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Episode 120


Topic: Is My Money Safe? And Other Small Biz Banking Questions

Guest: Lee McInnis, Senior Vice President, Fidelity Bank

In this episode we discuss:

  • The collapse of Silicon Valley Bank and whether pest control business owners should be worried about their own banks.

  • Why FDIC-insured accounts are the safest

  • Strategies to mitigate risk for your small business

  • How to determine your FDIC coverages

  • Whether brokered CDs are a good strategy

  • Loans, lines of credit and personal guarantees

  • When to get a line of credit

  • How far back banks look at cash flow before issuing a credit line

  • How to build a relationship with your banker

  • The importance of cash flow

  • Lee's advice for people with poor credit scores

  • Dan's take on the No. 1 thing that gets people in trouble with finances and banking

Resources mentioned:

Advice: "In terms of lines of credit, my philosophy has always been it's better to have it and not need it than to need it and not have it. And the time to get it is when you don't need it." —Lee McInnis, Fidelity Bank

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