0:03Hi there. Welcome to Central to Fairfax, the Central Fairfax Chamber of Commerce's podcast. We're here to spotlight the people, businesses, organizations, and community leaders who are helping to shape the Central Fairfax business community. My name is Jennifer Rose. I'm the executive director of the Central Fairfax Chamber, and I'm so excited to be sitting down with our vice chair and good friend, Sharon Ricciardi with FVC Bank. Welcome, Sharon.
0:31Hi, Jennifer.
0:32How are you? I am great. Thank you so much for taking the time to sit down with me today. Um, we're gonna keep this really relaxed today. Um, why don't we ease into our conversation? Just tell me a little bit about FEC Bank, uh, and the communities that you serve.
0:48So the communities that we serve are all of Maryland, DC, and Virginia. FEC Bank is... Has been around for about eighteen years now, and we are headquartered right in Fairfax County. Um, I have the role of director of business development here. And one of my other roles, of course, as as Jennifer mentioned is vice chair on board of directors of Central Fairfax Chamber. Yeah. The the beautiful thing about unity banking and being part of the chamber, it just allows me to intensify the, uh, amount of time, and and it allows me to immerse myself in the community, work closely with the business community, and just continue to be a part of the growth and success of the businesses within the community.
1:43Yes. And you guys do a great job for sure. Um, how about giving us a little bit of your background?
1:52So I've been in banking for way too long, probably over twenty years now. Prior to that, I was a business owner in Fairfax, and I felt that once I was kind of done with that with that role, I was getting out of the family business. I got into banking, and it allowed me to still stay involved in in involved in the businesses because primarily, FBC Bank is a business community. I think we we deal mostly with small and medium sized businesses. So I felt that I had something to... I really have something to offer the the business community, understanding their needs and understanding their challenges, just connecting with all the local businesses, providing them resources. Um, yeah. It's just... It... It's worked out great, and I've loved it. I've loved it ever since I've
2:53started. Yeah. No. It's so important that... I mean, you've you've been that business owner that's laid awake at night worrying about, oh my goodness. Are we gonna make payroll? Are we gonna make tax payments? How are we gonna get customers through the door? How does your relationship banking... I mean, how does that tie into being so important for our local businesses?
3:17Well, being in being in banking and being involved in the community together just... It allows me to to have access to, like, our decision makers here at the bank. We can we can serve so many different industries within our community. We have we have the resources. We have the products and services. But more importantly, we have the people. We have the people that really care about what we're doing here at FBC Bank. You're not just a you're not just a transaction here. We become more like... We become a resource for you. We become... We understand all your challenges because we're in the community. We're involved in... I mean, we're a bank and we're a business in the community. So being in... And being involved in the chamber allows me to do the same. I get to I get to sit at the round table with with our with our board and and say... And and listen and listen to what's going on in Fairfax County and listen to what's going on in Fairfax City. Um, and and it's really important. I I believe I believe that a strong business community is very essential for for any city or county or wherever you live.
4:38Yeah. Yes. Um, that presence in the community is so important. Uh, now I know you come to our board meetings. You get to hear updates from the city's economic development office in the county, and you hear from your own clients. What are some of the financial challenges that you are seeing small businesses are navigating right now?
5:00Wow. A lot, um, I would say manage... Managing their cash flow, navigating inflation, you know, high rents, um, just all craziness with the rate environment. Yeah. And and just, like, you know, trying to stay profitable with all these increases in in in in your payroll and your operational costs, it's it's been... It's... It is challenging. Um, we... And we understand that, and that's what we try to work with you to not just navigate it, but streamline your processes. They try to, um, create some strategic plan for you to move forward. We have the we have the tools and the products that allow you to do so, um, especially being a small business. You know, not not every business has the luxury of having a a CFO or even a bookkeeper on staff. So we try to streamline those processes for for the businesses.
6:07Yeah. I I I so agree with with what what you're saying. The, uh, um, feedback I'm hearing from members, and it's been a tough couple of years, um, in this region, you know, with Doge cuts, um, and just the uncertainty in the air. I mean, when we are losing businesses, it's because of the increases in rent, uh, uh, the new, uh, mandates that are coming from, from the government, whether it's increasing minimum wage, whether it's adding, um, sick leave, um, uh, mandatory retirement programs now that many of our businesses in the city, uh, and count well in the state have to do because it's a new state law. Our our businesses are they're they're on the unicycle and they're spinning the plates and, and they're doing what they do best, but they don't always know what is out there and available to help them. So what are what are some ways that local businesses can better prepare for the uncertainty? Um, how they can prepare, you know, to be able to scale their growth or to expand.
