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Partnerships That Matter: Banking on Healthy Pets with Rocky Gorge Animal Hospital - June 26, 2015

 

Not every bank can say it helps keep animals safe, healthy and happy. Here at Revere Bank, we do just that through our banking partnership with Rocky Gorge Animal Hospital.

While many banks focus exclusively on financials, Revere emphasizes building relationships and partnering in success with local businesses that are making a difference. Rocky Gorge is a perfect example. The state-of-the-art animal hospital joined Revere a year ago and couldn’t be happier with the decision.

“They’re an incredible business partner and absolutely the best bank I’ve worked with for the past 30 years,” said Dr. Steven Wolchinsky, managing partner and veterinarian. “It’s hard to find a bank that cares more about you and your business than their bottom line.”

The facility is one of the most advanced animal-care centers in the Mid-Atlantic region and provides veterinary services, surgical procedures, a pet resort, 24-hour emergency care and more. In addition to taking care of furry critters, the Rocky Gorge team also gives back to the community through its volunteer opportunities, recycling program and educational contributions.

By financing the animal hospital, Revere supports Rocky Gorge in teaching youth groups about animal care, helping veterinary students and contributing to critical animal welfare services.

Dr. Wolchinsky also noted that Revere’s personal touch is what convinced him to become a customer. Rocky Gorge followed banker Bruce Hollander to Revere after Bruce switched banks. Shortly after, Revere Bank President Ken Cook visited the hospital to learn more about Dr. Wolchinsky and his business.

Taking time to learn about the animals’ needs, veterinary processes and big-picture aspects of Rocky Gorge is what makes Revere stand out, according to Dr. Wolchinsky. He also mentioned the friendly, personal service at Revere.

“It’s not a teller at a window. You walk in and you feel like you’re family every time. It’s like old-time business used to be,” he said.

Dr. Wolchinsky calls his move to Revere one of the best business decisions he’s made.

When considering our shared values that equate exceptional customer service and caring for the community – and in this case, cats and dogs, too – with success, we have to call it one of our best decisions too.

Rocky Gorge Animal Hospital and Revere Bank

Revere Bank Senior Vice President Bruce Hollander and Rocky Gorge’s Dr. Wolchinsky.

Choosing a Bank for Your Business - June 23, 2015

Choosing a Bank for Your Business

 

Business owners have many decisions to make. One of the most important is choosing the right bank. Many banks – community, regional and national – offer a range of commercial banking services. How can business owners determine which is best for them?

Business owners should select a bank that can address the company’s unique financial requirements and serve as a partner in its success. They should consider not only a bank’s products and services, but also its values and qualifications.

Values and Qualifications

Business owners succeed when they partner with a bank that shares their values and is qualified to address their financial concerns.

Relationships

There are many benefits to choosing a bank that advocates relationship banking. Strong banker-client relationships help build trust, resulting in more positive outcomes. Community banks that add personal touches to their business relationships make clients feel like their banker shares in their success and that they are more than just a number.

Goals

All banks have different objectives. Many community banks emphasize small business lending, deposits and customer retention, while larger banks often focus on other products, such as wealth management and insurance. Business owners should choose a bank that will help them meet their immediate needs and achieve their long-term goals.

Experience and Knowledge

Not every banker has the necessary experience to understand a company’s financial needs. Experienced commercial bankers will be able to create the most suitable loan structure and respond to the company’s deposit needs and other unique challenges. Community banks are more likely to specialize in closely held business financing, and because they have local roots, they are more likely to be well-informed about the market and its risks. This knowledge will help business owners make the best monetary decisions.

Speed

Business owners often need financing, and fast. A delay in financing can push back projects and lead to multiple complications. Smaller banks are typically more nimble and responsive than larger banks, making it easier to receive financing on schedule. Community banks are able to streamline the loan process by giving customers direct access to decision makers who can offer a quick turnaround. That speed can be critical to business success.

Products and Services

Business owners benefit from a bank’s ability to provide convenient, customized products and services.

