BANKING SOLUTIONS TO BROADEN BUSINESS PERSPECTIVES
WE TRANSFORM BUSINESS NEEDS INTO SOLUTIONS THAT GROW WITH YOUR BUSINESS.
The Bancorp has decades of multi-industry banking experience and a technological focus to help our clients achieve sustainable business growth.
AGILE, SECURE & SCALABLE FINTECH SOLUTIONS
Our partners benefit from our financial strength and industry expertise.
The Bancorp deploys custom payments services merging cutting-edge technology with superior regulatory and compliance infrastructure.
Accessing new avenues to leverage existing wealth
Through strategic alliances with nonbank wealth management platforms, we enable independent and registered financial professionals to expand their service offering to better compete with larger and more fully-resourced institutions.
A one-of-a-kind offering to serve you better
The Bancorp Commercial Lending business offers a distinctive set of services which reflect our commitment to meeting your evolving business needs.
Whether you need a small business loan or leasing services for a fleet of vehicles, we can provide you the expertise and financial traction to keep you on the road to success.
COMPETITIVE BRIDGE FINANCING SOLUTIONS
THE BANCORP PROVIDES BORROWERS WITH CERTAINTY OF EXECUTION FOR NON-RECOURSE COMMERCIAL REAL ESTATE BRIDGE LOANS NATIONWIDE.
As a direct lender, we provide a streamlined, single source of origination, funding, and asset management for loan brokers and their clients seeking to purchase and reposition multifamily and other commercial real estate properties.
WE TAILOR BANKING SOLUTIONS TO YOUR BUSINESS NEEDS.
Across our Fintech Solutions, Institutional Banking and Commercial Lending business lines, The Bancorp offers a wide range of products and services that can transform your business needs into long-term, technology-enabled solutions.
GAIN INSIGHT FROM INDUSTRY EXPERTS
OUR FINETICS® BLOG OFFERS TIMELY COMMENTARY ON THE LATEST BANKING TRENDS.
Tap into the mindset of The Bancorp solution leaders as they discuss what’s new in the banking industry and how The Bancorp can help you stay ahead of the curve.
EXPERT COMMENTARY AT YOUR FINGERTIPS
THE BANCORP OFFERS A VISIONARY APPROACH TO BANKING BACKED BY DECADES OF INDUSTRY EXPERTISE.
The Bancorp solution leaders are financial industry experts conversant with the latest banking trends and the next generation of business banking solutions.
THE BANCORP DESIGNS THE FUTURE OF BANKING ONE CLIENT AT A TIME.
We’re not a startup, but we think that way. The Bancorp approaches each client’s needs as an opportunity to develop the next generation of banking products and services.
STRENGTHENING OUR VISIONARY FOUNDATION
THE BANCORP LEADERSHIP FOSTERS AN INVENTIVE APPROACH TOWARD BANKING.
The Bancorp Leadership Team sets the compass for exploring new perspectives that drive continuous organizational growth.
NAVIGATE A REWARDING CAREER AT THE BANCORP
WE’RE INVESTED IN YOUR DEVELOPMENT AND GROWTH.
The Bancorp offers a dynamic work environment and ongoing opportunities to broaden your knowledge and enrich your skill sets.
COMMITTED TO DIVERSITY & INCLUSION
THE BANCORP VALUES THE DIFFERENCES THAT MAKE US UNIQUE.
We cultivate an environment where all cultures, ideas and perspectives are equally acknowledged and respected.
Values-Based Business Practices
ESG principles are integral to The Bancorp’s business strategy.
Our Environmental, Social, and Governance (“ESG”) initiatives guide our business practices to create positive change for our local communities, the environment, our clients and customers, and the banking industry as a whole.
Top Four Considerations for Entrepreneurs Launching a New Business
Hetal Engineer , Director, SBA National Sales Manager Small Business Lending
Depending on your type of business, it’s important to prioritize banks and other financial partners who bring more added value to the table to support your end-to-end business strategy – whether they offer expertise in a particular vertical or leasing/managing vehicle fleets to make things easier in the long run.
