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You may have seen it play out on the popular television show Shark Tank – an eager entrepreneur with a novel idea secures funding to bring their dream and business to reality.
While it makes for great television, it usually doesn’t play out that way for most aspiring entrepreneurs, most of whom may have a better chance of encountering a real shark in New England than pitching before one.
So if you’re a budding entrepreneur with a great idea, how can get the funding you need to reach your dream?
The key to longevity in business is managing changing economic cycles. It is something that Avidia Bank’s executive vice president and chief financial officer Margaret Sullivan knows well. In her 23-year tenure with Avidia, Margaret has helped the bank navigate challenging economic times. In today’s article, she shares some helpful guidance on how you can prepare your business for economic challenges, including a possible recession.
Is the U.S. economy headed for a recession?
Over the past year, financial experts have weighed in on that very question. And while you may not be able to discern precisely when or if a recession will occur, there are some steps you can take to prepare for one. Avidia’s Executive Vice President and Chief Financial Officer Margaret Sullivan shares five such steps you can take:
Thinking about refinancing?
There’s still time
Mortgage rates sizzled this past summer, reaching their lowest levels in years. If you didn’t take the opportunity to refinance your mortgage, don’t worry; now’s still a great time. To tell us more about refinancing and why it may make sense for you, we spoke with our resident home lending expert, Avidia loan officer Andy Nawrocki.
Real Smarts: Andy, why is refinancing a good idea for some borrowers?