Convenience

While some banks offer a wide range of sophisticated products, one of the most important things a business should look for is convenience. Business owners do not have time to make frequent trips to branch offices to handle basic banking tasks. Choosing a bank that offers online banking, remote deposit or direct deposit of payroll will save time and help operations run more efficiently.

Business owners should also select a bank that allows account access on smartphones or tablets, laptops or desktop computers, at ATMs or at branch offices. Most commercial banks offer state-of-the-art banking technology and software, such as online banking and remote deposit, to make it easy for customers to manage their accounts from anywhere, at any time.

Cash Management

Business owners have a variety of banking needs, so a bank that offers commercial products and services that address all aspects of cash management is a must. Banks provide an incredible assortment of services for both commercial and personal banking clients. However, the multitude of options can be overwhelming, leading business owners to select services that are unnecessary or inappropriate. An experienced banker can help business owners identify the tools that will best meet their current needs and future objectives.

Customization

No business is one-size-fits-all and things rarely go according to plan. Finding a bank that offers customized services designed to assist owners with the operation of their business is crucial. Flexibility to customize loan structure and terms is also important; adaptability can help financing and projects run more smoothly. Community banks are more likely to have the ability to tailor loans and services to each customer’s specific needs, taking into account risks, project timelines, repayment schedules and interest rates.

Choosing a bank is one of the most important business decisions for business owners. With so many variables, careful consideration is indispensable to finding the right fit. Selecting a bank that not only offers convenient, customizable products and knowledgeable service but also values relationship banking will help them maximize their business’ financial potential.

Have questions? Contact us online for additional information or contact a Revere Bank relationship manager at 866-920-8185 or customerservice@reverebank.com.

 

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

Revere Bank Supports Small Business, Attends Local Cakepoppery Grand Opening - June 19, 2015

LAUREL, Md. (June 19, 2015) — Revere Bank is pleased to announce the grand opening of Baked by Yael, a cakepoppery in northwest D.C. that Revere helped finance. The bank was able to support the bakery through its participation in the District of Columbia Collateral Support program. The program provides capital to small businesses with insufficient collateral for a loan by depositing cash collateral with lenders, such as Revere, who in turn loan to these businesses.

Revere Bank Vice President Eileen Ascher and Senior Vice President Steve Horvath attended the celebration, which was emceed by WUSA 9’s and 94.7 FM’s Tommy McFly. Ascher and Horvath supported Yael as she cut the ribbon at the entrance to her shop and officially welcomed in the community.

ABC 7’s Good Morning Washington featured the cakepoppery on June 1. Reporter Eileen Whelan interviewed owner Yael Krigman while Ascher and her daughter, Haley, learned how to frost cakepops.

Baked by Yael is located directly across from the National Zoo at 3000 Connecticut Avenue NW.

Revere Bank’s Steve Horvath and Eileen Ascher with owner Yael Krigman at the grand opening.

Revere Bank’s Steve Horvath and Eileen Ascher with owner Yael Krigman at the grand opening.

Cash Management for Your Small to Medium-Sized Business - June 4, 2015

Financial accounting

Dealing with your small to medium-sized business’ (SMB) finances can be overwhelming and time-consuming. As an owner, your busy schedule doesn’t leave room for frequent trips or calls to the bank. You need a cash management strategy that will help you save time so you can focus your energy on growing your business.

The following cash management products and services are easy to use and access. They’ll help you better manage your business’ finances, improve your business’ operational efficiency and help you earn money.

Internet banking. Complete banking tasks anytime and anywhere you have an internet connection. Manage your accounts, make payments or transfer funds from your smart phone, tablet, laptop or desktop computer.

Remote deposit. The faster you get customer checks to the bank, the faster you get paid. Deposit checks from the convenience of your desk using a scanner and software provided by the bank.

Business bill pay. Quickly and easily pay your bills online with business bill pay.

