An international business, by definition, has either clients or foreign providers. Thus, a qualified financial entity is necessary to allow it to receive and make payments and perform other relevant business transactions.
The Cambridge Business Dictionary describes international banking as financial arrangements, such as lending money, for companies and banks in other countries. International banking is just like any other banking service, but it takes place across different nations.
South Florida is home to many multinational companies. Therefore, we naturally have several individuals concerned with global banking services for transacting business.
For these international businesses, having a relationship with a bank that offers international banking services is essential. These services range from payment accounts to lending. An international bank will facilitate international business arrangements and transactions that may be unfeasible for domestic banks.
International banks are key facilitators of international trade, fulfilling an important role not covered by other institutions. These include offering payroll services for companies with employees and contractors in other countries, or letters of credit to ensure that companies in different countries pay one another for goods and services. They also offer financing services to support the capital required to import and export goods.
Here are some important things to consider:
Banesco USA offers a wide range of international banking services including:
Don’t forget to make sure to have all your documents are up-to-date to open an account.
For international banking, the bank will:
If you are looking to open an International Business Account, you can reach one of Banesco USA’s experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
Doing business in Florida sounds like a good idea, right? Not only is South Florida a warm and sunny place to live, but it’s also actually an excellent location to start a business. Whether you are starting a company, opening a new location or moving your headquarters, the Sunshine State has some great advantages to enjoy.
Florida is home to the fourth-largest economy in the nation. Its growth in 2018 significantly outpaced the U.S. at large at a rate of 3.5% compared to 2.9%. Small businesses form a big part of Florida’s economic landscape, making up 99.8% of all businesses and employing 3.3 million people, representing more than 42% of the state’s workforce.
Florida is one of only seven states in the country that doesn’t have a personal income tax making it a very attractive location for corporate legal entities, such as LLCs. The state’s sales tax for rented or purchased goods sits at 6% and corporations must file a corporate income tax return at a low top rate of 5.5%. This means you’ll be able to keep more of your money exactly where it belongs — in your bank account. If you’re looking for a prosperous place to start a business, South Florida may well go to the top of your list.
Recognizing that businesses need certainty, predictability, and efficiency, Florida’s regulatory agencies and local governments have in recent years made efforts to provide quicker, less costly and more predictable permitting processes for significant economic development projects. Ready assistance and access to enterprise bonds, micro-loans, and a growing venture capital sector further contribute to Florida’s reputation as a great place to do business.
Of course, South Florida is one of the most popular tourist destinations in the country. The relatively mild year-round weather and stream of events make for a favorable climate for steady sales and welcoming new opportunities without some of the more profound seasonal shifts found in other parts of the country. In fact, South Florida’s tourism today supports many businesses throughout the year.
South Florida has a dynamic and active entrepreneurial environment with annual small business startup activity growth hovering around 3.7% and SBA loan approvals increased by more than 56% between 2012 and 2015. That’s great news as having a thriving entrepreneurial community helps create a business atmosphere with the ongoing demand for various types of resources and support.
Florida is also a strategic and economic center of the Americas. A prime geographic location offering relative economic and political stability has put Florida at the center of trade and finance throughout much of the Western Hemisphere.
Florida is also home to a growing body of investment capital from venture capitalists and angel investors, making it an increasingly attractive place to start or growing a business.
“The idea that you have to be in huge metropolitan areas like New York or Silicon Valley for access to capital is overblown,” said Andy Latimer, founder, and CEO of Bluewater Media. “The stable business environment in Florida makes business here ripe for investment. Also, the walls of access to large markets have been broken down by technology.”
Today, Florida is home to several economic hubs considered to be incubators of innovation and startups.
Florida’s workforce is also one of the most culturally and linguistically diverse in the nation. More than 3.2 million Florida residents were born outside the U.S., and 4.4 million are speakers of languages other than English. Best represented are speakers of Spanish (3.2 million), Indo-European languages (875,000) and Asia and Pacific Islander languages (218,000).
With more than 150 banks across the state, South Florida has a great sense of community and supporting local businesses. Banesco USA offers a wide variety of services and loans to support many different businesses looking to grow in South Florida. To learn more about Banesco’s business loans please read our business loans (linked) article to learn about our services. With five business centers in South Florida – Coral Gables, Doral, Hialeah, Weston, and Aventura, we are here to help you grow and succeed.
