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TL;DR
The what-you-may-have-missed-but-need-to-know-fast roundup from Wintrust.
TL;DR
The what-you-may-have-missed-but-need-to-know-fast roundup from Wintrust.
What we’re talking about: Supporting Small Business Month.
May is Small Business Month and a chance to recognize how important local businesses are to our surrounding economies and communities. As a community bank, we are proud to have strong relationships with many local businesses. It may be in the name of the month, but the impact of these businesses is anything but small.
How Businesses Can Start on the Path to Sustainability
“We all want to make a positive impact, while having long-term access to resources both natural and created. Sustainability for small businesses usually includes a three-prong approach involving environmental, economic, and social practices.”
Need to Know: SBA Loans
“The SBA 7(a) loan is the most common SBA loan sought by businesses. This loan offers low interest rates and long repayments, allowing for the business to pay back the funds in a cost-efficient manner.”
The Importance of Building Credit for Your Business
“Having good business credit can also mean no longer having to put your personal credit (and your personal assets) on the line when you borrow on behalf of your business. Building this financial insulation between your personal and business finances is especially key in emergency scenarios or during unexpected events when you may need to borrow funds.”
Business Loan or Equity Financing: Which Will Work Best for Your Business?
“With business loans, you retain all ownership and decision-making power in your company and simply repay the loan, with interest. With equity financing, instead of borrowing money that will have to be repaid, business owners give up some control or ownership in the business and take on an equity partner.”
Four Ways To Get Creative With Inflation Strategies
“If there’s ever a time to do a deep-dive into your costs, it’s now. Are you paying for software you don’t use? Subscribing to services or publications you don’t need? When was the last time you compared prices among suppliers?”
Finally, if you’re motivated to rethink your business’s supply chains due to the recent global issues, or with an eye toward incoming regulations, here’s some guidance for tackling that challenge.