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What is a Standby Letter of Credit and How Are They Used?

July 29, 2014

One of the least understood but most powerful small business financing tools is the standby letter of credit. While it’s used fairly extensively by larger companies, many small business owners frequently wonder what a standby letter of credit is, and aren’t aware of how it can help them and their enterprise succeed. What is a Standby Letter of Credit? A standby letter of credit, or SLOC, is at it’s core a loan of last resort and a type of warranty for financial contracts. It is issued by your business bank at the beginning of a contract, and acts as a …

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Local Banks V. National Banks for Commercial Mortgages in Maryland

July 15, 2014

Getting a commercial mortgage loan in Maryland can seem like a giant nightmare, especially for small business owners who are just setting foot in the commercial real estate market for the first time. One of the biggest causes for stress is simply the fact that for many people, a commercial mortgage is the single largest loan they will ever take out in their lives. More than that, however, the process of obtaining a commercial real estate loan can be convoluted, long, and very involved. Local Banks v. National Banks One way to make the process much easier is to get …

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How to Get Business Equipment Financing in Maryland

July 2, 2014

Finding business equipment financing, or business funding for any expansion, can be a difficult and time consuming process. One of the best pieces of advice anyone can offer a small business owner regarding the process is: start early, and put in the hours. Many entrepreneurs, though, don’t realize exactly what’s meant by putting in the hours. The process of getting business equipment financing can be so convoluted and involved that many business owners just don’t know where to start. To help ease the stress and simplify the process, we’ve put together a step-by-step guide on financing an equipment purchase for …

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4 Things You Should Know About Your Equipment Term Loan

June 18, 2014

Equipment purchases are a vital part of starting a small business in Maryland, especially for manufacturing and retail companies. They can also be necessary investments once your business is up and running. Equipment updates and modernizing old equipment can make your business more productive, efficient, and even save you money in the long haul. Equipment, however, is a significant investment and very few small businesses have the cash on hand needed to outright purchase large scale equipment. With costs that can easily run into the hundreds of thousands of dollars, finding a way to finance equipment purchases is something that …

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Whats the Difference Between Leasing and Financing for Business?

June 11, 2014

Whether you’re looking to acquire vehicles for your company or balancing the pros and cons of owning equipment versus leasing it, figuring out what option will work best for your business is an important decision to make. There are a lot of factors that play into whether leasing or financing makes more sense for your business. These range from the type of asset that you’re looking to acquire (vehicles, machinery, equipment, or technology) to how long you plan to use it and how often you’ll need to upgrade. But before delving into the specific needs your company has, it’s important …

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3 Things You Should Know About Real Estate Lending in Maryland

June 4, 2014

With the U.S. economy on the road to recovery and banks feeling more comfortable with lending, commercial real estate lending is expected to pick up significantly over the coming year nationwide as well as here in Maryland. If you’re in the market for commercial real estate or want to increase your company’s assets, purchasing your company’s operating space or expanding operations to other locations is a good move. However, buying commercial property is a big step and one that requires a lot of thought and planning. In the right circumstances, it can be a hugely beneficial move, creating more value …

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3 Factors Affecting Small Business Financing in Maryland

May 28, 2014

Most small business owners know that at some point they will likely need some form of small business financing to grow and expand their business in Maryland or anywhere. Many of these entrepreneurs, however, don’t have a great understanding of the different factors that banks take into account to determine the terms of small business financing. Not understanding the factors that go into the final lending decision puts small business owners at a disadvantage: without knowing what they need improvement on, it’s harder for business owners to take steps to get better terms. This, in turn, increases the cost of …

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What’s a Small Business Term Loan And Is It Right For Me?

March 25, 2014

Is a Small Business Term Loan Right for Your Company? Looking for capital to make a large business purchase or provide working capital for your company can be a long, arduous process, with many small business owners not fully understanding the process. With so many options to consider, it can be difficult to focus in on one to determine if it might be right for your business. The fact that banking jargon can vary so much between commercial lending and consumer lending doesn’t help things one bit. Many first-time business owners looking for a point of reference in their own …

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3 Ways Your Banker Can Help your Small Business Development

March 18, 2014

Many first-time small business owners see their relationship with their business bank as being entirely one way. They deposit money, they take out money, they write checks – all the interactions focus solely on what people think of as traditional banking services. This isn’t surprising, given that large national and regional banking chains work very hard to cultivate just this type of a relationship with their customers. It often comes as a surprise to many business owners that their bank can be a huge asset in terms of small business development. Your banker can be a huge source of value …

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What Small Business Banking Services Should Your Bank Offer?

March 11, 2014

Shopping for a small business bank can be a confusing experience. First-time business owners, especially, can have difficulty anticipating the small business banking services their business will need. We often have new small business owners coming in without a strong understanding of what services they need their community bank to provide, and what small business banking services they’re likely to need as they grow. The problem is that the services that a small business needs aren’t the same services that many consumers use. So while someone shopping for a consumer bank might be swayed by how close a bank is …

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