One-Click Loan Can Cost a Small Business Big Money

In today’s online world, one click of the mouse can help overwhelmed entrepreneurs quickly cross things off their endless to-do list. But Country Bank of New York urges business owners to take the time to look for the best deal, especially when it comes to securing a loan.

“The key word here is affordability,” explained Country Bank President and CEO Joseph M. Murphy Jr. “An online search can lead a small business owner to dozens of financing options. Unfortunately, these opportunities usually come with very high interest rates which can make it nearly impossible for a small business to succeed.”

Additionally, in a recent survey by the New York Federal Reserve that focused on credit to small firms, business owners cited struggles to secure funding at all. Fewer than half of their financing applications to larger banks were approved. Firms with less than a million dollars in annual revenue, a group that made up 70 percent of the U.S. sample, reported the most issues. Two-thirds said they faced a financing shortfall and a quarter said they had used personal funds for their businesses.

“Access to credit can mean the difference between making payroll next week so you can live to clear that big receivable the following week,” said Murphy. “As a family-controlled bank for 30 years, we are familiar with the challenges and triumphs of small business.”

Murphy notes a Small Business Administration (SBA) loan can be a great financing option. The Small Business Administration is a United States government agency that provides support to small business owners in the form of guaranteeing a portion of credit extended to the business by a bank. However, applying for a SBA loan is an intricate process. SBA takes into account many variables such as the type of business, size, plan and purpose for the financing, ability for the company to attain financing on its own, and character of the business and owners. Country Bank councils their customers through this process to make it feasible and provide the best chance for approval.

“Our lending team provides personal service, expertise and extraordinarily fast decision-making that can’t be found at larger institutions,” said Murphy. “Here you are a neighbor. We know you, and for that reason we are better equipped to analyze and serve your company’s financial needs to nurture its growth.”

Murphy encourages business owners to work with a community bank that offers a complete banking relationship. Country Bank strives to cover all necessities from depository and merchant services, to wire transfers, courier service and escrow services tailored to the specific customer and situation.

Country Bank serves small business clients throughout most counties of the New York City Metropolitan area, plus Westchester, Putnam and Duchess Counties. The wide array of clients includes many in hospitality, construction, medical, education, real estate and service industries. We are also familiar with all kinds of retail and business-to-business operations.

“Currently, Country Bank’s Small Business Loan customers account for 21% of our total loan customers,” stated Murphy. “However, in the past year we have turned our focus to small business lending and expect to grow this sector in 2018 and into the future.”

Founded in 1988, Country Bank is an FDIC-insured, full-service commercial bank offering products and services for commercial banking and lending customers, small business customers and individual consumers. Country Bank is a regional leader in the commercial real estate lending business devoted to building relationships with their customers. In 2015 it opened its flagship branch on 42nd Street and Third Avenue in New York City. The bank has additional branches in Midtown NYC, Riverdale, Woodlawn and Scarsdale. Consecutively rated one of the top 200 Community Banks in the Country for the past 4 years, Country Bank serves the New York City metro area, New York State, New Jersey and Connecticut. VisitCountryBankNY.com or call 212-818-9090 for more information.

PHOTO: As the President and CEO of family-controlled Country Bank, Joseph M. Murphy Jr. works closely with small businesses to secure the best financing to ensure their succeed.