Southern Finance experiences growth

By Greg Miller
STAR STAFF
gmiller@starhq.com

   Exceptional growth in loan volume and revenue in light of a very sluggish economy were among last year's highlights at Southern Finance, 112 S. Sycamore St.
   "With the loss of textile industries in the area and downsizing in general, many of our customers have been faced with finding new jobs which has meant creating new budgets," said John Brumit, President of Southern Finance. "Our professionals suggest ways to reduce the amount of payments customers have going out each month by taking advantage of our mortgage consolidation program.
   "Even though small personal loans will continue to be our core business, we feel that consolidating debt, especially credit cards, benefits our customers greatly. We specialize in mortgage equity loans. We encourage our customers to consider short terms that are suitable to their budget.
   "We do not sell any of our loans. We have so many customers that seem to be dissatisfied when they learn that their loan has been sold to an out-of-state institution. We take care of our customers from the beginning of the loan through the end of the contract."
   Southern Finance's history dates back 51 years. "My father, Ken Brumit, wanted to return home to Elizabethton after graduating from college," Brumit said. "After he completed the management training program for Credit Thrift, a national finance company, my father opened Ideal Loan Service on Elk Avenue, Elizabethton, in 1953.
   "Southern Finance was formed in 1959 using the assets of Ideal Loan Service. Through the years, he and his brother, Horace, opened several offices in East Tennessee. These offices include Greeneville, Morristown and Newport as well as offices here in Elizabethton and throughout the Tri-Cities."
   Southern Finance's expansion plans in Elizabethton, "will come from offering new programs, rather than opening new branches," Brumit said. Southern Finance has offices in Elizabethton, Johnson City, Greeneville, Kingsport, and Weber City, Va. A future branch would most likely be in Bristol.
   "We take a lot of pride in giving back to the community that has so graciously contributed to our success," Brumit said. "When people do business with us, they can take pride in knowing that we do not send our profits out of state. The owners live locally and are a part of their community. When I'm on my way to work, and I see the Christmas tree on Lynn Mountain, the three crosses in Biltmore, and hear the chimes at the Methodist Church that lends peace to my ears, I know how very fortunate that I am to live and work in such a fine town."
   Elizabethton native David Lacy is Southern Finance's manager. "We have many great employees that have made our company successful," Brumit said. "Most of them have been with us for several years. Charlotte Carter started with our company in 1953, and she still is working part-time with us today."
   The firm is currently working on a Web site. "Most of our customers now have Internet access," Brumit said. "We feel that they will enjoy shopping our services and having the ability to apply for loans from the comfort of their own homes."
   For more information, call 542-2165.