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After a year like 2020, unexpected business expenses have taken on a whole new meaning. Especially when operating a small business or a startup, unexpected expenses seem to be a cost of doing business. The best course of action against these surprise costs is to be prepared and plan ahead. Four Unexpected Costs to Businesses Small businesses must account for many costs, especially as they are just starting out. These can include anything from permits and equipment maintenance to payment delay...

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Have you ever heard or repeated the phrase, “You have to spend money to make money”? If so, you might be the owner of a small business. Access to a business line of credit allows small businesses to execute daily functions, cover daily expenses, purchase inventory, hire staff, and much more. Business owners know that keeping a company’s ship afloat means understanding cash flow and profits–it’s not all about how much you have in the bank at one time. Fortunately,...

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As the economy begins to recover from the pandemic, mortgage rates are beginning to climb from record lows. The beginning of March saw mortgage rates rise above 3% for the first time in seven months. Even so, lower-than-average mortgage options are driving people to want to buy at a quicker pace or make a commercial investment for the first time. It’s not just home loans that offer investment opportunities. Commercial real estate is a hot topic right now as well. If you are considering...

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An SBA loan is a small business loan partially guaranteed by the Small Business Administration.  SBA loans eliminate some of the risks for the financial institution that issues the loan. SBA loans work within a network of approved lenders that lend money to small businesses. While we may know the benefits of an SBA loan, one of the scariest questions to answer as a small business is what to do if you are denied. Determine Why Your Loan Wasn’t Approved According to the American...

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At Falcon National Bank, we are well-known for our commitment to small businesses. It’s a distinction we take a lot of pride in–supporting the businesses in our community isn’t just good for our business, it’s a passion we hold dear. Too often, businesses aren’t treated like valued customers by their bank. Big banks see business relationships as transactions, gathering bundles of paperwork and sending them off to faceless departments. Our business banking team provides...

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When you are younger and need some spare money to fix your car or pay an unexpected bill, you might borrow money from your family or get a part-time job. When a new business needs start-up capital to get on their feet, the options are much more deliberate and thoughtful. There are two main options when earning capital to start a business: taking out a business loan from a financial institution or partnering with an investor. Of course, there are benefits and drawbacks to each option. Borrowing...

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Organizing cash flow, setting up bill payments, and accurately calculating cash on hand are critical functions for any business. A recent study reports that 27% of small businesses use the same bank account for business and personal finances (check out the infographic here). For business owners and self-employed workers, it might be beneficial to not only separate these accounts but to have more than one business checking account. The Benefits of Business Checking Accounts Credibility A...

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There are plenty of clichés around the idea of the American dream. Starting with an idea and building it into a successful business is a skill few possess. Even if you have the ambition, energy, and fresh business plan to get a new business up and running, there are plenty of issues that can trip up new entrepreneurs. If you can anticipate these challenges, you can make a plan to overcome. Finding and Hiring Your Dream Team Even if you have run a team before, finding the right team to...

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There’s an old cliché about diagnosing your own medical conditions. Once you get on Google and start looking up your symptoms, you can convince yourself into having an array of problems with countless “at-home” solutions. For the same reasons that Googling medical advice is a bad idea, not seeking financial advice from an expert isn’t the best idea for your finances. You May Not Be Aware of All Your Options The worst part about self-diagnosing your finances is...

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Are you a business owner trying to decide whether you should buy or lease the equipment you need to run your business? In some cases, it is a better investment to outright purchase equipment for your business, especially if you are buying equipment that will not depreciate in value or that you will not need to replace. In other cases, leasing makes much more financial sense.  Leasing equipment can be beneficial to your business for several reasons. From cash flow improvements to helping your...

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