A partnership between a local business and a local bank can offer countless benefits, fostering growth and stability for everyone involved, which is why Advanced Management Strategies Group (AMSG) and EagleBank have thrived while working together in the Washington, D.C. region.
“We have a banking relationship that’s more than just transactional,” said Jim O’Farrell, the CEO of AMSG. “The relationship we have is based on trust and responsiveness, so we know they will always be there when we need them.”
AMSG is a leading operations, technologies and administrative management firm providing critical support for the federal government and its missions and responsibilities around the world. Supporting mission-focused Federal government customers including the US Marine Corps, US Army, Defense Health Agency, Department of Veterans Affairs, Department of Homeland Security, Department of Energy, and Federal Trade Commission, AMSG has a singular focus spelled out in the company’s motto, “Forging Solutions for the Missions That Matter.”
According to O’Farrell, EagleBank has helped his company grow and expand over the years.
“We had several experiences with previous banks, and one of the things that really stuck out to me in those previous relationships was they didn’t have people who actually knew government contracting,” said O’Farrell.
EagleBank was different.
“We have several folks within EagleBank who understand the federal space very well,” said Jeff Rubery, first senior vice president and the market executive for Virginia at EagleBank. “We have many individuals locally who have been doing this for a long time, and we constantly stay focused on developments within the Washington, D.C. market.”
EagleBank is a provider of business, personal and commercial real estate banking in D.C., Maryland and Virginia.
EagleBank goes the extra mile
O’Farrell described government contracting as a “niche industry” that can be difficult to understand.
Government contracts often involve complex financial processes, compliance requirements and unique challenges, making it essential to have a banking partner that can navigate those challenges effectively.
“We really appreciate that EagleBank brings people to the table who can actually speak the language of government contracting,” O’Farrell said.
A bank experienced in government contracting can provide specialized financial products and services tailored to the specific needs of contractors, including lines of credit, government contract-specific loans and working capital solutions.
For example, AMSG was recently awarded a significant contract of $60 million with the Defense Health Agency to provide support for wounded war veterans.
AMSG had to immediately begin hiring new employees to work on the project.
“They expect to be paid two weeks after they start, and yet we don’t get money from the government for 60 days,” O’Farrell explained.
EagleBank understood the situation and guided AMSG through the process.
“The line of credit adjustments and the increases EagleBank has provided over the years for situations just like that have been crucial, because those employees won’t stick around if they don’t get paid,” said O’Farrell.
According to Rubery, in situations like that, it’s important for EagleBank to remain flexible and ready to adapt to circumstances that may change.
“We have the infrastructure and the framework in place, but each of these scenarios is a little different,” said Rubery. “We have to be creative in some instances to determine what will work with the AMSG strategy.”
Rubery said helping AMSG through its various projects is “not just a rubber stamp.”
“We’re trying to understand where they want to be as a company and what challenges they may face so we can overcome those challenges together,” said Rubery.
The impact of customer service
Local banks, such as EagleBank, have a strong presence in the community, which enables them to understand the unique needs and challenges faced by local businesses.
“We have a very deliberate culture,” Rubery said. “We think relationships should be first, with ‘first’ being an acronym for ‘flexible,’ ‘involved,’ ‘responsive,’ ‘strong’ and ‘trusted.'”
When a local business works with EagleBank, it can expect to have dedicated account managers who understand the business’s financial goals, cash flow patterns and specific requirements.
That personalized attention leads to quicker decision-making, streamlined processes and more effective solutions tailored to the business’s financial needs.
“EagleBank is always checking in, even when I do things like send over the monthly financials,” said O’Farrell. “The great thing about EagleBank is they are constantly looking for ways to help us improve our business and our business operations.”
Another advantage of working with a local bank is the quick response times they offer.
Unlike larger institutions that may involve multiple layers of bureaucracy, EagleBank can swiftly address any concerns or urgent financial matters.
“We aspire to turn every relationship into a partnership,” said Rubery. “We’re in a very competitive market and there are a lot of different banks and a lot of different choices that people can make, but if we stand by our culture, you attract people who whose value systems line up with it.”
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