Looking to forge stronger ties with its business clients, New York-based Sterling National Bank created the role of business development officer (BDO) in its business loan center. To help direct its efforts in these tough economic times, Sterling selected someone to fill the role with a solid background in the credit business: former JPMorgan Chase VP and relationship manager Peter Sforzo.
"The role of business development officer ... [was] specifically created to afford Sterling a more hands-on, on-the-ground approach to servicing our existing and potential customers," says Sforzo, who also serves as an SVP with Sterling. "Sterling was interested in finding a professional that could not only cultivate relationships but also be credit-trained so as to offer solid guidance for businesses looking for financing." Sforzo adds that he will work with Sterling's branch managers to bring customized financial solutions directly to clients.
Although technology plays a prominent role in the business loan area of the bank, Sforzo emphasizes that his new responsibilities go beyond credit decisioning. "While all the usual tools are at my disposal, such as automated credit reporting and reporting geared to profile businesses that may be in need of additional capital, what I do best is offer a one-to-one, personalized evaluation of the client's business," he explains. "From there, we can determine ways in which the client can utilize Sterling financing to grow their business."