John McCauley, CEO of Virginia Commercial Finance and Hippo Lending, was interviewed by host Adam Torres on the Mission Matters innovation podcast.
John McCauley was interviewed by host Adam Torres on the Mission Matters innovation podcast.
Beverly Hills, March 17, 2022 (GLOBE NEWSWIRE) — In this insightful interview, John McCauley discusses how Hippo Lending simplified and streamlined the lending process for healthcare professionals.
Listen to John McCauley’s full interview with Adam Torres on the Podcast on innovation, mission matters.
What mission is important to you and how did you start lending?
Hippo Lending’s mission is to fulfill the hopes, needs and dreams of healthcare professionals, the people McCauley calls heroes. The goal, he says, is twofold: to provide debt consolidation to people working in the medical industry and to help them take advantage of profit opportunities through eight different loan purposes.
After college, McCauley began his career in public accounting earning a CPA license before moving on to working at a bank as an asset-based lender. A decade later, a family of entrepreneurs with capital approached him about their loan company, asking him to run it from the ground up. Today he is the CEO of Virginia Commercial Finance and Hippo Lending.
The Need for Loan Services for Healthcare Professionals
It’s extremely common for medical students to come out of medical school with huge debt, McCauley says, after investing in themselves and spending years earning their medical degree. Most get into debt in a way that can lead to poor cash flow very quickly, making it difficult to manage basic household finances once they leave school, even if they have gotten into it. which will likely become a lucrative career in the long run. Such circumstances, he explains, require a lender who knows the landscape and can help them navigate it wisely.
“They need to find a lender (who) can understand where they are and what their season of life is,” he says. “That’s where Hippo Lending comes in.”
“We do a tremendous amount of debt consolidation, which is designed to improve cash flow in the household,” he continues. Additionally, Hippo’s other loan products allow healthcare professionals to make business investments, creating ancillary income. Additionally, our products also provide loans for partner buyouts, equipment purchases, working capital, and more. Virtually every loan need imaginable for any healthcare provider is offered by Hippo Lending.
Tell us about your services and how the loan process works.
Several years ago, Hippo Lending turned to specific work with healthcare professionals. Today, says McCauley, “We’re a national lending company that specializes in lending to healthcare professionals and trying to meet the different needs people have when borrowing money.” He notes that Hippo Lending’s goals include helping clients meet their financial obligations, grow their businesses, invest wisely, purchase equipment and raise working capital when needed.
Hippo Lending uses technology to keep the process as efficient as possible, but there is also an element of human interaction. Nominations are submitted through the website by answering a handful of questions; the application is entered into a database and the applicant is immediately assigned a customer service attorney for the entire loan process. This kicks off a series of calls, the lawyer verifies the client’s needs and determines the type of financing desired, subsequent calls examine the workings of a plan designed specifically to meet the customer needs, the loan closes, resulting in loan funding for the customer.
Virginia Commercial Finance, the parent company of Hippo Lending, is an independent asset-based lender. McCauley says it provides credit facilities of $1 million to $15 million to companies making up to $300 million in sales annually.
What it’s like to work with Hippo Lending
McCauley says Hippo Lending is keen to reduce the intimidation factor that often accompanies the borrowing process; Just having real conversations with real people, he says, is key to working with medical professionals whose careers are important and expensive. Understanding their needs and respecting their potential, he explains, is part of what makes Hippo Lending’s value proposition unique.
The company, he points out, is inspired by its cultural acronym, “PUSH IT”, with each letter representing an element of its values: P stands for Passion, as Hippo Lending is passionate about helping healthcare professionals . U stands for Unity, reiterating the team’s belief that strong teamwork yields the best results. S stands for Servanthood, reflecting the team’s view of clients as members rather than borrowers, he says H stands for Humility. To complete the initials, I represent integrity and the T represents recognition.
What’s next for Hippo Lending?
As the company is currently in a growth phase, McCauley says it continues to execute and evolve. The team is also looking to attract new talent as it expands.
To learn more, visit http://www.hippolending.com/careers.
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