Ask a Banker - The 4 C’s of Credit 

 
Featured Blogger Mike Toth from Key Bank

According to the SBA, 99.7% of all businesses in the US are small businesses. More than seven out of ten of these businesses use some type of credit to finance their operations. This represents a significant risk for small business owners, and yet is a critical component of growth.

On October 18th, Michael Toth, head of Business Banking operations for KeyBank in Northeast Ohio and a prior small business owner, will educate small business owners on how banks evaluate small business credit requests, with a particular focus on “The 4C’s of Credit…Credit, Character, Collateral, and Capacity”. Over 75% of small business owners finance their business operations in the first 3 years with personal savings. After 10 years, this drops by nearly ½ as small business owners rely on bank sources of credit. Toth’s presentation will reveal ways that small business owners can increase their likelihood of obtaining bank credit in the early years of the business.

Does your bookkeeper process your payables AND reconcile your monthly bank statements? Do other employees in your office potentially have access to blank checks? If your answer is ‘yes’, you may be exposing yourself to operational risks that can result in financial losses and reduce your personal income. Toth will discuss ways that you can proactively reduce financial risks in your business in order to maximize your small business profits.

Please join Mike Toth on October 18th at the COSE Small Business Conference to hear him talk about these topics and more.