Welcome to Covenant Bank

Maturity


Congratulations! Your brand is strong—you are well-known in the marketplace. You have loyal customers and plenty of repeat business. You have met a need, created jobs, and been a contributing member of the community. You have the freedom to do with your business as you wish. There are many options: sell, merge, exit, expand, etc. Covenant Bank is honored to celebrate your success and help you find resources to enjoy the next stage in your life.

Mindset

There is no average mindset for an individual who has reached this stage of the business life cycle. What happens next is completely up to you. You can continue to operate your business as usual or take some long-needed relaxation time and let someone else take over. Perhaps you would prefer to transfer ownership and keep your legacy going. Most importantly, give yourself a big round of applause for a job well done.

Challenges

If you decide to stay in the game, consider these challenges that typically beset a business in the "mature" life cycle:

  • Pressure to innovate or stay relevant
  • Sustaining growth
  • Declining sales
  • Management succession

Key Considerations

  • Plug into Covenant Connections for a menu of helpful resources
  • Sustain growth and address any reason for declining sales
  • Consider exit strategy or management succession

Financial Product and Service Options to Explore

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

Link to our Twitter Account Link to Our Facebook Page Link to Linkedin website