August 14, 2020
MVB Annual Report – Gov Contract Lending w/ Chris Turley
Last summer, Team MVB welcomed Chris Turley into the fold to spearhead MVB’s new Government Lending unit. In a short amount of time, Turley and his team have shown themselves to be a perfect fit for MVB through their expertise and drive, helping our government contractor clients navigate the challenging government contracting landscape.
“Government contracts are very competitive. It’s a small market with a few very well-known players. Think six degrees of separation,” Turley said. “It’s demanding. The government expects our clients to deliver in full and on time.”
A highlight of the commercial lending team is MVB’s relationship with B3 Solutions, an IT management consulting firm based in Virginia. Owned by Brad Palmer and 20-year U.S. Army veteran Dwight Hunt, B3 ranks as one of the fastest growing contractors in Washington, but at the startup phase, they faced the obstacles many government contractors face.
“They needed a bank backer to produce the work, then invoice the government,” Turley said. “They needed substantial financing without much history. A lot of banks turned them down, but I helped them obtain a financing line that allowed them to explode.”
Turley provided B3 with a sizable credit facility outside of industry norms. The financial flexibility he helped bring to the table allowed B3 to control its EOY planning and continue to deliver on their contract while maintaining an aggressive growth strategy.
B3 won the $600M contract. The company now operates in 15 states and employs around 200 people, and works to expand its services into the realms cybersecurity support and software engineering. The company prides itself on being veteran-based, donating hours of employment for B3 engineers to put in time at cause-oriented organizations.
Team MVB continues to support B3 with an intimate understanding of its business model and goals, by keeping B3 apprised of new products that can help their business and further deepening MVB’s depository and treasury relationships with B3. Banking with MVB allows B3 to stay within the small business size standard.
“The simplest way to put it is that we found creative ways to lend to them that allow them to operate their business,” Turley said. “We made ourselves experts on the company’s business model and goals, as well as the trade winds of acquiring contracts and how to keep them within the appropriate size requirements.”
Government lending is a high-pressure market. The stakes are higher when it comes to finding the right talent, ramping up and operating effectively under high-pressure contract requirements. Costs around growing a skilled employee base are much higher, compliance standards are intensely rigorous, and sales cycles are longer.
Our clients’ success depends on strategy, focus and discipline. It only takes one botched contract to put a black eye on a company and its associates, and vice versa. A successful contract speaks well of MVB and our client, leading to the acquisition of new and exciting business.
But a truly stellar relationship goes beyond the contract. It requires an understanding of how MVB can support our clients across its entire breadth of capabilities, employees, products, and services.
“Our clients are real people who have assets, buy houses, send kids to school, and so on, and MVB has a deep toolkit to meet all those needs,” Turley said. “At the end of the day, clients want a resource, someone they can bounce ideas off the wall with and be candid with about their goals and fears. That’s a real relationship. On top of being experts, we have to be people, too. We have to stay active, check in and give updates when the client isn’t necessarily looking for it.”
On the whole, MVB will continue to push forward into new territory in search of deep-ocean opportunities. By keeping an eye on the coming future, we will remain adaptive and creative to power our own unlimited potential.