How can we help your community association?
BB&T provides products and services specifically designed to meet the needs of property management companies and community associations. We offer deposit and payment processing services, payment activity reporting, coupon books and statements, payments by ACH and online, CDARS and association loans.
Take the worry out of processing condo and HOA payments
- Convenient online payment management allows you to view and download files and reports, search and view payment images, order and track coupons, print statements on demand, submit new account and account maintenance requests and much more
- Streamlined payment processing with coupon books or statements and a Coupon Stop Payment program
- Flexible payment methods including ACH, one-time payments through the online payment system and more
Association deposit services
Collect and deposit homeowner payments with ease
- Collect payments and deposit the funds into operating and reserve accounts
- Preserve your reserve funds while maximizing your earnings potential
- Access multi-million-dollar FDIC insurance1 and earn interest with ICS® and CDARS®
Make homeowners association renovations and repairs with a BB&T association loan
- Use BB&T association loans2 to renovate or make common area repairs
- Get an emergency line of credit to make quick decisions and fund unplanned projects
- Use a BB&T Visa® Business Credit Card to get the flexibility and security you need
Homeowner payments through association services
Go green and save time with homeowners association payment options
HOA dues payment options:
- Use Association Pay (ACH) to schedule recurring payments by ACH debit to checking or savings accounts at a U.S. financial institution
- Pay online by credit card, debit card or eCheck through the BB&T online payment system
- Schedule your association payment through your bank's bill pay service
- Mail your payment with coupon to BB&T
- Take your coupon and payment to a BB&T branch
Why buy business insurance?
Business insurance can help ensure you're fully protected from unforeseen calamities.
You may face many daily expenses as you run your business—from payroll to meeting inventory needs. But one area you may overlook is buying business insurance. Incorporating or becoming an LLC typically protects your personal property from lawsuits, but that protection is limited. Business insurance can help fill any gaps to make sure your business is protected.
Let's take a closer look at some of the reasons why your business needs insurance.
It covers you in case of legal action
If a disgruntled employee, contractor or customer decides to sue you, carrying the right type of liability insurance may mean the difference between staying open or closing your doors. Even if you win a lawsuit, the cost of defending yourself can be enough to wreak havoc on your bottom line. Business liability insurance gives you the peace of mind you need to focus on your day-to-day operation and potentially improve your bottom line.
It covers you in case of natural disaster
If your business is impacted by a natural disaster, such as a forest fire, carrying property and casualty insurance will cover any loss of property, such as buildings and equipment. And you may want to consider a Business Owner's Policy (BOP), which covers any income or normal operating expenses lost during the time your business is closed for a covered loss. The only exception to this is loss from flooding—you should look into carrying flood insurance for protection from damage or loss due to a flood (whether natural or man-made).
It shows that you're sound and reliable
When you have business insurance, it shows customers, potential customers and creditors that they're considering a safe option. They'll see that if anything goes wrong, you have a plan in place to cover your commitments. That's why many companies advertise the fact that they're "licensed, bonded and insured"—it's stated as a way to build trust.
It protects you and your employees
Business insurance protects your most valuable assets: your employees. For example, if an accident occurs, workers' compensation insurance pays for hospital, rehabilitation and medical expenses—and even provides disability payments. Protecting your employees also protects your business against lawsuits or liability claims—potentially saving your business a lot of money and its reputation. And if something happens to you (as the business owner), company-owned life and disability insurance coverage covers the loss of income you would have earned or the purchase of your interest in the company.
It's required in many contracts
If you rent or lease a facility, your landlord may require you to carry business liability insurance (at a minimum). Additionally, you may also find that some clients require you to carry insurance as part of a contract of service or agreement.
The law requires it
The federal government requires businesses with a certain number of employees to carry workers' compensation, unemployment and disability insurance. If you don't carry the required coverage, you may end up paying fines and penalties. And unfortunately, you may be excluded from bidding for public contracts.
The bottom line
No one can predict what might happen in the future. While no one expects natural disasters, injuries on the job or even the hassle of lawsuits, it's always best to be prepared by being properly insured.
Borrowing guidelines for businesses
Whether it's for startup costs or capital expansion, eventually most businesses need to borrow money. Being prepared and understanding the requirements can increase your chances of getting a loan and making the process easier.
