Debra Jack and Sonja McIntosh, executives of So-Fi, a financial service organization, presented an overview of their organization and what parts of its operations are being conducted in Healdsburg.
 
Debra Jack and Sonja McIntosh, executives of So-Fi, a financial service organization, presented an overview of their organization and what parts of its operations are being conducted in Healdsburg.
 
Both Debra and Sonja have extensive backgrounds in marketing, public relations, and banking. Both have worked with major financial institutions and have been with So-Fi for over four years.
 
So-Fi, a combination of SOcial and FInance, started in 2011 with some graduates of Stanford University noting that many students with loans have them at a fixed and high rate and that there was no mechanism for restructuring these loans. They have been offering services to restructure these loans since their inception and have grown astronomically in the number of clients that they represent. Currently they are working with student loans, personal loans, and are just getting started in the mortgage business.
 
Their business started in San Francisco, but because of its rapid and resounding growth, it needed larger facilities. They located their call center in Healdsburg in 2015. They currently employ over 300 people in this center, which offers telephone services from 6 AM until midnight for their clients. Other centers, in San Francisco and Bozeman, Montana provide services during these and additional hours, allowing them to provide service 24/7.. All of their staff are trained as "problem solvers" helping clients look for ways to restructure outstanding loans or possibly take on new debt.
 
Most of the customers of So-Fi are young professionals with student loans, although any person with student loans or other personal indebtedness can apply for their services. All access to services is through a website. Once connected, they are in touch with a staff member by telephone and a process of collecting documentation on outstanding loans, and screening for alternate funding sources is begun. Typically applications for personal loans take approximately 5 days to process, for student loans about 7 days, and for mortgage financing approximately 30 days. They work with lenders including large banks, hedge funds, and private investors for these loans.
 
Most of their employees are young. Most live in Sonoma or Mendocino County, coming from as far south as Petaluma and as far north as Ukiah to work in the Healdsburg office. Meals are provided by the company during working hours and social connectivity amongst employees is encouraged. All members are given a discounted membership at Park Point health club in Healdsburg. Health benefits are provided to all employees. Employees work in teams with a manager overseeing the team who can offer help to esolve any unresolved issues that come up during conversations.
 
Other offices of So-Fi are in San Francisco (100 employees), New York City and Bozeman Montana (65 employees).
 
Although the company is growing rapidly and is successful financially, they do not have plans to expand significantly in the near future, nor do they have plans for an independent public offering. The company is currently privately held.
 
Members may access their website at www.sofi.com