If you are looking to starting a business in South Florida, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
Every company has to start somewhere. The Imagination Factory, located in Doral, Florida, shares their amazing success story and what Banesco USA’s support has meant.
The Imagination Factory is a preschool with over 40 years of experience focused on the concept of early childhood education. When it was time to buy the lot where the preschool was located, Banesco USA came to help. As an institution willing to support big ideas and innovation, Banesco USA found and instant connection.
With their focus on providing the necessary tools to allow children to develop their communication, social, emotional, physical and cognitive skills, Banesco USA was moved to partner with such an impactful institution, focused on fostering a healthy and safe environment that meets children’s social, physical and intellectual needs.
In spite of being one the hardest economic years in the U.S. due to the 2008 economic crisis, Banesco USA opened its doors to The Imagination Factory and decided to partner together for an incredible journey ahead. The Imagination Factory explains that from the beginning Banesco USA provided a strong team that would be by their side in their day to day. Not only did Banesco support them financially, but it also got to know them intimately in order to be able to better understand their weaknesses as well as their strengths, building a personalized approach that would help the business succeed.
Today, the preschool is forever grateful for its relationship with Banesco USA, something key to their story and success.
Understanding the importance of business bank accounts
The U.S. Small Business Administration recommends opening a business checking account whenever your business is ready to start accepting or spending money. That’s because combining your personal and business financials is not recommended. In fact, some business owners even prefer creating separate accounts at separate banks in these matters.
That’s because having a business account is not only more professional, it actually provides greater security, clearer accounting and other benefits and features that personal bank accounts simply do not offer. Let’s have a look:
Lastly, let’s talk about what you need to open a business checking account and what to look out for.
Here are some of the most common documents you need to provide to open your account:
At Banesco USA we offer a variety of services and benefits for our business clients including:
Opening a business account is easier than you may think. If you are looking to open a business checking account, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
Understanding the importance of choosing a bank for your business
Are you interested in finding the best bank to open a business account? Choosing the right banking relationships to meet a business’s financial needs is one of the most important decisions that owners and principals can make. It is also very different from addressing personal banking needs. To make the best decision requires research, not only of the different services, rates, and fees, but also of the not so obvious added value, and yes, community ties, a bank brings to the table.
One of a business owner’s most crucial responsibilities of maintaining a sound financial state of affairs. With so many transactions and variables to deal with throughout the year, keeping matters organized and sufficiently scrutinized can diminish an owner’s ability to proactively grow their business.
Part of the task has to do with ensuring that a business is using the right financial products and using them wisely. The degree to which this happens often leads back to their choice in banking relationships and how close or transactional they are.
Here are 5 tips for finding the best bank to open a business account:
It’s important to know what you need and want from your bank. Are you looking for business loans? For what purpose? Are loan decisions made locally? Naturally, this comes with learning what type of business loans a given bank offers and what their application processes are like. For example, did the banker take time to truly understand your company history, its strengths, weaknesses and the opportunities you’re pursuing?
At Banesco USA we offer several business loans depending on your specific reality and needs. As a community bank, growing and supporting our local businesses and the broader economy is part of our focus. That’s why our decision-making process is local and takes place right here in our Coral Gables headquarters by people that understand local dynamics, know the neighborhoods and have the pulse of the area.
Are the latest technology and convenience like automatic bill payment or credit card processing important for you? Taking the time to have a better idea of what a business needs helps us narrow down the choices that can best help owners gain back some of the time they need to grow their companies.
If technology and personalized service is a priority for you, get to know the bank you are considering. At Banesco USA, you can enjoy the convenience of connecting to your accounts with free, secure, easy access from any computer or device. We also offer a mobile check deposit feature to conveniently deposit checks using your mobile device anywhere and anytime. That’s a big deal when you take into consideration the toll that local traffic can take. Most importantly, you can rely on us for client support 24/7 with Banesco’s Voice system.
Banesco’s USA digital competency and use of technology to serve customers in innovative ways is uncommon among banks of its size. Not only are we technology-driven but we are also differentiated by our emphasis on local and personalized banking.
