Additional Business Services

Additional Business Services

We're much more than your lending experts. We're here to grow your business.

Payment Processing | Payroll Services | HR Services


Merchant Services

Take a Moment to Meet: USB Payment Processing Team

As a business owner, accepting payments is one of the most important parts of the cash flow cycle. Being able to accept payments when, where, and how you want allows your business to be as nimble as you need it to be while allowing your customers to pay how they prefer.

That’s why Har-co Credit Union has teamed up with USB Payment Processing NE, Inc. to provide you affordable, flexible options to accept payments from your customers. Accepting credit and debit cards can help your business grow revenue and processing with USB can reduce expenses over your current service provider.


  • Local service provider headquartered in Towson, Maryland. The company has been serving the area since 1996 with deep expertise in the industry and market.
  • Modern, user-friendly equipment and software to meet your needs.
  • Create gift cards for your customers to buy now and spend later.
  • Accept electronic checks.
  • No hidden fees.


  • EMV/NFC Terminals
  • Smartphone/tablet functionality
  • Wireless or web-based terminal options


Payroll & HR Services

Take a Moment to Meet: Bob Hale - a small business consultant for Paychex Payment Processing

As a business owner, managing your own payroll and HR can take time away from important activities such as driving revenue and growth — and even put you at risk of fines and penalties if you make a mistake.

That’s why Har-co Credit Union has teamed up with Paychex to give you an affordable, full-service option for outsourcing payroll, HR, and employee benefit administration. Paychex is a leading provider of HR solutions, with more than 680,000 clients nationwide.

Paychex services include:

Flexible Reporting

How you report hours is up to you:

    • Phone -- A quick call with your dedicated Paychex rep
    • Online and Mobile app -- Input payroll wherever you are, on any device, via Paychex Flex®
    • Mobile app -- Key in hours on the go with the free Paychex Flex app for iOS® and Android

Multiple Employee Pay Options

Paychex will pay your employees by the method they prefer, with payment options including:

  • Direct Deposit
  • Pre-signed Checks
  • Prepaid Pay Cards

Personal, Dedicated Service

If you ever need help, you can contact your dedicated payroll specialist, who serves as your single point of contact, or reach out to a 24/7 U.S. based support team via phone, email, or chat.

Human Resources Assistance

Paychex can provide you with best practices for the entire lifecycle, including help with:

  • Hiring and managing employees
  • Creating an employee handbook
  • Setting up benefits and annual open enrollments
  • Workplace safety

Retirement Services

Offering a 401(k) plan can be a great way to attract and retain employees. As the largest 401(k) plan recordkeeper in the U.S., Paychex can help you select and manage the right retirement plan for your business.

  • Flexible plans that can grow with you as your company's needs change
  • A wide range of investment options to help meet participant needs and control costs
  • No required investments

Insurance Services

When you work with Paychex Insurance Agency, their licensed representatives will look for opportunities to save you money and streamline administrative functions for your insurance service.

Group Health Insurance

Paychex Insurance Agency can help you provide health insurance benefits for employees, including medical, dental, vision, life, and short- and long-term disability insurance.

Business Insurance

Paychex Insurance Agency offers a wide range of business insurance solutions that make it easier and less intimidating to select the right coverage, so you'll know that your business and assets are properly insured.

  • Building and business personal property
  • Business liability
  • Employment practices liability insurance (EPLI)
  • Commercial auto
  • Cyber-risk/data breach

Workers' Compensations Insurance

Paychex Insurance Agency connects over 95,000 businesses with workers' compensation policies.


* Insurance sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive, Rochester, NY 14620. California license #0C28207
*-PLANSPONSOR Magazine, 2018


Building A Business Plan

By Burke Bowers
November 24, 2020

When you go on an adventure that requires travel, it is often best to consult a map for directions. Starting a business is an adventure and a map can provide great value on your journey. A business plan is the road map you will reference as your business launches, grows, and matures.

Many times, new business owners seek financing without having a written business plan in hand. The process should actually be done in reverse; a business plan tells all parties involved what the funding and financing should look like.

The amount of time and effort you spend on your business plan is a great introduction to this new venture. This does not mean spending hours on graphs and pictures, especially if that is not your skill set. It does mean fully explaining your thoughts and the “meat and potatoes” of your idea. While there is no specific length of a business plan that is acceptable, work within these broad parameters: it should not fit on a napkin, but it should not be a novel. Every business plan should have a few specific pieces in it to become a complete document.

Parts of a Business Plan
Your business plan should have specific components that tell the story adequately so that all parties with a copy are fully aware of your intentions. Ideally, someone who has never spoken with you should be able to pick up your business plan, read it, and fully understand the vision of your venture by the time it has been read in its entirety.

Executive Summary
While this piece is the first part of your business plan, you should actually write it last. This section is a one page summary of the entire document. Explaining your venture at a high level allows someone to read this summary quickly and get a general idea of your concept and the correlated funding request.

Company Introduction
When you introduce your company for the first time you will want to tell a comprehensive story. This section will include the qualitative data. The quantitative data will be covered in subsequent sections.

