Grow your business; expand your horizon
Properly utilized, capital is the fuel that can propel your company. Learn how to turn your vision into growth with strategic financing.
Financing tools at your disposal
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Before you make any commitments, consider the following financing options and choose the one that's right for your business:
- Lines of credit. A preset amount that can be accessed as needed in desired sums up to the borrowing limit.
- SBA loans. Lump sum with predictable repayment terms for a wide range of business purposes (e.g., buying equipment, acquiring working capital or purchasing a business). SBA loans offer longer terms and require less money down than conventional business loans.
- Term loans. One-time disbursement with fixed monthly payments for equipment and other fixed-asset purchases.
- Commercial real estate. Long-term financing with competitive rates when purchasing, refinancing or renovating both owner-occupied and investment commercial real estate.
Insights into business growth
Personal Banking Insights
Do you have the six C’s of good credit?
If you’re applying for a personal or business loan, it’s good to know the criteria that lenders look for, which is based upon a variety of qualities. Banks and lenders use these “Six C’s of Credit” to assess your loan application.
Lending Insights
The ABC's of SBA loans
Simply put, SBA loans are federally guaranteed commercial loans. The Small Business Administration (SBA) is an independent agency of the Federal Government that assists small businesses in many ways, including setting guidelines for SBA loans and backing them with a guarantee.
Business Banking Insights
Co-working for new small business owners
You might be asking yourself, what is co-working? It is a professional work environment for people who work independently, but who share values and are interested in collaborating with other professionals on everything from mutually beneficial business opportunities to incubating new small businesses.
Proactive steps to prepare for financing
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When opportunity knocks, you should be ready to move. Consider the following regardless of whether you're currently looking for financing:
- Get familiar with your finances. Gather your financial statements from the last three years, especially your profit and loss statements (P&L) and balance sheets.
- Know your options. Weigh the pros and cons of your various financing options, many of which are listed above.
- Look to the future. Speak with industry experts, mentors and senior staff about where the market is headed.
- Gauge the competition. Get a sense of what your competitors are doing and know they're probably studying you as well.
- Consider your staffing. Think about how changes to your workforce (e.g., new hires) could affect your bottom line.
- Prepare for anything. Consider how your company will react to news, both good (e.g., unexpected business) and bad (e.g., import tariffs).
While certainly not an exhaustive list, these steps can help shape your funding and growth plan.