In Carmel and the surrounding area, small business managers are busy trying to keep up with ever-changing financial news. Luckily, local banking and economic experts can help make sense of the information to make the best decisions possible.
"Business owners should connect with banking, real estate and other experts in their industry to ensure they address each step and ask every question," advises Brandon Carroll, small business relationship manager at First Financial Bank in Carmel.
Advisers at local community institutions, such as First Financial Bank, serve as guides to the financial aspects of buying cycles. “It's important that business owners understand their options when it comes to managing their business, whether looking to purchase a new location, equipment or make building improvements and renovations. Lenders work alongside business owners when evaluating the total cost of a project, financing requirements and impact, so the business owner knows what a loan will do for them today and down the line,” he explains.
Business owners should look for banking partners that will monitor rate variations closely and work with them to understand how rate adjustments and changes can benefit their financial position. These open conversations also may lead to new opportunities for growth.
Carroll focuses on commercial and industrial businesses. Working alongside companies, such as manufacturers, medical professionals, lawn care services and construction companies, he says he builds a relationship with each owner.
The backbone of a local economy is small businesses. First Financial Bank professionals, along with other lenders, want to help businesses grow and drive profits, in addition to supporting the overall Carmel community and region.
Small business owners are seeing results when they seek expert advice. “Currently, I’m assisting a business client in refinancing their company vehicles. As a result, the company will be able to use funds to hire more staff and serve a larger number of local customers. That's an example of how open conversations with banking experts can help a business and community grow,” explains Carroll.
Being able to pivot and adjust resources in response to changing economic conditions and financial advice is crucial for business owners, and partnering with a local financial institution provides them with the best chance of success.
“My clients appreciate it when I can introduce them to other business owners who have had a similar business issue and can offer advice,” he says. “Being intentional to build relationships instead of transactions is something that can lead to economic success for many businesses.”
Local economies also benefit when area businesses collaborate on growth initiatives. If a local realtor meets with a CPA and a lawyer for breakfast at a restaurant, all area businesses benefit from the partnerships. “My clients appreciate helping out other small businesses,” says Carroll.
Carmel's First Financial Bank professionals can draw support from colleagues across the institution's five states of operations, based in their solid, original roots in Terre Haute, Indiana. It's the only publicly traded company with headquarters in Vigo County, and the oldest continually operated business serving the area.