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Small Business Spotlight: Libertyville Bank and Trust
Banking services are a must for any small business. However, not all banks are suited for the specific needs of small businesses and entrepreneurs. Smaller, local banks, like Libertyville Bank and Trust, can offer a more personal approach compared to massive, national conglomerates.
As a small business themselves, Libertyville Bank and Trust recognizes the everyday challenges, never-ending complexities and mundane tasks of running a business—particularly around finances. Libertyville Bank and Trust is full service, offering everything from checking to loans to credit cards. Here are three features that are essential to entrepreneurs:
SBA lending. Through collaboration with the U.S. Small Business Administration, Libertyville Bank and Trust offers government-sponsored loans, including SBA express loans (ranging from $50,000 to $350,000) and SBA 7(a) loans ($350,001 to $5 million), ideal for acquiring real estate or necessary equipment for starting or growing a small business. SBA loans possess certain perks, including lower down payments and extended amortization schedules.
Entrepreneur checking. Among their many checking options, Libertyville Bank and Trust offers entrepreneur checking, ideal for new business owners. No minimum balances are required, the first 150 transactions are free, and there are no monthly service charges, making this a cost-effective checking option.
Lines of credit. Libertyville Bank and Trust recognizes the financial variability when running a small business—occasional low profits, inventory purchases or operating expenses to name a few. A line of credit is a short-term loan and can be necessary for growing and maturing a small business. Libertyville Bank and Trust offers lines of credit up to $50,000, following a simple two-tier application process. Also known as revolving lines or credit, these loans feature continuous borrowing and repayment during the term of the loan, based on a pre-approved maximum, similar to the concept of a credit card.
For more information about how Libertyville Bank and Trust can help small businesses with banking and finance, visit http:// libertyvillebank.com.
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