Recipients of the Paycheck Protection Program loan from CNB are currently being invited to access the online PPP Forgiveness Application by email invitation only on a rolling basis. In an effort to be efficient with our borrowers efforts, CNB elected to segment the access to the application while we waited for final guidance from the Small Business Administration and our legislators, in anticipation of a simplified process and documentation requirement for loans of a certain size.

The experts of this show featured Bethany Arnold, Vice President, Treasury Management Officer, and Greg Helmer, Vice President, Relationship Manager.

Whether driven by technology, changing clientele, supply/ demand or a pandemic, the ways in which we conduct business continues to change. Despite its unpredictability, one thing that remains constant is the array of fraud threats aimed at businesses. Fraudsters have been actively leveraging these unprecedented times for their financial gain at historic rates. It is more important than ever to remain vigilant and understand prominent fraud threats facing businesses today. Some of the most common threats to businesses of all sizes are:

Ask the Experts is a financial forum for education and advice as CNB’s experts answer your questions on financial topics that interest you. The experts of this show featured Susan DiProjetto, Senior Vice President, Business Banking Sales Manager, and Michael Mallaber, Senior Vice President, Director of Commercial Services.

If you are a business owner, you are likely trying to navigate this new and hopefully, temporary landscape. Many businesses have been closed since March and, for security reasons, your Bank may be only accessible by phone, online, drive thru or appointment. Regardless, most small business customers have a group of trusted advisors to guide them: their attorney, CPA and banker. Even while limited, these three advisors should play important roles in your business’ financial recovery.

The experts of this show featured Darrin Brentnall, Vice President, Relationship Manager/SBA, Canandaigua National Bank & Trust and Virginia Smith, Rochester Branch Manager, U.S. Small Business Administration.

On March 27th, the CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020 was passed by the House and signed into law by the President. This act, by far, is the largest emergency relief and stimulus package in US history, driven in response to the economic crisis caused by the COVID-19 pandemic.

When engaging in a discussion regarding business financing, does your bank engage in a strategic dialogue or do you just talk about the proposed interest rate and term of the loan? Business loans are a tool to assist your business success; however, if your bank does not have a thorough understanding of your business operation and cash flow, many businesses end up with the wrong loan structure which can be costly, frustrating and time consuming. The bank should take the time to understand the business goals, strategic plan and cash flow to support loan structures for commercial and industrial businesses and commercial real estate projects.

Ask the Experts is a financial forum for education and advice as CNB’s experts answer your questions on financial topics that interest you. The experts of this show featured John Eilertsen, Vice President, Relationship Manager, and Jason Tonkery, Vice President, Relationship Manager.

Risk management is a key component in any successful business plan. In today’s world — where data breaches are common occurrences — it’s especially important for business owners to understand the digital risks they face. Are you doing all you can to mitigate the risk of a cyberattack?

It’s long been and still is the American dream to own your own business, and, when you do, you will need deposit accounts, cash management options, and it’s likely that you will need financing.Financing can be a solution not only for the purchase of a new business, but for buying equipment, vehicles, or inventory, funding receivables, purchasing a building, or doing build-outs and improvements on an already owned property. Unless you are fortunate enough to have a pot of money available, you will need to take some steps to obtain financing.

The experts of this show featured Brendon Crossing, Senior Vice President, Relationship Manager, and Jason DeWitt, Vice President, Relationship Manager.

Many business succession plans focus on the succession of ownership but neglect to address the issue of management succession. Whether you expect the management team that will follow you to the corner office to come from inside or outside the company, you should consider training one or several people to serve as interim or successor management. This can serve multiple purposes. First, having trained successor management in the business can work into your short-term contingency plan established to cover your unexpected absence from the business (due to death, for instance). Second, trained successor management can serve as interim management during the transition period during and after your withdrawal from the business at your retirement, while your interest is being transferred after your death, or when you head out for that long vacation you have been yearning for.

Business health is just as important as personal health. You see a doctor annually for your checkup, and you should see your branch representative or Business Banking Officer annually for your business checkup, too. Changes take place throughout the year – balances in your deposit accounts fluctuate, lending needs arise, you take on more clients, you hire more employees, the list is never ending.

Ask the Experts is a financial forum for education and advice as CNB’s experts answer your questions on financial topics that interest you.  The experts of this show featured Charles J. Vita, Senior Vice President, Group Manager, Commercial Services...