Burling Bank

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Optimism Overshadows Common Concerns among Local Small Businesses

At Burling Bank, many of our clients own small, closely-held or family-run businesses. So the mindset and outlook of local business owners is of great interest to us.

The Chicagoland Chamber of Commerce, together with Loyola University Chicago’s Quinlan School of Business, recently completed a Chicagoland Small Business Economic Outlook Survey of over 500 local business owners.

Our discussions with clients and this industry report both reflect that small business owners are generally optimistic about the economy in 2018.

Here are some highlights from that report:

Most small business owners feel the outlook for business is bright in 2018: 

  • 71% Expect sales to increase in 2018
  • 88% Expect to grow their business in 2018
  • 37% Believe the Chicago economy will strengthen this year
  • 61% Plan to expand in Illinois

But there are also some common concerns among local owners:

  • Talent acquisitionis the fastest growing concern of small businesses. This concern rose 10% in 2017 so that 66% of small businesses now worry about accessing the skilled workers they need to hire.
  • The cost of healthcareis the second-fastest growing concern in the survey, but also the most prevalent. It rose 6% in 2017 and the survey shows it is a worry of 88% of Chicagoland small business owners.
  • Concerns regarding taxes and regulatory requirements are also rising, both up 3% from 2017. 82% of small businesses are concerned about taxes. 69% are concerned about regulatory requirements.

At Burling Bank, we are here to help small business owners achieve their goals with helpful financing solutions and cash management tools that are essential to growing companies. If you are a small business owner looking to fuel your optimistic outlook and expand your business, contact us about financing solutions and services at 312-408-8400.

Source: The survey of 504 business owners, was conducted by the Chicagoland Chamber of Commerce and Loyola University Chicago’s Quinlan School of Business.

Your Deposits Make A Community Impact:  Burling Bank + Mighty Help You Understand It.

When you bank at Burling Bank, your money isn’t just sitting in an account. It goes to work in the form of loans that fuel the growth of small businesses and start-up companies in our local neighborhoods.

To help you better understand how your deposits work to make the community better, Burling Bank has partnered with Chicago-based startup Mighty to provide impact reporting.

The mission of Mighty, based at the University of Chicago Polsky Center for Entrepreneurship and Innovation and featured in Fast Company and American Banker, is to help you understand the footprint of your money.

We just received our first report and are very proud to share that $80 of every $100 you have on deposit at Burling Bank flows back into small businesses and organizations within our neighborhoods. Dollar for dollar, Burling Bank puts $34 more financing back into our local communities – nearly twice as much than the average big bank with a branch in the Chicago area.

Burling Bank is delighted to partner with Mighty to facilitate this experience for our clients. Please visit the full report here.

Meet Kevin Murphy, Chief Lending Officer

Kevin MurphyCreative. Collaborative. Conscientious. These three words best describe our Chief Lending Officer, Kevin Murphy. As a member of the Chicago banking community for over 25 years Kevin has been creatively and collaboratively helping Chicago area business owners secure the financing they need to grow and thrive.

When Kevin joined Burling Bank in 2012, he was drawn in by the culture of banking on a better relationship. He leads a lending team at Burling Bank that is centered on the premise that they are here to help companies and individuals expand their financial capacity to meet and achieve their business and personal goals. “Whether that idea manifests as business expansion, a home improvement project or an entrepreneurial dream, Burling Bank helps our clients with financing solutions that create wins,” explains Murphy.

But banking is not the only place where Murphy focuses on “wins.” When the weather cooperates, you just might find Kevin cycling to our office in the Loop, from his North Shore suburban home. He has effectively combined this love of cycling with his desire to make an impact.

Over 15 years ago he began fundraising for MS through the event, Bike MS: Tour de Farms. This annual cycling event raises money to fund critical services, groundbreaking research and move us closer to a world free of MS. Murphy annually leads a top fundraising team, Wheeler Dealers, in the Tour De Farms event. For more information about this event click here.

What does Kevin like best about his role at Burling? “We get to know our clients, plain and simple. As relationship bankers it’s very rewarding to be able to help our clients with both their business and personal needs and watch that partnership prosper and grow over the years” explains Murphy.

Kevin feels a deep sense of pride knowing that at Burling Bank he has the ability to tailor the approach to every client. “As large banks merge to become bigger and bigger, it becomes harder to sustain true relationships. Community-focused banks like Burling are built on relationships and are able to customize their approach to prioritize client needs,” says Murphy.

We thank Kevin for his commitment to our clients, our bank and our community.

