Embark on your enterprising journey with these insider tips from industry leaders. Whether you’re looking to secure funding, foster sustainable growth, or harness the power of online banking tools—entrepreneurs have access to more financial services than ever before to propel their businesses forward.

What do you need to successfully secure a small business loan?

Roger Maris said it best: “You hit home runs not by chance, but by preparation.”

For anyone starting or acquiring a business, planning plays a critical role in successfully meeting the opportunity in front of you. The same goes for securing a small business loan. To obtain a conventional or Small Business Administration (SBA) loan conveniently and seamlessly, you’ll want to do the following:

• Assess your personal credit and debt levels.
• Consider your down payment sourcing.
• Identify the amount of income you need to live.
• Update your professional resume.
• Make connections in the relevant industry.
• Develop your business plan.
• Understand your financial projections.

Once you’ve gathered this information and addressed these responsibilities, we recommend you interview potential lenders to ensure they understand and can leverage the loan programs best suited to serve you. As an example, SBA loans are processed most efficiently by an SBA Preferred Lender. This means that approval is secured by your bank, which saves you time.

Business solutions are not only tailored for you at 21st Century Bank, they’re offered alongside a relationship you can count on. Take the first step and download our pre-financing checklist. 21stcb.com/tcb

“Without a balance between stability and innovation, growth can be challenging over the long term. Too much focus on stability can limit potential, yet too little can lead to crisis.”

Sustainable small business growth—is it possible?

Since the beginning of my tenure at Northeast Bank, my team and I have helped businesses grow and scale. In the last two decades of my successful leadership, our team has identified key components that have led to our clients’ sustainable growth.

A balance of stability and innovations
Stability means being able to successfully weather, and even thrive, during challenging times. A stable business is equipped with the resources it needs—from leadership to a strong culture and a healthy balance sheet.

Growth also requires innovation to meet new needs, overcome challenges, and find big opportunities. Actively listen to ideas from your customers and team members—engaging your community in dialogue will help you grow and find new paths forward.

Without a balance between stability and innovation, growth can be challenging over the long term. Too much focus on stability can limit potential, yet too little can lead to crisis.

Put people first
It’s important to take care of your team so that they are engaged when taking care of your customers. This looks different for every small business. It might include offering educational opportunities for employees, providing them with time to volunteer, or hosting culture-affirming events for your organization. Stronger communities mean stronger small businesses.

How do banks use technology to serve businesses from a distance?

Today, entrepreneurs are part of an economy where businesses thrive both in-person and remotely—and banks are ready to support this new way of operating. Technology is essential for meeting the financial needs of customers and their businesses. While there are many tools and services businesses can use to manage banking from anywhere, these are some of the most important for business owners.

Business cash management tools include ACH transactions that allow you to securely transfer funds, create payroll files, and send/receive payments from vendors and customers. Also included are wire transfers, remote deposit, and bill pay. 

Merchant services include payment acceptance equipment, payment processing services, and business intelligence reporting. So whether you’re a brick-and-mortar, online, or combination business, you can cater to the payment preferences of customers.

Invoicing services make necessities like billing, payment links, and accounting and reporting functionality accessible to customers. At Stearns Bank, we partner with Autobooks to give customers an intuitive option that integrates with their accounts.

Farther reaching services enabled by technology means that underserved and unbanked communities have greater access to financial services such as these. This empowerment drives economic development and improves quality of life and diversity.

Small-business banking represents about $150 billion in annual revenue for the US banking industry across all products—deposits, loans, cards, cash management, and merchant services.

—McKinsey & Company