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Rising health care costs and disappearing pensions have led to nationwide unease about retirement savings, and while local experts say the Pikes Peak region is in better shape than some parts of the country, Colorado residents are not immune to those concerns. According to AARP’s Colorado Retirement Security Survey, released in April, registered voters in […]
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When it comes to owning a medical practice, managing finances can be a little tricky. “In health care — unlike, let’s say, retail where you’re paid at the point of purchase — you’re not paid for maybe a month or more after you provide the services or the treatment,” said Erin Gibbs of American Vein […]
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Rising interest rates might mean it’s time to consider refinancing — at least certain loans. “If you have an interest rate on a piece of equipment or building for your company, it’s a good time to check when your loan matures,” said Jason Doyle, president of UMB Bank in Colorado Springs. “If it’s next year […]
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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,...