7:12Mhmm. Well, my suggestion is to make sure that you're you're working with your your financial advisers, your CPAs, and your banker. Get get them involved early in the business before capital becomes, like, a problem, before before it becomes, like, an urgent requirement. You know? Yeah. You'd be... You have to be proactive with with financial planning and, um, and, you know, make sure that all your financial statements are in order and really really have a good team with you, uh, you know, working along with you, keep you keep you in line before this... Before it gets to a point. A lot of times, small businesses hate... Especially in the beginning, will take their their capital and invest it completely into the business, all of it. And then all of a sudden, they realize, well, I I need some capital capital for operational cost, payroll cost, for all these different costs. Like, talk to your banker first. Talk to your CPA first. Try to try to plan better. Um, you know, and as far as banking, make sure you're leveraging all your your services, all your treasury management servicing services by having a good robust management tools for for cash forecasting, for fraud prevention, uh, just streamline the operations part because a lot of small businesses are working in the business. And it's really... The more you can... The more you have the the tools that can help you, uh, streamline these processes will make your day to day much easier.
9:03You know, you you've mentioned, um, you know, security, financial security. There's there's cybersecurity, um, issues. And, you know, these crooks and criminals are getting slicker and more convincing than ever. Tell me about some of the the products that FEC Bank offers to help protect those small businesses from these nefarious characters.
9:28K. Well, hopefully, your banker is creating awareness for you. Um, we're very big on that. We we have a very... Uh, we have great communication with our with our clients. And, you know, whoever your officer is is talking to you about what's going on in in the security of your accounts. We have products like positive pay. Positive pay... There shouldn't be a business without positive pay. If you're using online banking to make payments, if you're you... If you're writing checks to make payments, however you're making your payments, you need to have positive pay. Positive pay will allow you to make sure that whatever is coming through your account is legit. I I... We push positive pay more so now than ever, but it's it's been around forever. But I think now customers are really realizing the need for these tools, which at one time, it was... They almost felt like it wasn't worth it. Because there's a cost to it. Of course, there's a cost to it. There's cost for doing business, but it's so minimal. It's so minimal, and it's so important to have the tools in place.
10:40It is, uh, it is indeed that there's just so many horror stories out there. And I think that, uh, being able to protect your business and you're right. It's, it's not that expensive, but what is expensive is when all of your savings are wiped out.
10:53That's right. It's it's not expensive when when you can prevent the outcome. And No. Another podcast, I can give you all the examples you want.
11:03Yeah. That could be its own its own topic for sure. Okay. Um, so we're gonna shift gears a little bit. Uh, you know, we were talking about, you know, putting... Having the right team in place around a business, your bookkeeper, your your banker, um, your your accountant, your... Even your your lawyers, in fact. You know, you can find all these people right in the chamber. Right? So how how is your relationship with the Central Fairfax Chamber? You know, what does that meant to FEC Bank?
11:32Well, it's a great partnership. Um, fair, uh, FEC Bank and Central Fairfax, we're we're aligned around our core mission. We are there to be the champion... We're championing... Championing, sorry, the local commercial vitality and supporting the local businesses and the leaders and the small businesses in all industries, all industries. I... What I love most about the the the Central Fairfax Chamber is is that there are people who are living, working, playing in the community with you. They understand what you're going. We have the resources together. If if you get in touch with your chamber... If you get in touch with the Central Fairfax Chamber and they don't know the answer, they find it you. And I think that's that's where FEC Bank and and Central Fairfax Chamber align. We're gonna go above and beyond to provide you with the resources that you need. It's not... We're not doing this. We're we're not doing this to to just grow our our own business. We're we're really doing it to grow the business community. And as a and as a partner with the Chamber, we work very closely with them. We are involved in the events that they put on. We love sponsoring those events. We use Chamber as a... We use the Chamber as a resource. I don't I don't... I think that what people need to understand about the about the local chambers is that they have resources beyond the local chamber. They're using... They they have much, um, they have many relationships with the county and with the city, with the larger chambers. It go... It's nationwide. So wherever you are, being involved in your in your chamber is, I have to say, has been has been has been wonderful for me as a business owner when I first started out and as a and as a a banker. Uh, I don't... I think staying engaged in in the community has been what has gotten me to where I am today and has... I can say I have been able to guide people to the chamber to other in the city. The the, uh, the small business, uh, what what is it? It remind me of the SBDC, is it? The small business development center, the SBDC. Yeah. There there are so many resources that you can find out about. If you're struggling in any way, you can call your chamber. If you can't, you can call your chamber. There... This is... Wrote more. Jennifer Olm is probably your best resource, but, yes, central PFX Chamber plays a big role in the community and the relationships they hold is what makes the big difference.
14:35Well, thank you for the kind words. You know, there's there's many, many banks in the community. Um, there's community banks, there's regional banks, there's the the big box banks, um, and and I know that many of the banks, they they have, uh, they have to be involved in their local business community. They have... There's there's dollars they have to spend in their local community. But some banks just seem to do it better than others, and FVC Bank is definitely one that I think is more visible in the community. You're more involved in the local business community. What's your secret sauce?
