The Exit Plan Show exists to help business owners vet and choose advisors in a variety of disciplines to help them create a seamless “exit plan” for their businesses. This includes goals such as growing a company, transitioning the business to new ownership smoothly, and retiring well.
Since its founding in 1953, the U. S. Small Business Administration has helped thousands of small businesses thrive and grow. By guaranteeing up to 90% of loans to small businesses, the SBA has enabled banks to expand their commercial lending, helping to create jobs and boost the economy. There are two main programs offered by the SBA, the “7a” loan and the ”504” loan. While both of these programs can be beneficial, there are some pitfalls in the 7a loan programs that every prospective borrower should understand before taking the plunge.
Learn how others do it. Download our guide to growth.
As businesses grow, they often find that their control structure needs become more complex. This is usually because of an increased need to ensure that money is spent responsibly. Often, this means the need for multiple people to sign off on larger expenses, or for one person to have access to multiple accounts. But unfortunately, many banks’ bill pay systems don’t easily allow for complicated or customized control structures.
With a 37% growth this year in our loan portfolio, Business Bank of Texas, N.A. is looking to increase growth by adding additional markets to our portfolio. We’ve gained a client following in the Austin, San Antonio, and Victoria markets.
There are many reasons you might want to change which bank you do business with. It could be that you’re unhappy with the service, you’re tired of their fees, or that a different bank can offer different features that are a better fit for your organization. However, even when people are dissatisfied with their current bank, they’re often reluctant to move because of how difficult it seems.