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Annual Report for Madison County: Business & Industry | The Herald Bulletin
Banks provide assistance for local businesses By Kayley Frank For The Herald Bulletin
ANDERSON — It’s not easy to be a business owner right now. We all hear about declining consumer spending, higher tax rates for small businesses and legislation that’s aimed at making the cost of doing business less extreme. Fortunately for local businesses, some Madison County banks have been able to help business owners navigate the waters of business best practices in order to help them stay competitive in today’s slower economy. “Today’s business environment can be difficult,” said Old National Bancorp Region President Jeff Howe. “Our goal is to be a trusted partner so our clients can spend more time doing business instead of worrying about business.” In 2012, Old National loaned more than $11 million to Madison County businesses, and they’ve seen continued increases in commercial lending activity. “Overcoming the perception that banks are not lending, which is simply not true at Old National, is a challenge,” said Howe. “We have never stopped lending.” Additionally, Old National has been able to help businesses by working directly with owners to find creative solutions for their business needs. “We work to build relationships with local business owners to help them keep pace with the changing environment and find solutions including creating cash flow and protecting their locations by purchasing instead of leasing,” said Mellissa Hicklin, who handles marketing for Old National. In one case, Old National was able to provide working capital to a business by establishing an additional line of credit. They’ve also worked with business owners to establish cash management services, which can help make paperwork more efficient. In the same way, First Merchants Bank has worked with directly with businesses to establish good working relationships and provide resources at a local level. Because First Merchants Bank is headquartered in Muncie, they’re able to provide a more “local flavor” for business owners and offer them direct access to decision makers. “We provide support and expertise here locally; in most cases, our decision makers are people
Don Knight / The Herald Bulletin
The PNC location on Nichol Avenue in Anderson.
Ideas for people who are starting a business ◆ Get in the know. Knowing how to manage a business is crucial. Do what it takes to figure it out! Take a business course, start researching or find successful professionals to talk to. ◆ Find the right people. Figure out how you’re going to handle the financial and legal aspects of your business. Consider hiring an attorney or an accountant. ◆ Ask for help. Seek out local resources like the Indiana Small Business Development Center or the Service Corps of Retired Executives Association. These organizations can assist prospective owners in creating business plans. who live and work in our communities,” said Kirk Klabunde, market president for First Merchants Bank in the North Central region. “People can take comfort knowing that their neighbors are making the decisions that service our commercial banking customers.” Last year, First Merchants Bank made approximately 100 loans to small businesses in
Madison County. MainSource Bank also works with prospective business owners to review their business plans and offer assistance in making adjustments. “While looking at the options, we will review the entire picture and make recommendations which are in the best interest of the client.” said Doug Loy, MainSource
Bank market president. “ In addition, First Merchants Bank, MainSource Bank and Old National all offer business owners and individuals alike access to financial planning resources, investment and wealth management services and insurance. “Our goal is to be a one-stop shop for financial needs on a commercial and personal level,” said Klabunde. According to Klabunde, one of the biggest challenges business owners face is building a strong business plan, which he believes can be best done by having a network of people to bounce ideas off of. “Find someone that can give you honest feedback and help you flesh out your ideas,” he said. “The folks we deal with that are the most successful get together with other professionals and share their best practices.”
“We provide support and expertise here locally; in most cases, our decision makers are people who live and work in our communities. People can take comfort knowing that their neighbors are making the decisions that service our commercial banking customers.” Kirk Klabunde market president for First Merchants Bank in the North Central region