Jay McCargo is the President and Chief Executive Officer of ARServices, a government contracting firm headquartered in Alexandria, VA that provides civilian government and military organizations the staff, expertise, and capabilities they need for the successful provision of constituent service and mission achievement.
A long-time client of John Marshall Bank’s Alexandria branch, Jay sat down with our team to talk about his experience at JMB’s government contracting team.
1. How long have you been banking with JMB?
“Our relationship with John Marshall Bank began in 2011. We were initially working with a national bank but found that the bigger banks were not a good fit for our company and industry overall. The national bank had its headquarters in a different state and we weren’t able to connect with leadership and decision-makers. This aspect of proximity was one of the key differentiators when the time came for us to switch our business banking relationship.”
2. Why did you choose to bank with John Marshall Bank?
“We found out about JMB through multiple recommendations from key colleagues in the financial community and the CPA and advisory community. In fact, JMB often came back as top of the list of banks we should speak with. Our leadership sat down and spoke to about 4-5 banks and chose to build a partnership with JMB. It’s been a rewarding almost 10 years since!”
3. What are three benefits you’ve gained since working with JMB?
- Responsiveness: “Whenever we need an answer to a question or have an issue that needs to be resolved, I know I can pick up the phone and have a conversation with my bankers that very same day. Whether it’s that same phone call or a couple hours later, I know I can get the answer or solution I need relatively quickly. The JMB team really takes the time to understand our needs and provide meaningful and valuable responses. Their team has been able to satisfy every question and sometimes even lead us to a better answer. As an added bonus, the Alexandria branch is just five minutes away from our office.”
- Government Contracting Industry Expertise: “Ted Johnson has been one of our primary dedicated bankers over the years and his ability to provide key industry insights has been invaluable. Ted and his GovCon team understand the marketplace, client behavior, the language of our customers, and our business. They know the necessary protections, regulations, and requirements you have to follow as a GovCon contractor. And since JMB has a dedicated team that focuses on the government contracting industry, I am confident in their ability to provide us with insights that support our business growth.”
- Flexibility: “We’ve experienced a significant level of growth since our inception. What’s been gratifying is that as we’ve expanded and our needs have evolved, the Bank has been there ready to change the level of services and credit levels that we need to achieve our aims and fuel our growth. Our expansion has continued this year, enabling us to increase our line of credit to support the evolution of our business. As a company supporting the federal government, we constantly face new challenges and new opportunities and when it comes to suppliers and business support partners, it can be cumbersome to re-educate them on your operations as a company and what your strategy is. But with John Marshall Bank, we’ve found that their ability to be flexible has allowed them to grow with us as a company. For this reason, while many of our suppliers and business support partners have changed over the years, our relationship with JMB has stayed the same for nearly a decade.”
4. What products or services have helped your business operations?
“Overall, we’ve found that their treasury management tools such as remote deposit and Positive Pay have supported our day-to-day financial operations. JMB’s Zero-Based accounts for payroll and disbursement and the business lines of credit we’ve initiated with them have also contributed to our flexibility as a company. The industry knowledge and strategic advice we’ve received have been key components to our successful partnership. Ted Johnson and his team are able to answer questions concerning industry trends and the local economy. They’ve been able to give us sound advice and referrals from a good service provider to potential partners for joint ventures. Their expertise adds so much value to their products and services and provides a holistic business banking experience.”
Business Banking for Government Contractors
There are many nuisances and regulations you have to be aware of in order to succeed in the government contracting business. Having a banking partner that understands the industry and can provide insights into your financial operations is a must! If you’re a government contracting business looking for financing, lines of credit and other business banking needs to fund your contract, reach out to our team of industry experts today.