Because no two practices are alike, we offer a range of banking and lending options to suit your unique business needs. Whether you’re in a rapid growth phase and need working capital to finance inventory, comparing term loans for permanent capital investments, or a start-up seeking investors—we have products and services to strengthen your bottom line.
Banking for Professional Practice: What Makes It Different?
At Centric Bank, we don't lump banking for professional service industries with banking for businesses. Since we work with both professional service providers and businesses, we know the needs of these two sectors are different, and we respect this fact.
Professional practices, including lawyers, accountants, architects, funeral homes, and other professionals have unique challenges and needs we recognize with professional practice financing and banking.
While professional practices such as law firms often have significant income-generating powers, they also have significant overhead. Attorneys, for example, need to pay for office space, technology, personnel and other costs. These costs can be significant.
While professional practices have significant revenue opportunities, in many cases cash flow isn't steady. Architects may be paid part of their fee upon completion of a project. Lawyers and accountants might not receive any payment at all until the completion of a contract with a client. While these professionals are waiting for money, they need to keep paying their significant overhead costs.
In some cases, this can create concerns about cash flow. Since professionals tend to be in competitive fields, maintaining positive cash flow and remaining up-to-date with the latest technology and with quality staff is essential.
We realize many attorneys, accountants and other professionals work long hours and may be unable to complete transactions during traditional banking hours. They may require more support than traditional businesses as well. Private banking for professional practices from Centric Bank fills the gap by offering the types of banking services their firms need.
Banking for Professional Practices: What Services Are Offered?
Centric Bank offers a range of services for its professional practice clients, including:
• Debt refinancing
• Professional practice financing
• Up to 100% financing
• Practice acquisition
• Buy-ins and buy-outs
• Financial services for start-ups
• Real estate purchase, expansion, or renovation
• Financing for equipment and working capital
• Lines and Letters of Credit
• Convenient banking, including online and on-site
• Banking and transactions outside of traditional business hours
Banking Services for Lawyers
Legal practices have a number of unique financing needs. For example, attorneys need to maintain a professional business space for clients to visit. Overhead can be costly since attorneys and law firms may need to pay for computers, paralegals, utilities and more.
Contingency fee arrangements pose a unique challenge and opportunity. These agreements allow attorneys to work without charging upfront legal costs. Instead, attorneys recover a portion of damages awarded to their client.
The challenge is that the cost of launching a case can be considerable. Attorneys may need to pay upfront for investigators, medical experts and other professionals. A claim can work its way through the courts for months or even years. In the meantime, attorneys may have invested significant amounts of money in one or more contingency fee cases. To maintain cash flow, they may need financing against the eventual expected recovery.
Private banking for lawyers also needs to address the long hours attorneys work. Legal professionals may not be able to visit financial institutions during regular hours. Centric Bank offers professional services that specifically address these needs.
Private Banking for Accountants and Financial Professionals
Financial professionals and accountants have their own challenges. In many cases, these professionals are especially busy during tax season. For the rest of the year, some accountants and financial professionals have less income but may still need to pay for overhead. Accountants also need to secure the latest technology and software to help their clients, but may need financing to help them run their business until tax season. During tax season, they may need financing to pay for additional staff.
Private Banking for Other Professionals
All professionals have unique needs and challenges. Architects, designers, accountants, attorneys and others all work long hours, may be independent contractors or may have long sales pipelines, meaning they need to pay for overhead while waiting for payments and recovery down the line. Centric Bank supports the professionals of our community by providing quality services to address all these needs and more.
For more information, please contact our lending team at 717.657.7727 or connect with a banker.