As America recovers from the COVID-19 pandemic and all the financial turmoil that came with it, small businesses must take extra precautions to ensure their continued success. There’s never been a more critical time to get your business’ finances in order and plan for the future, which is why we here at Equity Bank wanted to take a quick look at the business climate in Missouri. With the help of data from the state and federal government, Missouri business owners can make smarter decisions about how they manage their finances, and will know what to expect over the coming months.
Missouri Growth in 2023
The outlook for Missouri is positive through the rest of 2023, with experts forecasting a 2.1% growth rate in the state economy. This is great news, especially considering increased employment in professional and business sectors, meaning industries in Missouri may have the opportunity to expand rather than playing it safe. Missouri has also retained its position as a top five state when considering business taxes. This “business-friendly” attitude is bringing increased attention (and population) to the state.
How This Impacts Missouri Businesses
While the growth of the Missouri economy is great news, business leaders in the state may be cautious with plans to invest or expand their business based on national economic figures. While inflation has dropped significantly from its recent 2022 peak, some economists are still concerned that the US as a whole may be heading for more uncertain economic waters. Business owners would be well advised to seek the advice of financial experts and their peers in their respective industries before making final decisions.
Equity Bank & Missouri Businesses
Equity Bank is a fantastic banking partner for your business, providing all the tools and support that companies need to be successful. Missouri business owners can take advantage of financial products and services that assist them at every stage of operation, and allow them to make the most of every dollar.
Loans
Whether you’re just starting to lay the foundation of your business, or have plans for expansion, Equity Bank can help you achieve your goals. Our business loans have fair rates and flexible terms, to meet the needs of every business owner.
Checking & Savings Accounts
Equity Bank offers tiered checking and savings accounts to fit every business owner’s needs. Whether you’re a small business, community nonprofit, or sole proprietor, our business checking and savings accounts can give you quick access to your funds, protect your hard earned cash, and manage it all online.
Treasury Services
Equity Bank also offers treasury services to help you perform the vital functions of your business, allowing you to concentrate on running it. With the help of our treasury management services, you can pay employees and vendors, process checks and ACH payments, and secure your funds, all from one convenient portal.
Digital Banking
Our digital banking service puts powerful online tools right at your fingertips. With anytime, anywhere access, business owners can manage their finances more efficiently, and do more with their time.
The Best Bank for Missouri Businesses
Equity Bank has grown from a small community bank to serve communities in four different states, and offers business owners the opportunity to bank with a partner that understands and caters to their needs. If you need an ally that can help you navigate the business climate in your state, visit our website or locate your nearest Equity Bank location. One of our team members will help you find solutions that suit your needs, and help put you on the path to even greater success.