By: Tara Grays, Business Banking Officer
If you’re like most people, you likely had a bit of a chaotic end to the year, balancing ongoing business demands with increased personal obligations around the holidays. For as joyful a time as it most often is, it can be equally stressful. With the din of the holidays beginning to quiet and life resuming a semblance of normalcy, let’s take a look at what the New Year can mean for you and your business.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations, Business Plan, Budget
As any business owner can attest, there are myriad financial considerations that must be taken into account in deciding how to run the business. They can choose (to some extent) how much to pay themselves in terms of a salary, a bonus, and, if there is money left over, a distribution or dividend from the enterprise’s profits. A qualified tax advisor is very helpful in making those year-to-year decisions.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations, Business Plan
By: Jeff Schleis, Vice President – Commercial Banking
The complex nature of contractor accounting practices can present special challenges when looking for financing, whether that be regarding equipment loans or credit facilities to cover short term cash flow needs such as lines of credit.
Topics: Business Banking, Commercial Banking, Small Business
By: Ben Swanson, Business Banking Officer
As a business banker, I’ve been fortunate to have the opportunity to work with a variety of companies across a number of industries, and because of that, I tend to look at the annual business cycle in generalities. January and February are the months in which most companies finish their annual reviews from the year prior, and use that information to plan for the year ahead. September and October tend to be when businesses perform that final benchmark check of their annual goals and budget, and begin looking at what needs to get done before year-end.
Topics: Business Banking, Commercial Banking, Community Banking, Small Business, Business Operations, Business Plan
By: Dennis Haefer, Vice President – Commercial Banker
We’ve all heard the saying, “It takes money to make money.” Small business owners, solo practitioners, and budding entrepreneurs may feel the pinch of this statement more than most when trying to grow their companies to the next level.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations
By: Jordon Geiger, Vice President and Trust Officer
In every conversation I have with a client, I ask, “What do you need help with?” Sometimes, perhaps not surprisingly, the answers have nothing to do business wealth management. In fact, one of the most common responses involves attracting and retaining quality employees, especially skilled or specialized workers.
Topics: Commercial Banking, Wealth Management, Community Banking, Small Business, Business Operations
By: Jeff Ellestad, Treasury Management Sales Officer
For business owners, keeping company finances separate from personal ones is a smart decision. However, for small business owners in particular, that can be easier said than done. If you find yourself using your personal credit card to cover business purchases, you’re certainly not alone – in reality, more than 65% of all SMB owners use credit cards on a regular basis, and less than 50% of those cards are in the company’s name. Here are some of the key advantages that enterprise cards hold over their personal counterparts.
Topics: Business Banking, Commercial Banking, Treasury Management, Credit Card, Small Business, Business Operations, Merchant Services
By: Dan Savage – Senior Vice President and Senior Trust Officer
For some relationship managers, customer service is nothing more than “lip” service. For others, it involves a deep commitment to delivering “legendary” customer experiences.
Topics: Commercial Banking, Small Business, Business Operations
By: Stanley Koopmans, Senior Vice President – Commercial Banker
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.
Topics: Business Banking, Commercial Banking, Small Business, Business Operations, Business Plan
In April 2018, federal bank examiners raised the appraisal threshold for commercial real estate properties from $250,000 to $500,000. For many business owners, this has provided a degree of relief, as it’s accordingly reduced both loan fees and the time required to get to closing. Many banks now seek to obtain evaluations instead of appraisal reports, when appropriate.
Topics: Business Banking, Commercial Banking, Business Valuation