Hello, I’m David Durland. I’m Chief Banking Officer for Heritage Bank of the South and I’m here to talk to you about financing your future expansion needs.

One of the things that you’ll need to have when you come in to talk to a lender is a good sound business plan. Some of the components of that business plan should include the background and history of your business as well as all the owners and key management staff of your business.

You’ll also need to have the plan itself, in particular are you looking to expand into a new segment of the business or are you going into a different line. What are the financing options that you’ll need? Are you looking for some long term financing? You’re looking for some short term financing? What are the collateral options that are available? What are the equity components that will be going into it?

And then finally you’ll need to have some really clear, concise financial statements. Again, if it’s an existing business we’ll want at least three years financial statements; the previous three years. If it’s a new business then we’ll want to have projections by going out at least 24 months giving us the budgeted plan for your new venture.

One program that you’ll want to be aware of is the SBA programs that are available. And now is a great time to talk to your lender about SBA options. There’s various programs available whether you want to finance fixed assets or you’re looking for working capital, they have programs available. Now’s a great time. Rates are extremely low and financing options are varied depending on your particular need. So you’ll want to contact your lender about that.

If you’d like to discuss this more, please stop by any of our Heritage Bank branches and speak with a lender on staff. We’ll be more than happy to help you.