Every day I hear about how it is becoming harder and harder for small businesses to thrive. With all the economic challenges we currently face locally and nationally, it’s no wonder so many people are discouraged from starting new businesses. However, there is opportunity if you know where to look for it and help if you know who to ask! I want to take a moment to make sure that everyone knows all about the services Nutmeg provides that make running a small business in CT possible.
The most essential part of running the daily operations of a business is to make sure managing funds is easy and affordable. Our Business Checking account is extremely competitive and offers unlimited transactions and no monthly maintenance fees. It’s also important to be able to earn interest on your working capital. We recently introduced our brand-new Business Mega-Money Market Account, which has a fixed rate of 1.76% APY until March 31, 2020! This account is advantageous for businesses as it allows them to earn interest while managing cash flow and payroll. Another service that many businesses find useful for daily funds management is our Business Credit Card. This low-rate, no-annual-fee card also now comes with free Rewards Points. These points can be used for cash back, gift cards, travel and more.
Another area of difficulty for local businesses is finding affordable ways to grow and expand. Getting financing for real estate, equipment, transportation and more is often essential to evolving a business. Our Business Term Loans and Business Lines of Credit are designed to be flexible to fit any business need. I am excited to also announce that Nutmeg has recently been approved as a Small Business Administration (SBA) lender! This designation will allow us to help local businesses and new start-up businesses with low-equity loan requirements and longer loan terms. We have been helping established local businesses for many years, and now we can also help start-up businesses get off the ground.
In addition to the many existing Electronic Services we offer, we will soon be adding a new service that will transform the way a business connects with its customers. Through the work of our subsidiary technology firm DaLand Solutions, we will begin offering businesses their own custom Mobile App! Businesses will be able to accept one-time and recurring mobile payments, schedule appointments, create targeted promotions and more. The app will be fully customizable with many options for businesses to brand themselves and make their versions unique. You can expect to see more about this new and exciting innovation later this year.
Another upcoming service that will significantly help both customers and business owners is point-of-sale financing. Many customers find paying for high-cost purchases at the time of sale difficult. This includes the costs of veterinary services, cosmetic surgery, dentistry, home renovations, heating and cooling systems and much more. With point-of-sale financing, businesses will be able to offer quick, easy financing at the time of payment through our affordable borrowing options. More information about this service will be available soon.
As a CEO who has worked with many large and small businesses, I know that maintaining a healthy relationship with customers is the key to success. With all of our business service options, local businesses across the state can achieve their goals affordably and improve their relationships with customers. If you are a local business owner and are interested in any of our current or upcoming services, please be sure to contact us for more information.
President and CEO