Banknotes

LIBOR, which stands for London Inter-Bank Offered Rate, is set based on the average rate at which major global banks lend money to one another on a daily basis. For the past couple of decades, it has been used as the market-driven index to set interest rates for business loans, not just in the United States, but around the globe. And it is on the verge of ending.

The most important thing for you to know right now is that your bank is still open for business, and people can help you. In addition to online and mobile banking tools, real people are available to help by phone and email. Plus, drive-ups are still open in most locations.

With Baby Boomers approaching retirement over the next decade or so, America is about to experience the largest transfer of wealth in history. As you prepare for your next phase of life, have you also adequately prepared for the next phase of your business?

When it comes to succession planning, it’s not a question of “if” as much as “when” and “how” you will set your business up to carry on after you move on.

Traditional commercial loans typically offer a fixed interest rate for 3 to 5 years, with the need to renew the loan and establish a new interest rate at maturity. However, a valid concern in our current low-interest environment is that interest rates will be substantially higher when the loan matures.

When it comes to your company’s operating line of credit (LOC), Goldilocks had the right idea.

Rather than trying to get approved for the largest possible LOC your business may qualify for, it’s much better to evaluate your expectations for the year, and attempt to match your credit line as closely as possible to your anticipated needs. This approach also helps cover the scenario where your current LOC won’t be adequate to support projected growth.

Not too big. Not too small. It’s time to make sure your current LOC is a perfect fit.

I am really excited about moving my office to State Bank of Cross Plains' new loan production office (LPO) on the Northeast Side of Madison! I have lived in this general vicinity for nearly 30 years and truly love the community and personality that is unique to Madison's East Side and its nearby municipalities.

I have always loved reading, and I consistently read a couple of dozen books annually.  “Reading” is a misnomer as for the last several years I have mostly read by listening to books.  This listening has progressed from books on cassette tapes, to compact disks, to my iPhone.  Currently between Overdrive and LibraVox Apps, I have 28 books downloaded on to my iPhone.  I also have a dozen eBooks downloaded/available on my Kindle App.  Literally a world of knowledge is available through my fingertips. 

As a community bank, we talk a lot about building wealth and protecting your money. Giving some of that money away can feel scary. Many people wonder: “Does giving a portion of your money away (generosity) truly feel good?”

Watch your pennies, and your dollars will watch themselves. Watch your dollars, and your hundreds of dollars will watch themselves. Watch your hundreds of dollars, and your thousands of dollars will watch themselves. You get the idea.