Starting a new business can be one of the most rewarding experiences of your life. And with the right preparation, you can increase your chances for success and build a business that lasts well into the future.
According to government data, Americans are starting new businesses at a greater rate than they have in over ten years1. And while entering into a new venture may be exciting for those involved, starting a business – in a pandemic or otherwise – is no easy feat.
For those who are considering launching a new business, it’s important to take the following key considerations into account to guarantee that you are set up for success and financially ready to let your business thrive.
Anticipate Initial Hurdles
Many small businesses fail during their inception years because of a few obstacles that could have easily been addressed at the outset – and these obstacles will always be the same, whether you’re starting a business during a pandemic or in more “normal” times. New business owners should aim to be more forward-looking and anticipate these hurdles by thinking about the three S’s of success:
Structure Capital/Injection: Do you have the funds to get your business idea off the ground? If not, are you prepared to work with a financial partner to acquire a loan? If a loan is needed, you should prepare to show that you have at least 10% of the amount of the loan you’re taking in post-transaction liquidity.
Support: Do you have the support of other business professionals who can review your concept, answer questions about developing a business plan and help with projections? These people can also help to determine if any risks you plan to take are worth the reward or will ultimately lead to business failure. Support systems are essential, as you can’t expect to go at a new business alone!
Staffing: Do you have the right people in the right positions? As you’re building your team, think about all areas of the business and hire experts to fill those spots – from sales and marketing to accounting and law.
Determine the Approach
Based on the above, you know the business concept you’re hoping to achieve – but how exactly will you execute on the model you’ve laid out? One thing to consider if the type of business exists already is opening a franchise instead of completely starting from scratch.
Especially in our current climate, franchises have the potential to be more likely to survive amidst uncertainty. One of the many benefits of a franchise is the brand already exists so a lot of the heavy lifting of branding and marketing is already established. Additionally, with an existing brand typically comes training programs for business leaders and employees to help set you up for success. And lastly, think about the amount of ongoing support you’ll have in a franchise from their corporate team for things like strategy, operations, branded collateral, and the like.
Confirm Your Commitment (and Set Up a Team Who Sees Your Vision)
Most people leave their careers and start new businesses out of the excitement of what’s to come, but it’s important to not underestimate how much work and investment it takes to see positive results. First, and most importantly, prepare for long work days with any new business because they require extra attention. That said, be ready to eat, sleep, and breathe your business in the early years – even if that means quitting other jobs to dedicate your full time and attention to your new endeavor.
And as previously mentioned, having the right support is essential. To do so, find a business partner whose skills complement yours so you can spend more time doing what you do best while they take the reins in other areas. For example, if you are more technical or finance-savvy, consider a partner who is more creative. If you’re lucky enough to partner with a spouse or family member, perhaps put a structure in place where one is handling the business day-to-day full time and the other(s) can maintain part time jobs aside from your business to keep the cash flow coming in.
Finally, no matter how large or small your business is, establish a group of advisors or a board of directors to ensure you’re surrounded with expert opinions from different perspectives. The board can be as large/small or formal/informal as you want; the ultimate point is that you have other viewpoints and backgrounds to guide your business.
Make Smart Decisions about Your Financial Partners
It’s critical to partner with the right financial entities, including a bank you trust. If you’re planning to take out loans to support your new business, make sure to do your research and find a bank that is steeped in small business/startup experience. Since ideally, they’re going to be your partner for years, make sure to interview your lender. Ask questions like: How many of these loans have you originated? Are you an SBA-preferred lender? What are your specialties?
Depending on your type of business, it’s important to prioritize banks and other financial partners who bring more added value to the table to support your end-to-end business strategy – whether they offer expertise in a particular vertical or leasing/managing vehicle fleets to make things easier in the long run.
When meeting with any potential financial partners, be prepared on your end by bringing all personal financials, tax returns, and other important documents. To ensure you have everything you need, reference the Small Business Administration’s checklist for any small business loans here.
Starting a new business in any industry at any time is difficult – but these days, every new business venture comes with additional and unique challenges. So, when it comes to partnering with the best financial institutions, small business lending from a trusted provider like The Bancorp is your best bet.
