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Florida is home to over 198,000 Professional Services and financial establishments that provide services in insurance, architecture, legal services, medical, finance, accounting, consulting, engineering and more. The State defines a “professional service” as a service or expertise provided to the public that requires a license or legal authorization. Assisting Professional Service Businesses requires an in-depth understanding of regulatory and licensing requirements, as well as industry information and trends.
At Cogent Bank, we are proud of our team of bankers who have years of experience partnering with professional service businesses – also referred to as professional practices and firms – throughout Florida to provide this specialized type of banking. We understand the importance of adhering to the legal requirements regarding your bank accounts; thus, we make it our business to know your business.
Whether you need medical or legal practice financing, working capital, or practice acquisition loans in Florida, we can help with the financial tools you need to launch a new practice, expand your operations, and to keep your banking services as convenient and seamless as possible.
Such professional services often have distinct financial needs at each stage of development: startup, growth, transition, or succession. Cogent can help your practice with:
If buying into or buying out an existing business, or looking to expand, we offer a range of commercial loans that can be used for debt consolidation, refinancing, or acquiring a business.
Whether you’re just getting started in your field or leaving an existing practice to set out on your own, we can help you with business loans to get you started. You might need a business line of credit for short-term working capital, commercial real estate loans if you are buying or building an office, or equipment financing.
If you’re buying an equity stake in an existing practice, we can help you finance that effort with a loan. When a new partner buys into your practice, you may need additional funds to expand your office, construct a new building, or buy new equipment. You could invest that influx of capital in a business savings or money market account.
After spending considerable time, effort, and capital on building your practice, you may wish to leave a legacy that ensures it will continue. You may wish to hand your practice off to a partner or sell it to another firm. Either way, we can help either party secure the financing they need to make the transition as smooth as possible.
Optimizing your cash flow is crucial for any profession and small business owner. This is especially true for practices with a lengthy receivable cycle such as healthcare, the legal profession, and real estate. We also understand these customers can have personal financial needs apart from their practices. That’s why we offer private banking and treasury management services.
Just as our business customers rely on us to help with the financial needs of their practices, many of them use our private banking services team to make the most of what they earn with a customized approach and one-on-one advice for investing, lending, and managing their capital.
Creating invoices, accepting client payments, and issuing payroll should be as simple and streamlined as possible. Our Treasury Management Services can help your practice improve cash flow through online payments, managing client funds, and customer or patient payment processing. Key services include:
Whether you need a small business loan for IT systems, diagnostic equipment, legal case management software, CPA automation tools, to cover cashflow timing differences, or something as simple as buying new furniture, we can find the right business financing solution for you. We offer flexible terms so that new practices and existing businesses can offer the technology they need to remain competitive.
Our business term loans can be used to finance tenant improvements, equipment, furniture and fixtures, consolidate debt, or acquire a new business. Much like an installment care loan, you make monthly payments to reduce the balance and pay the loan back over time.
Our business lines of credit are used to help finance your short-term borrowing needs. A line of credit can help you smooth out cash flow timing differences, fund seasonal cash flow needs, and allow you to take advantage of purchase discounts. Advances on the line are deposited into your operating account when needed. Ideally, you will want to pay back the balance on the line with collected receivables to minimize your interest expense.
We can also help you with loans guaranteed by the Small Business Administration (SBA). We offer SBA 504 and 7A loans with competitive terms. They’re often used by small businesses that might not yet have the financial history to qualify for conventional loans and can be used for many of the same purposes as a conventional business loan. Such purposes include funding a business expansion, buying equipment, purchasing commercial real estate, providing working capital, or debt refinancing. Compared to conventional loans, both types of SBA-backed loans offer lower down payments and longer amortization (lower monthly payments).
Every profession has rules and regulations to follow and often has unique funding requirements. We can help you with industry-specific compliance issues and regulatory considerations in lending or account structuring, including trust accounts and escrow management.
Law firms in Florida have unique financial requirements, and Cogent is here to help. Attorneys are required to hold client funds in what’s known as an Interest on Trust Account (IOTA), where the interest is used to support legal aid for the poor and assist law students. We can help you manage your IOTA accounts, with interest payments made directly to the Florida Bar Foundation’s Funding Florida Legal Aid (FFLA) program. We understand the importance of not charging any banking fees to an IOTA. You can also offset service charges on your operating accounts by including IOTA balances in your monthly analysis calculations.
The Health Insurance Portability and Accountability Act (HIPAA) of 1996 required health providers to protect each patient’s sensitive health information. The HIPAA Security Rule, published in 2003, established national standards for creating and storing patient data. Florida has its own HIPAA requirements that are more stringent than the federal rules. Whether you’re starting a new practice or need to upgrade your compliance standards and equipment, we can help you obtain the financing you need to invest in digital security.
Certified Public Accountants in Florida can have a variety of financial needs. They might pursue an equipment loan to buy new computers and software, or a line of credit to help smooth out cash flow fluctuations due to the highly seasonal nature of public accounting. Our online banking platform can connect with popular financial software programs. Combined with using our treasury management services, you can conduct your banking from the convenience of your own office.
Real estate agents, attorneys, and title companies all have need for escrow accounts. We can help you remain compliant with applicable laws and regulations and you can even manage them through our app and online portals. Escrow accounts may also be used during mergers and acquisitions, when buying or selling property, or with intellectual property sales.
A business might rely on a trust to manage someone’s stake in a business or run the business itself on behalf of one or more trustees. Some small business owners might establish a business trust to protect their assets from taxes and other liabilities, or as a type of succession plan. We can help you establish a trust account or even serve as a trustee or co-trustee.
Cogent is a Florida chartered bank, with decisions made locally by experienced bankers who live and work in your communities. Cogent bankers are Florida bankers who understand Florida business and banking. Local decision making allows us to make timely decisions on any lending requests, while offering insights into the local economy and marketplace. We can create custom credit structures based on local real estate trends and demographic data that megabanks could miss.
Regardless of your profession or the size of your practice, we have business banking products and treasury management services to make your financial transactions as seamless and secure as possible. We’re a Florida chartered bank with locations throughout the state to serve you. Reach out today or call us at 888-577-0404 to discover how we can partner with you in moving your business forward.
Disclaimer: The information contained herein is for informational/educational purposes only. The views and opinions expressed in this document may be those of the individuals and may not necessarily reflect those of Cogent Bancorp and its subsidiaries and affiliates, or the entities they may represent. Content contained herein may be used in connection with the advertising and/or marketing of products offered by Cogent Bank or Cogent Private Wealth. The material is not intended to provide or substitute for legal, tax, or financial advice or to indicate the availability or suitability of any Cogent Bank product or service. You should consult with a legal, financial, tax, or other appropriate professional(s) for your specific needs and/or objectives before making any decisions.
