Home Improvement Lending Programs: A Conversation with Brett Worick about Slice® by FNBO

Home Improvement Lending Programs: A Conversation with Brett Worick about Slice^® by FNBO

Home improvement businesses are seeking effective solutions to manage cash flow, improve customer satisfaction, and grow their operations. At the forefront of this effort is FNBO’s home improvement lending program, a comprehensive suite of financing options tailored to meet the unique needs of both businesses and consumers in this sector called Slice^® by FNBO.

To provide deeper insights into these offerings, we interviewed Brett Worick, the Senior Vice President of Point-of-Sale Lending at FNBO. With decades of experience in financial services, Brett leads FNBO's strategic initiatives in point-of-sale lending, focusing on creating value for business partners and enhancing customer experiences. In this interview, Brett shares his expertise on how FNBO’s home improvement lending programs stand out in the market, the trends shaping the industry, and the strategies FNBO employs to support its partners.

Understanding FNBO's Home Improvement Lending Program

Q1: Can you provide an overview of our home improvement lending programs and explain their primary benefits to both home improvement businesses and their customers?

Brett Worick: FNBO’s home improvement lending program offers a full suite of options designed to cater to the diverse needs of our partners and their customers. We provide credit-based and fixed rate programs, along with promotional options, offering competitive rates and terms with high maximum loan amounts.

Our most popular programs are offered at little or no cost to partners, many with no partner fees at all. These include a credit-based solution and a fixed rate solution. Additionally, we offer lower fixed rates with partner fees ranging from 1.99% to 6.75%. Promotional financing options, such as 12- & 18-months SAC and 90-day deferred payments, can be added to either product, though these come with additional fees.

Q2: How does our home improvement lending solution differ from other financing options available in the home improvement market?

Brett Worick: What sets our solution apart is the variety of no-cost options available to our partners, along with an extended product term and higher maximum loan amounts. We continuously adapt based on partner feedback, ensuring our offerings align with their specific needs and the evolving demands of the market.

Q3: What specific features or services within our home improvement lending program have proven to be most valuable to our business clients in this sector?

Brett Worick: Beyond the competitive product features, the flexibility we offer is a key value driver for our partners. We provide various stage funding options, such as the 30/30/30/10 program, which allows businesses to manage cash flow without outlaying their own funds to initiate projects. Additional tools, like Change Orders and Flexible Funding, enable partners to adjust loan amounts or project timelines in response to unforeseen circumstances, ensuring that projects can continue smoothly.

We’ve also made platform enhancements this year, giving partners greater control over their financing operations. This flexibility helps ensure that projects are completed efficiently and to the highest standard.

Adapting to Industry Trends and Challenges

Q4: What changes have you seen in the home improvement lending space that affect businesses and consumers?

Brett Worick: Over the last few years, we’ve observed significant increases in the cost of home renovations and projects, driven by factors like COVID-19, inflation, and supply chain disruptions. These challenges have impacted both the speed and cost of projects, creating additional pressure on businesses and consumers.. At FNBO, we aim to mitigate these challenges by offering financing solutions that are easy to navigate and appealing to customers, helping to alleviate some of the financial strain associated with home improvement projects.

Q5: What types of home improvement sub-verticals have shown the most interest in our home improvement lending programs, and why do you think that is?

Brett Worick: We’ve seen particularly strong interest from the door & window category. Businesses in this vertical often need to order materials and begin production well before installation, making stage-funded loans highly beneficial. For customers, windows represent a significant investment, often driven by necessity, making financing an attractive option. Similar trends are evident in other top verticals like roofing and kitchen/bath, where both businesses and customers find substantial value in our solutions.

Addressing Misconceptions and Enhancing Business Success

Q7: What are some common misconceptions about home improvement lending, and how do we address them with our partners?

Brett Worick: Two common misconceptions are that home improvement lending is expensive and that it offers a one-size-fits-all solution. We address these misconceptions by providing our partners free solutions and working closely with our partners to create tailored experiences that meet their specific needs. We also actively seek feedback from both partners and customers to continuously improve our offerings and ensure they are both cost-effective and adaptable.

Q8: How do we assist home improvement businesses in promoting and utilizing our lending services to maximize customer engagement and sales?

Brett Worick: We believe in communication and maintaining ongoing engagement with our partners throughout the entire lifecycle of a project. From initial onboarding and training to final funding and payment processes, we provide continuous support, helping businesses effectively promote and utilize our lending solutions to drive customer engagement and boost sales.

Q9: What trends do you see shaping the future of home improvement lending?

Brett Worick: The future of home improvement lending will undoubtedly be shaped by changes such as increased regulation, greater digitization, and the rising expectation for speed among customers. To stay ahead of these trends, we have modernized our technology with a flexible, API-based infrastructure, and we are committed to digitizing the customer experience wherever possible. Additionally, we continuously gather feedback to ensure that our services remain aligned with customer needs and industry developments.

FNBO’s home improvement lending programs offer a robust and flexible solution for businesses looking to thrive in a challenging and evolving market. Slice^® by FNBO continues to innovate, providing valuable financing options that meet the needs of both businesses and their customers.