Six Basic Financial Needs

For more than six decades, we've been focused on delivering products and services that meet the financial needs of our clients. Our extensive experience has done more than just prepare us to handle the challenges that may present themselves in any economic condition. It has also shown us that no matter how unique, every business has the same six basic financial needs, and every individual has the same seven basic financial needs.

The Six Basic Financial Needs of Business

For a business, these are the areas from which your day-to-day and quarter-to-quarter needs arise. First Midwest uses these needs as a framework to structure customized financial solutions that create significant value for your business over time.

Our interdisciplinary approach brings together the knowledge and experience of the entire organization and addresses your business issues from a comprehensive perspective. The process begins with a thorough evaluation of your business’s core financial needs with your relationship manager, working in tandem with other banking professionals who are Lenders, Cash Managers and Trust Officers and with market experts in agriculture, real estate and investments.

Here’s how our process works to create value for your organization.

  • Cash Flow Management Meeting the need for Cash Flow Management produces greater, more consistent cash flow across the short term.
  • Financing Meeting the need for appropriate Financing allows the value of this increased cash flow to build over much longer periods by funding periodic (i.e., inventory or seasonal cycles) or strategic (i.e., capital equipment or acquisitions) expenditures.
  • Accounting Meeting the need for Accounting makes Cash Flow Management and Financing efficient by tracking historical costs and predicting future expenses.
  • Risk Management Meeting the need for Risk Management strengthens an organization’s assets by protecting them from loss and, therefore, reduces the degree of uncertainty in future cash flow.
  • Fiduciary/Benefits Meeting Fiduciary / Employee Benefits needs takes advantage of tax-favored earnings deferment in order to provide for the future long-term well-being of the company’s workforce, therefore enhancing productivity and ensuring effective succession planning.
  • Financial Planning Meeting the need for long-term Financial planning enables the business owner to focus on strategic issues, maintain an objective viewpoint and translate business success into personal financial independence.

For more information about our needs-based approach to business banking, call us at 800-322-3623 and we will connect you with a First Midwest Business Banker.

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Beyond Six

And, just as a business has unique financial needs, so do individuals. These are the areas from which your seven basic individual financial needs arise.

  • Cash Management Through convenient deposit, access and accounting of funds.
  • Loan and Credit Management To acquire assets, make large purchases or cover shortfalls.
  • Savings To set aside a portion of your income on a regular basis in order to accumulate funds for investment.
  • Investments Can increase the value of accumulated funds by acquiring marketable assets that return income and/or appreciate in value.
  • Tax Management To help predict, control and reduce income tax liability.
  • Estate Management To manage asset growth, investment income and tax liability for the continued creation and eventual transfer of wealth.
  • Asset Protection To manage investment risk, insure assets, protect property and guarantee income.

We use these areas as a framework to structure unique solutions that meet your personal needs today...and for tomorrow. To find out more about how First Midwest can meet your personal financial needs, visit Consumer Banking or call us at 800-322-3623.

Consumer Banking

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For more information about how First Midwest can help you meet your business and personal financial needs, contact us at 800-322-3623 and we'll connect you with a First Midwest Business Banker.

Customer Care

Got questions? Get answers.

Call us at 800.322.3623.

  • Monday – Friday: 7am – 7pm
  • Saturday: 8am – 5pm
  • Sunday: 9am – 2pm

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