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By:
Michael Fox, Executive Vice President, Commercial Lending, Univest Bank and Trust Co. November 3, 2020
The famous Irish poet, Oscar Wilde, once described a cynic as, “the man who knows the price of everything and value of nothing.” This quote is also an accurate description of the methodology some business owners use when choosing a commercial bank. Using a single parameter to choose your bank ignores the substantial benefits it can provide beyond a commercial loan. Unfortunately, many business owners only look for a commercial bank when they need a commercial loan which frequently leads to a comparison on only one basis.
However, the right bank can, and should, bring benefits well beyond the interest…
By:
Michael Fox, Executive Vice President, Commercial Lending, Univest Bank and Trust Co. September 21, 2016
When I sit down with the senior management of a company, one of the things I like to understand is how they ended up with their current bank. The answer can frequently provide valuable insight into the decision making process at the business. While there are a variety of reasons, it has been my experience that a number of themes surface. These include:
I have been with this bank since I started my business. Frequently the name of the bank may have changed because of acquisition, but the origin of the relationship remains with that institution.
By:
Michael Fox, Executive Vice President, Commercial Lending, Univest Bank and Trust Co. January 11, 2016
Ben Franklin once defined insanity as, “Doing the same thing over and over and expecting different results.”
After the busy rush to year-end and taking time to celebrate the holidays, many business owners are anxious to get back to work to continue those activities which provide them a living. While many individuals reflect on aspects of their life that they desire to improve upon in the upcoming year, too frequently, business owners neglect to do a similar assessment of their business. This is often due to a desire to get “back to work.” But at this time of year, it…
By:
Michael Fox, Executive Vice President, Commercial Lending, Univest Bank and Trust Co. April 20, 2014
Your business has grown to the point where you need a new machine or additional working capital – what information is going to be required from you by your bank? It may be helpful to understand the basics of what a bank looks for when considering different types of loans and why.
Generally, a new piece of equipment will last your business for a number of years and a Term Loan (a loan with scheduled repayments over time) is most appropriate under these circumstances. If a new machine is what your business needs then an understanding of the…
