By Jaime Hernandez

Opening and running a business can be a rewarding yet demanding endeavor. Developing the right business plan and executing it. Meeting your clients’ needs. Maintaining inventory. Hiring and retaining dedicated employees. Ensuring quality service. All are keys to a successful commercial venture.

But how do you finance your dream of owning or growing a successful business? Banks are ready and willing to help, but choosing the right financial institution that understands your business’ financial needs and provides you with professional and personalized service whenever you need it is critical. There also are so many products to choose from. How about a line of credit to meet payroll during a seasonal downturn or pursue an unexpected business opportunity? Thinking of a small loan to pay for structural upgrades or repairs? A knowledgeable, experienced bank that understands your industry and knows your area well will properly introduce you to the many options available, advise you and give you exactly what your business needs.

“Competitive interest rates make a term loan an attractive option for a growing business,” said Bernie Adrover, Senior Vice President and Director of Business Banking at City National Bank (CNB). “Borrowing against your accounts receivable can give you the ease of utilizing revenues owed to your business while the bank collects on those accounts.”

A variety of products are also offered to South Florida companies through t he U.S. Small Business Administration (SBA). An SBA 504 term loan gives you long-term, fixed-rate financing to purchase real estate or machinery, pay for renovations, and refinance qualifying debt. The 7(a) loan, SBA’s most commonly used government-guaranteed product, is designed for manufacturing, wholesale, retail, services, and independent companies and franchises. The 7(a) loan offers a low down payment, long repayment terms, and no balloon payment.

The SBA Express program offers a fast turnaround and streamlined processing that quickly gives you access to funds. It offers a term loan or line of credit up to $350,000, minimal down payment requirements, longer repayment terms, and business expansion opportunities. The SBA Export Express financing program features fast approval on loans or lines of credit up to $500,000. These options, and others, are available through City National Bank.

“CNB offers local businesses a tremendous opportunity to grow,” said Adrover. “Our products are highly competitive and we have a long track record of effectively serving the South Florida business community.”

Don’t put your dream of owning a business on hold or have it slip away because of finances. Carefully analyze your company’s financial needs and when you are ready to look for an experienced and established business partner with a long track record of success, contact the bank that will best meet those needs.

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