Welcome to Covenant Bank

Growth


Congratulations! You have maintained an unrelenting belief in your vision and have overcome many obstacles. Despite what you've accomplished so far, however, the game has only just begun. You're starting to see an increase in demand and it's getting bigger than what you (and your small team, if you have one), can manage. Don't worry—Covenant Bank knows how to connect you to the resources you need to get the job done.

Mindset

Money is definitely on your mind. It’s time to develop cash management skills and figure out how you’re going to finance things: office space, sales inventory, vendors, additional staff, and equipment. It’s tempting now to throw yourself into your business completely vs. working on your business thoughtfully. Master the art of delegation and don’t lose sight of the most important things in life—your family, friends, health, nutrition, and sleep.

Challenges

As you progress through the life stages, the challenges seem to increase in complexity. You can mitigate these challenges and reduce risk by being continually on the lookout for experts who can support you and fill in your knowledge gaps. You may also experience the following:

  • Cash flow issues
  • A sense of feeling overwhelmed
  • Need for financing to support growth
  • Need to hire employees
  • Pressure to expand to support increased client demand

Key Considerations

  • Plug into Covenant Connections for a menu of helpful resources
  • Continue to meet with mentors and advisors
  • Refine systems and procedures
  • Tighten your marketing and communication
  • Increase operations financing
  • Automate payroll processing
  • Review insurance requirements
  • Recruit the right employees

Financial Products and Services

  • Business checking account
  • Business savings/money market account
  • Business term loan and/or line of credit
  • Online banking and bill pay services
  • Mobile Banking
  • Remote Control banking
  • Sweep account
  • Cash management
  • Merchant credit card services
  • Positive Pay
  • Lock Box
  • Door-to-door courier service

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