Welcome to Credit Union Conversations! In this episode, we wrap up our series on the powerful partnerships between credit unions and small business owners with an inspiring entrepreneurship and financial collaboration journey. Host Mark Ritter is joined by George Florence from American Heritage Credit Union and Ross Hammer from Cape May, New Jersey, to explore how credit unions play a vital role in supporting ambitious entrepreneurs. From Ross’s unconventional path—dropping out of school and moving to Hong Kong—to securing an SBA loan with the backing of key mentors, this episode highlights the resilience and opportunity that credit unions help create. We spotlight Pennsylvania’s American Heritage Credit Union and its commitment to empowering small businesses. Stay tuned for valuable insights on lending, perseverance, and the unexpected opportunities that shape success!

IN THIS EPISODE:

• [2:38] George describes his role at American Heritage Credit Union 
• [3:53] Ross shares his background
• [12:08] Ross drops out of school and moves to Hong Kong, and the inspiration he received from a book and wanting to be an entrepreneur 
• [17:36] Applying for an SBA loan and getting support from key people and an unexpected windfall and a new venture
• [29:07] Ross connects with American Heritage Credit Union to apply for a small business lending loan
• [38:56] Ross advises lenders about giving people an opportunity

KEY TAKEAWAYS: 

• Ross Hammer demonstrated relentless determination despite financial struggles. He hustled to secure funding for his food truck, even using Coinstar to cash in change and taking a chance on fantasy football, which ultimately led to an unexpected windfall. His story highlights the importance of persistence and thinking outside the box to achieve goals.
• Key figures played crucial roles in his entrepreneurial journey. Their belief in him, financial support, and guidance helped him transition from food trucks to real estate, proving that strong networks and mentorship can be life-changing.
• After initial failures in the food truck business, Ross pivoted to real estate, recognizing an opportunity in distressed properties. Instead of flipping houses for a quick profit, he focused on revitalizing neighborhoods and renting them out, eventually building a substantial portfolio. His story underscores the value of adapting to market conditions and thinking long-term.

RESOURCE LINKS

Mark Ritter - Website

Mark Ritter - LinkedIn

American Heritage Credit Union - Website

Rich Dad, Poor Dad - Book

Zest Cape May - Website

Taco Caballio Tequileria - Website 

George Florence - LinkedIn