Assume your business is a living person for a moment. You walk up to a person you’ve not met before and introduce yourself. What you would tell a perfect stranger about yourself? Start with generalities and progress into the specifics. For example, you could own a plumbing business. There are many facets of the plumbing industry. Does your company have a specialty? A specific territory that it will serve? A good statement would be: “XYZ Plumbing LLC is a plumbing company specializing in new residential construction serving Harford, Baltimore, and Cecil Counties.”

Next, tell the reader why you have decided to start the business. Starting a business is a risky endeavor and explaining why you are taking on the risk is a key objective to convey to all involved partners. Make sure to explain any of your key competitive advantages here.

You should also include logistical items; such as, where your office will be located, how many employees you will need when you open (and what their job titles will be), and any transportation equipment necessary for the business to function. Referencing again to our friends at XYZ Plumbing LLC, they may plan to have a small shop in Bel Air that holds inventory for the three trucks in the fleet. The shop is staffed by a receptionist and a job estimator, which along with the three plumbers in the trucks computes to an employee head count of five employees.

If your company has intellectual property, like trademarks, copyrights, or patents, make sure you list that in this section. If your company will be involved in research and development, explain that as well. Help someone who knows nothing about your industry understand the value of what your business will offer.

Company Structure
This section is fairly straightforward. Explain the company’s operating structure – sole proprietorship, partnership, LLC, corporation, etc.; perhaps, include a small explanation about why you have chosen that structure. Be sure to mention which state will house the company’s headquarters.

Break down 100% of the company’s ownership. If the company has silent partners or any special ownership relationships, those should be explained here as well.

Market & Competitor Analysis
Here you will explain how the company will be marketed. Attracting customers to generate revenue is the first step in the revenue cycle. Walk through the entire sales cycle and explain how you will retain customers after they have made their first purchase. Include links to a website, Facebook page, Instagram page, etc. to display your presence online.

You will also want to talk about your target market. This is another place where you will start with generalities and work to specifics. In your analysis, talk about relevant demographic data in your service area. Then hone in on people who may be potential customers. Demonstrate how your business will enter a market that will demand its services.

Revenue generation is one of the most heavily analyzed parts of the business plan. If there is a section you spend the most time on, it should be on the sales generation and revenue projections (discussed later). Helping outsiders know your advantage of making a sale over your competitors is paramount.

Your analysis should also include relevant competitors in your space. At a high level, mention who they are, where they are located, and why they are a direct competitor to your business. If you have an advantage over that specific company, list it in your bio.

Principal(s) Resume(s)
Resumes should be included for all owners or key employees who are involved in the running of the business. This can either be a separate section or as part of the appendix. Either way, it is important to highlight relevant information that shows a background in the industry your new venture will represent.

Revenue Projections
Revenue projections are often the hardest part of a business plan for the owners to write. You may be an expert in your field but running a business is wholly new to you. Perhaps you’ve ran a business before but had help with the financial aspect and now you are on your own. No matter the circumstance, getting realistic revenue projections is critical to the viability of your business plan.

Having said that, projections are your best guess using your industry expertise and available data. Be realistic. Showing a loss in the early stages of the company is not uncommon. You would much rather have accurate projections than projections you think your lender or accountant wants to see.

Your revenue projections should be in a Profit & Loss Statement format. You should do at least three years of revenue projections. The first year must be broken down by months; all subsequent years can be annualized. There are plenty of great outlets to find templates including at referenced at the end of this article.

If you have an accounting partner already, encourage them to help you with your projections if you think that will aid in your projection preparations. It may cost you for their time, but having that industry expert’s opinion on your venture’s early days may be impactful on your projected trajectory.

Day One Balance Sheet
Once you have laid out what your company’s revenue projections will look like for the next few years, it is important to figure out how to fund the company’s launch. The funds necessary to launch the company can come from quite a few different places; most common is a mixture of the owner’s equity injection (cash) and some financing component.

The good news is that, compared to the revenue projections, most people find this document is easier to prepare. Your projections laid out the costs to open – the expenses you’ll need to prepay such as insurance policies – and you know what, you can invest into the business out of your own funds. The gap is the funding request you will submit to your lender. As with the revenue projections, templates are out there including at

Funding Request
You now know how much you need to borrow from a bank or credit union to get your business opened. In this section you will outline exactly how you plan to borrow the money.

You do not need to be an expert in lending to craft this section. You will speak to any collateral you or the other owners of the company have to offer to collateralize (is this a word?) the request. Common forms of collateral are real estate (with lendable equity), marketable stocks/bonds/mutual funds (401k/403b/IRA/retirement accounts do not qualify), or cash. Telling your lending partner what is available will help them craft a solution that is mutually beneficial.

Proposing a loan structure, if you are comfortable with that, also demonstrates you have done your homework on how financing terms might look. If you are borrowing $10,000, it is not prudent to suggest a 10 year repayment term. Conversely, if you are looking to borrow $100,000 do not suggest a 1 year repayment term.

If you used any data sets or other information to build your business plan, link it here. This will help whomever is reading the plan look through your research and help validate the assumptions you will make.

Having a solid business plan is the first step to getting the funding necessary to get your business off the ground. A business plan can also be a good way to attract investors or key employees to join you on your adventure.



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