6 Things Commonly Required by a Business Lender

 

 

If you are seeking to borrow money for your business, prepare ahead to provide your lender with a clear picture of your commercial enterprise, advises Victory State Bank.

To accomplish this, you will need to share an up-to-date set of financial and production records.

As explained by the American Bankers Association® (ABA), financial statements should include a balance sheet, an income statement, a statement of owner equity, and historical and projected cash flows.

If possible, the borrower should provide three to five years of data, ABA advises.

To assist you in preparing to meet with a lender, Victory State Bank, the only community-based commercial bank on Staten Island, is sharing some tips from the ABA. The lender generally requires the following financial data and supporting information; however, when approaching a lender, the borrower should ask specifically which types of financial information to provide:

  • A current balance sheet with supporting schedules and inventories (essential).
  • A record of earnings for three years.
  • A projected cash flow; if a major change in the business is anticipated, a transitional and normal operating year projected cash flow may be required, with sensitivity analysis concerning price, cost, and capital acquisition investments.
  • A good set of records showing production plans, short- and long-range goals, and procedures for implementation and evaluation.
  • Information concerning personal debt, including credit cards.
  • Information concerning the amount and stability of outside-of-business income.

Just as you, the borrower, have a "wish list" of traits that a good lender should have, lenders also have certain expectations of a desirable borrower, the ABA says. Here are four key things you can do to help build your relationship with your banker:

§  Arrange credit in advance. Don't inform your lender of a major decision "after the fact." This destroys trust and credibility and makes future credit more difficult or even impossible to obtain.

 

§  Allow your lender time to review plans and make suggestions. Many major purchase decisions are made on the basis of emotion. A lender can be a source of sound advice and counsel in reviewing your credit request. Remember: an explanation of goals and plans builds confidence and trust. It also strengthens the working relationship.

 

§  Inform your lender of problems and changes. Even the best businesses are faced with adversities that reduce their ability to repay. Inform your lender of changes in plans or unforeseen problems that will interfere with making loan payments. Remember: communication is important not only in the initial request but throughout the whole credit process.

 

§  Maintain a high level of integrity. If the borrower expects a lender to be honest and above-board at all times, then the lender is entitled to the same attribute from the borrower. Inaccurate information and failure to honor commitments will jeopardize the borrower-lender relationship and could do harm that will last a lifetime.

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

5 Red Flags of a Gas Pump ‘Skimmer’

 

The next time you make a stop at a gas station, look beyond the price per gallon, advises Victory State Bank.  The only community-based commercial bank on Staten Island is urging consumers to be on the lookout for skimmers at the gas pump.

Skimmers are devices that steal your credit or debit card number. Thieves get this information by placing the skimmer over the credit card slot at gas pumps (and ATMs). They may also collect your PIN by attaching a video camera or another keypad over the real one to record your keystrokes.

To help protect your personal information, Victory State Bank is sharing the following advice from U.S. General Services Administration’s Consumer Action Handbook:

 Beware of a gas pump if:

 

§  The card reader moves or is unsteady. Tug on the card slot to check if it moves.

  

§  The card reader looks differently than those at the other pumps.

 

§  The keypad feels strange, thicker, or isn’t secure.

 

§  The edges of the card reader unit look like someone tried to pry it open or the lock is broken.

 

§  The security seal over the front panel of the gas pump is broken.

 

Prevent gas skimmer fraud by paying with the gas station attendant instead of at the pump. If the card reader seems suspicious, report it to the gas station attendant.

If you have been a victim of credit or debit card fraud, alert your card issuer.

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

3 Red Flags of a Banking Scam

 

When it comes to fooling consumers, criminals commonly use tactics that trick victims into thinking they are dealing with their own bank.

To help protect you from fraud, Victory State Bank, the only community-based commercial bank on Staten Island, is sharing these common signs of banking scams from the U.S. General Services Administration’s “Consumer Action Handbook”:

 

§  Scammers create fake versions of your mobile banking app, to gain access to your account.

