What Do the Recent Bank Collapses Mean for Entrepreneurs?

The recent collapse of Silicon Valley Bank and Signature Bank are the biggest bank failures our country has experienced since the 2008 global financial crisis. These events raise serious questions about the decision-making by leadership at many of the nation’s larger banks. We need more time before the fallout can be fully measured. There could be additional bank shutdowns, collapses, or forced sales to other banks, forcing business owners to work with new, unfamiliar banks they didn’t choose for themselves.

What we know for certain is that Encore Funding continues to provide safe, flexible financing to our clients in the staffing industry. We are not a bank. Encore is a privately held, family-owned company, largely funded with our own private capital. With credit tightening and stricter regulations at banks most likely on the horizon, it may be time to evaluate your financing options. Entrepreneurs could be asked by their bank to find a new financing arrangement since they don’t fit one of the bank’s deal profiles. Banks could look to move smaller deals off their balance sheets or reject borrowing line increases.

We’re proud to be entrepreneurs serving other entrepreneurs. Because of our unique background, we know firsthand that fast, easy access to capital spurs business growth. If your growth plan leans heavily on traditional bank loans, it may be time to seek alternative financing like Encore Funding which is more reliable and flexible.

Our clients in the staffing industry turn to us because they trust our tenured team and successful track record. Encore clients generally grow faster than their bank-funded peers because our interests are aligned in the same entrepreneurial spirit to grow. Our team takes a hands-on approach to work with our clients through the highs and lows of business. We help our clients evaluate and grow their existing book of business and untapped opportunities to increase their footprint in the market. We pride ourselves on helping our clients grow.

As always, we encourage Encore clients to connect with our leadership team for strategic, empathetic business advice during these uncertain times. Contact Joel Adelman at Joel@Encore-Funding.com or Chad Eberly at CEberly@Encore-Funding.com.

To learn more about Encore’s funding solutions, visit Encore-Funding.com or call our office at 216-998-9900.