David Smith shared with us today about some ways Frost Bank can help our businesses!
Over the last 10 years, our national economy has shown extensive growth. But Texas and particularly DFW have grown at rates better than just about anywhere else you can name. That is a testament to all the hard work you guys have put into your businesses; keeping them going and figuring out ways to make them prosper.
David thinks it’s a good idea for every business owner to review their company each year to make sure they have what they need and that they know where they are going. And by this he means for you to review your insurance, review your staff, review your overall operation, review your marketing plan and review your financial reporting system. Make sure your ship is in order. Make necessary changes. And don’t be bashful about planning for the future. If your review reveals that it is time to replace or add some equipment, Frost might be able to help. Terms are typically set for 3 to 5 years with a 20% down payment. And rates are running in the 6% range. Frost also offers leasing deals for larger equipment or groups of equipment costing $50,000 or more where you don’t have to make any down payment, you get to expense the depreciation and you get to buy the equipment at the end of the lease for residual value. The terms on leases can run up to 7 years.
So, equipment financing and equipment leasing are 2 tools that can help you move forward in 2019. But they are just a couple of the many services Frost has to offer. They can also handle your purchase of a new headquarters building or a refinance of the one you have. They offer lines of credit to provide working capital, a full range of depository services and have a user friendly mobile app that lets you do almost all of your banking from your phone. They also have a slick internet banking system to help you handle the rest of your business on-line and a phone help desk that really works and is answered 24-hours-a-day. And what ties all that together is personal service. Frost is available when you need them.
OK, so the synopsis for today’s lesson can be reduced to one word: MONEY.
Just about anything and everything regarding money means that a banker needs to be involved. So if you have a need or a question about your money or know somebody that does, then it’s a lead for David. Call him and he will follow up.
If you have any questions about what David has mentioned today, just give him a call.
David was asked about security tips. David said that security is fluid and dynamic. He did not used to like Life Lock-type services because it still all comes back to you. Now, they offer more back-office help if something happens. David recommends Credit Karma – put it on your phone and check it regularly. Check all of your accounts every day so you can catch the problem early and control your money as well as you can.