By: Jordon Geiger, Vice President and Trust Officer

I was doing some spring cleaning in my office recently, and came across a stack of periodicals from 2009/10 that, in stark terms, painted a picture of the business environment in Wisconsin at the time.

By: Stanley Koopmans, Senior Vice President – Commercial Banker

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.

By: Jeff Ellestad, Treasury Management Sales Officer

Many businesses today are becoming more and more aware of the risks associated with payment fraud.  And, quite frankly, they should be.  While the network of fraudsters only continues to get larger, these savvy individuals and networks are always on pace, or even a few steps ahead of the game, and are ready to attack.  They have become so sophisticated on their efforts to successfully intercept corporate funds, that by the time a company thinks they might be a victim, it’s far too late.

Marc McMerty, Assistant Vice President - Commercial Relationship Manager

Early in my career as a commercial banker, I was surprised to learn that some businesses think of their banking relationship as a necessary evil. They need the bank for financial reporting and sometimes a loan or line of credit, but mainly they want their bank to leave them alone. "They'll let us know when they need us."

I was surprised, I think, because I know what goes on behind the scenes at our bank and the conversations that take place in sincere support of our customers. Our greatest asset as a bank is our customers. We only succeed if you succeed.

Benjamin Swanson, Business Banker

Working as a Business Banker for the State Bank of Cross Plains, I have been fortunate enough to have the opportunity to work with a wide variety of businesses. Because most of the businesses I work with are spread across different industries, I have developed a tendency to look at the annual business cycle in generalities. For example, January and February is the time when I see most businesses finishing their annual reviews from the year prior, and using that information to plan for the year ahead. September and October tend to be the time of the year when companies are doing that last benchmark check with the annual goals and budget, and looking at what needs to get done before year end. 

By: George Ohlendorf, V.P. Commercial Banker

In the last two years I have not spoken with a business owner or human resources manager, regardless of the industry, that is not having difficulty finding employees. 

Many of us know that great companies like Honda Motorcycle failed and Levis Jeans is not nearly the dominating force in the jeans market it once was. What many of us don’t know is that both of these companies faced the same problem; not enough people of the right age to buy their products. This same shortage of consumers contributed to the great recession because there simply were not enough people to buy the inventory of homes.

There are several things to ask before starting a business; however, I have highlighted five questions that should have been thought through before moving forward.

1) Do I have a solid Business Plan?

First, you want to make sure you not only know the industry you are starting your business in, but how you are going to make a place for you and your business in that market.  To do so, you need to specifically lay out what your business is and the need or want your business is satisfying for the consumer (or business if B2B).  Then how will you reach your target audience, and who are you differentiating yourself from?  Other highlights should include: how your company is organized, market research and analysis, marketing and sales plan, financial projections, and assumptions.  Remember, as your company evolves and grows, your business plan should too.

By: Benjamin Swanson, Business Banker

You are ready for the next big steps for your business. Congratulations! Whether you have mastered a new product or service and are ready to start selling, need to purchase your first piece of major equipment, have an opportunity to purchase a season’s worth of supplies at a discount, are finally able to purchase your own real estate or the ink has been dry for an hour on that shiny new business plan, it is clear your company is ready for the next level. The other thing that has become clear is that you are going to need some help, and it is time to pursue financing.

Being a Business Banker, I get to hear about many different businesses and their plan for success.  I enjoy listening to their strategies and hearing about their passions, and figure out how I can help move them forward.  Sometimes that means walking them through the process of applying for Small Business Administration (SBA) or traditional financing. Sometimes that means getting them connected with one of the many organizations in Dane County that help with the initial stages (and beyond) of starting a business so they are ready to apply for a loan – and figure out which one is the right fit for them. However I can help play a role in their steps toward running a successful business and what that means to them, I do. 

By: Kevin Mahaney, Vice President – Business Relationship Manager

In April, SBA Administrator Linda McMahon announced that the U.S. Small Business Administration is offering a 504 Loan and the Debenture that funds it with a 25-year maturity. A 25-year Debenture is a new threshold for the SBA. The new 504 Loan term complements the 10- and 20-year 504 Loan and Debenture that have been available since 1986. This new 25-year Debenture will be made available for 504 Projects that are approved on or after April 4, 2018.