ASK ADAM - Small Business Topic of the Week
Each week Adam Quinlan, Vice President of Commercial Services, will be posting a "Topic of the Week"
providing information to those who are just starting or expanding a small business.
The United States Small Business Administration offers a FREE online Business Readiness Assessment Tool that is designed to help you better understand your readiness for starting a small business. It is simple to use and will take less than 5 minutes to complete. The tool will prompt you with questions and assist you in evaluating skills, characteristics and experience – as they relate to your preparedness for starting a business.
Your responses will be scored automatically and an assessment profile provided, when you click the submit button. You will also receive, based on your score, a statement of Suggested Next Steps, directing you to the most appropriate SBA resources to help improve your business preparedness. Such next steps may include free SBA online courses, direct access to online counseling and/or targeted links to appropriate resources.
Click here to begin the assessment.
This is an automated self-assessment tool.
SBA is not collecting information, tabulating or utilizing individual visitors' results
If you would like to review your assessment with Adam Quinlan, please contact him at 401-397-1900 ext. 2362 or email Adam at aquinlan@coventrycu.org to set up a free session.
The first and most important step in the process is to develop a detailed business plan. This includes conducting industry research to determine the products and/or services you will offer and establishing how your business will differ from the competition. You will also need to determine how you will market these products and/or services, the projected profitability, how you plan to finance the business (e.g., equity contributions vs. debt), the management team, entity formation and licenses needed, and many other considerations that are critical to the success of the new venture.
For a more detailed overview, please visit http://www.sba.gov/smallbusinessplanner/plan/index.html. In addition, there are excellent local resources available to assist you with writing your business plan. These include the Services Corps of Retired Executives (www.score.org), and the RI Small Business Development Center (www.risbdc.org). Both are free of charge and are staffed with knowledgeable counselors that can assist you in all aspects of the business planning process.
If you would like to "ASK ADAM", please call Adam today at 401-397-1900 ext. 2362 or email Adam at aquinlan@coventrycu.org
The America's Recovery Capital (ARC) loan program is a temporary program that was created as part of the American Recovery and Reinvestment Act of 2009 to retain and create jobs and is available to provide temporary relief to small businesses that are suffering immediate financial hardship (e.g., declining sales or revenues).
These loans are deferred-payment loans and can go up to $35,000. In addition, the loans are interest-free to the borrower and 100% guaranteed by the Small Business Administration (SBA).
The ARC loan program is available until September 30, 2010 or until funding is not longer available, whichever comes first.
How Does the ARC Loan Work?
If approved, funds are disbursed by the lender to make principal and interest payments for up to six months on existing, "qualifying" (see below) debt of up to $35,000.
After all disbursements have been made during the six month period, there is a 12 month reprieve with no repayment of the loan principal. After the 12 month period expires, the loan principal is paid back over a period of five years. Note that the interest payments to the lender are paid by the SBA (not the borrower) throughout the entire process.
What is Qualifying Debt?
Examples of loans/debt that qualifies include credit card obligations owed by the business, notes payable to vendors/suppliers, SBA loans made after February 17, 2009, capital leases, commercial mortgages, and lines of credit (secured and unsecured). Borrowers must be organized and prepared to provide supporting documentation, especially for loans involving lines of credit and credit cards.
Does My Business Qualify?
One of the most important determining factors regarding eligibility is whether or not the business is considered "viable". Although there is a level of subjectivity involved, the SBA requires that the business have a history of being profitable prior to the recent hardship. The business must also be able to project future profitability resulting from the injection of capital from the loan and the deferred payments.
If you would like to "ASK ADAM", please call Adam today at 401-397-1900 ext. 2362 or
email Adam at aquinlan@coventrycu.org
Our goal is to provide cost-effective and innovative solutions to business owners while continuing to offer the personalized service that you would expect from a community-based credit union.
As a result, our business members enjoy both the modern conveniences of today and the long-established, personalized service that rests at the core of Coventry Credit Union.
- Flat-Fee Business Checking ($20/month for accounts with an average daily balance less than $5,000)
- Free Business Checking (for accounts with an average daily balance of $5,000 or more)
Both business checking accounts have the following features:
- Unlimited check writing
- FREE VISA check card
- FREE ATM transactions*
- FREE incoming wires
- FREE direct deposit
- FREE Member Net: online banking and online bill pay
- FREE tracking binder & monthly inserts
- FREE gel pen designed to protect against check washing
- Overdraft protection available
- Check imaging
- Coming Soon: Remote deposit capture
Miscellaneous fees may apply to each business checking account. Please see fee schedule for details.
