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Looking to Grow Your Business
First National's loan specialists are here to help
At one point, Seaside Diesel Repair owner Travis Koski was answering so many work-related phone calls on the only phone he owned, he opted to spring for a second phone and number. One was for work, the other one for life away from the shop.
When the calls keep coming and business is booming, you might look to expand the way Koski and Seaside did earlier in 2013. The first thing to do is contact your local First National Bank Alaska expert, break down your business plan and learn about loan options available that will keep your company growing.
- Convert Electronic Health Records - Financing options help Alaska’s healthcare providers convert to Electronic Health Records (EHR).
- Equipment and vehicle loans – Keep your competitive edge with an equipment loan. Purchase computers, vehicles, heavy equipment or other machinery. Repayment terms dependent upon type and age of collateral.
- Inventory financing – Whether you need inventory for growth or must meet seasonal demands, this loan keeps plenty of stock on hand. Inventory financing is also convenient for businesses in remote locations.
Pay off the loan through the sale of financed goods. Collateral is usually the inventory financed, though additional collateral may be required.
- Letters of credit – Documentary and stand-by letters of credit are arrangements often used by import/export business, contractors and travel agencies to serve as assurance of payment. Documentary letters of credit are usually for less than six months. A stand-by letter of credit may be renewed annually.
- Revolving line of credit – Meet working capital needs or bonding requirements without having to go through the application process each time with a revolving line of credit. Frequent borrowers such as manufacturers, service companies and contractors use this loan. Collateral and repayment terms are established on an annual basis and tailored to your needs.
For more information, visit FNBAlaska.com/business_solutions.html
or contact First National at 777-4362/1-800-856-4FNB from communities outside Anchorage.
This bi-monthly newsletter is sent to Alaska business owners, managers and community leaders.
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The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest you consult your attorney, accountant, financial or tax adviser with regard to your individual situation. Entire publication. For publication information, call (907) 777-3409.