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So You Think You Need a Business Angel? Not So Fast

March 18, 2010 by admin Leave a Comment

So You Think You Need a Business Angel

Many companies who are just starting out need start up capital (some people called it seed money). Unless you have rich (and patient) relatives this can be a very difficult commodity to acquire. So too, going to a bank and getting a small business loan is a pretty daunting task and some business (restaurants and construction companies) are not very appealing to bankers in general; restaurants because the failure rate is so very high, and the construction business because of all the intricate workings of the business. What many beginning owners tend to look for is either a Venture Capital company or a Business Angel. Before you start your search (it might even be rightly termed a quest) here are some things to consider.

Venture Capital companies tend to look for “hot” industries or industries that have very high payback potential. In the past few years industries like Bio-Med, Medical Robotics, and the like have been very popular. Most Venture Capital companies avoid investing in stage one or the seed money stage. From their long experience, they’ve seen can’t miss products, miss. In fact in some cases they have watched the product fail miserably, and they lost their investment. Another thing very important to venture capital companies is their exit strategy. A VC companies business is much like a bank, loaning money (and over sight) for a project, but while they are willing to give a promising business a leg up financially, they are not wanting to own that business long term-usually they like to be involved for 3-5 years and then be bought out by the owner. This is called the exit strategy, and every Venture Capital company has one and a general time table target for payback.

A business angel can vary; many business angels these days have an association (and a front man) to screen potential businesses. Like a Venture Capital company, they provide funding and over site, but might be willing to be a long term partner of your business, or be willing to buy the business from you at a certain stage. As the entrepreneur, you must fully research the particular business angel and decide if this is a long term partnership that you are going to be compatible and consistent with you long term goals. Make sure you have a trusted lawyer read the contract!


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Tagged: banking, Business Apps, Business tips, Save Your Small Business

The South Financial Group Recognized for SMB Banking

February 25, 2010 by Sarah Leave a Comment

The South Financial Group Recognized for SMB Banking

The South Financial Group, headquartered in Greenville, South Carolina, has won 2009 “Excellence in Small Business Banking” awards from Greenwhich Associates. The company won in both the regional and national categories. The bank was also one of nineteen national banks to be recognized for “overall satisfaction.”

The South Financial Group is actually a bank holding company, that focuses on serving SMBs in North and South Carolina (12% and 45% of customers) respectively, and Florida (43% of customers). At the end of 2001, it had about $11.9 billion assets and 177 branch offices. Its known as Carolina First bank in the Carolinas and Mercantile Bank in Florida.

Ernie Diaz, president of the Florida branches of the bank had this to say about the award, “These awards illustrate our commitment to understanding the needs of business owners and working together to meet their specific needs.”

The Market President of Carolina First Bank, David Lominack, added, “Delivering on our relationship banking model continues to be our goal, and these awards reflect the value our bankers place on exceeding customer expectations.”

The company won three awards overall: “Overall Satisfaction” in the National category, “Relationship Management Performance” in the National category, and “Overall Satisfaction” in the Southern Regional category.


Looking for a GeoVison Security Camera System to help secure your small or medium business? Call www.CameraSecurityNow.com today at 877-422-1907 for a free phone consultation. Ask about the new Hybrid DVR/NVR surveillance solutions.

Tagged: banking, Florida, Greenwhich Associates, North Carolina, SMB, South Carolina, South Financial Group

TD Bank Tops Small Business Satisfaction

October 22, 2009 by Sarah Leave a Comment
TD Bank Tops Small Business Satisfaction

According to a summer study done by J.D. Power and Associates, TD Bank ranks as the top national bank for small business satisfaction. Of over 7,200 nationwide small businesses with an income of $100,000 – $10 million, TD Bank scored highest on a 1,000 point scale. TD Bank scored a 740. This is the third consecutive year the bank has ranked at Number One. The businesses surveyed indicated that they are more satisfied with a bank when a manager is dedicated to their account, understands their business, and is a thorough communicator with the business owner.

“The highest-ranking banks perform well in customer service and relationship management with their small business customers, particularly the in-branch experience,” said director of banking services at J.D. Power and Associates, Michael Beird. The average score for other banks was about 696. BB&T and Huntington National Bank tied for the number two spot with 725 points.

TD Bank is based out of Portland, Maine and Cherry Hill, New Jersey, and offers banking, insurance, brokerage and investment banking in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia and Washington D.C.

Tagged: banking, BBT, Huntington National Bank, J.D. Power and Associates, loans, small business, TD Bank

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