“Smaller, regionally focused banks may be better because they know local market conditions,” notes The Wall Street Journal. “They often provide more one-on-one access to a loan officer and put more emphasis on a borrower’s character rather than just applying a credit-score model. And they can be more flexible during tough times, such as covering overdrawn accounts without imposing stiff penalties.”
National banks may offer a wide selection of products and services but, local banks are often better at applying and customizing them actual customers. In some cases, community banks can have a better chance of granting a business loan or finding a more flexible interest rate.
Fees are one of the main things to look out for when opening an account. Make sure to research and compare banks’ fees for ATM use, check writing, monthly account statement fees, and interest rates. Also, take into consideration wire transfers and credit card processing fees, if either of those is important to your business.
Most importantly, make sure to know if a bank qualifies as a Small Business Administration Lender. Having an SBA-sponsored bank may be a big help in the loan approval process.
Banesco USA provides long-term financing, SBA approved loans for example for the purchase and construction of commercial real estate. Financing can be used to acquire existing property or for the purchase of land plus construction costs.
To qualify for SBA 504 financing, the qualifying business must have:
SBA 504 Loans may be used for financing with conditions such as:
Most successful business owners and principals will agree that building a solid relationship with a business banker who understands your business is key. A good banker can help an owner throughout many years including different business cycles and stages of growth.
If you’re interested in finding the best bank to open a business account and are considering exploring your options with Banesco USA, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
A cash management account is a multi-use brokerage account that is designed to manage cash, make payments and earn interest, typically used for business finance management.
These accounts are an all-in-one service, offering a mix of a checking and savings account: A checking account with the use of a debit card and ATM withdrawals, as well as an interest-bearing savings account. This all-in-one type of account will typically pay a higher interest rate than traditional savings accounts.
By offering multiple services in only one account rather than meeting the same purposes separately, a cash management account offers an ideal option for businesses that would like to have group and integrate services together in one tool.
That’s because monitoring different accounts can be confusing, time-consuming and not in a business’s best interest. Having accounts combined, helps financial managers achieve more in less time.
It’s important your cash management account is FDIC-insured (Federal Deposit Insurance Corporation). The FDIC will protect your money in case something happens. Banesco USA is completely independent of Banesco in other countries and all of its deposits are insured by the FDIC.
Because peace of mind is such a priority, the bank also offers additional advanced secured features such as:
The national average interest gain, of course, varies in a traditional savings account (currently .08%). With a cash management account, you’ll be able to get a higher rate of interest.
A cash management account with Banesco USA also allows you to use a credit card or debit card that is linked directly to your account, providing easy access to funds at the time.
The account offers several flexible features like allowing you to withdraw money and set up bill pay and accessing your money without limits.
Banesco USA offers a wide variety of features to your cash management account to better serve your needs with maximum flexibility.
A cash management account not only serves a business’s financial needs but it’s also an excellent resource to save up for short- mid-term goals, such as a down payment for expanding a business, purchasing equipment or emergency funds.
If you are looking to better organize and maximize your finances, consider a cash management account with Banesco USA that consolidates and elevates your banking experience and meet your broader financial goals.
If you’re interested in a cash management account, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
Here’s why you should consider a community bank.
Local banks or community banks as they are also known, are a valuable option versus large national and regional banks, especially for small and medium-sized businesses and individuals. A community bank is a locally-owned and operated financial institution whose size is defined by the Federal Deposit Insurance Corporation (FDIC) as having around $1 billion in assets. According to the Federal Reserve’s Small Business Credit Survey, community banks are the small business lender of choice.
Among the banks in South Florida in this category is Banesco USA, a banking institution with $1.3 billion in assets based in Coral Gables that serves the South Florida area with four business centers.
Banesco USA is known for bringing global expertise to local banking, providing a community bank attuned to the needs of a diverse and increasingly international community.
Today’s technology allows these smaller institutions to provide customers with state-of-the-art services on par with the bigger institutions but also boast a series of unique advantages. For example, Banesco USA can service clients with a wide range of personal and commercial needs and prides itself as being at the intersection of digital innovation, with a human touch.
