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Albion Banking Center

53 E State St
Albion, PA 16401
Phone: (814) 756-4138

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Albion Banking Center

Andover Banking Center

19 Public Square
PO Box 1300
Andover, OH 44003
Phone: (440) 293-7605

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Andover Banking Center

Ashtabula Harbor Banking Center

1630 West 19th Street
Ashtabula, OH 44004
Phone: (440) 964-8999

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Ashtabula Harbor Banking Center

Austinburg Banking Center

1853 Route 45
PO Box 273
Austinburg, OH 44010
Phone: (440) 275-3333

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Austinburg Banking Center

Conneaut Banking Center

339 State Street
Conneaut, OH 44030
Phone: (440) 593-6595

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Conneaut Banking Center

Andover Bank Corporate Headquarters

600 East Main Street
PO Box 1300
Andover, OH 44003
Phone: (440) 293-7256

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Andover Bank Corporate Headquarters

Edinboro Banking Center

212 Plum St
Edinboro, PA 16412
Phone: (814) 734-1655

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Edinboro Banking Center

Geneva Banking Center

665 South Broadway
Geneva, OH 44041
Phone: (440) 466-3040

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Geneva Banking Center

Jefferson Banking Center

150 North Chestnut Street
Jefferson, OH 44047
Phone: (440) 576-2265

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Jefferson Banking Center

Madison Banking Center

6611 North Ridge Road
Madison, OH 44057
Phone: (440) 417-0200

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Madison Banking Center

Millcreek Banking Center

2420 Zimmerly Rd
Erie, PA 16506
Phone: (814) 833-4550

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Millcreek Banking Center

Stow Loan Production Office

3924 Clock Pointe Trail, Ste. 101
Stow, OH 44224
Phone: (844) 259-5473

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Stow Loan Production Office

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Borrowing Tips for Your Business

Borrowing Tips for Your Business

Friday, October 29, 2021/Categories: Business

As a business owner, you know when it comes to cash flow and unexpected setbacks, it’s not a matter of if, but rather when. Even the most successful businesses will need to look to outside financing options from time to time. Whether you have unforeseen expenses, seasonal fluctuations in sales, or are considering expansion, you may need to seek a business loan. Searching for the right business loan to fit your needs can be daunting, and under pressure, impossible. It’s best to be aware of your options before misfortune strikes, so you can be prepared when it does. Business leaders agree that business financing decisions shouldn’t be made during crisis mode. 

Research

Knowing what questions to ask - and who to ask - is step one. You’re going to want to shop around and ask questions about fee policies and structures. For instance, are there fees for prepayment or late fees? A bank or loan company will likely want to know about your business revenue too and it may help to look for lenders that have worked with other businesses that are similar to yours. Another point to note, is that while some lending companies use a computer based algorithm to establish fees, others may take into account industry-related circumstances, which may benefit your business in the long run.

Look to experts you know and trust to guide your research and decision making when it comes to your business loan. Steve Vennare at Andover Bank has over 15 years of experience matching business owners to loan solutions. Steve knows the local markets and the challenges that local small businesses face and he’s happy to answer all your lending questions. “My goal is to fit your business with the perfect loan for your situation and to ensure that the entire process is smooth and painless. I know as a business owner, that your time is valuable and your situation is unique.” A trusted lending partner is invaluable to ensure you get the right loan for your unique business needs.

Andover Bank has products to fit conventional, non-profit, and municipal business needs and they have years of experience with SBA loan programs. The Andover Business Team is a local resource you can lean on to make the right decisions for your business.

Types of Financing

Term loans are lump sums that can be paid back over a longer length of time with interest. You may qualify for a Small Business Administration (SBA) loan which can also sometimes offer longer repayment terms and lower interest rates. Term loans are best for one time investments in your business aimed at producing additional revenue, like large equipment purchases or facility expansion.

A line of credit for your business allows you to access funds when you need them. Credit lines are often used for short term purchases, when waiting for expected revenue for example - so you can repay the credit when paid by your customer. Typically lines of credit have variable interest rates.

A business credit card is another short term solution that offers revolving credit when you need it. Business credit cards usually come with higher interest rates and are convenient for day-to-day expenses and tracking expenses. Some cards also offer rewards or points toward cash back or travel, which can add up quickly and save money in the long run.

Preparation

In doing research on lending companies, you should also prepare your own business accounting information so that it will be easy to access when you need it. Important documents like your federal employer ID number, and information like gross revenue, company start date, and credit score will be requested. Know before approaching a lending company if you’ll need additional funding later, what you’ll be using the money for specifically, and whether you’re looking for a quick capital or a long-term financing solution. Knowing where you stand with your business will help you ask the right questions up front and feel confident in your lending solution.

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