Happy Holidays from Burling Bank

Please note our Holiday Hours:

December 22, 2017: Close at 1:00 PM
December 25, 2017: Closed
December 29, 2017: Close at 2:00 PM
January 1, 2018: Closed

Happy Thanksgiving from Burling Bank!

Please be advised of our holiday hours this week:

  • Thursday, November 24, closed
  • Friday, November 25, close at 1 pm

As always, you can access our online banking on our website for banking needs.

Learn About Our Community Updates in our Recent Newsletter

As we embark on the last quarter of 2017, our focus continues to be on innovation and collaboration. In our recent newsletter, learn how our involvement in FinTech will help intertwine technology with the banking and financial sectors. Listen to the recent podcast where Bank president Michael Busch and Lisa Curran, co-founder of the nonprofit industry group FinTEx, provide an informed glimpse into what’s going on in Chicago’s FinTech scene.

At Burling Bank, we do more than offer banking products and knowledge. We also deliver security, reliability and personalized service across all channels, from mobile banking to mortgages and personal loans.

As always, we appreciate your confidence in Burling Bank and look forward to sharing more updates on innovation across our community to help you better manage your business, your life, and your future. Click on the image to read our newsletter.

Burling Bulletin

 

Burling Bank to Attend the 33rd Annual Futures Industry Association (FIA) Expo 2017 in Chicago

Founded in 1989 by trading industry leaders, Burling Bank shares a long and deep history with Chicago’s exchange community.  We understand the unique needs of all market participants and have continued to evolve and remain relevant alongside the changing industry landscape.
 
From October 17-19, members of our Executive Management team (Chairman Andy Goldberg, President Michael Busch, and SVP Business Development Brian Meek) will attend the FIA Expo 2017, right here in Chicago. We aim to deepen our relationships across the trading community and continue to learn from industry leaders on new and emerging trends. It is our ongoing goal to keep abreast of the latest developments in technology and regulation so we may continue to provide the very best in products and customer service to our trading industry clients.
 
If you are attending Expo 2017, we look forward to meeting you at the events and collaborating on industry ideas. We take great pride in serving our community, clients and friends and hope to see you there.

Customer Spotlight: Chip von Weise, Accomplished Architect and Valued Client

Chief Lending Officer Kevin Murphy (L) and President Michael Busch (R) with Chip von Weise in the VWA offices.

A well-designed space has the power to create cohesion, evoke emotions and stimulate curiosity. Chip von Weise, distinguished architect and founder of von Weise Associates, uses space to his advantage for beautifully crafted commercial and residential designs. Since 1994, von Weise has been a prolific architect completing inspired and striking architectural creations across the world, from Shanghai to Chicago. His work, dedication and valued relationship with Burling Bank makes von Weise a natural choice for this season’s Client Spotlight.

1301 Astor Street Residence

Chip von Weise began his architectural work in Boston, MA where he graduated from Harvard University with a Masters in Architecture in 1992 and soon relocated to Chicago. Serving in multiple senior positions beforehand, he started von Weise Associates in 1999 to create ideal family residences, commercial spaces, hotels, corporate interiors and offices. His passion has yielded powerful results, with over seventy residential homes and dozens of notable Chicago buildings including 150 N. Wacker, 200 North LaSalle, the Cards Against Humanity office and the restoration of the Allegro Hotel in his portfolio.

Cards Against Humanity office

Today, the staff at von Weise Associates take a collaborative approach with each new project, developing a personalized relationship with each client from conception to review. von Weise believes that excellent design is derived from a dialogue that occurs with the client throughout the design process.

“Seeing and bonding with a family in their space is extremely rewarding,” von Weise remarked, when asked about a residential space his firm had built in Michigan. “It’s these personalized interactions that make me thrilled to come to work each day.”

Chip von Weise couldn’t do his work alone and he turns to Burling Bank for funding and interim financing on some projects. In search of a small, knowledgeable bank with a personalized approach, Chip von Weise approached Burling President Michael Busch who eagerly invited him to explore Burling’s offerings. Since then, Burling Bank and von Weise Associates have formed a close working relationship. von Weise looks forward to a long-lasting partnership with Burling Bank, empowering his firm to provide distinct designs and architectural feats for years to come.

“We can always communicate with the team at Burling directly,” Says von Weise. “The management team is accessible and we truly appreciate that.”

