4 Tips for Navigating the Business Loan Application Process 59% of small businesses report not having enough capital to grow or sustain their business, according to the Federal Reserve Banks’ Small Business Credit Survey. Moreover, the knowledge gap about small business loans and financing has made it even harder to set your business up for success. While some sources may give new borrowers the… Read More
8 Financing Programs to Help Minority-Owned Businesses Grow Did you know that Black-owned businesses are least likely to receive funding? Comparatively, 40% of white-owned firms received all of the financing they sought, compared to 31% of Asian-owned firms, 20% of Hispanic-owned, and only 13% of Black-owned firms. Fortunately, many organizations and opportunities are working to fix this gap and elevate minority-owned businesses. Here… Read More
4 Ways to Find the Value of Your Business Did you know 98% of small business owners don’t know the value of their company? If you’re thinking about selling or have an interested buyer, understanding the value of your business is important when negotiating the best possible deal. Here are four ways you can calculate your business’s value. 1. Asset-based method. The asset-based method… Read More
Western Roofing Goes Beyond Roof Repairs to Support its Community Western Roofing breaks the status quo of your typical roofing company. The longtime commercial roofing business prioritizes community support, customer service, and quality over quick gains. We caught up with Curtis Nicholson, Western Roofing President, to uncover why “doing good” can actually do a business good. 1. Briefly describe your business (what does it provide,… Read More
Rethink Compliance Reimagines What’s Possible for Business Growth With nearly a decade of redefining conventions and creating change, Rethink Compliance—a women-owned and led compliance firm based in Denver—leverages its banking relationship and know-how to grow from a start-up in 2015 to a thriving 41-person company, serving nearly 200 clients internationally. Rethink hasn’t only modernized the compliance industry but is on track to being… Read More
5 Ways Owner-Occupied Real Estate Can Improve Your Cash Flow It’s no secret purchasing property is a time-tested strategy to help build wealth. Owning commercial real estate provides tax benefits, financial advantages, and other perks buyers can use to make a profit. Here’s what you need to know about Owner-Occupied Commercial Real Estate (OOCRE) and how buyers can use this tool to improve cash flow.… Read More
See How This Lone Tree Salon Styles Its Way to Business Success From cut and color to paint and drywall, the Roots and Mane team transformed an old gym into one of Lone Tree’s leading luxury salons. Co-owner Marissa Harmon shares what it takes to plant roots for her family-owned business and how her banking relationship played a pivotal role in securing a space for their business… Read More
7 Ways Banking Relationships Can Accelerate Your Business Growth In 2016, aspiring business owner, Noel Guevara, dreamed of starting his own construction company after dedicating a considerable amount of time to his previous employer. However, this task wasn’t easy. In fact, other banks and lenders he consulted with hesitated to help. But thanks to a relationship he struck up with a FirstBank Officer, who… Read More
See How Your Product Can Be Named Colorado’s Coolest Thing Made FirstBank has always been an avid supporter and promoter of local businesses and manufacturing companies. This is why we’re especially excited to partner with The Colorado Chamber of Commerce (CCOC) on their Coolest Thing Made contest, which celebrates the state’s manufacturing industry. Fun fact: Over 4,900 manufacturing firms contribute more than $28 billion to Colorado’s economy and… Read More
6 Commercial Loan Options to Grow Your Small Business Small businesses often need access to capital, whether it’s to seize opportunities or navigate unforeseen financial hurdles. According to a CB Insights study, it’s estimated that 29% of small businesses fail because they run out of capital. Other reasons businesses fail can range from an inexperienced team, to being outcompeted, to having poor product offerings… Read More