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SaaS Interviews with CEOs, Startups, Founders

1587 Why Banks Pay Him $2k/year To Help Serve Lower Income Community Members

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6683 Ratings

🗓️ 28 November 2019

⏱️ 15 minutes

🧾️ Download transcript

Summary

Transcript

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0:00.0

launched in 2017 find cra.com helps local banks understand how to comply with uh with an act that

0:07.7

essentially requires they give back to the community uh in a way again that it's called the community

0:12.7

reinvestment act usually it's a certain percentage of their tier one uh kind of deposit base they

0:18.6

look to put back in the community again this company helping quickly quickly identify local communities or local efforts that they can put that money

0:25.2

into to comply with that act. Currently working with about 11 banks. They're doing about 14, 15

0:31.2

grand right now in ACV. They really just got it going. $900,000 raised team of three folks in

0:36.1

Kentucky. Hello, everyone. My guest

0:38.3

today is Ben Lully. He's the co-founder and CEO of Find CRA, a search platform that gives

0:42.9

bankers powerful data and tools to find qualified nonprofits for compliance with the Community

0:47.3

Reinvestment Act. Ben, are you ready to take us to the top? I am. All right. So, first of

0:53.7

I bet most of my audience does not know about this community

0:56.0

reinvestment act. Would your software kind of exist without that act or are they directly

1:00.2

correlated? They are directly correlated, but the, um, the act would definitely exist without us.

1:07.7

Okay. So walk me through, um, how you help people use or leverage or comply with the act. Okay. So walk me through how you help people use or leverage or comply with the Act.

1:14.6

So our platform is designed for bankers to meet their compliance obligations under the Act. The Act was

1:24.7

started about 40 years ago. It requires banks to meet the credit

1:29.8

and financial service needs of all areas of their communities, including the low to moderate

1:35.9

income parts of their community. And they often need to partner with certain types of

1:40.9

organizations frequently. that's nonprofits.

1:48.8

So our platform helps them find eligible nonprofits to work with.

1:49.4

Okay.

1:51.5

I'm going to ask more questions.

...

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