You are now leaving Univest.net. Univest Financial Corporation (together with its subsidiaries and affiliates, "Univest") is not responsible for, and expressly disclaims all liability related to, any third-party site. Univest has no control over the contents of third-party sites and accepts no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any third party websites, you do so entirely at your own risk and subject to the terms and conditions of such websites. Univest does not endorse any third party websites, the contents of such websites or the operators of such websites.
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. December 5, 2022
With high inflation and geopolitical headwinds, the economy is rebalancing, consumer spending has slowed, and business owners are getting more conservative. As rates go up, demand for loans has gone down, an intended consequence from the Fed’s efforts to slow economic activity. As a business owner, it is vital to have the right relationships in place as you navigate this environment. It can be helpful to focus on some basics such as doing business with people you trust and staying true to your values.
Do Business with People You Trust Business and farm owners in…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. August 31, 2022
With historically high employment, high wages and high consumer spending, it is hard to believe that the current economic circumstances are technically defined as recessionary. The big question is not whether the U.S. is currently in a recession – the big question is what’s coming next? Are the economy’s problems going to get worse in the coming months? Will the situation level out or possibly even improve?
Many key indicators such as high inflation, market volatility, rising interest rates and a tightening housing market point to an economy on the brink of recession. But…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. February 15, 2022
The January 2022 Consumer Price Index report, which measures inflation levels within the economy, found that inflation jumped 7% during the previous 12 months, the biggest increase since 1982. High inflation levels mean rising costs for consumers and businesses alike, and as small or privately-held businesses currently make up more than 99% of companies in the U.S., inflation can have a large impact on these organizations if not properly planned for and addressed. Now, with the Federal Reserve poised to increase interest rates, getting ahead of inflation is even more important for business owners to ensure they…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. October 15, 2021
Inflation is top-of-mind for many Americans, including business owners. Small or privately-held businesses currently make up more than 99% of companies in the U.S. and inflation can have a large impact on these organizations if not properly planned for and addressed. Getting ahead of inflation is even more challenging for smaller businesses because they don’t usually have a dedicated, in-house finance and accounting team constantly reviewing financial statements, monitoring expenses and calculating profitability.
When inflation occurs, each dollar spent doesn’t go as far as it did before which ultimately decreases buying power. For example, consider a construction business….
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. January 28, 2021
Interest rates are currently at record lows due to the Federal Reserve’s response to COVID-19 and will likely stay low until the U.S. has recovered economically from the pandemic. With such low rates, business owner borrowers may want to consider an interest rate swap if they are looking for a low, long-term fixed interest rate.
Fixed rate vs. floating rate
A fixed rate is an interest rate that will not change for the duration of a loan agreement. With this type of loan, businesses are immune to changing interest rates by settling on a long-term, fixed interest rate. For example, individuals…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. March 29, 2019
Are you considering building your own building or doing a major renovation to your current building? If so, this article provides insight on the process of working with a bank to fund your project.
When providing funds to support construction financing, the bank assumes the risk associated with the customer’s ability to successfully complete a proposed project on time and within budget. To monitor each project’s progress, costs and loan disbursements, the bank has an established construction loan administration process. This process is essential to effectively controlling construction risk and providing the client, contractor and bank with a predictable and…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. May 25, 2018
I must admit, I like a good country music song. It takes me back to a more innocent, simple time of my youth working on farms, with my hands, learning how to be part of a team. One of my favorite country singers is Tim McGraw and I love his song, ‘Humble and Kind.’ The song tells us to, “Hold the door, say please, say thank you; don’t steal, don’t cheat, and don’t lie; I know you have mountains to climb but always stay humble and kind.”
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. February 1, 2018
Leadership is a hot topic in the business world. Many keynote speakers and books focus on helping leaders learn how to be the best they can be for their teams. My belief is that leaders like myself can learn the most about ourselves and others when we set out to be more servant-like rather than by using our position and/or titles to ‘get our own way.’
Servant leadership is both a leadership philosophy and a set of leadership practices. Traditional leadership generally involves the accumulation and exercise of power by one at the “top of the pyramid.” By comparison, the…
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. July 7, 2017
For hundreds of years, Americans and the world have benefitted from farmers working their land. Over the same centuries, farmers have lived through many boom and bust cycles, dry and wet seasons, and fluctuations in commodity prices and input costs. They’ve had to diversify their income streams by working smarter – not harder. Through it all, the American farmer has learned the validity of the age old lesson of ‘not having all of your eggs in one basket’.
Applying this old adage to their everyday lives, farmers have diversified their income streams in a variety of ways. For example, many…