It is not surprising then that according to the Federal Reserve’s Small Business Credit Survey, 73% of independent businesses that used community banks report they were satisfied with their overall experience, compared with 49% for large banks.
Given their size, community banks can often offer a more personalized service than their larger counterparts. They tend to have close ties to a community and a more intimate feel than national banks whose businesses tend towards large metropolitan areas and volume business. On the other hand, at a community bank, it is not unusual to work with the same people over many years, allowing them to get to know you and with that the ability to offer relevant services over time that align with your needs.
For example, when considering banks in South Florida, Banesco USA takes pride in offering Relationship Banking, providing customers a single point of service for a range of products and services.
Typically, community banks also have more flexibility in the decision-making process. This means that, for example, approval of a small business loan may take less time than one at a larger institution. Also, community banks in South Florida often are often better at taking local needs into consideration, as they’re leadership have first-hand knowledge of the local challenges and opportunities that small businesses have.
Headquartered in Coral Gables, Banesco USA’s team is right in the middle of the community they serve.
Community banks also may offer lower fees than big banks, but not always. Services like online bill paying, debit and credit cards checking accounts, savings accounts are often offered at a lower interest rate with better terms. Competitive services
Today, community banks can offer many of the same quality services and conveniences as larger banks like online and mobile banking. The difference is that these services are often tailored to the needs of the clients, making the banking experience better.
For example, Banesco’s USA digital offerings include:
Community banks are also community members, which means they tend to invest in the communities they serve. As part of the local economy, supporting small businesses, in particular, is of major importance. The Corporate Social Responsibilities (CSR) programs of a local bank will likely be focused on the needs of the community, rather than broader national causes. Therefore, supporting your local bank also translates to supporting your community.
According to the Federal Reserve Bank of New York, small businesses were also more likely to be approved for some form of a loan from community banks — 76%, compared to 58% at national banks.
Banesco’s USA CSR program is dedicated to local initiatives, giving not just money, but employees’ time, working hand in hand with the organizations they support. Some of the groups the bank currently works with are Voices for Children of Broward County, Kapow, St Jude Children Hospital and the Network for Teaching Entrepreneurship (NFTE).
In addition, Banesco has an integrated social responsibility strategy to address social, economic and environmental challenges in the area over the next five years through products and services, culture and operations. First-year efforts will focus on education and entrepreneurship. As part of this effort, the bank has partnered with Steps Up for Students, Cristo Rey Miami High School, and Junior Achievement.
Another example of how local banks work with communities is Banesco’s Corporate Work Study Program of Cristo Rey Miami High School. Through the program, students earn about half of their education, gain job experience, and realize the relevance of their education while providing real services to local businesses. Students work one day per week at Banesco to earn most of their tuition and gain valuable work experience for life after college.
Banking locally provides valuable advantages: personalized service, locally relevant products, and services, local decision making, and competitive rates.
Now that you learned more about banking locally; join our community at Banesco USA. You can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.
Poultry and Industrial Suppliers, INC located in Pineland, Miami shares their success story and how Banesco USA has been a consistent and devoted partner through their journey.
Poultry and Industrial Suppliers, INC was founded in 1984 to serve the poultry, swine industry in Latin America and the Caribbean. They have the support of world-renowned suppliers of their quality products and services such as: Chore-Time, Brock, PORCON, Sweet Manufacturing Company, Betco and many others that over the years have formed a team providing their customers “proven quality solutions.” For example, they are the Chore-Time distributors for Mexico, Central America, the Caribbean, Colombia, Venezuela and The Guyanas.
Banesco USA and Poultry Industrial Suppliers, INC have been together since 2013 and continue to work together towards accomplishing the company’s financial goals. Poultry and Industrial Suppliers shares how their relationship with Banesco USA has been helped them over the years. “Banesco is great, first of all because of their products, which I think are unique and second because of the people there—it’s the people who make the difference.” Explained one of Poultry and Industrial Suppliers executives.
The company explains how Banesco USA has two key components that makes their long-lasting partnership proactive and efficient: innovative products and services and personalized customer service. Personalized attention is hard to find nowadays, and they appreciate Banesco USA’s commitment, mentioning how they often come to their office to meet their clients personally. “I mean, a big bank isn’t going to do that for you, Banesco does” they explained. Not only does Banesco supports their finances, they pay attention to Poultry and Industrial Supplier’s clients.
