Small businesses are the economic lifeblood of most communities. The success of the River Region economy, in large part, depends on the success of individual business owners who provide valuable products, services—and jobs—throughout the area.
But small-business success is never guaranteed. The market’s always evolving, and long-term funding, planning, and succeeding can be challenging. Still, there are resources to help—and they’re right around the corner.
At Regions, our bankers are committed to providing guidance, insights and tailored financial solutions to help people start or expand a small business. A visit to any Regions Bank location is a good way to begin. Through our Regions Greenprint®, a Regions banker can help build a plan to meet business ownership goals. A Regions Greenprint is free and available to anyone, regardless of whether they are a Regions customer or bank elsewhere.
Starting a traditional small business like an e-commerce store, restaurant, yoga studio or solo professional services firm, raising money can be more straightforward than you may think.
CONSIDER THESE OPTIONS:
- This means starting the business on a shoestring and funding growth through sales. The key to succeeding with this approach is charging enough. A good rule of thumb for a professional service is to add 30% to a fee to cover operating costs. Otherwise, the limited profit may not be able to invest in business growth.
- Since the pandemic, more organizations have been offering these allowances—which don’t have to be paid back—to small businesses from underrepresented groups, like women and people of color. Some grants support business owners in specific industries or expertise areas. There are several websites available to help small-business owners find the right funding options for them.
- Credit card financing. Pay down credit cards during the months leading up to launching the business, so there is room for business purchases. Don’t start a business with significant debt because there will be business needs. Reducing any outstanding balances can also boost a credit score which, in turn, helps to qualify for low-interest cards or zero-percent teaser offers to help finance business purchases. Be aware that the cardholder agreements for both personal and business cards almost always include a personal guarantee, meaning the money is still owed even if the business closes.
The Small Business Administration has several programs designed to help small-business owners in the marketplace as well. Regions has long been a preferred SBA lender and directly supports programs designed to help with working capital, business expansion, equipment purchases or debt refinance. Additionally, if exporting is a priority for business owners, the SBA and Ex-Im Bank provide global trade resources. These government programs can be an important lifeline for small businesses to succeed in the domestic and global marketplace.
Regions Bank is committed to the strength and vitality of small businesses. To learn more, visit any Regions Bank River Region location and speak with a banker who can help. Or, visit www.regions.com to schedule a Greenprint conversation.
Regions Bank, member FDIC, Equal Housing Lender. This information is general education or marketing in nature and is not intended to be accounting, legal, tax, investment or financial advice. Although Regions believes this information to be accurate as of the date written, it cannot ensure that it will remain up to date. Statements of individuals are their own—not Regions’. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules. Investing in securities involves risk, including the risk of loss. This information should not be construed as a recommendation or suggestion as to the advisability of acquiring, holding or disposing of a particular investment, nor should it be construed as a suggestion or indication that the particular investment or investment course of action described herein is appropriate for any specific investor. In providing this communication, Regions is not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity. References to a company or security or links to third-party website do not imply endorsement or recommendation. Investment Products are not FDIC insured, are not a deposit, may go down in value, are not bank guaranteed, are not insured by any government agency and are not a condition of any banking activity.
The Expert
Christy Kribbs is the Branch Manager at the Regions Bank Millbrook Branch.
Contact: Christy Kribbs / 334.387.3420 / [email protected]
