McKinney Trust Awards $164,276 to Northwest Arkansas Organizations

Tuesday, August 26 at 02:10 PM
Category: Arvest Community News

Bentonville, Ark., area groups accept gifts from the Carl and Alleen McKinney Charitable Trust.

BENTONVILLE, Ark. — The 2014 Carl and Alleen McKinney Trust Awards recipients accepted checks at the Arvest Bank McKinney Trust Awards Presentation on Friday at the Arvest Bank Bentonville on the Square Conference Center.  The trust was established by Carl and Alleen McKinney and has been managed by Arvest Trust Company since 1997.

The trust, established to benefit the children, youth, elderly, poor and disadvantaged of the Bentonville area, has given more than $2,588,321 to local charities since its creation. This year, $164,276 was distributed. 

Diana Smith, trust officer and administrator of McKinney Trust, presented the awards. The following are this year’s recipients:

Arkansas Children’s Hospital Foundation —  $20,000  

The Adult Development Center DBA Open Avenues – $17,150

Northwest Arkansas Women’s Shelter – $17,000

Circle of Life Hospice – $16,000

Lifeline of Northwest Arkansas – $15,000

Sunshine School and Development Center — $15,000

Single Parent Scholarship Fund of Benton County – $12,000

Horses for Healing —  $12,000

Helen Walton Children’s Enrichment Center — $11,700

NWA Children’s Shelter – $10,000

Boys and Girls Club of Benton County – $9,564

Bella Vista Courtesy Van – $5,000

Mercy Health Foundation  — $2,722

Literacy Council of Benton County, Inc. — $1,140

Tags: Arkansas, Arvest Benton County, Community Support

Preparing Your First Budget

Monday, August 25 at 11:15 AM
Category: Personal Finance

A budget is generally thought of as a rigid plan on how you can spend your money. While this is true, you may want to think of it as a “household spending analysis.” That does not sound so tedious and it better implies how you can use it to build a solid financial foundation and feel more in control of your finances.

Why is it important?
Generally speaking, a spending analysis will enable you to understand where your money comes from and where it goes. With that understanding, you will be in a better position to make informed financial decisions, to monitor your spending and to potentially identify ways to spend less on some items so you have more to spend on more important things or to save.

Components of a spending analysis
Going through the effort to prepare a completely accurate analysis can be difficult and time consuming. The more specific you can get the better, but do not let the thought of preparing an analysis keep you from trying. Budget worksheets* in various formats can be found online.

As you start filling in the blanks of a worksheet, think about how much control you have over your expenses. Things like rent, taxes and insurance are probably pretty well set. Other expenses, like food, entertainment and gifts are more controllable. Just by thinking about these items, you may be able to find ways to spend less and save more. If nothing else, you can make judgments about which expenses are most important to you.

Finally, it makes sense to go through this exercise on a regular basis. By analyzing your expenses every year, you will be able to see how your spending patterns are changing and you will feel more in control of your financial future.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Budgeting, Financial Education

Small Business Education Series in Kansas City Sept. 19

Monday, August 25 at 07:35 AM
Category: Arvest Community News

Calling small business owners and entrepreneurs in Greater Kansas City! You are invited to attend a session in Arvest’s Small Business Education Series targeted to businesses that have been open one to five years. The session will be held Sept. 19, 11 a.m. – 2 p.m. at Central Exchange* located at 1020 Central St. Suite 100, Kansas City, Mo. Please register* and pay for the event online.

This is the third class in a four-part series and will provide education on obtaining bank and SBA financing. We will be discussing the process for applying for a loan, what banks look for, as well as information on obtaining SBA guarantees. This will be a classroom-style session and will allow for questions at the end of each speaker’s presentation.

Here’s a preview of the guest speakers.

Jackie Randle, Arvest Bank

For the past 12 years Jackie Randle has served as the Senior Vice President/SBA Loan Administrator at Arvest Bank. She is the manager of a centralized SBA lending group for the sixteen banking communities of Arvest Bank in four states: Arkansas, Oklahoma, Kansas and Missouri. Under her leadership the bank’s SBA lending portfolio has grown from $20 million to over $135 million, processing over 120 SBA loans annually. Arvest Bank has been the top volume SBA lender for the state of Arkansas for two of the past three years.

Jackie’s 20 years of experience in SBA lending includes two and a half years as senior vice president/director of small business lending with Stillwater National Bank and six years as executive director of the National Association of Government Guaranteed Lenders, Inc. (NAGGL), the national trade association for SBA lenders. She has served as a board of director for NAGGL and Payne County CASA, court appointed special advocates for abused and neglected children.  

