The Platinum Bank team is excited to see what the new year and new decade have in store for our clients. Historically, the Federal Reserve tends to hold rates fairly steady during election years and we’re anticipating this likely to hold true in 2020. The real estate market is booming, which means businesses are looking for banking relationships to assist with growth plans and initiatives. Here is a closer look at our thoughts on what 2020 holds for Twin Cities businesses. Federal Rates Will Remain Stable into the Presidential Election Cycle.

Historically, it is uncommon for the feds to fluctuate rates during a presidential election year, so it is unlikely we see large rate hikes in 2020. This is good news for Twin Cities businesses, as keeping rates stable encourages growth. If you are a Platinum Bank client, it may be a good year to invest in new equipment, acquire a company, or pass your business on to the next generation.

More Business Owners Will Put Their Succession Plans in Motion

Anticipating rates to hold steady, business owners will likely contemplate possible succession plans. Succession plans are complex and often involve multiple professionals, including bankers, CPAs, attorneys, and brokers. The Platinum Bank team has decades of combined experience guiding business owners through the process, and we are eager to help our clients create their plans and set them in motion.

Continued Prioritization on Cyber Security and Fraud Prevention

As we covered last month, cyber security and fraud prevention are top priorities for Platinum Bank. Financial information has always been a target for crime, and cyber criminals are only getting more sophisticated about how they target financial data. In 2020, Platinum Bank will continue to step up fraud prevention services, ensure mobile banking is secure, and fortify banking networks.

Commercial Real Estate Loans Will Support Owners in a Tight Market

Commercial real estate is on track for another banner year of growth. In addition to real estate loans, Platinum Bank can be your partner for loans to build out commercial space or provide working capital for key new hires and initiatives after that important move.

Capital Lines of Credit Will Help Seasonal Businesses Succeed

Stable rates may also make working capital lines of credit more attractive. In 2020, we expect employers across the region, from seasonal businesses to large manufacturers, to apply for capital lines of credit with Platinum Bank. These funds will help companies invest in their staff or purchase new pieces of equipment for continued growth.

Business Clients Will Ask for More Remote Banking Services

More and more businesses choose to take advantage of Platinum Bank’s remote and mobile banking services. Remote scanners, online deposit, and bill pay are just a few of the many tools Platinum Bank offers to clients to ensure funds are received and/or paid in an efficient manner, simplifying the banking process. Banking clients appreciate the ability to monitor their accounts and move money without coming into the bank. Platinum Bank expects more business clients to embrace remote banking services in 2020.

Clients Still Choose to See Their Bankers in Person

While remote banking will grow in 2020, we believe banking clients will continue to appreciate a personal visit with one of their bankers at the bank. For the convenience of our clients, Platinum Bank operates two locations in the metro area from which to serve its business clients. Your banker should be mobile and ready to meet with you in your time and space, to help you with complex financial matters that impact your business, and discuss your concerns before making an important financial decision.

Authored by Tony Jenkins, Vice President with Platinum Bank. Tony is a seasoned commercial banker/relationship manager tjenkins@platinumbankmn.com / 651-332-5217. Contact Tony or any of our commercial banking team today to learn more, or visit our website at www.platinumbankmn.com.