You Want to Start a Business – How Should You Finance It?

Getting a small business off the ground is a huge achievement, but establishing financing on a solid footing is critical to whether an enterprise ultimately succeeds or fails.

As a banking officer dealing with financing requests every day, the most common question I hear from founders of startups is, “Should I finance with equity or debt?” I’m here to tell you, there are no pat answers. And even worse, it can be a life and death decision: More than 500,000 businesses are established in America annually but half of them fail within five years. The No. 1 reason for failure is a bad strategy backed by surplus optimism, but the next biggest cause of failure is a lack of funding.

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What to Look for When Switching Banks

At some point in your life you may find yourself in a situation when it’s time to change where you bank. Some of those reasons could be positive such as relocating for a better career opportunity. Other times it could be a negative factor such as having a misunderstanding with your current bank. How do you know when it’s time to stay or go? Continue reading