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What Are Typical Startup Needs?
Most business startups will usually identify capital as their primary and only need; this is unfortunately not the case. According to Phil Bronzi, Senior Vice President & Commercial Lending Director at Rhinebeck Bank, one thing that most business startups overlook is having a comprehensive business plan. Having a comprehensive business plan is essential when it comes to mapping out one’s costs and necessities. It is seen far too often that business startups will consult a financial institution without taking into consideration factors like the costs of their product, their target demographics and competition among other factors. Knowing your target demographic, competitive landscape, and exactly what expenses you might incur when starting a business can play a huge role in the potential success of your new small business.
How does Rhinebeck Bank serve those needs?
Once the amount of funding needed to start a business is understood, Rhinebeck Bank will work with the aspiring entrepreneur to determine the most appropriate solution for their need. Rhinebeck Bank typically partners with the Small Business Administration (SBA) to provide start-up financing for their business. The Small Business Administration is a United States government agency that provides financial support to aspiring entrepreneurs and small businesses. The SBA typically partners with banks and other lenders with the intent of strengthening the access to capital for small businesses.
While Rhinebeck Bank may concentrate on the business startup’s commercial lending and banking needs, it has also provided them with valuable connections to tax planning, legal and commercial real estate professionals. We’re always striving to provide startups with the resources to help them grow!
Rhinebeck Bank is all about supporting small local businesses. Being a community bank for over 159 years, we understand the needs of Hudson Valley businesses and exactly how to cater to them. By having this local knowledge, we’re better positioned to help them with their financial needs!
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