This series highlights real member success stories with Choice Map.
Go ahead, mix business with pleasure
Opening your own business can be one of the most exciting times in your life; many dream of it for years before it finally comes to fruition. Those dreams are often paired with the nightmare of the ever-growing daily responsibilities a new business owner takes on. When this small business owner visited our Livonia/Westland Member Center to open her new business account, she got far more than she asked for.
When opening a new business, it takes money to make money. New businesses are essentially babies, and just like their human counterparts they usually lack the credit history needed to borrow money. This often leads to business owners maxing out their personal credit cards to generate the funds necessary to get started.
Upon opening a new account our Personal Advisor discovered that she had done just that. After a few simple questions, we learned this new member is a homeowner and thought this could be a great opportunity for her to consolidate her debt and simplify her finances with the help of a home equity loan.
The member shared she’s been interested in obtaining a home equity loan for years. She stated was ineligible to receive one through her current bank because she did not have the required $25k of equity in her home her bank required. The member had not looked elsewhere, as she banks with a large bank where her husband, and sister, work.
Borrowing to save
Our Personal Advisor submitted a referral on the member’s behalf, and she was approved for a home equity loan of $43k! Now, her debt is consolidated, and more payment terms are available, so she can focus on growing her new business.
We’re here to help you protect your growing business so you can do what you do best. Save yourself the headache of managing multiple accounts by talking to one of our personal advisors and see how we can help simplify your life and your finances.