3/23/23
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:
CNBC article: "Why bank runs happen"
Lee's contact information: 919-653-5121 | lee.mcinnis@fidelitybanknc.com
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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