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Clarity

Jeremy Kahn

Beverly Hills, CA

Commercial Banker for 15 years specializing in Commercial Real Estate, Acquisition Financing and Working Capital needs. I’ve worked with large institutions from Wells Fargo to HSBC, but have made a home by bringing my wealth of experience to a small boutique bank at Comerica.

$1.67/min

6 Calls

3 Reviews

43 minutes
Avg. call

Portfolio Management Corporate Finance Banking Financial Analysis Loans Credit Risk Credit Analysis Credit Commercial Banking Small Business Lending

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Business Banking

Business banking for 10+ years and startup experience for 18+ years

Answers 6
Reviews 3

Answers

Jeremy Kahn answered

What is a good bank for an high tech start-up?

Where are you located? There are a handful of banks in the LA area that are diving into the silicon beach movement. Otherwise, as others have said, Silicon Valley Bank has made its name in that industry

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Entrepreneurship

Banking

Commercial Banking

Jeremy Kahn answered

What could be a good credibility building strategy for a new bank trying to attracts deposits?

You have asked the golden question. As a business banker, we all struggle with getting deposits. Going after key industries (escrow companies, property management, HOA's, etc) will help in this. However, there are many options to help get deposits. I'd be happy to hop on a call and talk about this. I just signed up with Clarity yesterday. So I'm still learning the platform.

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Banking

Marketing Strategy

Commercial Banking

Jeremy Kahn answered

I received a letter from the bank closing my account due to the nature of my business. What should I do?

It is because of the risk of money laundering and the high risk that is associated with the industry. There are many banks in the LA area that will accommodate you, but be up front. Talk to the AML department directly. Your front line banker doesn't know much anymore. They're more of pretty faces with a personality. But the smaller banks (a few branches at most) will help - But be honest. The big banks won't help you until you're a big deal... Doing millions in volume monthly.

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Commercial Banking

Banking

Jeremy Kahn answered

How do I get $500k - $1m in capital for marketing expenses for 3-6 months?

Don't give up equity or do venture debt... Seriously?!? You're an existing and I assume you're profitable? There's a lot of "what ifs" on this, but typically you can simply go to a bank and get a line of credit up to $500,000 with just a credit score. But why would you use short term (line of credit) for long term solutions (loan)? Lines of credits are best for working capital needs. If you're looking to increase sales from a marketing campaign, dig deep and find what you'll be spending money on -- and you might realize you can do it much cheaper. However, if you're looking for the quick hit marketing turn into sales -- perhaps venture debt is best. Either way, have a good plan in place and take it to a banker (not the personal banker at your local chase). SBA is a good alternative.

I'd be happy to help you figure it out - drop me an email.

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Corporate Finance

Finance

Loans

Jeremy Kahn answered

How should I go about getting funding for an ice rink that I would like to open?

Let's be clear - There is a hierarchy of funding available. The top tier is your national bank where you'll get the cheapest rates and the bet terms. So, given that you want to do a startup, it's unlikely it'll happen.

Assuming you've done all the preparation (business plan, etc)... Then, first step is to go to friends and family and ask them for some investment. Even if you raise $1,000, it's proof to other investors that there are people that believe in you. Once you've gotten a handful of investors, go to the location and work with whoever is selling or leasing it to you. Maybe they'll believe in your idea too. Then set out on the leverage quest. Perhaps a small credit union or independent bank for the best rates, online business lenders, all the way to private capital that is ridiculously priced. All kinds of options.

Let me add - Credit score doesn't mean a thing when dealing with a startup. I knew of a guy who just got out of jail a year before he came to me. He started a business by raising money and now needed a few million because he was growing so fast. But he had bad credit, so the bank wouldn't look at him. But private investors do.

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Creative Financing

Grants

Entrepreneurship

Jeremy Kahn answered

If starting a business while in high school,how would you advise the student to decide what to do since he knows that not all businesses work?

Education is the most important aspect of life. Not for the content, but to be able to learn how to critically think. If a student wants to start a business, encourage them. But, let them know that a business is a 24/7 job - so, going to school will be his primary functions as a business owner. They can then work on their business after hours. If they don’t like the thought of working 15 hour days, advise them to find a job. That is 9-5 and A LOT easier. As a banker, I’ve worked with several businesses and an owner doesn’t take time off. Even during a holiday, they’re still on the phone, checking emails, answering to issues at the office. So, focus on education first and business second.

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Start Ups

New Business Development

Reviews

Excellent insights in banking sector / current trends, Jeremy is sharp

Daniel Faggella Source: Clarity

Jeremy was very helpful and explained the business loan process.

Pete Park Source: Clarity

Jeremy is the guys to talk to about banks! It is rare that people within banking hold an entrepreneurial mindset - However, Jeremy is one of these unique people that can teach you the in's and out's about banks for your next venture.

I highly recommend him!

Peter Trydeman Source: Clarity

Member since December 2014