The Imagination Factory and Banesco USA: A Success Story

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.

Choosing the Best Bank for Your Business

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:

Set and understand your priorities

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. 

best bank to open a business account

Small or Big Bank? 

“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?

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.

The Bank’s Credibility 

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:

  • Tangible net worth of less than $6 million
  • After-tax profits of less than $2 million
  •  Fewer than 500 employees
  • Other eligibility requirements may apply

SBA 504 Loans may be used for financing with conditions such as: 

  • Acquisition of fixed assets such as land and building – the owner must occupy at least 51% of   leasable space
  • New construction – the owner must occupy at least 60% of leasable space
  • Purchase and Renovation – the owner must occupy at least 51% of leasable space

Relationships 

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.  

Understanding Different Types of Business Loans

Businesses may from time to time require cash and capital to fund a variety of expenses, operational changes and investments. As such, companies often take out business loans to satisfy these needs. A business loan is a debt that the company owes to the bank they partnered with and will need to be paid according to the loan’s terms. 

Companies use business loans for a variety of needs like paying salaries, buying office supplies and inventory or developing business projects. In order to get started the bank needs to understand how the business will use the funds provided and the debtor must create a plan to explain how the money will be spent.

There are many different loan options to choose from. Traditional banks have been the most popular choice of funding; however, applying for a business loan at a ‘big’ bank’ can have its setbacks. When applying for a business loan at Banesco USA you will be pleased to hear that our loan process is made and decided locally—in person. 

Our local decision-making feature facilitates the loan application process for business owners. From the first initial consultation to reviewing and approving the application, we take care of it all whether at our Coral Gables, Doral, Hialeah, Weston or upcoming Aventura branch. 

Loans, of course, are repaid with an added interest rate. Banks charge different interest rates for loans depending on the terms and conditions under which they are signed. 

An important difference to understand is whether the interest is fixed or variable. A fixed rate means the interest rate will remain the same for the duration of the loan. A variable rate means that the interest rate can fluctuate based on different circumstances.

At Banesco USA we offer long term fixed rates, meaning the interest rate will remain the same for the full payback period and at the same time offering longer payback periods than usual. 

The Bank’s approach to underwriting commercial credit risk is to evaluate each loan request on a case by case basis, the bank will seek to analyze the overall soundness of each loan proposal based on traditional credit underwriting criteria

Banesco USA is proud to offer multiple business loans to support its beloved community. Our most popular loans are:

Types of Business Loans

Income Producing Commercial Real Estate Loans

A commercial real estate mortgage is a real estate secured loan mostly used to purchase or renovate a commercial property. Including:

1. Multifamily (apartment buildings, combined duplex/triplex/fourplex buildings, non-conforming apartment buildings)

2. Retail (Unanchored shopping/retail centers, anchored shopping/retail centers, retail properties for owner-users, single Rated tenant      property)

3. Warehouses (multi-tenant warehouses, warehouses for owner-users, light Industrial properties, warehouses/showrooms

4. Offices (Multi-tenant office buildings, single-tenant office buildings, office/showrooms, office buildings for owner/users)

As a local lender, Banesco USA understands the commercial real estate market in South Florida. We have the lending capabilities, flexibility, and local decision makers here to help you achieve your goals.

Owner Occupied Commercial Real Estate Loans

An owner-occupied commercial real estate loan is used to buy your commercial space for your business. If you are a business owner looking to own your existing or a new commercial building for your company, this may be the right loan for you. 

According to the SBA (U.S. Small Business Administration) for lending purposes, a property is considered owner-occupied when 51 percent or more of the property’s space is occupied by the owner’s business, and the owner pays at least 51 percent of the rent.

Commercial and Industrial Loans

One type of commercial and industrial loans is a line of credit. For example, if you own a landscaping business, and you need to buy trucks- we would finance the trucks, and this would be called equipment financing. This type of credit will allow you to buy the equipment necessary to operate your business whether it’s machinery, transportation or products. Another option would be for cash flow purposes, and we would provide the line of credit in order to allow you to operate your business. Whether you’re looking to expand your business or purchase new equipment, we’ll help you find a solution that fits your needs. 

Banesco USA believes in giving companies the best possible chance at success. Loans are in high demand, but not every company that applies for one will get it approved. That’s the nature of lending. At Banesco USA we promise to carefully evaluate all aspects of your loan application. We strive to deliver innovative, responsible, and quality service to our customers in our community.

If you’re interested in a business loan, you can reach one of our experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.  

If you’re interested in learning more about Banesco USA and our FDIC insured financial products, 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 and Banesco USA: Banesco Stories

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 and Banesco USA: Banesco Stories

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 and Banesco USA: Banesco Stories

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.

Seeking a business loan

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.

Reference: https://www.inc.com/guides/filling-out-loan-application.html

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