Month: December 2019

Categories
Blog Business Growth & Capital

How to Choose the Right Business Loan

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As your business grows, you’ll likely need to get a business loan – whether you plan to expand, enhance your products and services or need an infusion of cash for emergencies or seasonal concerns. With so many business loan options available, it may be overwhelming to determine where to start. Although the process for approval may be different with each lender, consider your answers to the following questions to help you choose the right loan for your business.

How much money do I need?
How much you borrow will directly impact the repayment terms and rate on your loan. But, it is extremely important that you borrow what you need because getting a second loan may be more difficult.

Do I want flexibility or fixed terms?
Let’s say you plan to remodel your office. Using a fixed-term business loan makes sense because you can use your contractor’s bid to provide exactly how much you’ll need to borrow from your lender. You can easily budget your repayment amount because it stays the same from month to month. Fixed-term business loans are great for things like equipment upgrades, cash flow assistance, buying a vehicle and start-up costs.

On the other hand, if you’re in need of cash to make computer upgrades or market your business, a business credit card is an excellent option to consider. You’ll qualify for a credit limit to use at your discretion – you’ll only repay the amount you spend. Plus, some business credit cards offer rewards you can use to save money on future purchases.

Do I want a secured or unsecured loan?
Secured loans (loans secured by some type of asset or guarantee) usually offer a slightly lower rate than an unsecured loan (such as a credit card). Additionally, you may receive a more substantial loan amount with a secured loan than an unsecured loan. But, if you need quick cash, an unsecured loan may be a better option to consider as you can typically get funds within three days of your approval.

What lender should I use?
It’s best to choose a lender you trust, such as Pinnacle Bank. But, do your research and ask questions. Read through the available loan terms offered by the lenders you’re considering. If you have any questions about the business loans offered by Pinnacle Bank, give us a call at 877-759-7939.

Learn more about the business loans available at Pinnacle Bank here. https://www.pinnaclebank.com/business-banking/business-loans/

Categories
Blog Business Managing Your Business

Ways Your Business Can “Pay It Forward”

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During this time of year, we tend to think more about others. We may give to a charity or donate our time to help others enjoy the holidays. We give to others because we can, without any expectation of getting something in return. As a business owner, you have the opportunity to “pay it forward” in your community not only during the holidays but throughout the year. 

Let’s take a look at some ways you can “pay it forward” in your community:

  • Sponsor a youth sports team or local event.
  • Partner with a charity that fits with your mission – let your customers or employees help you choose the right cause.
  • Host an entrepreneur group to share ideas and assist other business owners in your local area.
  • Create a local guide for newly relocated people to help them feel welcome in your area.
  • Donate unused or lightly used equipment or supplies to local libraries, schools or businesses.
  • Speak at a school or other educational event.
  • Do pro bono work for those in your area who may not be able to afford your services.
  • Start a scholarship program. 
  • Get involved in the annual “Pay It Forward Day” in some way (usually held in April of each year).

What should you look for when paying it forward as a business?

All of these ideas are things you may be able to implement in your business. But which is the right fit for you? Consider the following as you decide how to pay it forward in your community: 

  • Be sure whatever you do aligns with your company’s core values and mission.
  • Make participation fun and engaging (maybe even competitive) for your employees so they’ll want to get involved.
  • Use your existing skillset to make a difference wherever you are. 
  • Contribute to your local business community – buy local when you can.

Whether you donate your money or time, paying it forward in your community is beneficial for you and your company – the possibilities are endless as to the difference you can make. Aside from improving employee morale and unity, you may also find you’ll attract new and improved business because of the favorable publicity you’ll generate.

Categories
Blog Personal Safety & Security

Online Safety Tips for the Holidays

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While all may be jolly and bright during the holidays, some criminals find it to be the perfect time to scam innocent victims. The Cybersecurity and Infrastructure Security Agency (CISA) provided the following tips to protect you and your business from holiday scams and malicious cyber campaigns.

When using email – 

  • Don’t open emails or ecards from people you don’t know.
  • Don’t open attachments or click on links from unsolicited emails. 
  • Don’t provide personal or financial information via email – legitimate business won’t solicit sensitive information in this way.  

When shopping online – 

  • Shop with reputable, established vendors – don’t be tricked by someone claiming to be something they aren’t. 
  • Verify a charity’s authenticity before making any online donations.
  • Take note of the phone number and physical address of any online merchant you use in case there’s a problem with your transaction or bill. 
  • Make sure the information you provide online to make a purchase is encrypted – either “https:” or a padlock icon will be located in the URL. Please note that some cybercriminals will create a fake padlock icon to trick you, so make sure the icon is in the appropriate place for your browser. 
  • Use a low-limit credit card to make online purchases as you’ll get more fraud protection than paying with a debit card and limit the exposure of the funds in your checking account. 
  • Consider using a payment gateway (PayPal, Google Wallet or Apple Pay) to make purchases – you’ll only enter your credit card information once and the online merchant will never see it.
  • Use only reputable shopping apps and check your settings to ensure your data is secure. 
  • Review your statements regularly and keep copies of your receipts or confirmation pages. If there is any discrepancy, report it to your financial institution immediately.

If you’ve found an unauthorized transaction in any of your Pinnacle Bank accounts, please contact us immediately at 877-759-7939.