Most small businesses that have survived the great recession are left with serious battle scars. For many, business-credit ratings have suffered. As cash flow declined, bad debts increased and sales decreased. Many companies fell behind on their obligations to creditors and were forced to restructure their debts. Others violated the covenants of their debt agreements, which can also require restructuring. Smaller businesses that rely on the credit rating of their owners also suffered as … [Read more...]
Small Business Banking in 2016
Banking in 2016 in the United States is going to change. Big time. Over the next five years, a revolution in financial services will take place. Banking in the United States is about to change. Big time. Over the next five years, a revolution in financial services will take place. It’s already started, but unfortunately many big banks haven’t gotten the message. Consumers and small business owners are empowering themselves through technology to take more control of their money. Welcome to … [Read more...]
So What’s Really Going on With Bank Lending?
Every quarter the Federal Reserve conducts an important survey among large domestic banks and the U.S. branches of foreign banks operating in the U.S. The “Senior Loan Officer Opinion Survey on Bank Lending Practices” typically covers three areas: Changes over the past quarter in lending standards and terms that banks are offering to consumers and businesses. Changes over the past quarter in loan demand from consumers and business. Current events that impact banking. The survey … [Read more...]
Why You Should Follow the Beige Book
The U.S. economy is in a precarious position. The chatter among pundits, reporters, experts and so-called experts ranges from “green shoots”, referring to signs of recovery, to “double dip”, referring to another downturn. On a daily basis a new statistic, report or analysis is published leaning one way or the other. But keeping track of so much information that often contradicts itself isn’t practical. It wouldn’t leave any time to prepare your business for the anticipated direction of the … [Read more...]
how do I keep my money safe?
Keeping your company's cash secure We are living in a financially dangerous world. Since the inception of the financial crisis in September 2008, the number one question on most people’s minds has been “how do I keep my money safe?” Business owners, chief financial officers, vice-presidents of finance and corporate treasury teams have had to address the same issue. But for companies, the issue is more complex. When investing company funds, there are three considerations at play: · … [Read more...]
Transaction Account Guarantee Program
Recent changes to the Transaction Account Guarantee Program The TAG program was set to expire in June 2010, but the FDIC recently extended the program until December 2010 and reserved the right to extend it through December 2011 if economic conditions warrant. However, many prominent banks have chosen to opt-out at different times or chose never to participate. The next opt-out date, June 30, 2010, will see many banks leave. Checking if your bank participates in TAG Here is a complete list of … [Read more...]
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