DOES YOUR BUSINESS NEED EMERGENCY FUNDING IN DES MOINES? // Sue Reinders

Many small business owners have responded to the challenges of our current economic condition in innovative ways in order to survive. Now more than ever, we can see the importance of having an emergency fund for your business.

Funding Your Business Through 2020 How much you need to have in that emergency fund will be different for every business. Is it a family business where both spouses work for the business, or does one spouse have a job that would give you income during hard times? If you don’t have that second income stream for your family, your business emergency fund will need to be much larger.

West Bank Emergency Fund Planning Total up your regular monthly business expenses – rent, taxes, insurance, payroll, utilities, services, or rentals. Just like for a personal emergency fund, pay yourself first by setting aside as much as you can each month in a separate account. A lot of small businesses run on a shoe string, so it might take some time to build up a reserve. Three months to a year of operating expenses should get your small business through most tough times.

Your community banker can help you find financial solutions to help your small business thrive.

>> Contact Sue Reinders, First Vice President/Assistant Branch Manager at the Southwest 9th Street Branch <<