Monica Dahl, Arvest Bank

Monica is a native of Olathe, Kan., where she still resides with her family. Monica has 15 years of sales and management experience in the areas of retail banking, investments, real estate, private banking and small business banking. She currently is the Manager of the Small Business Banking department at Arvest Bank in Greater Kansas City. She is a participant at several local chambers of commerce as well as Central Exchange. She is a 2011 graduate of the Olathe leadership program.

Monica manages six business bankers who are dedicated to working with and supporting businesses that have $2.5 million and below in annual sales. They specialize in providing an unmatched level of customer service and knowledge in the area of small business. Arvest business bankers are dedicated to the success of their business customers. They focus on the customer and what each customer’s specific business needs are. They are here for today and for the future. With the wide variety of products and services, the team is well equipped to match the solution with the needs of your small business.

We look forward to having you join us!

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arvest Biz, Business Banking, Kansas City

Greg Reed Retirement Reception in Prairie Grove, Ark.

Monday, August 25 at 03:10 AM
Category: Arvest Community News

Join us in Prairie Grove, Ark., as we congratulate Greg Reed on his upcoming retirement and thank him for his 28 years of service to Arvest. The reception will be held Aug. 27, 2-4 p.m. at Arvest Bank located at 102 E. Buchanan in Prairie Grove.

Reed started his career in January 1969 at Farmers & Merchants Bank in Prairie Grove. In January 1986, Reed took his first position as the president of a bank at First National Bank in Clinton, Ark. In the years that followed Reed held the role of president in several banks including the Bank of Pea Ridge, First Prairie Grove, and Farmers & Merchants Bank. In January 2014, he became the chairman of Arvest Bank in Prairie Grove which served as the culmination of his 28 years of service with Arvest.

He attended Lincoln High School, Carl Albert Junior College, University of Arkansas and the Graduate School of Banking of the South at Louisiana State University.

As an active participant in the community, Read has served as the recorder/treasurer for the City of Prairie Grove, president of the Prairie Grove Lions Club, president of the Prairie Grove Chamber of Commerce, secretary/treasurer of the Prairie Grove Rural Health Board, board member of the United Way of Washington County, executive committee member of the Washington County Regional Ambulance Authority and board member on the Fayetteville Area Community Foundation.

Tags: Arkansas, Associates, Prairie Grove

Equipment Finance

Friday, August 22 at 08:25 AM
Category: Business Banking

Most business owners spend considerable time analyzing and trying to improve the cash flow of their business for day-to-day operations and for growing the business.

One method of improving a company's cash flow is to finance/lease necessary equipment. This saves an initial outlay for the entire cost of the equipment and spreads it over some term with a built-in interest cost. Equipment financing is a very common way many small business owners help capitalize their business and manage their cash flow.

How does it work?
An equipment lease is a contract between the company (lessee) and the financing company (lessor). The financing company may be a bank, leasing company or the equipment manufacturer. The contract commits the company to make monthly payments over a period of time for the use of the equipment. It may also include an option for the company to buy the equipment, for some stated price, at the end of the lease. The amount of the monthly lease payment is based on:

  1. The purchase price of the equipment
  2. An interest rate built into the payments
  3. Term of the lease
  4. Creditworthiness of the lessee
  5. Estimated residual value of the equipment at the end of the lease
  6. Useful life of equipment

There may be some initial down payment on the lease. During the lease period, the lessee usually has the obligation of maintaining and insuring the equipment. At the end of the lease, depending on the terms, the lessee may buy the equipment or simply return it to the lessor.

Benefits of equipment finance:

  1. Any initial down payment will, of course, be less than the total cost of the equipment. This immediately reduces cash outflow.
  2. Lease payments can be a tax-deductible business expense. If you own the equipment outright, there would be annual depreciation expenses.
  3. The lease approval process is usually relatively quick.
  4. The amount of paperwork may be less than that required for a business loan.
  5. An option to purchase at the end of the lease gives the business the right, not the obligation, to purchase. This choice can enable the business to reduce the risk of ending up owning a piece of obsolete equipment.
  6. Most leasing companies will require a personal guarantee of the lease by the owner of the business.

In evaluating whether to buy or lease, make sure to weigh the benefit of improved current cash flow against the cost of money (the interest rate) built into the lease. If leasing makes sense for you, this method of financing can be a very good way to grow your business.

Tags: Arvest Biz, Business Banking, Equipment Finance

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