Asset

What does it mean

An asset, whether tangible or intangible, signifies an item the will bring economic benefits in the future. In essence, it encompasses all possessions owned by a business. 

 

Why does it matter

Assets are the items needed for a borrower to operate their business.  In addition to being the basis of how a business operates, assets also are the basis of a bank’s collateral for a given loan.

 

Other Relevant Terms

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A bit about me

Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities.  Win-win-win.