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There is a single mortgage lending document that comes with 1,000 pages of instructions banks are required to follow. “Banks are the most heavily regulated industry in the nation,” said Amanda Averch, director of communication for The Colorado Bankers Association. “[The association] is aware that the cost of compliance has become a much heavier burden […]
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An increase in commercial lending is a result of the area’s healthy economy. However, rising interest rates may slow businesses’ borrowing. “We have had a good, long sustained run of about eight or nine years that’s historically one of the longest economic cycles we’ve seen,” said Ralph Miller, the vice president of commercial loans at 5 […]
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The moment a customer steps away from the centralized table, where deposit slips and other bank transaction documents are kept, they are greeted by a welcoming smile from one of Herring Bank’s tellers. “I think that customer service is the No. 1 thing that distinguishes larger banks from community banks for consumers,” said Aileen Berrios, […]
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Bill Garden was seeking additional capital for his expanding business and discovered that getting loans for expansion was harder than he thought it would be. Co-owner of Peak Med, a family health care business, Garden wanted to expand to more locations throughout the state. He knocked on a lot of doors starting in April 2016, […]
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Credit card fraud can be costly to companies, but there are methods business owners can employ to limit their losses. It’s not a new problem, but most of the fraud now occurs in the e-commerce realm, rather than at the checkout counter. While so-called “chip cards” have mostly thwarted fraud in stores, identity theft and […]
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Thousands of small-business owners from the enormous Baby Boomer generation are —  or will soon be — faced with the prospect of selling their company as they move into retirement. Before heading to the golf course or to hang out with the grandkids, those business owners have much to consider,  especially if they’re going to […]
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Small-business owners often want assistance from outside sources, and while that may come in the form of education on the many aspects of operating a successful business, the foremost need is generally financial. Community banks, big banks and credit unions are the obvious places to seek additional capital for a company, but there are also […]
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A fast-growing business without much credit history can still access cash and spur further growth by selling its invoices to a factoring company. It’s not a new process, but it is new territory for Herring Bank, which is starting an Invoice Purchasing Program. Herring Bank Market President Aileen Berrios, who works out of the bank’s […]
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(Editor’s note: This is the second in a two-part series exploring banks and cryptocurrency.) Cryptocurrencies promise to disrupt and transform the financial system — a promise that grows as central banks around the world experiment with the idea of issuing their own cryptocurrencies. The Bank of England, the Bank of Canada,...
When President Donald Trump unveiled the broad framework for his proposed changes to the federal tax code, it raised more questions than it answered. Of course, it was simply the first step in what could be a lengthy congressional debate about the tax code. And Trump’s nine-page proposal — including the cover page — left […]
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Banks and credit unions have operated side by side for more than 80 years but — like neighbors who share a fence yet have different views and agendas — they don’t always get along.
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Avoiding debt, whether it’s in business or at home, always seems like the right idea. But in the business world, taking on debt might be smart in the current economic climate. “If you’ve got the stomach for the risk, debt right now is very attractive from an interest rate standpoint,” said Ben Harvey, owner of […]
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