§  Text messages that claim to be from your bank that require you to verify your bank account number or PIN.

      §  Requests for you to deposit a check into your account, as part of a fake lottery or sweepstakes. 

 

TAKE STEPS TO PROTECT YOURSELF:

§  Download the bank’s app directly from a link on their website to be sure it’s the real version.

 

§  Don’t reply to requests, by email or phone, to verify your bank account.

 

§  Don’t deposit checks from people you don’t know.

 

FOR MORE INFORMATION OR TO FILE A COMPLAINT, CONTACT:

§  Your bank or credit union’s fraud department.

 

§  The Federal Trade Commission.

 

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

 

 

What To Do If Your Tax Refund Check Isn’t Delivered

 

According to the Internal Revenue Service (IRS), millions of dollars in tax refunds go undelivered or unclaimed each year. If you believe your tax refund has gone astray, there are steps you can take to track it down.

To help you in your search Victory State Bank, the only community-based commercial bank on Staten Island, is sharing the following information from the IRS:

 

UNDELIVERED FEDERAL TAX REFUND CHECKS

Refund checks are mailed to your last known address. If you move without notifying the IRS or the U.S. Postal Service (USPS), your refund check may be returned to the IRS.

If you were expecting a federal tax refund and did not receive it, check the IRS' Where’s My Refund page. You'll need to enter your Social Security number, filing status, and the exact whole dollar amount of your refund. You may be prompted to change your address online. 

You can also call the IRS to check on the status of your refund. Wait times to speak with a representative can be long. But you can avoid the wait by using the automated phone system. Follow the message prompts when you call.

If you move, submit a Change of Address - Form 8822 (PDF, Download Adobe Reader) to the IRS; you should also submit a Change of Address to the USPS.

UNCLAIMED FEDERAL TAX REFUNDS 

If you are eligible for a federal tax refund and do not file a return, then your refund will go unclaimed. Even if you aren't required to file a return, it might benefit you to file if:

§  Federal taxes were withheld from your pay

and/or

§  You qualify for the Earned Income Tax Credit (EITC)

If you didn't file a tax return because your wages were below the filing requirement, you can still file a return within three years of the filing deadline in order to get your refund. 

STATE REFUND CHECKS

For information about your state tax refund check, contact your state revenue department.

 

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

 

 

6 Tips for Spring Cleaning Your Finances

 

 

​STATEN ISLAND, N.Y. – As you spring clean your home, remember to also spring clean your financial house, advises Victory State Bank.

Staten Island’s only community-based business bank is sharing the American Bankers Association’s (ABA) initiative of encouraging consumers to add financial organization to their spring cleaning to-do list. To help, Victory State Bank is highlighting these six ABA tips for organizing your financial house:

 

  §  Review your budget. A lot can change in a year. If you’ve been promoted, had a child, or become a new homeowner or renter, be sure to update your budget. Determine what expenses demand the most money and identify areas where you can realistically cut back. Develop a strategy for spending and saving – and stick to it.

 

§  Evaluate and pay down debt. Take a look at how much you owe and what you are paying in interest. Begin paying off existing debt, whether that’s by chipping away at loans with the highest interest rates or eliminating smaller debt first.

 

§  Set up automatic bill pay. By signing up for automatic bill pay, you’ll never have to worry about a missed payment impacting your credit score. You can set it so that money is withdrawn from your checking account on the same day each month.

 

§  Sign up for e-statements, paperless billing and text alerts. Converting to paperless billing will help keep your house — physical and financial — more clean and organized, and will help protect you from fraud.

 

§  Check your credit report. Every year, you are guaranteed one free credit report from each of the three credit bureaus. Take advantage of these free reports and check them for any possible errors. Mistakes can drag down your score and prevent you from getting a loan, or cause you to pay a higher than necessary interest rate.

 

      §  Manage your money on the go. Utilize your bank's mobile app to check your balance, pay your bills, transfer funds, deposit a check and send money to friends from wherever you are.

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

Media Contact: 

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.