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Borrowing and Credit

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Apr 26, 2022
Financing Equipment for your Business
You have found the perfect piece of equipment or vehicle for your company and now have a number of decisions to make. Do you pay cash or finance the asset? If you finance it, do you take out a loan or a lease? For how long? Do you obtain a fixed interest rate or a variable interest rate? Let’s breakdown some of the key questions when it comes to financing new equipment for your business.
Apr 26, 2022
Apr 06, 2022
The Beauty of a Bridge Loan
A bridge loan can be thought of as a short-term funding mechanism to “bridge” the gap between a project’s inception and its eventual completion, at which point more permanent financing is generally, but not always, put in place. It’s effectively a short-term loan, collateralized with assets that may or may not be related to the final project itself. The terms and types of bridge loans can vary, but their use can offer a variety of benefits to those that take advantage of them, turning otherwise undoable projects into viable long-term endeavors.
Apr 06, 2022
Dec 16, 2021
End of Year Financial Checklist for the Next Generation of Investors
Whether you are early in your career or have started a family, as a member of the next generation of investors you face your own set of unique needs. Below are key tips to ensure you are off to a financially healthy 2022!
Dec 16, 2021
Oct 18, 2021
Credit Score: Your Financial GPA
GPA is an acronym for grade point average, which represents of your overall academic performance. You probably know your GPA, or at least are familiar with the term from report cards and college applications. But did you know that your credit score is like a financial GPA?
Oct 18, 2021
Sep 30, 2021
Repaying Your Student Loans
The time has come to pay back your student loans, now what? Dealing with student loan debt can be stressful and even frustrating for borrowers, however, now is the time to take control and alleviate that stress. First, create an inventory of your loans including loan type (private vs federal), balance, interest rate, payment amount, and repayment term. This can be done using your credit report through annualcreditreport.com for private loans or studentaid.gov for federal loans.
Sep 30, 2021
Jun 25, 2021
Debt Management
According to the Federal Reserve’s Survey of Consumer Finances, the average American family carries $6,270 in credit card debt. This is in addition to loans held for vehicles, homes, education and other obligations which brings the average American personal debt to $92,727.* While these figures may make previous generations balk, the average cost of a car, house, and college education has skyrocketed when compared to the average household income. While gross household debt was only 15% of GDP in 1946, it is close to 80% now.** As a result, typical consumers need to borrow money if they want to buy a home, drive a car, or educate themselves or their children.
Jun 25, 2021
Mar 08, 2021
Understanding Your Credit Report
Your credit report contains information about your past and present credit transactions. It's used primarily by potential lenders to evaluate your creditworthiness. So if you're about to apply for credit, especially for something significant like a mortgage, you'll want to get and review a copy of your credit report.
Mar 08, 2021
Apr 26, 2017
Put a Business Line of Credit to Work for you
A business line of credit is an agreement between a commercial bank and a business specifying the amount of short-term borrowing the bank will make available to the firm over a given period of time. The agreement is usually made for a period of one year and often places certain constraints on the borrower.
Apr 26, 2017
Oct 19, 2012
Increasing Your Credit Score
Has your credit score suffered a setback as a result of challenges presented by the recent recession or other circumstances? If so, you can take steps to improve your score and gain your financial footing.  Taking simple, consistent steps, over time, can translate into a higher credit score.
Oct 19, 2012
Sep 30, 2011
Protecting Your Credit Score

Whether you are trying to purchase a car, home or just getting quotes for auto home insurance, your credit score plays a key role in each of these transactions. Your credit score not only determines if you qualify for a

Sep 30, 2011
Jan 21, 2010
Free Credit Reports

 As of September 1, 2005, New York and 13 other East Coast states joined the rest of the country in qualifying for a free annual credit report from each of the three nationwide consumer reporting companies – Equifax, Experian, and

Jan 21, 2010
Jan 21, 2010
Home Remodeling and Home Improvement Financing

 As housing prices continue to see respectable gains in some areas of the country, many homeowners are building a decent amount of equity by staying put. As home prices in your neighborhood rise, the value of your own property generally

Jan 21, 2010
Aug 12, 2009
Customer-Focused Lending

August 2009 - I have been a community banker involved in various levels of branch management and marketing for the last 25 years. So, as you proceed to read this "Lessons in Lending" column, I can safely say that you will get a

Aug 12, 2009
Mar 02, 2009
Evaluating Potential Borrowers

March 2, 2009 - You cannot turn on the television or read the newspaper today without hearing more news about banks tightening their credit standards during these challenging economic times. One can argue that Rochester has faired far better than other parts of

Mar 02, 2009
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