Wire transfers. Transmit money from your desktop with email notification when your transaction has been sent. Funds debited and payee credited same day.

Electronic payments and collections. Transfer money quickly and securely with an electronic funds transfer (EFT) that provides real time notifications. ACH, an EFT system run by the National Automated Clearing House Association (NACHA), allows for secure vendor payments, pre-authorized debits and direct deposit.

Direct payroll deposit. Save time and resources. Direct payroll deposit allows you to directly disburse net pay to employee accounts at any bank.

Direct debit. Don’t wait for customers to mail checks or come in to pay with cash. Sign them up for recurring automatic payments.

Vendor payments. There’s no need to pay invoices upon receipt. Schedule payment for two days before the due date so you can earn interest until then.

Merchant processing. Improve service by offering customers payment options other than cash and check. Quickly and easily collect payments by accepting common brands of debit, credit and gift or stored-value cards.

Positive pay. Positive pay prevents check fraud by verifying that deposited checks match company-issued checks and alerting you of all mismatches. You receive an email when a mismatch occurs, allowing you to either pay or return the check.

Escrow management. Escrow management services are designed for escrow agents. They are well suited for attorneys, real estate and title companies, property managers, funeral homes and accountants.

Cash concentration. Streamline your cash management system by consolidating funds into a single master account. Since you won’t have to meet the balance requirements on multiple accounts, you may reduce your cash reserve needs. Plus, you can easily determine if you have excess funds to move into an interest-bearing account until you need them.

Sweep account. Manage cash flow and earn money on balances. Automatically “sweep” funds exceeding a predetermined balance into an investment account. Then automatically “sweep” them back into checking when balances drop below a predetermined minimum.

Zero balance account. Eliminate the need to track and fund individual disbursement accounts, maximize investment potential and remove the risk of overdraft. A zero balance account receives only enough funds from the concentration account to cover checks presented each day.

Choosing the right cash management products and services may be one of the most important decisions you make as the owner of an SMB. To ensure you’re implementing the best cash management strategy for your business, contact your banker.

For more information on Revere Bank’s cash management products and services, contact Ray Rohde, Vice President, at 240.264.5375 or Ray.Rohde@RevereBank.com.

Revere Bank Employees Support Best Buddies Friendship Walk - May 18, 2015

Laurel, Md. (May 18, 2015) – Revere Bank employees helped raise more than $3,880 for the May 2 Best Buddies Friendship Walk. Best Buddies is a nonprofit organization that creates one-on-one friendship and employment opportunities for those with intellectual and developmental disabilities. Close to 1,100 walkers, including 20 Revere Bank employees, participated in the May event, which raised more than $239,000 for Best Buddies. The Friendship Walk has raised more than $5 million for Best Buddies since 2009. For more information, visit www.bestbuddiesmaryland.org.

Revere Bank Best Buddies

Find the Best Commercial Real Estate in Maryland Counties - May 5, 2015

image example of commercial real estate property in maryland

Find commercial real estate in Anne Arundel | Howard | Montgomery | Prince George’s Counties

When you’re ready to purchase commercial property for your Maryland business, how do you know where to look? Where should you start? Fortunately, there are many resources you can turn to. Here are some of the best.

State of Maryland

The Maryland Department of Business & Economic Development (DBED) website has a database of commercial and industrial properties throughout Maryland. The database lists location, sales price, building details and broker contact information for each property. If you’re on a mobile device, you can download the LocationOne app to search for properties. For new or early stage businesses, the site has a tool for finding incubators by industry sector or region, including IT, Environmental, Defense and Mixed Use. You also can search for Maryland’s seven science and technology business parks if you’re looking to partner with a university or research institution.

Anne Arundel County

The Anne Arundel Economic Development Corporation (AAEDC) website provides multiple resources for your commercial real estate search. AAEDC maintains a list of commercial developers and brokers you can contact about major business parks in the county. You also can schedule a confidential consultation with AAEDC staff members, who will connect you with their own database of properties (410-222-7410 or wmacquilliam@aaedc.org).

