Small Business Owner of The Jam Stand laughs with Spring Bank's Chief Lending Officer Sabrina, Co-Founder of The Jam Stand, laughing with Akbar, our Chief Lending Officer

2018 is here and we know you’re already working hard to make sure your business grows this year. Michelle Allen, our Commercial Loan Closer provides insight into ensuring you keep the most important things in mind as you plan ahead.

Review Your Personal Credit Score: A slight inaccuracy on your credit report can damage your credit without you even knowing it. Before the end of January, review your personal credit score to ensure the credit companies are reporting correctly and resolve any small blemishes. Both personal credit and business credit are relied on during the business loan application process and your lender will hold you to account for discrepancies.

Allocate Monthly Time for Recordkeeping: Set aside a few hours each month to update your books or hire a reliable bookkeeper to support you. One of the biggest challenges we see small business owners face is preparing for tax season and having to spend an inordinate amount of time cleaning up their financial records. Not only does this create more work during tax season, but it keeps you in the dark about profits or operational inefficiencies. Regular bookkeeping is crucial to growing your business. Tuesday Brooks, Founder and CEO of AJoy Management Enterprise and one of our small business customers, offers bookkeeping and tax services specifically for small businesses.

Assess Your Capital Needs: Whether your business is seasonal or not, every business faces the ups and downs of cash flow. Look ahead over the next 12 months and do your best to project expenses like upgraded technology, new inventory costs or tax expenses. This will also help you think about when you may need to begin the loan application process which can take anywhere from one to four months.

We understand the amount of work it takes to build and grow a small business because we are one. And, over the last ten years we’ve lent thousands of dollars to dozens of New York City businesses in every borough. Our Small Business Grow Loan Program offers a micro line of credit and small loan offering, specifically designed to help you succeed. Apply online in less than 20 minutes. If you’re unsure of your credit needs or have questions about the loan process, our team is here to support you. Don’t hesitate to contact us at 718-879-5000.

Pictured: Happy hour with Impact Hub New York City