* You may be assessed an additional fee or surcharge fee by the ATM owner.
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Coventry Credit Union reserves
the right to change the terms and conditions upon which any of these services are offered.
Coventry Credit Union will notify you before the effective date of any changes as
required by law.
- SBA Loans can be a great financing alterative to those that qualify.
- Lines of Credit for your day-to-day working capital needs.
We offer secured and unsecured lines of credit, as well as business credit cards.
- Term Loans are a good solution if you need a pre-determined amount upfront for permanent working capital, or to finance a new vehicle or business equipment.
- Real Estate Financing for commercial real estate located in Rhode Island, Southeastern Massachusetts and Eastern Connecticut.
Our commercial real estate financing solutions include:
- Purchases/refinances
- Business owner-occupied and investment properties
- Construction/permanent financing
Property types include multifamily, office, retail and light industrial.
Note: Unlike many institutions, our non-SBA loans do not carry pre-payment penalties!
For more information on how Coventry Credit Union can help your business, call
Adam Quinlan at 401-397-1900 x2362 or stop by your local branch.
To apply online, Click Here to access our Commercial Loan Application
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Coventry Credit Union reserves
the right to change the terms and conditions upon which any of these services are offered.
Coventry Credit Union will notify you before the effective date of any changes as required by law.
- Statement Savings Account
- Receive interest in a fully accessible account
- Money Market Account
- A higher balance savings account with higher returns
- Certificate of Deposit
- A variety of terms and interest payments designed to meet your financial needs
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Coventry Credit Union reserves the right to change the terms and conditions upon which any of these services are offered. Coventry Credit Union will notify you before the effective date of any changes as required by law.
It's safe & secure and easily accessible from any computer
- PIN encryption & secure server
- 24/7 availability
- Transactions posted immediately
- Balance information
- Savings history
- Fund transfers
- FREE bill pay
- Schedule transfers
- Get stock quotes
- Verify checks have cleared
- Microsoft Money, Quicken interactive and QuickBooks download
- Email access to Coventry Credit Union
- Coming Soon: Online wire transfers
- Coming Soon: Online ACH origination
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Coventry Credit Union reserves the right to change the terms and conditions upon which any of these services are offered. Coventry Credit Union will notify you before the effective date of any changes as required by law.
Business Edition® Visa® Card
GET THE CARD BUILT FOR YOUR BUSINESS!
- Save with low rates
You're entitled to preferred rates just for
business owners. Save even more with no annual fee!
- Improve cash flow
Get the added buying power your business needs for everything from office supplies and computers to travel.
- Easily track business expenses
Get detailed monthly reports ideal for forecasting and tax preparation.
- Access your account anytime
Manage your account online 24 hours a day….when it's convenient for you.
- Separate business and personal expenses
Track all your business expenses on one card. Plus, free up personal cards for your own use.
Earn rewards for business spending with the Business Edition®
with Maximum Rewards®
Get rewarded just for using your business card!
- Earn 1 point for every qualifying $1 spent*
- No limit to the points you can earn
- Redeem for a statement credit, travel, merchandise and gift certificates
- Rewards start at just 2,500 points
- Combine points at company level or redeem separately for each cardholder
There is no cost to enroll for Maximum Rewards®.
Some redemption options may be subject to fees. See Rewards Terms and Conditions for details.
Credit Cards issued by InfiBank, N.A.
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Coventry Credit Union reserves the right to change the terms and conditions upon which any of these services are offered. Coventry Credit Union will notify you before the effective date of any changes as required by law.
By taking advantage of our Merchant Services program, our business members are able to offer their customers a wide range of electronic payment options. These options include accepting credit or debit cards, offering electronic gift cards, processing checks electronically or expanding into e-commerce.
For detailed information regarding the Merchant Services program with CU Merchant Services, LLC, please
click here.
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Coventry Credit Union reserves the right to change the terms and conditions upon which any of these services are offered. Coventry Credit Union will notify you before the effective date of any changes as required by law.
Credit Card
