April 20, 2022
Bank of America Executives Offer Advice for Knoxville’s Young Professionals
Knoxville is one of the fastest growing communities for young professionals in the state.
Mark Field, Knoxville Chamber of Commerce Senior Vice President of Investor Development & Experience, sat down with Terry Cline, Bank of America Knoxville Market President, and Lina Kornmeyer, Bank of America Knoxville Market Executive, to talk about the importance of economic empowerment in our community and the ways young professionals can advance their careers, find financial security, get access to capital, and why Bank of America puts so much emphasis on giving back to the community.
Mark Field, Knoxville Chamber of Commerce Senior Vice President of Investor Development & Experience: Mark: Terry as an executive leader in this market, how important is a good financial foundation for a young professional just starting their career?
Terry Cline, Bank of America Knoxville Market President: It’s so important that young people, as early as teens, start establishing and understanding what a strong financial foundation means- for your credit score, investments, and most importantly taking care of your family. If you keep postponing establishing a safety net, that’s about three to six months of expenses, it will catch up to you. Financial education materials are more readily available now than ever. Spend time focusing on setting yourself up for success. It can have a tremendous impact. And don’t be afraid to ask for help. wn budgets. Having a clear vision of your financial path and health, can help support a better financial future ahead.
Mark: Lina – I know you have spoken often in the community about the bank’s Better Money Habits program. How can young professionals utilize that tool to help them plan their financial path forward?
Lina Kornmeyer, Bank of America Knoxville Market Executive: Like Terry said, Financial education is so much more accessible than it used to be. It’s at our fingertips now, and even more importantly, it’s not taboo to talk about finance anymore. Educating yourself early is an absolute game changer because there’s a huge difference between getting started saving in your 20s even compared to your 30s. Bank of America’s Better Money Habits program is a great resource to get started on and throughout your journey to financial success. You can find financial tips and guidance for all the different stages of life and priorities. For young professionals there are resources that can be helpful like savings and budgeting, understanding credit and debt, and even home ownership.
Mark: From a business perspective and access to capital -what do entrepreneurs and young business leaders need to be thinking about as they grow their business and working through if they needed a loan or more capital to get to the next step?
Terry: Many individuals have great ideas, but it is in the planning that is key. Young professionals and entrepreneurs need think about: ‘How are you going to take the next steps? Do you have employees you need to hire or other material you need to operate?’ It’s all around that business plan. The first two years are such a challenge for entrepreneurs. As a bank we like to see two years of financial performance and our small business team can walk clients through other aspects of financial planning and needs.
Mark: Entrepreneurs need to show how to execute on their business plan.
Terry: Exactly.
When you come to a bank to ask for capital, think of how that loan will impact your company. Not just, ‘Here’s how I can pay it back.’ But, ‘What is this investment going to improve? Is it going to improve manufacturing? Is it going to help you be more efficient?’ That’s what we want to know. But it’s also good for them to know as well. If an entrepreneur makes this investment, what’s it going to mean for their business down the road. Being able to forecast is really, really important.
What I consistently see, and it’s not just budding entrepreneurs, is people grow right out of business. They’re too busy worrying about the top line and not every line. I’ve seen it happen over and over in the 33 years I’ve been here and it doesn’t change. Every company goes through stress points. You need to have good financial advisor. Are you getting good quality feedback? What does your management team look like?
Mark: Bank of America is a community member that continues to have a presence with our local nonprofits and supporting them with grants and volunteerism as well as the bank has strong environmental and social efforts here. Can you talk about some of the work your firm is leading in our community and why it is important to you in this market?
Terry: This is our home. Every one of our employees work here and live here. We have just as much pride in Knoxville as we do in Bank of America. When we look to invest, we think about what is going to be best for our community and make the most impact. Our priority in Knoxville is around economic mobility for individuals and families. If people don’t have access to basic needs – food, shelter, and clothing – then they can’t climb the economic ladder. Our recent $285,000 investment in Second Harvest Food Bank is an example of how businesses and nonprofits can work together to find solutions. They came to us with a problem: many neighborhoods in Knoxville are located in food deserts and have no access to fresh, healthy foods. We worked with them to develop a program called Fresh, Mobile Pantry to bring healthy foods directly to the communities who need it most.
Mark: It’s also amazing how you guys work with nonprofits directly as well to develop their leadership skills.
Lina: We volunteer with every single organization that we fund that needs or wants helping hands. We provide thought leadership at the local level and through our broader resources. We are there on the ground, we’re visiting, we’re talking to both staff and those they serve, we’re connecting, and we are talking about all the things that they do in and for the community. Our role as a funder is to drive awareness of the organizations we support because that in turn helps create more volunteerism, increases donorship, increases potential partnerships. We also provide our nonprofit partners with world class nonprofit management training. It’s our responsibility as leaders to be good neighbors and set the example.
Mark: Thank you for taking the time to talk to us today.
Terry: Thank you for all you do for Knoxville.