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Whether you’ve been in business for a few months or many years, access to funds is vital for your growth and sustainability. To that end, you may need to get a loan to help. But, which type of loan is the best fit for your business?

To answer this question, take a look at your lending options to determine how they fit into your financial plan. Consider how much cash you need, how quickly you can repay your loan, and whether you can provide collateral.  Here are five common types of business loans and how each may help your business:

Term Loan

A term loan is an excellent option if you need to purchase an asset (for a specific amount) that will help increase your revenue over time. Typically, you’ll apply for a particular amount with a fixed term. You can then predict your monthly payment and manage your monthly cash flow. Plus, a term loan usually carries a lower rate than an unsecured line of credit (such as a business line of credit or business credit card).

Business Credit Cards

A business credit card may be the quickest way to fund your short-term financing needs. Once you’re approved, you can use your card to conveniently pay for things you may need (up to your credit limit). And you only pay interest on what you spend. Plus, your lender will review your account regularly to see if you’re eligible for a credit limit increase. You may also have access to rewards programs associated with your card – accumulating points for travel or future purchases, getting cash back, or other benefits. Just be aware of the terms and conditions related to any business credit card you apply for, such as an annual fee.

Business Line of Credit

Using a business line of credit can give you the money you need when you need it. In most instances, you’ll use a business line of credit for short-term expenses, such as inventory or payroll.  Once approved, you’ll receive a specified credit limit, and you’ll pay interest only on the amount you use. Plus, once you repay the amount used, it will be available for you to use in the future. Just note that the interest rate for a business line of credit is typically higher than the interest rate on a term loan.

Equipment Financing

You may be able to find financing specifically designed for larger equipment purchases, such as machinery, delivery trucks, refrigeration units, among others. Depending on the lender, equipment financing varies – you’ll find term loans, lines of credit, or a hybrid of both. Typically, equipment financing doesn’t require a down payment and offers more flexible terms than a traditional business loan. Another option may also be equipment leasing, which has become more prevalent in recent years. You can lease instead of buy, giving you the flexibility to upgrade when necessary (among other benefits).

SBA Loans

The U.S. Small Business Administration (SBA) offers many different loan programs if you don’t meet conventional lending requirements. Most of these programs are designed to help start-up businesses or those with expansion plans that include buying equipment or real estate, or you may find an option to help refinance debt. Because the government guarantees them, most SBA loans don’t require a down payment and have more extended repayment options available than conventional loans. But SBA loans take a little longer to get, so you’ll need to plan accordingly.

Take the time to consider the reasons why you need a business loan. Then, find the loan that best meets your needs. Learn more about the business loans available at Pinnacle Bank here.

 

 

If you recently experienced a hardship due to the COVID-19 pandemic, we can help. Give us a call at 877-759-7939 to discuss your options.

Is your website attracting the customers you want? Are you generating leads regularly and turning those leads into sales? With thousands and thousands of websites vying for your customers’ business, how can you make sure the right people notice your site at the right time?

Take a look at these helpful tips:

Tip #1: Your Website Should Look Professional.

As the saying goes, you can only make a first impression once. Take care that your website is making the impression you want. Does it represent your brand the way you desire? Is it easy to navigate? It’s important to note that you don’t have to spend a lot of money to update your website. There are many free turnkey website development tools available online where you can create something amazing – even if you have limited time or website knowledge.

Tip #2: Keep Your Content Fresh and Relevant.

Don’t leave content on your site for too long (repeat visitors will notice). Add relevant and timely content regularly, such as educational articles or blog posts, and promotional information or specials on products and services. Be sure to mix up your content – you want to be seen as an expert, but you also want to entice people to use your products and services. For example, if you offer bookkeeping services, you can post an article about how to prepare for taxes, and then follow up with a special discount for referrals. Fresh and relevant content isn’t just attractive to customers; it’s also appealing to search engines, which can improve your search ranking.

Tip #3: Make It Easy to Contact You.

Your website probably includes your address, phone number and email. But providing this information doesn’t necessarily drive in business. It’s essential to give your customers (and potential customers) easy ways can reach out to you, such as a simple contact form, live chat, a chatbot that answers questions 24/7 and online ordering.

Tip #4: Use Call-to-action Options on Every Page.