15:10It's really... It's... I think it's our commitment to the community. Our commitment to our customers, our commitment to, um, just a long term relationship, and it goes way beyond just business products. It's the people in our people in our bank, the people in our different departments are to provide, you know, services that you need. We have, I would say that, um, you always... You can... You'll have... You have direct contact. You're not calling recordings and getting people moving you around from one place to another. You're you know, working with a bank that every single person in this bank has the same commitment to your business. And that's why I love FEC Bank so much because it really keeps me... I I I... I'll... I always tell my customers or new prospects I'm talking to is like, look. I don't do it all. I'm just your... I'm just a face of this bank, but the teams that work here have the same commitment level, and it's way beyond just our products and services.
16:20And I would wholeheartedly agree with that statement. Full disclosure, you are the official banker of the chamber, and I get to come in at least once a week to to see the see the ladies and gentlemen of the branch, and they're always so professional and friendly and knowledgeable. And I know that if I have any questions, and and I've had to hit them up with questions, I've had to hit you up with questions, Sharon. You're always so responsive, whether it's Monday through Friday, nine to five, or even after hours. You're, uh, you guys are amazing and and so responsive to to your customer and clients. So I'm grateful for that.
16:54Um, you know, as I've grown in this You could get caught up in in large... In the larger banks, and you're just an account or a number. Here, you are a name. And it doesn't matter, small or big. It doesn't matter what size your business is. We we really take, um, we take the next we take the next step to serve everybody with the FEC bank, and we treat everybody with the same integrity, with the same... Provide the same service to all. It doesn't matter because everybody's business is important.
17:29Those small businesses, ninety five percent of them in our country are small business. They are truly the backbone of what we do.
17:36I I agree. Amen.
17:38Alright. So what advice would you give to a business owner who wants to build that stronger financial foundation?
17:45Well, I'm... Like I said earlier, you need to establish strategic relationships early. Um, keep your banker updated on your goals, growth projections, and just any hurdles that you've... You see. It's it's... Your whole team, whether it's your CPA, your banker, your financial adviser, you need a team of people, and that is... That will give you a strong financial foundation.
18:17Outstanding. Outstanding. Okay. Now it is time for you to give your shameless commercial plug for the Central Fairfax Chamber of Commerce. A shameless commercial plug for your local chamber.
18:33My shameless local
18:36Commercial plug.
18:38You're talking about I did that already. I thought I did that already. Um, I'm a part of your chamber. I'm a part of the central Fairfax Chamber. The benefits are endless. The people that are involved care about your business. So if if you're not a part of the chamber yet, I'm a part of the chamber. If you're part of the chamber already, get more involved in the chamber. It's not just becoming a member. It's really it's really be... It's really engaging in the chamber. And not just going to events, but but I know that when you become a part of our chamber, there is a chamber one zero one, and it will tell you how to be more engaged, how to get the most out of it, and provide you with within... With the resources that you need with your local Central Fairfax campus.
19:39You know, everyone should be involved with their local Chamber of Commerce. Now in our area, as you well know, Sharon, that there are quite a few of them in the DMV region, and, uh, there are many to choose from. And one thing that I don't mind doing is is having conversations with, uh, small businesses to help them figure out which chamber is the best fit for their business. Sometimes it's us. Sometimes it's not. Always makes me sad when I send them to a different chamber, but we certainly want them to, you know, be able to maximize that investment of their time and and their funds, um, and have a great experience with their local chamber. So thank you for the plug. Well done. Well done. And, um, you know, thank you so much for joining us today. I appreciate you taking some time out of your day to sit down with us. It's been really great learning more about your role, um, you know, your your background in the banking world, uh, being an entrepreneur yourself, and the role that you play here in the Central Fairfax community. For our listeners, we encourage you to learn more about today's guest, connect with their organization, and continue supporting the people and businesses that make Central Fairfax such a strong and connected community. Sharon, what... What's the website for for them to to visit, uh, to learn more about all the wonderful banking, uh, opportunities that there will be for them. Go to f b c bank dot com,
21:01or you can go and walk into one of your local branches. We're all of... We're in Northern Virginia, Maryland, and DC. But our Northern Virginia branches are very accessible to everyone. We're headquartered right here in Fairfax, or you can get in touch with me through LinkedIn or or my cell phone number. Call me. I'll be happy to I'll be happy to work with you on your banking relationship. I'll be happy to work with you in regards to the Central Fairfax Chamber. Either way, talk to you more. It'll be great.
21:31Well, once again, thank you so much, Sharon. We appreciate your time today, and I can't wait to see you at a future chamber event. Thanks for listening to Central to Fairfax, podcast from the Central Fairfax Chamber of Commerce, where we spotlight the people, businesses, and organizations shaping our community. I'm your host, Jennifer Rose. Follow Central to Fairfax wherever you get your podcasts, and we look forward to having you with us for the next episode.