Howard County

The Howard County Economic Development Authority (HCEDA) maintains a current inventory of available office, industrial and retail space as well as developable land, which are showcased on the Featured Properties page. If you want more information, contact an HCEDA business development representative for assistance. If you have a technology-based startup, check out the Maryland Center for Entrepreneurship iCat Program, which offers space for qualified companies.

Montgomery County

The Montgomery County Economic Development (MCED) Relocation and Site Selection page offers a Property Selection building and website search where you can enter parameters such as size, property type and location, to help you find the perfect property. If you need help, contact an MCED economic development specialists with expertise in life sciences, IT, cybersecurity and professional and financial services.

Prince George’s County

The Prince George’s County Economic Development Corporation (PGCEDC) provides two commercial property search engines on their website − LoopNet and Showcase. LoopNet is an incredibly comprehensive online resource for commercial real estate. You can search by property type and location, but you’ll need to sign up for a free account to get more detailed information. Showcase is powered by the CoStar Group, and their website features real estate professionals’ listings. You can search by property type, location, space available, building size and sale vs. lease. If you want more information, you’ll have to pay for a subscription.

Other Maryland Commercial Real Estate Search Websites

Realtor.com Powered by Commercial Search

Realtor.com’s commercial search website lets you search for properties by location and property type. Click on links to search Maryland properties for sale or lease. You’ll have to register for a free account to access more detailed information.

Catylist

The Catylist website lets you search for office, industrial, retail, multifamily and land listings by keyword, location, property type, price, size and sale vs. lease. The site provides detailed property information and a link to the listing agent.

CIMLS

The Commercial Investment Multiple Listings Service (CIMLS) lets you search by location and sale vs. lease. The website provides detailed property information and a link to the listing agent. Click on links to search Maryland real estate for sale or lease.

CityFeet

CityFeet lets you search for commercial properties by location, property type and sale vs. lease. The website also has a real estate broker search tool that matches you with brokers in your area. You can access detailed property information, as well as broker bios and contact information, without having to sign up for an account.
Once you find a property that suits your business, you’ll probably need a loan. For tips on securing financing for your commercial real estate venture, see our blog post on “3 Things You Should Know About Real Estate Lending in Maryland.” If you want to talk with a Revere Bank lender, call:

  • Steve Zelenak(Anne Arundel County and Prince George’s County) 866-950-5784
  • Dave Gramil (Howard County) 866-950-5784
  • Stephen Horvath (Montgomery and Prince George’s County) 866-950-5784
  • Mike Schonfeld (Acquisition, Development & Construction Financing) 866-950-5784

If you would like to be matched with a reputable and experienced commercial real estate broker in your area, contact a Revere Bank Business Banker.

Revere Bank Team Participates in Rebuilding Together Montgomery County’s 2015 National Rebuilding Day - April 27, 2015

Laurel, Md. (April 27, 2015) – Revere Bank employees participated in Rebuilding Together Montgomery County’s (RTMC) National Rebuilding Day event on April 25, 2015. The 15-member Revere Bank team partnered with a team from Christ Episcopal Church. Together, they contributed 90 hours of hands-on repair work; supplied tools, mulch and flowers; and collected or donated funds to renovate a home in Kensington, Md.

Rebuilding Together is a national organization that partners with communities to prevent homelessness, preserve affordable housing, and provide safe and independent living for those most in need. National Rebuilding Day (NRD) encompasses a month-long effort to make a positive impact on the lives of low income homeowners in need. NRD culminates on the last weekend in April at Rebuilding Together affiliates across the nation.

This year, RTMC worked in partnership with state and local governments, community volunteers, nonprofit service providers and corporate partners to provide free critical repairs, energy efficiency upgrades and accessibility modifications for 20–25 homes in order to uplift local neighborhoods and create sustainable housing solutions for Montgomery County’s most vulnerable residents.

