Being an entrepreneur is all about dreaming big, setting goals and partnering with like-minded individuals who can help move the business forward. Business ideas pop up. Then, come the lists of “how-do-I” questions, reassuring self-talk and launch planning.
More often than not, a little financial assistance and guidance is exactly what transforms a business dream into a viable career for those with an entrepreneurial mindset.
Tanner Starbard is the Senior Vice-President of Operations at Mad Lands in Boulder. When Mad Agriculture (Mad Ag) was founded in 2018, he said it was born out of the necessity for a regenerative revolution in agriculture. The company envisioned guiding farmers and ranchers to commit to managing soil health and the ecological integrity of their farming systems.
“We knew we wanted to bank with Elevations before we officially launched our business,” Starbard said. “As Boulder community members, we have been familiar with Elevations’ impact in the local community and wanted to be sure that where we banked aligned with our values.”
“Having held personal accounts with Elevations prior to a small business bank account, we anticipated that we would receive the same level of personal customer service that we were accustomed to — and we have.”
Together, Mad Labs and Elevations Credit Union are working to transform farming across 17 states over 105,000 acres of land.
And it all started with an idea.
When to open a small business bank account
The best time to open a small business account is now. Start with a checking account to manage any business-related cash flow, like putting down a deposit on a leased storefront or buying start-up inventory.
Nick Vigil, a Business Banking Relationship Manager at Elevations Credit Union, said the account-opening process is simple and available online.
“I would almost always advocate for opening a business checking or savings account even if you do not know you would need one,” Vigil said. “For these first-time, sole proprietors and entrepreneurs, having a business account helps their confidence and possibly helps solidify their cause for venturing out on their own. It’s tangible … it’s real for them when they open their first business account.”
To learn about additional benefits of having a bank account dedicated to your business, see 4 benefits of having a bank account for your small business.
The perks of collaborating with a small business banker
Leaning into community support will help your small business materialize and grow much faster. Imagine having a right-hand confidant who understands everything about managing finances, small business loans, lines of equity and business credit cards. Helpful, right?
Jeanne Bolz, the owner of Bolz CPA, LLC could envision these benefits. Her business was established in 2016 and evolved in 2019 to include opening an office in Fort Collins and hiring staff. As she nurtured the growth, she realized she needed business expansion financing.
“Despite my long-term relationship with my other bank (which, she said, spanned multiple decades) and a perfect credit history, that bank was unwilling to offer me a business expansion loan,” Bolz said. “The banker and line of credit I opened with Elevations in 2019 was integral in my expansion plans.”
Bolz currently partners with Elevations for her business checking, savings and line of credit accounts to support her tax preparation, planning and strategic consulting business geared at individuals and businesses.
“There is nothing quite like being able to walk down Pearl Street Mall when you need to go to the bank,” he said. “We’ve built personal relationships with Elevations over the past several years and that has been incredibly valuable when we needed to get credit cards, navigate online banking, issue wire transfers or whatever else was needed.
“We knew who to call and Elevations got it done for us.”
If you need help getting your business finances organized or are ready to take the next growth step in your career, the Small Business Banking Team at Elevations Credit Union would love to assist. We can discuss banking solutions, lending options and commercial growth. To learn more, contact one of our Business Banking Relationship Managers at 1-800-429-7626 with your questions.