Poultry and Industrial Suppliers, INC and Banesco USA continue working towards a big future together. Today, the company is grateful for having Banesco USA as a supportive and reliable partner.
Kramerica Lender, LLC located in South Miami shares their success story and how Banesco USA has been a reliable and loyal partner in their business journey.
Kramerica Lender, LLC is an accounting and consulting practice that offers a broad range of services for business owners, executives, and independent professionals. They specialize in Quickbooks products with solutions that include local onsite assistance or nationwide support for Quickbooks Online Accounts. The practice also provides invoicing and bill payment services as well as job costing and specialized reports.
Banesco USA and Kramerica Lender, LLC have been together since 2012 and continue to work build on their successful relationship. Kramerica Lender, LLC shares why they believe Banesco USA has been a terrific supporter in their partnership. “Banesco USA offers a partnership relationship, they are more than a bank and are really focused on their clients.” “It’s relationship banking, which is a little unique these days with the presence of big banks,” remarked one of Kramerica Lender’s executives.
He explains how Banesco maintains a personal relationship with them as clients and gets involved in important decision-making processes, something he appreciates very much. A personalized approach and a reliable customer service are a few of the things that the company points to as contributors for their continuous mutual growth and success. For example, they know they can rely on Banesco USA for any upcoming challenge, change, decision or milestone to overcome or celebrate.
Banesco USA is proud to continue working every step of the way with Kramerica Lender, LLC on their journey to continues financial success and Kramerica Lender, LLC is proud to have Banesco USA as their loyal partner.
BBM Marketing, located in North Miami shares their success story and the role Banesco USA played in their journey.
BBM Marketing is a full-service, international special events agency founded in 2004 and focused on the marketing, development, planning and management of events. Known for their strategic planning and a specific focus on the development of high-end, objective-oriented, events, the firm has earned a reputation for delivering quantifiable results for their clients.
Banesco USA and BBM first began working together in 2015 and continue to build on their mutual success. Benito Besada, BBM’s President shares with us how they first came upon Banesco USA. At the time, they were contemplating switching to a smaller bank with a more personalized approach and multiple locations in other countries. “We needed a bank that could understand the Latin entrepreneur and could assist us in our day-to-day financials, future investments and lines of credit,” said Besada.
Not only did Banesco USA support their financial needs, the bank offered BBM a one-on-one customer service experience that made BBM feel like family. According to Besada, the company felt at ease and reassured that they could reach out to Banesco USA for whatever they needed, without getting stuck on a customer service line.
Banesco’s personalized service focus has been key in their great partnership and of tremendous value. Their attitude has been one of a loyal partner always looking forward to help and finding solutions, According to Besada.
Today, BBM and Banesco USA continue to work together towards growth and financial success and are grateful for their partnership.
Opening a small or medium business may be one of the most exciting and scariest things you’ll ever do. It takes a village to make a new business successful, and smart entrepreneurs know they need all the support they can get. While you may use a significant amount of personal savings to get your business off the ground, or even crowdfunding and support from your family and friends, it’s extremely important to plan out your finances ahead of time.
Here we offer some tips for those of you who are considering to apply for a loan to support your new business, or the growth of your current business endeavors.
1. Before you apply for a business loan, make sure your personal credit is in good standing. Consider any debts you have and whether or not they will affect your loan payments. Will you be able to maintain a consistent payment schedule?
2. Know exactly how you’ll spend the money from the loan you’re seeking. Will the loan cover materials for your business? Is it intended for commercial real estate? Who will be in charge of managing the loan?
3. If you are a new company, you must decide how to incorporate your business and determine its legal structure as this information will be presented during your loan application.
4. Gather information regarding your current bank accounts, income earned in the last year, number of employees, cash balance, taxes, etc.
5. Ask for guidance from an accountant, financial advisor, or legal advisor to figure out your fiscal assets, decide whether to apply for a joint application with your business partner or spouse, determine your guarantee, etc.
Banesco USA offers customized loan options to support small and medium businesses. Contact us to answer your commercial loan questions and see which loans work best for you. Send an email to commercialloans@BanescoUSA.com.