Small businesses serve crucial roles in communities across the country. They’re the economic heartbeat. They’re the source of jobs and livelihoods. They give back, whether it’s sponsoring the local baseball team or helping schools support their students.
But managing and growing a business can be challenging. And in times of economic uncertainty, some helpful guidance can make a real difference. Regions Bank is consistently evolving its small-business solutions and connecting with entrepreneurs to offer insights.
Recently, Commercial Banking Executive Blake Elliott joined Zaneta’s Consumer Corner on WREG+ to discuss the realities of starting and growing a business, common challenges entrepreneurs face, and resources available to help.
Elliott, who serves business clients in Memphis, shared perspectives that apply to companies everywhere – and he touched on everything from business planning and financing to leadership and growth strategies.
Starting with a Strong Foundation
For entrepreneurs looking to launch a business, Elliott emphasized the importance of preparation and planning before seeking financing.
“The first thing you need to do is create a business plan,” Elliott explained. “You’ve got to create a plan that shows what your product is, your service, how you’re going to source that product.”
He also encouraged business owners to establish a strong support network early, including legal, accounting and banking relationships.
“Every business owner needs a good attorney, a good CPA and a good banker,” Elliott said. “That group together can really help with the business formation and making some of those decisions early on.”
Navigating Economic Uncertainty as a Small-Business Owner
While inflation and supply chain disruptions continue to impact many industries, Elliott noted uncertainty has always been part of running a business.
“Focus on what you can control,” Elliott said. “Make those priorities and focus on those things and actually have that good team of bankers, accountants, CPAs that you can rely on for advice and guidance.”
He also praised the resilience of entrepreneurs.
“I have so much respect for small-business owners,” Elliott said. “They make tremendous sacrifices.”
I have so much respect for small-business owners. They make tremendous sacrifices.
Blake Elliott, Commercial Banking Executive at Regions
Financing and SBA Resources
During the interview, Elliott discussed financing solutions available, including U.S. Small Business Administration (SBA) loan programs.
“For a pure startup, I will say that the U.S. Small Business Administration, their government-guaranteed loan program is probably the best way for a lot of entrepreneurs to get started,” Elliott said.
He also highlighted Regions’ dedicated SBA specialists and the bank’s Preferred SBA Lender status, which helps streamline the lending process for qualifying businesses.
Additionally, Elliott discussed equipment financing options through Ascentium Capital, a division of Regions Bank. These options help businesses access specialty equipment, technology, vehicles, machinery and other essential tools.
“Funding can actually happen within 48 hours,” Elliott said. “There are some tools available to business owners to finance equipment quickly.”
The Importance of Strong Banking Relationships
As businesses grow, Elliott emphasized the value in entrepreneurs viewing their bank as a strategic advisor.
“We work with companies across a wide array of industries,” he said. “They all have varying needs, and we have a team of commercial relationship managers and treasury management officers as well that can provide really customized solutions for small businesses.”
He also encouraged entrepreneurs to recognize when it’s time to delegate responsibilities to scale effectively.
“If you’re going to grow, you’re going to have to delegate some of those responsibilities to someone else,” Elliott said. “You have to if you’re going to get bigger.”
Resources Available for Business Owners
Elliott also highlighted Regions Greenprint for Business, which offers personalized guidance. Resources include articles, worksheets, calculators and financial planning tailored specifically for businesses. And as Elliott shared, these tools really come to life through one-on-one conversations with a banker who is ready to listen and advise based on their experience helping companies plan and grow.
There’s also a Regions Greenprint option for individual consumers along with everyday financial wellness tools through Regions Next Step. No bank account with Regions is required to benefit from these options.
We caught up with Elliott after the interview and asked for his bottom-line thoughts:
“Just know that you’re not alone,” he said. “Banking is about more than opening accounts or issuing loans. Banking is at its best when the customer shares their unique goals – and the banker takes the time to listen and dive deep into the options that are available. That’s what we’re focused on doing. We call it ‘shared value’ – where we can combine our experience with the customer’s vision and help them accomplish their goals.”