Setting Up a Small Business in 2019

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A recent survey by The UPS Store, Inc., reveals that 66 percent of their respondents dream of opening a small business, motivated by desires such as being their own boss, seeing their idea come to life, and/or forging a new career path. Also high on respondents’ lists was their optimism that it’s a good time to start a small business.

Perhaps you’ve got the itch to strike out on your own and feel like 2019 is the year to take that leap of faith. Or maybe you’ve already hung up your shingle and need assistance as you grow. At Hanscom FCU, we want you to know we have tools and products designed for small businesses like yours, whether you’re an independent contractor, a mom-and-pop operation, or a fledgling corporation poised to be the next big thing.

1. Business Checking Accounts

Hanscom FCU has business checking accounts designed to meet the needs of your business. Our accounts offer online bill pay, online statements, and your transactions can be downloaded and imported into accounting programs like Quicken® and QuickBooks™. For more details on our business checking accounts and the features they offer, visit a local branch or call 800-656-4328.

2. Business Credit Card

With a Hanscom FCU Business Credit Card, you can easily keep track of the day-today expenses that crop up. You get the same low rate for purchases, balance transfers, and cash advances, and there’s no annual fee or balance transfer fees and no fee for cash advances and convenience checks. Choose from a variety of credit card products: our Platinum Mastercard® and Platinum Secured Mastercard offer a rate as low as 8.49% APR1 and our new CASH + REWARDS World Mastercard lets you earn cash and rewards while offering a competitive APR based on the Prime Rate.

1 APR=Annual Percentage Rate. Rates shown are the lowest possible rates currently offered. Other rates are available, based on your credit profile and loan terms. 2 Rates are variable and based on an evaluation of credit history, so your rate may differ. This APR will vary with the market based on the Prime Rate. Contact Member Services at 800-656-4328 for rate details.

3. Merchant Services

We offer merchant services through our partner, BluePay, with competitive credit card processing and payment solutions that let you focus on your business. The rates and fees are determined by the type of business you have, your volume of sales, the average ticket cost, and the types of credit and debit cards you accept. For a quote on these services, please visit our merchant services page at www.hfcu.org/bluepay.

4. Business Line of Credit

As your business grows, your inventory and accounts receivable needs will increase. You may be looking to make more capital expenditures to keep up with sales volume. A line of credit with Hanscom FCU can help you manage your cash flow and give you the flexibility of having quick access to cash when you need it. You can also avoid mixing business expenses with your personal finances, making it easier for recordkeeping. To discuss your business’s credit options, come by one of our branches or visit us online at www.hfcu.org/business.

5. Business Insurance

Business insurance is a must these days because it covers the costs associated with property damage and liability claims. Business owners who choose to go without this coverage may potentially be paying out-of-pocket for costly repairs, damages, and legal claims made against their business. Hanscom Insurance Agency LLC has relationships with multiple carriers and offers all types of business insurance coverage: general liability, business automobile, directors and officers, errors and omissions, commercial property, and workers compensation.† Give them a call at 800-632-9887 or visit hanscom.insuranceaisle.com. They’ll work with you to develop a policy that protects what you’ve worked hard to build.

† Insurance products are not insured by NCUA or any Federal Government Agency; are not a deposit of, or guaranteed by the Credit Union or any Credit Union Affiliate; and may lose value. Any insurance required as a condition of the extension of credit by Hanscom Federal Credit Union need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the member's choice.

6. Small Business Loans

Need to purchase equipment or a vehicle for your business? What about making some improvements to your building? A small-business loan can help you grow and reach your goals faster. We have loans that fit your business’s needs, with fixed or variable rates, and repayment terms of up to five years or longer, depending on the circumstances. Please contact us at www.hfcu.org/small-business for further information or stop by one of our branches.

7. Commercial Real Estate

At Hanscom FCU we offer loans to purchase and refinance existing properties. Funds can also be used to improve existing properties, such as offices, warehouses, manufacturing facilities, and other types of commercial properties. Our commercial lending department is ready to help you move forward with your plans. Call 781-698-2186 to learn more.

8. Investment Property

Many of our members derive income from rental or leased properties. For these members, we offer low rates on investment property loans and mortgages. We offer loans for mixed use property, 1- to 4-family nonowner occupied rental properties, and five or more unit multifamily properties. Visit the investment property section of our website at www.hfcu.org/ipl to learn more, or contact us at 781-698-2186.

The U.S. Small Business Administration has a 10-step checklist that’ll help you get your new business off the ground. Find it here: www.sba.gov/business-guide/10-steps-start-your-business/

 

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