Stories from the bank: “Comfortable waiting”

“Johnny” founded an LLC. The LLC was to be an a.m. radio show that covered topics of music, nightlife, and the social scene in New York City. He was also planning an informational website in conjunction with the show with an e-commerce function that would sell promotional merchandise such as t-shirts, hats, key chains and Read More

Alternative Finance Series. Peer to Peer Lending, Part 2

Through peer-to-peer lending, you may be able to obtain funding for your startup. Generally speaking, it is hard to obtain start up loans from banks. At Triumph Business Services, we highly recommend forming a corporation or LLC prior to starting a business or seeking financing for a business. Such a legal structure for a business Read More

Stories from the bank: “Recession? Participation is OPTIONAL”

“Ed” owns an outdoor clothing and equipment store. While he did well selling clothing and footwear for camping, hunting, skiing, and other outdoor recreation, he wanted to expand his store. He needed room for additional inventory that would now include kayaks and paddles, tents, skis, and other equipment. While profitable, those products are large and Read More

Stories from the bank: “Big loan, low rate, quick approval”

“Manny” called late one afternoon and needed a $1.5 million commercial real estate loan. Before discussing his bank relationship over the phone or initiating an application, I had to “authenticate” him. Authentication involves a series of questions about his bank relationship that only the proper owner could answer correctly. He answered them correctly and without Read More

“Save Your Business” Emergency Planning Series Part 2 -Terrorism

On a late Saturday afternoon in June, 2016, employees at Orlando’s Pulse nightclub were preparing to open for the night. A DJ set up the booth and checked sound, bartenders prepped the bar area, the club was cleaned and ready to open. Neither employees nor patrons had any idea what was about to happen later that night. At Read More

“Save Your Business” Emergency Planning Series Part 1-Prepare Your Business

Emergency planning…really? You have a business to run and grow, so who has time for planning? Simply put, a small amount of planning in advance will save you in the event of disaster, and can get you back up and running in a very short time. In fact, that can be a powerful competitive advantage, Read More