Reasons for borrowing
When applying for a business loan, be sure to start with a clear plan for how you'll use the money. Lenders prefer to offer funding that will be used to enhance the value of the business rather than to cover operating expenses because of a decrease in revenue. Here are some reasons that businesses borrow money:
- Capital for startup expenses or expansions
- Opportunities that could likely enhance the value of a business, such as advertising or buying inventory in bulk
- Credit records to help a business qualify for larger loans in the future
- Equipment financing
Borrowing from the right source
If you've decided to borrow, it's important to choose the best lending source for your specific situation. To determine that source, make a realistic assessment of how much you need and can afford to repay, as well as the terms that suit you best. Here are some recommendations to consider when choosing a lender:
- Consider your alternatives – Before applying for a loan with a financial institution, carefully consider all alternative sources of capital. Investors, friends or relatives—or even the seller if you're purchasing a business—can possibly provide a portion of your borrowing needs that may not qualify for a bank loan. Discuss these options with your financial advisor or your banker.
- Choose the right lender – If you decide you need a loan, approach lenders who make loans to businesses of your size, in your industry or in your geographical area. If the institution already knows you, your business, your industry and potentially your customers, they may already have a great deal of the information they need to make an informed lending decision.
- Explore leasing versus purchasing – If you expect to use the funds to purchase a piece of equipment, you may want to discuss leasing options with the equipment vendor instead. Many manufacturers offer leasing agreements with lenders who may be familiar with your type of business.
Type of loan sought
When you're looking for funding for your business, you don’t need to choose a specific type of loan before you approach a lender; they'll help you decide what financing is best for your needs. Here are some ideas to keep in mind when choosing a loan:
- Loan terms – Be sure that the terms of a loan will align with your expected cash flow, allowing you to meet the payment terms, on schedule and in full.
- Collateral – Try to avoid pledging a lot of collateral for relatively small loans. Instead, offer collateral that is tied to the purpose of the loan. For example, if the loan is for purchasing a new machine, offer a security lien on the machine as collateral.
- SBA loans – Depending on the size of your business, you may want to consider a Small Business Administration (SBA) loan. The SBA encourages lending to small businesses by guaranteeing parts of loans made to businesses of certain sizes where the proceeds are being used for certain purposes. You can talk to an institution offering SBA loans to learn more.
Be prepared to discuss the financial status of your business and provide supporting documentation, including, but not limited to, these documents:
- Accounts payable policy
- Bank statements
- Business license
- Business plan
- Credit policy
- Current profit and loss (P&L) statement
- Insurance policy
- Lease and/or loan agreements
- Ownerships and affiliations with other businesses
- Personal financial information
- Tax returns and CPA-prepared financial statements
- Organizational documents, including Articles of Incorporation, LLC or Partnership Agreements, Operating Agreements, By Laws, etc.
Your business plan should play a major role in your decision to borrow and may play a major role in a lender's evaluation of your loan request.
Be sure that your business plan is current and includes everything the lender needs to understand your business and make a fully informed decision. The main components of the plan should include at least the following items:
- Business description
- Competitive analysis
- Development plans
- Financial information
- Key personnel
- Management plan
- Marketing strategies
Be prepared to discuss how you currently (or plan to) operate and maintain a profitable business. Evidence of your successful business practices can include, but is not limited to, these resources:
- Solid business plan
- Track record of profitability
- Strong credit record
- Documented history of success in other business ventures, even if you weren't the owner
- Network of reliable and successful mentors who can advise you in your business practices
Taxes and other financial information
Your tax return is the primary document that lenders use to determine your creditworthiness as a business owner. To help you gather tax information to present to potential lenders, here are some questions to consider:
- What has your annual revenue been during the past 2 to 3 years?
- Are your payroll, property and income tax filings up to date?
- Do you work with a qualified tax professional to help you maximize your tax benefits?
- Do you have records that verify the stability of your client or revenue base?
- Is your cash flow greater than your monthly loan payment would be?
The bottom line
Now that you have an idea of what lenders look for, you can use the process of preparing to borrow as a tool to evaluate your business and plan for its success. The proper preparations can strengthen your business as well as your case for borrowing.
Small business checking
Choose from accounts designed for businesses, community organizations, public entities and nonprofits.
See all the options and benefits offered by BB&T Merchant Services.
Save time and money with a variety of payroll management options.
Association services payments FAQ
Find out how to make payments and set up and manage your payment options.