One of the most important things for a small business owner to manage is their cash flow. A local banker gives us some helpful tips.   

Nia Neeb, a financial center manager with Fifth Third Bank in New Palestine, says properly managing your cash flow helps when purchasing big-ticket items like equipment, increasing office space, or hiring new staff.   

Need says Fifth Third Bank offers different lines of credit for small business owners to help increase cash flow. But she says it’s important to know when to access the extra funding and how to use it properly. 

From term loans with a fixed rate to unsecured loans with a variable rate, Neeb says business owners should do their research and rely on bank staff to help them acquire the right loan. In addition, a business credit card can be extremely useful for things like purchasing gas each month for company vehicles. 

As always, Neeb advised that a healthy credit score will lead to more favorable interest rates and loan terms. 

Neeb tells business owners when it comes to managing cash flow through loans, it’s important to be proactive and not reactive. “It’s better to get it and not need it.”