In Spooner’s nearly 50 years in business, many of our new customers have come to us via word of mouth. We deliver the level of service that we promise, and our clients have been quick to recommend us at any opportunity. When we partner with an organization that shares our values of helping Ohio businesses and investing back into their communities, we want to tell our clients about them, too! The Spooner family of companies has grown exponentially over the last few years, and our banking team at First Federal Lakewood has been behind us every step of the way.

First Federal Lakewood has been serving Ohio communities for 87 years, with 20 branch locations throughout Ohio. We talked with two of their business banking specialists, Mitch Duale and Scott Gnau, about common issues that businesses face with commercial banking, and they provided some insight on how businesses can stay ahead of the game.

PPP Assistance – First Federal Lakewood processed $105.5 million in PPP loans that helped retain over 12,000 jobs in Ohio communities. Since the PPP program was unprecedented, many business owners needed help navigating those uncharted waters for the stop-gap funding they desperately needed. Most of First Federal Lakewood’s PPP loans were granted to smaller business, with 93% in amounts under $250,000.

Lack of Communication – Communication is key when choosing a banking partner. When your banking partner reaches out and visits you frequently, this helps them understand your company’s needs and where you’re headed. Plus, this is a great time for you to talk through any issues, concerns and plans for the future.

Working Capital (Available Line of Credit) – When your business is in growth mode, you need capital that will get you to the finish line – that’s where working capital comes in. Having your banking partner in your corner is important through the ebbs and flows of business ownership. An open line of communication is helpful when you need capital for anything from renovation projects to expansion.

Interest Rate Environment – The current interest rate environment may feel overwhelming to many business owners. If you’re looking for a business loan, where do you begin? Interest rates vary based on loan programs and your banking partner will help walk you through each loan program so you can decide what’s best for your business.

Creating Capital for Acquisitions – If you’re considering purchasing another company, you’ll need capital to do so. There are a variety of business loans on the market, and your banking partner will be able to help find the best financing for your unique situation.

If any of these points resonated with you and you’d like to be connected with the team at First Federal Lakewood for any of your business needs, contact Brian Davis at 440-249-5260 | Ext:107