10. July 2014 05:54
When business owners or executives first realize the need for working capital, it can be difficult to know where to start. People often ask, “Should I call my local bank? What about non-traditional lenders? What’s the difference between the two?” We hear this all the time, and wanted to provide a resource to help!
We recently released an Infographic titled “What Type of Lender is Right for My Business?” This provides a quick and easy reference piece for prospective borrowers to determine whether they’d be better suited pursuing a traditional bank line of credit, or to look into alternative financing. Each lending option has unique characteristics, and this infographic helps clarify how different business situations are best suited for certain lending options.
The infographic follows a flow-chart format, and leads users through a series of yes / no choices about their business. Key points that determine the right fit include:
- Does your business have three or more years of positive business history?
- Do you have limited or negative equity?
- Do you have limited or inconsistent profitability?
- Do your assets exceed your liabilities?
- Does your business have positive trends?
- Are there opportunities for growth?
By answering each of these questions, it’s easy to see whether your business may qualify for traditional or non-traditional lending. We are excited about this release, and hope that many businesses find this useful!
Are you in the market for a business loan? If so, ask yourself the questions on this infographic and then give us a call to discuss! We’d love to help walk you through the process of figuring out what lending option would be best for you and your business.
22. May 2014 05:16
Back in the day, people walked into their banks and stood in long lines to deposit checks or make withdrawals. With the birth of automated tellers, direct deposit and online banking, consumers have slowly withdrawn from face-to-face visits. Online banking is changing the industry and the role of bank branches has changed with it.
While online mobile connections make simple transactions more accessible and efficient, there is still a need for the local bank branch. A recent survey from Bankrate.com reveals that 30 percent of Americans haven't visited a bank branch within the past six months. When they do go, the purpose of their visits is no longer to make a simple deposit or withdrawal – they want consultation and personalized attention.
Impact of Age
The Bankrate.com survey also found that the age of the consumer has an impact on how they do their banking. For example, 52 percent of banking customers age 50 and older have visited a bank branch within the past 30 days. Only 42 percent of consumers age 30 and younger have made their way to a bank branch in the last 30 days.
Older Americans are traditionally slower to adopt new technology, such as online and mobile banking, but as time passes, they have learned to embrace it. According to a study by Digital Insight, 36 percent of seniors and 60 percent of Baby Boomers were actively using digital banking in 2011, as compared to 40 percent and 64 percent respectively in 2013. That number is predicted to increase to 55 percent of seniors and 70 percent of Baby Boomers by 2016.
Impact of Technology
Fewer customers visit bank branches to handle routine transactions that can now be done on their mobile devices and desktop computers. As a result, the size and layout of bank branch locations is beginning to change. They're smaller, and the teller line is no longer the central focus. The emergence of automated kiosks for express services and financial loan officers with tablets who can cater to customers anywhere in the room is a direct impact of technology.
While mobile and web technology are expected to continue eclipsing brick-and-mortar branches in the future, don't count out the branches completely just yet. People may have taken day-to-day transactions into their own hands, but consultation for financing and resolution of account problems have come to the forefront of face-to-face banking needs, and the value of real human interaction there isn’t likely to diminish anytime soon.