Liz: “Any last tidbits of advice, ladies?”
Melody: “Prioritize goals! Be patient when planning a project. Make sure the improvement s they want to do fit into their overall financial planning goals and their ability to resell their property. From what I’ve seen, converting an attic to a bedroom, finishing a basement or focusing on rooms with water like kitchens and baths yield the best return on investment for homeowners.
Liz: “That is so true! Susie, last words of advice?”
Susie: “On the commercial side, for a business owner who wants to buy their own building, I always recommend that they talk with an attorney and a CPA before buying. Small business owners especially don’t know the tax advantages or liabilities of buying a building. We, as bankers can’t advise them on how to structure things, so they need the guidance of these professionals.
“The SBA (Small Business Association) offers some financing programs for borrowers to work with a bank and put a small amount of money down to secure financing. I recommend these programs for small businesses to use if they don’t have a lot of money.”
Liz: “How do they go about finding information on these programs?”
Susie: “They need to talk to their banker. The SBA doesn’t lend the money- the bank lends the money and the SBA provides the guarantee. So talking to their banker can help them get started.”
Melody Townsend, CFP owns Townsend Financial Planning with offices in Mt Sterling and Lexington. Those initials behind her name stand for “Certified Financial Planner” which a special distinction that I will let her tell you all about! Melody’s office is fee only, so she doesn’t charge hefty investment commissions. You can get more info on her website www.townsendfinancialplanning.com or call her at 859.498.2020.
Susie McEuen has nearly 30 years in the banking industry and has the distinguished title of VP at Community Trust Bank in Lexington. She works with business owners throughout the state to secure financing for their needs. Susie also has a team of bankers ready to help with personal financing. She can be reached at 317.442.8944 (treasure this, as it is her direct line) or firstname.lastname@example.org.
I encourage you to seek these ladies out if you have financial questions and needs!