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MIDFLORIDA Credit Union can help with those beginning stages for small businesses | Photo via Unsplash
It can be a little overwhelming getting a business off the ground. We recently asked readers to send us financial questions they have about owning/operating a small business – and now we have answers, thanks to the local pros at MIDFLORIDA Credit Union.
Q: What do I have to do to get a loan? How do I know what type of loan fits my business best?
A: As one of the largest credit union business lenders in the SouthEast, MIDFLORIDA has business bankers and commercial lenders positioned in all of their markets to serve commercial borrowing needs.
MIDFLORIDA recommends making an appointment to have one of their lenders visit your business to discuss your unique needs and get specific recommendations tailored to you. There isn’t much they haven’t seen and can’t do.
Q: What are the benefits of using a company credit card for business expenses?
A: Company credit cards offer a lot of convenience and flexibility in managing business expenses. They are a widely accepted form of payment, and you can issue cards to employees working on different jobs in different areas. Your biz can also earn rewards or cash back, depending on the card program you choose.
Q: How do I know it’s the right time to grow my business?
A: Small business owners frequently face growth and expansion decisions. Those decisions are unique to each individual business. They involve analyzing factors like economic conditions/forecasts, market availability, logistics, profitability capacity, and the ability to increase capacity of the business.
MIDFLORIDA has experienced business lenders in each market and they suggest meeting with one of them to talk through your options and bounce ideas around. An experienced banker can be a valuable extension of your team.
Q: Is it better to lease or buy equipment outright?
A: A quick answer is you can usually lease more with less capital expenditure up front — but at a higher overall cost. If you have capital to inject in the acquisition, buying outright may make more sense.
Another consideration may be the time in which the purchase becomes functionally obsolete. In other words you might lease computers and software that change quickly, you would buy a building that you would occupy for a long time. A business banker can walk you through your options. Ⓟ