Businesses should be open minded about financing for growth
July 30, 2019
By: Erin Schlegel for Puget Sound Business Journal | Puget Sound Business Journal
Erin Schlegel - Vice President and Commercial Banking Officer
Not too long ago, the Puget Sound economy was driven predominantly by Boeing and the surrounding aerospace ecosystem. Not anymore. The tech boom has created economic diversity in our region, led by major corporations setting up shop here alongside thriving small- and mid-sized businesses.
This growth shows no signs of stopping, creating new challenges and opportunities for business owners. One way to make the most of the growing market is to use financing to boost your operations or plan ahead for the future. An experienced banker can help business owners understand available options and think outside the box to help them achieve their desired financial goals.
Some business owners may feel constrained by what they perceive as a lack of access to capital. The truth is, there are a variety financing options that can improve business outcomes.
For example, many businesses can benefit from a capital expense line, a solution designed to support future capital expenditures. This type of loan is not as commonplace as an “off the shelf” product like a revolving line of credit, but has the benefit of offering business owners the ability to access funds for an immediate business need: replacing a key piece of equipment or moving quickly on an asset purchase before a competitor does. Read more...