The easier you make it for customers to act, the more likely they will. When you place a call-to-action option on every page of your website, you instill urgency with your customers and get them to do what you want them to do. Consider using buttons or links that state things like “Act Now,” “Limited Time Only,” “Call Us,” “Shop Now,” and more.

Tip #5: Provide Easy-to-use Online Payment Options.

Invest in an enjoyable shopping experience for your customers by providing diverse payment options, such as debit or credit cards and other payment services (e.g., PayPal, Google Pay, or Apple Pay). Again, the easier you make it for your customers to buy products or services from you, the more likely they will.

Tip #6: Be Transparent with Your Security Measures.

Many people today are concerned about buying things online with a credit or debit card. Be sure you have the appropriate technology in place and let your customers know about it. You may want to put Security Site certificates in prominent places on your site, as well as design a page that addresses how your business handles personal financial information.

Tip #7: Integrate your Social Media Platforms.

Link every social media platform to your website – and vice versa. The more “retweets” and “likes” you can get will drive traffic to your website and potentially rank you higher among search engines. You should also consider marketing in different ways within your social platforms, even if you’re sending customers to the same website page.

While this is not an exhaustive list, it will get you headed in the right direction. Focus on a few things to change to get started – don’t try to fix everything in one day. If you need assistance, talk to a marketing professional for guidance.

The success of your team is critical to the overall survival of your business. Sure, you can achieve goals here and there with some dysfunction on your team, but if you want to accomplish your vision (and beyond), you must create a high-performing team.

Managing successful, high-performing teams requires diplomacy, skill and genuine care for each employee at your company. Follow these tips to help you get started:

Resolve Conflict Quickly.

Whenever you have more than one person working together, there’s going to be conflict – it’s just how life is. So what can you do to make sure it doesn’t fester and cause havoc for your team? Address disputes as they arise, which means you may need to mediate discussions between employees to ensure there’s a positive outcome. Doing so will show employees you value differences, but you don’t want these differences to get in the way of productivity.

Encourage Employee Development.

Make the necessary investment in the education and training of your employees. Your goal should be to raise new leaders, not spend your day micromanaging your employees. If possible, consider offering education assistance and paying for ongoing training. You may also consider forming committees or assigning leadership roles for projects. The more you empower your employees, the more productive and happy they’ll be over time.

Communicate, Communicate, Communicate.

Every member of your team wants to know what’s going on, whether the news is good, bad or ugly.  Hold regular staff meetings (in person or via conference call) to keep employees updated on new procedures, special promotions, updated trends in the industry, and more. Be consistent with these meetings, so everyone knows about and expects them to occur—post updates on an employee-only space (such as a Facebook page for employees only). Additionally, encourage your employees to communicate with each other and find ways to help them collaborate effectively.  For example, if they’re working on projects together, ask them to update each other regularly using a spreadsheet or other project management software.

Set Realistic Goals.

Employees can help you establish feasible goals to help motivate daily productivity. Some goals may include increasing new customers or boosting sales by a certain percentage. The more involved your employees are in the development of these goals, the more likely they’ll work to achieve them. Make sure the goals you set are SMART goals – specific, measurable, achievable, reasonable and timely. Measure the progress of goal completion and communicate the results regularly to encourage achievement.

Recognize Your Employees.

Everyone likes to feel needed and important. Recognize your employees when they accomplish goals, whether as a whole or individually. You can provide both monetary and non-monetary awards based on an employee’s achievement. Make the recognition a big deal (because it is) – send out a congratulatory email, throw a party, give them a bonus or promotion, or find some other way to acknowledge an accomplishment. You may also want to recognize employees who accomplish things outside of work – which means you need to get to know them. For example, let everyone know Joe just accomplished his goal of running a marathon. This type of acknowledgment builds camaraderie and allows the employees to get to know each other better. Additionally, on a more fundamental level, you should greet your employees every day and thank them for their efforts before they leave to go home.

Above all else, you must be optimistic and enthusiastic about your business. If you’re excited, it will be contagious. You’ll find that as you implement the suggestions above and lead by example, your employees will enjoy being at work and their productivity will increase as well.

Pinnacle Bank has been in business since 1934. The bank, our communities and our country have weathered a lot

of historical ups and downs including national financial troubles, wars and 9/11

We have all grown stronger each time we face adversity and that will happen again as we overcome this current crisis. Pinnacle Bank is here now and will be in the future.

While we can’t control the events around us, we can control how we respond. Pinnacle Bank is working to keep employees and customers safe while remaining ready to assist you with your financial and banking needs.

