4 Strategies to Take Care of Business
We love our locals and know that the impact of COVID-19 has been felt by many of the businesses that make our communities great. As a community bank, we consider it a privilege to support you, and as we always have in the past, we will be here as your financial partner to help you.
The content below is a guide for your business and most importantly, we are just a call or email away. Visit our locations page to find contact information for bankers near you.
Be Aware of Your Financing Options
Reach out to us if you are struggling or if you foresee challenges in the near future with financing your business. We are here for you. We'll make time to look at your business holistically, including your loans and deposits. We'll walk through your cash flow and evolving capital needs, and review the below payment relief options that may be suited for you.
Understanding Your Loan Options Based on What You Need:
- For smaller amounts of quick cash to cover expenses right now: Economic Injury Disaster Program.
- Assistance keeping up with payments on a current loan: We can offer 3 months of loan payment deferral without credit bureau impact on any small business term loan or line of credit up to $500,000. No fees will be charged during that time.
- Just some quality guidance to get through this uncertain time - reach out to anyone from our team or take advantage of your local Small Business Development Center, Women's Business Center or SCORE membership chapter. Visit the SBA website to find a local resource partner.
- For an understanding of financing to support fluctuating financial needs or development projects, review our Business Financing Options
Maybe navigating COVID-19 has required you to think about your business in ways you never have before. Work to understand your needs - both immediate and long-term - and then have a dialogue with us about the ways you are thinking through your current or potential obstacles, including:
- How have your receivables changed? What impact have you experienced on projects that have been cancelled, and when do you expect that to change?
- Is your landlord able and willing to make accommodations? Given the widespread nature of the situation, you are certainly not alone and may find unexpected flexibility in your partnerships
- If you need to carry inventory longer, what could that timeframe look like and what will that mean to your finances?
It's easy to be stuck in the here-and-now, because right now is where the most urgency lies. But this is also the most essential time to be forward-thinking:
- Review your current deposit account and treasury management settings and consider if they should be updated
- Line of credit availability - will this situation create an issue in terms of concentrations? Consider permanent vs. revolving working capital loans
- What will happen if you can make your loan payments but cannot meet some of the covenant requirements or ratios?
Fraud is on the rise which requires extra vigilance to avoid exposing your business to additional risk. Taking care to protect your business from fraud includes a comprehensive risk management policy and educating employees about payroll diversion.