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Southern Finance is an "Independent Community Lender" depending heavily on positive feedback from its customers’ experiences. We take seriously the simple mandate of "doing what you tell people you will do." Southern Finance believes that it has taken over sixty years in business and tens of thousands of loans to build its current reputation but that only one mistake would tarnish it. Likewise, we have worked hard and will continue to work hard to hold our reputation with regulators and employ a zero-tolerance policy among our staff for any deliberate deviation from any of the regulations with which we must comply.
Our philosophy drives who we are as a company. It directly effects all of our policies governing how we treat our customers, our staff, the public, the kind of corporate citizen we are in the community and the way we conduct business from a moral, ethical, legal, and spiritual viewpoint.
Foremost in describing the essence of our company philosophy is our owner's statement of faith, his testament to being a sinner forgiven - FOLLOWING CHRIST and as such doing his best to see that the company reflects a Christ-like culture.
Putting into practice our company culture also comes from benchmarks held dear to ownership, who is an EAGLE SCOUT. Those hundred year old benchmarks are the SCOUT LAW, the SCOUT OATH and the SCOUT MOTTO.
Our Philosophy plays heavily into our policy of RESPONSIBLE LENDING by allowing us to be aggressive in meeting every lending opportunity presented us - knowing that if a borrower is not both qualified and willing to repay a loan or if the loan itself is not going to be of value to the customer - the loan will be first conditionally approved or, if the conditions fail to materialize, denied. Making no loan is better for everyone than making a poorly made loan – we think all would agree! Having said that, it is our goal and HERITAGE to meet, under the above conditions, every lending opportunity.
Our family of companies was started in 1955 by Charles "Kenneth" Brumit of Elizabethton, Tennessee after he was trained in the business by another company, where he worked for just a few months in Roanoke, Virginia. Wanting to be closer to home, he started his own company with five thousand dollars he had managed to save after getting out of the US Navy, graduated from the University of Tennessee at Knoxville and successfully tried his hand at selling cars in Mississippi. Saving that kind of money in those days meant living in an un-air conditioned boarding house in Mississippi in the summertime. He learned just what the word "hot" meant - Mississippi style. Five thousand dollars didn't go far for a growing business, even with loan sizes of only five to fifty dollars, so his father, Walter B. Brumit of Elizabethton, who was himself an entrepreneur, began to help finance some of the growth of the business along with all of the earnings that could be reinvested. Kenneth's only sibling, Horace, who was just out of the US Army and had graduated from Duke University, was in a successful career selling typewriters for International Business Machines. He too wanted to return home and after being convinced that this lending business was viable quickly joined Ken in the small loan business. Together they grew the business to ten locations, being in every sizable Tennessee town from Morristown to the east. Opportunity presented itself in the late 60's to partner with a community bank out of Maryville, TN and take the company state wide. But, the two brothers that started the business in their hometown so that they could be at home at night quickly understood that being statewide or larger would indeed put them back on the road and away from their now growing families. They decided then to just grow the offices they had and did so by offering real estate secured loans that were much larger in size. Several of their sons grew up working in the business on Saturdays and through the summers when not in school. Those sons, after having purchased several of the locations and starting others, represent the ownership that is Southern Finance today. There are currently sons and daughters of several of the owners who are working in the branches. Those represent the fourth generation to be involved with the business.
Our Weber City, Virginia location was created in the mid-1990’s after having served the Southwest Virginia communities of borrowers from our Kingsport, TN location for over 40 years. We like to lend and hire “local.”
While the business is not an easy one to operate and no doubt comes with a degree of risk, each generation has found the reward of being able to help those in need that come to it.
In an effort to encourage philanthropy among the staff, our company's policy has been to match approved gifts that they make (subject to tax code limitations). This lets the people who live in each of our locations’ communities make the decisions as to where the company gives back.
Beyond that, company leadership and staff have supported various ministries and agencies not only monetarily but through their time from serving on boards and committees to just showing up and helping at events.
At Southern Finance, we offer loans from $100 to $50,000 or more. We can help you with an auto purchase, auto equity, small personal, or starter loan. We make loans for bill consolidation, home improvements, medical expenses, vacation, back to school expenses, tuition, and more. We welcome the opportunity to listen and discuss in private your own personal loan needs.
Southern Finance has been lending money for over 60 years to help hard-working people realize their dreams. We are committed to you and our community.