Tag Archives: lending

Start a New Business in 5 Easy Steps

Business

Getting your business off the ground isn’t always as easy as it seems. With a laundry list of to-do items, it can be hard to prioritize which needs have to come first. Luckily, Raccoon Valley Bank is here to help! By following these key stepping stones, we’ll help you get on the path to success with your new business venture.

 

  1. Develop a business plan. Determine what it is you want your business to do, and how you want to do it.
  2. Capital. Capital. Capital. Make sure whether you’re working with investors, securing a business loan, or putting up the money yourself, you have all the funds you need in addition to a large cushion for overhead and operating expenses.
  3. Get it in writing. With options such as an L.L.C, Corporation, S Corporation, Nonprofit or Cooperative, you’ll want to protect your personal finances with a legal structure for your business.
  4. Make it official. After registering with state and local tax agencies, you’ll need to obtain the appropriate permits and licenses to make your business compliant with local laws and regulations.
  5. Get people in the door. Ensure you have an effective marketing strategy, or list of transferred clients to get your business off the ground. The old saying, “If you build it they will come,” no longer applies. Make sure everyone in your area knows you’re opening, and offer a valuable incentive to help encourage them to stop by!

 

Local businesses are the backbone of small town America. If you’re looking to set-up your own new shop, Raccoon Valley Bank is eager to help! Our experienced business lenders are here to find you the best business financing option for your needs!

Spotlight Feature: Mortgage & Consumer Loans

Consumer Loan

From new homes, vehicles, construction, and everything in between Raccoon Valley Bank is here to help! We recognize the importance of owning your own home or purchasing your first vehicle. With such large milestones of accomplishment, we want to assist you in crossing your t’s and dotting your i’s, so that when you get your new purchase it’s everything you hoped for!

 

Mortgages

Purchasing your own home is still very much a part of the “American Dream,” and Raccoon Valley Bank helps make home ownership possible. By offering fixed-rate mortgages, adjustable-rate mortgages and mortgage refinancing options, Raccoon Valley Bank can help you find the ideal mortgage solution. Visit the Mortgage Center for more information and to apply for a mortgage today!

 

Types of Mortgages

FHA – Most commonly used among new homeowners this loan option requires a smaller down payment and offers payment flexibility to fit your current income.

 

USDA – Typically used in more rural areas, the USDA loans are a great option if you’re looking to live in the countryside, or are repairing an older home.

 

VA – If you’ve served in the military, active or reserve, this a great option for you! With low down payments and terms built for veterans, these loans can be great for a first-time home buyer.

 

Traditional – This is our most common mortgage option which comes in 5, 15, and 30 year terms. Be sure to check our rate watch to find the best time for your next mortgage financing.

 

Consumer Loans

Whether you are trying to meet a personal financial goal, become more independent or are met with unplanned costs, there are times where you need additional funding, and Raccoon Valley Bank is here to help!

 

Auto – Finance your new car, truck, mortorcycle or other motorized vehicle with our helpful lending offerings.

 

Personal –Whether you’re looking to finally get that lake boat, or an RV to travel the country in, we have specified financing options for every situation.

 

Home Equity Line of Credit – Finally complete that home renovation or addition! Try using this type of lending option when your budget is a more of a ballpark figure, but not necessarily an exact number.

 

With lending capabilities for nearly any project, Raccoon Valley Bank is your trusted lender for all things financial. Stop by our nearest location today, and share with us your next purchase, we’ll help get you started!

4 Tips to Shrinking Your Student Loans

Student Loans

Over 40 million Americans utilize student loans. Across the country that adds up to be over 7 billion dollars in national debt, second only to mortgages. Take another look into your finances with these student loan tips courtesy of Raccoon Valley Bank!

 

  • Choose your loans wisely: Calculate the cost of the necessities – tuition, room and board, textbooks, and transportation – and sign loans that cover only what you need, even if you qualify for more. A part-time job or summer position can provide funds for added nonessential expenses. When possible, apply income from a part-time job to pay back a loan’s interest while you’re still in school to save hundreds on repayment when you graduate.
  • Increase your payments: If you’re on a 10-year installment plan, you’re paying a decade of interest on top of your original loan, adding more debt to your plate. When possible, pay back more than the minimum agreement each month and chop off extra time and interest. If you have multiple loans, direct your additional payments towards the loan with the highest interest rate. The faster you can pare down the principal, the less you accrue in exorbitant interest.
  • Make installments as often as you are able: With less time between payments for interest to accumulate, an accelerated payment plan can decrease your repayment term. By doubling your schedule of installments and making more payments over the same time period, you’re able to lessen the interest and pay your loan off sooner.
  • Track your interest: Motivate yourself with a continually updated track record of your current interest. The longer you have the loan, the more money you spend towards interest. Incentivize yourself by creating a cap for how much you want to pay in interest each year. Let that help guide you to make extra payments per year.

If you have questions on your student loan payments, or choosing the right option for your future education, call (515) 993-4581 or stop by today!