Whether you're opening a business checking account, applying for a loan or seeking financial advice, there are many benefits of working with a community bank. When it comes to small business banking, consider these important benefits of banking with a community bank.
You live and breathe your small business. It's the product of your sweat and passion, and you want to protect it so it can grow. This requires building a banking relationship through personalized attention from financial professionals who know your business, believe in your business and want to see it succeed.
Since community banks serve a smaller pool of customers, they can really focus on building that business banking relationship, personally tending to the needs of each client. Tellers, advisers, and loan officers learn their clients' names and remember the nature of their businesses.
You'll feel more confident in your banking relationship if you know your local bank or credit union sees you as a name instead of a number. This is especially true if you're expanding your company or experiencing a vulnerable period in your business's evolution.
At community banks, decisions are made locally, whereas, at a large bank, decisions move up a chain of command to professionals who might live across the country. Because community banks are local, your request will most likely be made – or at least influenced – by someone you know and have worked with, resulting in quicker decisions. You won’t have to wait for someone you've never met to review data in a file and render a decision or approve a request.
Community banks get to know their customers' needs and financial histories so they can serve them more. A larger bank might only consider data on a form, but community banks take a more holistic approach to issues like loans and business lines of credit.
If you want the most flexible small business banking experience, a community institution delivers. You can schedule a meeting with a banker to discuss your specific needs, then solicit advice for achieving your goals. Your banker will know your corporate spending habits, your loan history, and other details needed to make informed decisions.
When compared to some larger banks, many community banks charge fewer fees to small businesses. Community banks often make fee structures simple, easy to plan and budget and work to maximize your cash flow.
While community banks also charge fees, they generally cost less than larger institutions. According to Bankrate, you might also get higher interest rates on savings accounts and other investments if your business banks with a community institution.
Community banks serve a specific geographical area; consequently, they tend to support their local areas, and if you bank with them, you also support your community. Regardless of the economic climate, funneling money into the local market benefits everyone in a city, county, or region. For example, when you “shop local,” you help to create jobs and put money directly into your local economy.
Deciding where to conduct your small business banking requires careful consideration of the facts. If you need a financial home for your business, check out our business checking solutions and other financial products today. And, if you’d prefer to talk to someone, we’re always here to help. Contact us today.