Originally born in Granada Hills, Edward “Eddie” Palomar’s family moved to Bakersfield in the ‘90s – and he’s lived there ever since. From Access Plus Capital’s Bakersfield office, Eddie helps local entrepreneurs grow the community he loves, and he gets to learn a lot about his adopted hometown in the process.
Eddie, tell me a little about who you are and what you do at Access Plus Capital.
I was born in Granada Hills in the San Fernando Valley. But my family moved to Bakersfield in the ‘90s, and I have been here ever since. I graduated from Cal State Bakersfield with a Business Administration degree, with a concentration in Marketing. I have been in the banking industry for 15 years, working my way up from teller, to personal banker, to branch manager. And then I became a Business Relationship Manager, and now I am a Business Development Manager at Access Plus Capital.
My role is to promote Access Plus’s products and services. I also educate our community by hosting workshops that show new and existing business owners how they can get access to the capital they need. I work throughout Kern and Tulare County, and I serve as a board member for Bakersfield SCORE and CAPK (Community Action Partnership of Kern). On top of all that, I collect financials and process applications for the business owners working with us.
What is your favorite part of working in Bakersfield?
Bakersfield is home. I’ve seen this city grow so much. When we first moved here, the population was just under 200,000. Today, it is nearing 400,000. I like to network with fellow bankers who have the same passion that I do. All of us want to make this city the best possible place to live.
Adding more jobs and jumpstarting new businesses is what I live for. Plus, I like the recognition I get from previous clients, thanking me for helping them start or expand their business. That makes me feel like I am making a difference in my community. Who wouldn’t like that?
What is your favorite part of working with business owners?
Their passion for their businesses. Every business owner takes pride in their work and their products or services. I love meeting new people and seeing how their businesses operate. Every business is different, which makes every day unique.
The fact that I am able to be out in the community is also pretty awesome. I enjoy being able to meet new business owners and visit their place of business, how fun is that? It is also rewarding feeling to see a client’s dream become a reality. They dream of expanding or starting a business but don’t know where to start. That is where we come in and guide them in the right direction. They are forever grateful, which makes me want to work harder and help others meet their financial needs.
What’s the latest project you worked on? What was unique about it?
The most recent project I worked on was for a very unique business. This gentleman wanted to purchase the building where he currently operates his business. He is contracted by farm laborers to feed farmer workers breakfast, lunch, and dinner in Kern and Tulare Counties, year-round. I didn’t know that type of business existed,so I was intrigued and wanted to know more.
The business is very profitable and creditable. The loan amount was $259,000. He went to a couple of different financial institutions, but he felt like they didn’t take him seriously. The lenders weren’t calling him back, or they said they hadn’t had a chance to look at his application. He started to get discouraged, until he found us.
When I was introduced to him by a business consultant from the Bakersfield Small Business Development Center, I knew I had to help him, because of how unique his business was and what he does for our community. After reviewing his financials, we determined the business was able to support the requested loan amount, and we approved the loan. That loan should be funded in the next couple weeks, which is a great way to end the year!
What are some of your outside-of-work hobbies?
I love going to music festivals like Coachella and Outside Lands. I like many types of music, not necessarily one genre. That is a huge reason why I like music festivals, because there are multiple artists performing on different stages at the same time. I also like to work out and stay active. But most importantly, I also love to travel; I am very outgoing. Take me anywhere, and I will make friends anywhere I go!
Want to become friends with Eddie? Stop in to Access Plus Capital’s Bakersfield office, and inquire about a business loan – which Eddie would be more than happy to help you out with.