Ryan Partnership office

von Weise’s work extends beyond structures and office spaces – he and his associates impart their knowledge to young architects in training as well. In a fully-fledged architectural program for Virginia Tech students, fourteen students are selected each semester and twenty-eight each year for the opportunity to gain credit and intern throughout Chicago while developing expertise under von Weise’s guidance. The students are housed in a brand new multi-purpose office building, living in dormitories above the von Weise Associates office with classrooms dotting the building where students learn. In this sleek space, students focus on the importance of design and architectural principles while below, von Weise and his staff prepare designs to be seen across the world.

The building itself was a feat, crafted with the sole purpose of multifunctionality. Purchased with the financial expertise of Burling Bank, the new von Weise associates office reflects the needs of students, employees and von Weise himself. Today, von Weise and his collaborators share the space and work toward a stronger architectural future.

Burling Bank is honored to work with entrepreneurs and small business owners like Chip von Weise, providing exceptional service and customized solutions to our partners and clients throughout the Chicagoland area. To learn more about von Weise Associates and their unique capabilities as an architectural firm, please click here.

Burling Bank and Moneythink Hold “Shark Tank” Competition for Teens

There was a competitive spirit in the air on May 25th, 2017, as 75 students from charter high schools across Chicago took part in a Shark Tank-style competition to see whose entrepreneurial idea would win over judges. The highly successful event was sponsored by Burling Bank and The University of Chicago’s Moneythink chapter to promote financial literacy and entrepreneurship for low-income students, preparing them for a bright financial future.

Students prepared for 3 months developing ideas and plans for business, making presentations, constructing budgets and gaining insight from The University of Chicago Moneythink students. Divided into 15 teams, teens competed to see which judges would “invest” in their ideas.

The winning team from Rauner College Prep took home first place with their concept of iGreen, a community-based recycling initiative. Students would pick up waste from businesses for free and then sell the organic compost created from the waste product at a low cost. According to the winning team, “iGreen encourages people to spend time outdoors and gardening.” Their green thumbs paid off: each winner on the team received a brand new Google chromebook for their efforts. This is the third consecutive year the event has been held.

The winning team from Rauner College Prep took home the grand prize.

“It means a lot,” Said Kerrington Woods, junior at Urban Prep high school. “I’m here and able to experience new things that a lot of people at my school and my community can’t.” Kerrington also acknowledged that students would work on their projects beyond classtime to better themselves and their work, showcasing the entrepreneurial spirit of the bustling teens. Students got screentime too, as the story was recently featured on WGN. See the story below:

As a community partner, Burling Bank is pleased to help educate students from low-opportunity neighborhoods on financial literacy and entrepreneurship through Burling’s sponsorship of The University of Chicago Moneythink chapter, a nationwide nonprofit dedicated to financial education.

“These past two years of partnership have allowed our chapter to pursue opportunities for expansion, collaboration, growth, and programming that we would have never realized without Burling.” Said Dalton Schmit, President of Moneythink. “In many ways, this event was a culmination of the successes our partnership has produced for Moneythink.”

To get involved and learn more about Moneythink’s capabilities, visit their site.

Burling Bank Proudly Sponsors Currency, a New Fintech Center of Excellence Coming to Chicago


Burling Bank continues its support of the Chicago startup community as a founding corporate sponsor of Currency, a Center of Excellence for financial firms, startups, government, regulators and universities. Currency will launch June 1st, 2017 in the WeWork space on 20 W. Kinzie St.

This fintech Center of Excellence is dedicated to collaboration, research and sharing of best practices and will partner with major corporations and companies to elevate Chicago as a global fintech power. Chicago is currently ranked 5th in the world behind New York, Silicon Valley, London and Singapore, according to Deloitte. From curated mentorships and accelerator programs to events, workshops and networking opportunities, Currency aims to become a center of deep insight and community within the fintech industry.

Michael Busch, President of Burling Bank, agrees that this partnership is highly beneficial to both Burling and the community at large. “Currency will spark a culture of collaboration in Chicago’s financial services sector and help us all compete more effectively as we share knowledge and insights for the greater good of Chicago’s growing fintech community.”

Burling Bank isn’t alone in partnering with Currency. Governor Bruce Rauner said the State of Illinois will also be joining with Currency to lead in the field of fintech. “Our state has a long history of innovation,” states Governor Rauner. “Illinois is sending a global signal that we are supportive of innovative technology and open for business.” In addition to government and public partners, Currency will also partner with DePaul University, the University of Chicago and Northwestern University to advance fintech knowledge in academia.

Burling Bank is proud to sponsor an ascending partner in the fintech field and the Chicago business community. For more information about Currency, visit http://www.currencychicago.org/ or email info@CurrencyChicago.org.