. The 2020 Federal Reserve Small Business Credit Survey noted that non-Hispanic Black owners are half as likely to have obtained bank funds as non-Hispanic White owners (23% vs. 46%, respectively).
“Gateway’s inclusive, tenured team has deep experience and is always willing to listen, learn and consult with minority-owned businesses to help them access capital. If you or someone you know could use this support, please have them contact us. We’re here to serve the community.”
You should know your banker’s name — or get to know one at Gateway Bank.
It is a great idea.
Shellie Berry and her husband, Bertrand, live in Gilbert, have three children, and started their own business with the help of Gateway Bank.