Revere Bank Build Day

Selecting a Lender for Your Maryland Commercial Construction Project - March 19, 2015

Selecting a Lender for Your Maryland Commercial Construction Project
Selecting a lender to finance your Maryland commercial construction project doesn’t have to be daunting. As long as you carefully research several banks, considering services offered and areas of expertise, you’ll find the one that best fits your needs and goals.

Here’s what to look for:

Local Banks

Local banks are the best option for securing financing. They are more likely to specialize in small- to medium-sized business (SMB) lending than national banks and are often willing to take on complex and potentially risky commercial development ventures. They are also more concerned about customer retention and community impact than national banks, which are heavily focused on profits. This shared investment in your success will ensure excellent customer service and dedication to your project.

Speed

Commercial construction projects need financing fast. A delay in financing can push back the entire project and lead to multiple additional complications. Local banks are typically more nimble and responsive than national banks. They streamline the loan process by giving you direct access to decision makers who can offer a quick turnaround.

Flexibility

Development projects are not one-size-fits-all and rarely go according to plan. You need an experienced lender who has the know-how and flexibility to customize loan structure and terms. Whether you are renovating, completing tenant improvements or starting a new development, local banks are frequently more adaptable than national banks and can tailor construction loans to your needs, taking into account risks, project timelines, repayment schedules and interest rates.

If you’re a developer seeking bank financing for your Maryland commercial construction project, don’t be intimidated – just do your research. Look for an experienced local lender who specializes in SMBs, can offer a quick turnaround, has the ability to customize loan structure and terms and is invested in your success.

Have questions? Contact us online for additional information, or if you would like to talk with a lender, call Mike Schonfeld at 443-274-1034.

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

Maryland Business Tax Credits and Incentives for the 2015 Filing Season -

Maryland Tax Incentives
It’s tax season in Maryland! Here’s what you need to know about Maryland business tax credits and incentives for the 2015 filing season.

Who Must File

All corporations and associations with income allocable to the State of Maryland are required to file an income tax return with the state on Form 500. The corporate tax rate is 8.25% of the net income allocable to Maryland.

When and How to File

Business income tax returns for the year 2014 must be filed by the 15th day of the third month following the close of the taxable year or period, or by the original due date required for filing the federal return. Form 500 must be filed electronically to claim business income tax credits.

Business Personal Property and Local Taxation Requirements

In Maryland, businesses must pay an annual tax based on the value of their business personal property, including furniture, fixtures, tools, machinery, equipment, etc. The Department of Assessments and Taxation (DAT) administers the valuation process, while the counties and towns collect the tax based on the location of the property.

The DAT automatically registers corporations, limited liability companies, limited partnerships and limited liability partnerships for this tax when these legal entities form. All other businesses, such as sole proprietorships and general partnerships, that own or lease personal property or need a business license are required to:

1) Obtain an identification number by registering with the DAT; and

2) File an annual business personal property return

New Business Tax Incentives and Credits

Tax credits provide new and existing businesses in various industries and geographic locations the opportunity to reduce costs, spur investment and create jobs through targeted tax incentives. There are two new business tax credits available for the 2015 filing season:

Modified Business Tax Incentives and Credits

Three business tax credits have been modified for the 2015 filing season:

  • ENTERPRISE ZONE (EZ) TAX CREDIT: The EZ program provides real property and state income tax credits for businesses located in a Maryland enterprise zone in return for job creation and investments.
  • HEALTH ENTERPRISE ZONE (HEZ) HIRING TAX CREDIT: A HEZ practitioner may be eligible to claim a refundable credit of $10,000 ($5,000 per year) for hiring a qualified employee in a HEZ, as certified by the Department of Health and Mental Hygiene (DHMH).
  • ELECTRIC VEHICLE RECHARGING EQUIPMENT TAX CREDIT: An individual or corporation may be certified to claim a credit for a certain amount of cost for electric vehicle recharging equipment that was placed into service during the tax year in which the credit is claimed. NOTE: This credit expired on July 1, 2014. Only equipment purchased prior to July 1, 2014, will be certified and eligible for a tax credit on the 2014 Maryland tax return.