Beginning Monday, March 23, 2020, Pinnacle Bank lobbies will close but we are committed to assisting you with all your banking needs.

The following options are also available:
Online Banking and Mobile App
These free services allow you to track your accounts, transfer money between accounts, make transfers to your accounts at other financial institutions with external transfers, make mobile deposits, pay bills and control your debit card.

PopMoney
PopMoney is available in Online Banking and the Mobile App as a person-to-person payment service allowing you to send money to someone to pay an expense such as splitting the cost of a meal, paying rent, sending cash as a gift and more.

Telephone Banking
Gather information on personal accounts, transfer money between accounts, order checks and hear bank hours through this 24-hour service. Call 706-213-PHON to access.

Pinny
You can bank with extended hours and not leave your car. If you come to our drive-thru from 7 AM – 7 PM, Mon. – Fri. or 8 AM – 2 PM on Sat., you can touch the screen on the ATM and speak with a live Pinnacle Bank teller. You can withdraw or deposit cash, cash a check, transfer funds, make a loan payment, check your balances and more.

Business Options
Businesses also have additional options with ACH to manage electronic payments, Merchant Capture allowing you to deposit checks from your office and wires that can be sent from your Treasury Management Online Banking account.

Online Account Opening – For Retail Customers, you can open an account online at this link.

Online Loans – You can apply for Personal and Business
Loans online.

Business Online Account Opening – We can open business accounts through DocuSign. Email NewAccounts@PinnacleBank.com or visit your branch. Someone will meet you at the door.

Wire – If you need someone to assist you with sending a wire, please call 877-759-7939 or visit the branch. Someone will meet you at the door.

Call us at 877-759-7939 – Our Call Center is ready to assist you Mon.-Fri., 8 AM – 5:30 PM. We can assist you with your accounts and provide guidance with any products and other bank information.

Your home’s equity can be a powerful tool. Here are some ways to leverage it.

While home prices are high, you may have more equity in your home than you think. And using the equity in your home can be a powerful financial tool if used correctly. Let’s look at two common ways to tap into the equity in your home:

• Home Equity Line of Credit (HELOC). With this type of loan, you borrow against the available equity in your home, using your house as collateral for a line of credit. As you repay your outstanding balance, the amount of available credit is replenished (much like a credit card). Use the funds as you need them and only pay interest on the portion of the credit line you use. There are typically no closing costs and a quicker approval process when you open a HELOC.
• Cash-Out Refinance. You can refinance your mortgage for a higher amount (based on your home’s equity) and take out the difference in cash. Even though you don’t necessarily take on an additional loan with a cash-out refinance, you’ll still increase your overall debt load (with your home as collateral) and pay closing costs. It may make sense for you, though, if you have a better credit score than when you originally got your mortgage because you’ll likely get better terms on your new loan.

Smart Ways to Use Your Equity

In both instances mentioned above, you can use the equity in your home to finance other expenses. Here are some ways to put your equity to good use:

• Make home improvements. Just be sure any improvement you make using the equity in your home adds value to it. Common examples include remodeling your kitchen, installing solar panels, adding energy-efficient windows, or upgrading the exterior siding on your home. And when you make home improvements, choose the options that are best suited for your home — you wouldn’t put a $50,000 gourmet kitchen in a $200,000 home (especially if you plan to sell your home at some point in the future).
• Invest in a business or property. If you plan to start your own business, or you’d like to invest in a property or other business venture, using your home’s equity may be an excellent way to do so. Use care in how much you invest because of the risk involved — your home is the collateral. Typically, you should invest no more than 80% of your home value for this purpose.
• Cover emergency expenses. Life can be challenging. But using your equity, you can access an “emergency fund” available for any costly or unexpected situation, such as more substantial medical expenses or major car repairs.

It’s essential to look at your home’s equity as a way to invest in your future — not as a petty cash fund for things you want now (but really can’t afford). Typically, if you use a HELOC or cash-out refinance loan, you’ll get a lower rate than using other loans because you’re putting your home up as collateral. And because your home is the collateral for the loan, it may be at risk should something go wrong with your loan. But when you use your home’s equity in a way that gives you a positive return for your future, you’ll maximize your investment and potentially save money as well.

Want to learn more? Give us a call at 877.759.7939.

*Consult your tax advisor.