Springfield Business Journal_2021-05-24

Ryan Kluttz: Paddio’s workforce is 70% loan officers. by Mike Cullinan · mcullinan@sbj.net Around 10 months into operations, mortgage lender Pad- dio plans to expand its workforce and footprint. The company intends to add another 100 employees, bringing its Springfield workforce to 200 by year’s end, said Ryan Kluttz, director of production. To accommodate the growth, Paddio plans to nearly double the 16,000 square feet it oc- cupies at 1930 W. Bennett St., Ste. 100, in a building shared with One Call Care Management. Kluttz said the company expects to expand this fall into an adjacent 15,000 square feet. Accounting for growth into the currently vacant space, he said up to 230 employees can be accommodated. “We feel like this model is very scalable and it’s just a matter of finding the right fits to get over here, get trained up and get going,” he said, noting roughly 70% of the company’s work- force is loan officers. Kluttz said Paddio offers lending nationwide and is con- sistently busy processing loans monthly at a high rate but declined to disclose volumes. Paddio was created through Columbia-based Veterans United Home Loans’ entry into the market. At the time, Paddio’s local job goal was 100 employees. The mortgage lender is far from the only company in hiring mode amid a marketplace in which the U.S. Bureau of Labor Statistics reports the most recent unemployment rate in the Springfield metropolitan statistical area came is 3.6%, in March. The Missouri and U.S. rates have hov- ered around 4% and 6%, respectively, the past two months. Paddio, others make aggressive hiring plays $2.00 · SBJ.NET MAY 24-30, 2021 · VOL. 41, NO. 44 40 YEARS • YOUR BUSINESS AUTHORITY Northwest Project gives way to RISE initiative by Mike Cullinan mcullinan@sbj.net The Northwest Project, a five-year initiative de- signed to reduce poverty in Zone 1, has concluded, and nonprofit officials now are expanding an economic self-sufficiency program that emerged. The RISE program, which stands for reaching inde- pendence through support and education, is being launched in earnest as a yearlong effort to move participants to financial stability, ac- cording to organizers. RISE serves as a rev- enue stream for the Drew Lewis Foundation Inc., a key partner in the Northwest Project. Amy Blansit, CEO of the Drew Lewis Foundation and project director for RISE, said the nonprofit plans to sell the resource as a fee-based system to organizations in the state, and eventually, nationwide. RISE, built through the Northwest Project, is funded for the next year with support from Community Foundation of the Ozarks Inc. and other partners. “It really comes down to people. The reason our pro- gram has been successful is that we see the person as they are, where they are,” Blansit said. “We give them the skills where they feel empowered and that increases the idea of hope and possibilities. I don’t know that I would have guessed that hope would be more important than any other thing that we introduced into the program.” For funding, the Northwest Project received $1.3 million in private money through CFO, the Stanley and Elaine Ball Foundation and The Musgrave Foundation. CFO is committing $50,000 for RISE, said Bridget Dierks, vice president of programs. “We have initially funded this for five years, now six years,” she said. “We’re con- fident that they’re moving in the direction of being sustained with other funding re- sources.” Aside from CFO’s financial contribution this year, Blansit said the program is in the second of a three-year commitment from an anonymous donor, who is giving $85,000 annually. “The Drew Lewis Foundation has been really great stewards of the grant dollars,” Dierks said, noting the See RISE on page 19 See HIRING on page 21 Startup mortgage lender aims to double workforce and expand footprint by year ’s end Organizers cite poverty reductions and now turn to upstart project for economic self-sufficiency TOURISM Re covery in the hotel indus try is slowed by hiring hang-up s. PAGE 9 Source: Community Foundation of the Ozarks Inc., Drew Lewis Foundation Inc. $3,000 $2,000 $1,000 Start 6-Month 12-Month 18-Month 24-Month 30-Month 36-Month $1,753 $2,800 HOUSEHOLD MONTHLY INCOME Moving Up The Northwest Project’s annual report notes average household monthly income increased by more than $1,000 among participants over a three-year period. Many households also rose above the federal poverty guideline, which is $26,800 for a family of four. ▲ 7 households moved above 200% FPG ▲ 46 households moved above 100% FPG HEATHER MOSLEY Amy Blansit: Northwest Project is just shy of goal to impact 500 people.