Jay Hammond, director 10/8/2009 3:11 PMJay Hammond is CEO of Anchor Bank and Anchor Bank Heritage. He has extensive experience as a commercial lender to small businesses and nonprofits. Hammond earned a bachelor of science degree in business administration from San Jose State University (California) and an M.B.A in management from the University of St. Thomas (Minnesota).
How did you get involved with First Children’s Finance? About four years ago, Jerry Cutts invited me to an ad hoc committee to talk about a children’s chamber of commerce – to figure out a way to unite business and child care. He wanted some perspective, and we had a banking relationship. If you know Jerry, you know what happened after that. He’s masterful in recruiting people to his vision. I don’t know how I wound up on the board, but one day I was there to help bring needed attention to an industry segment that doesn’t get much of it.
Why is First Children’s important? Why do you spend precious time working with First Children’s? It’s one of the few groups where I’ve seen a nonprofit and private companies working successfully together – where someone is paying to attention to uniting nonprofits, government and business. Nonprofits and government speak a different language from business people. First Children’s Finance understands the differences in the languages. They really appreciate the business sector and are trying to bring the two focuses together. That’s unique, and that’s why I like it. I can play a role in bridging the gap.
What difference does the loan fund make for providers? Why does First Children’s have a loan fund? The loan fund is a novel idea. Jerry went to banks and financial institutions, because he knew they might be interested. Banks must meet the requirements of the federal Community Reinvestment Act, so this was a natural. Jerry asked, “Would you loan us some money at a very low interest rate, so we could lend it to centers at a slightly higher rate?” He and his staff have done a great job developing relationships with many banks. We are often a lender of last resort for centers with no other source of funding. Without us, they wouldn’t be able to expand their facilities or buy equipment. We have an important purpose to help them.
What’s your vision for First Children’s? I want to make sure we don’t lose sight of the kids or lose sight of the day care providers and centers we support. We provide ground level help, and one of the risks when an organization gets bigger, is that it takes on a life of its own. I want to make sure we stay focused on the kids.
What do you like to do when you aren’t working on behalf of First Children’s? We have three dogs and two cats in the house. We also have a 16-year old son at home and a 19-year old daughter at St. Cloud State University. I enjoy putzing in the yard, and I also enjoy jazz music. I played the trumpet in high school and college.
What else would you like our readers to know about you and First Children’s? I got involved in First Children’s because I read a study by the Federal Reserve about the benefits of early childhood development. It was quantitative, and that really hit home with me. Business people want things quantitative; they want to see the benefits in a real, practical, pragmatic way. I now know that there really is a connection between early childhood development and the economy. More people need to know that.
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