Existing MD Tax Incentives and Credits

Maryland offers a variety of tax incentives, exemptions and credits to help businesses grow and prosper, including:

Other Maryland Benefits

In addition to the listed tax incentives and credits, Maryland offers the following benefits:

  • No gross receipts tax on manufacturers
  • No corporate franchise tax
  • No unitary tax on profits
  • No income tax on foreign dividends (if the corporation owns 50% or more of the subsidiary)
  • No tax on intangible property
  • No separate school taxes

Maryland also offers specialized financing and incentive resources for small businesses, veteran-owned businesses and minority and women-owned businesses to help with a variety of needs including:

  • Modernization of manufacturing equipment
  • Land acquisition and infrastructure improvements
  • Machinery and equipment purchase
  • Development of commercial opportunities
  • Financing for the economically disadvantaged

If you would like additional information about Maryland business taxes, visit Maryland Business Taxes or the Maryland Department of Business & Economic Development.

If you need a referral to a qualified tax professional, our business bankers would be happy to provide assistance. Contact us today.

 This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied.

 

5 Benefits to Building a Relationship with your Maryland Loan Officer - January 30, 2015

maryland-loan-officer-partnership

Small business owners interested in securing a commercial loan can expect to receive advice from numerous professionals. Of nearly all advice received, however, none is as undervalued and underemphasized as the need to build a relationship with your loan officer.

While it may seem insignificant, it can drastically impact the direction and speed at which your company grows. Here are five great reasons to get to know your loan officer and build a solid professional relationship with him and the bank he represents.

Small Business Advice

Loan officers at banks have seen it all, and after years of approving business loans and seeing the results, they know what works and what doesn’t. They’ve reviewed countless business plans, talked to scores of small business owners just like you, and have tracked loans from conception to loan to repayment.

In short, they can probably tell if your million dollar idea is a good one long before you put it into practice. Getting to know your loan officer gives you access to this pool of knowledge, and lets you rely on someone with broad and deep experience as a sounding board before committing resources to your plan.

A Loan Officer Acts as a Trusted Advisor

Getting help for your business can be tricky. Asking people for advice who have been with you from the beginning can give you answers that are clouded by proximity to your business.

Establishing a relationship with your loan officer allows you to build a comprehensive history with him that lets him offer help and advice with both a disinterested professionalism and a knowledge of where you are coming from.

Your bankers and loan officers can be privy to information that you might not want to share with competitors, or even friends who have their own businesses, and can use that information to offer better advice about the health of your company.

Builds Trust

At smaller community banks the trust you build by having a relationship with your loan officer can be the difference between getting a small business loan or not, or getting terms favorable to you or not. At large commercial banks, however, establishing a rapport with your loan officer might not help too much due to big bank challenges such as far away decision making and red tape.

Referrals and Recommendations

A surprising number of business owners turn to their bankers and loan officers for suggestions on finding services they need. So when the next person asks your loan officer to recommend someone that does whatever it is that you do, you want your name to be at the top of his list.

Likewise, if your loan officer trusts and respects you, he is far more likely to give you good recommendations when you ask them about services you may need.

Financial Advice

Your bankers and loan officers probably have first-hand knowledge of what is going on in your community when it comes to finances. They can often offer great advice about the direction your company should be moving in based on what the larger financial picture looks like.

They can also offer suggestions on ways to get there, and give tips on how to make the most of your loan, or how to solve countless other financial problems that can impact many new businesses..

Recent Posts

  • Partnerships That Matter: Banking on Healthy Pets with Rocky Gorge Animal Hospital
  • Choosing a Bank for Your Business
  • Revere Bank Supports Small Business, Attends Local Cakepoppery Grand Opening
  • Cash Management for Your Small to Medium-Sized Business
  • Revere Bank Employees Support Best Buddies Friendship Walk
  • Questions? Contact Us!

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