The number of small businesses in the United States has doubled since 1982. Small businesses make up a huge portion of the economy in the United States. Still, many of these businesses have outstanding financial debt and other issues that keep them from performing to the best of their abilities.
As a small business owner, choosing a high-quality bank for your small business can help you keep your finances in order and will give you access to better financial products and credit options.
Do you need to choose a bank in Philadelphia for your small business? Keep reading this article for the top things you need to consider when you choose a business bank!
Consider Your Business Goals & Needs
Knowing your business goals and needs is the most important thing to consider before you choose a business bank. What are your plans for your business?
For example, if you are planning on expanding and growing to a larger audience or if you are opening a brick-and-mortar location, you may need to choose a bank that provides SBA loans that fit your needs.
Understanding your business goals will help you identify the features that you need to have in a bank.
Small Bank vs. Big Bank
You should also consider if you want to work with a small bank or a big bank. While they may offer similar services, there are some benefits and drawbacks of working with local banks instead of larger national banks.
While big banks may be able to provide you with more funds and account options, smaller banks can cater to your local business needs.
Compare Fees & Interest Rates for Accounts
It is also important that you compare the interest rates and fees for business banks. Every bank has different fees. For example, some will charge you if you deposit a large amount of money or if you withdraw too much from your accounts.
Interest rates are another factor you must consider. For example, if you need a small business loan, finding a bank with lower interest rates can potentially save you thousands of dollars over the course of your loan!
You should also consider your earning potential when it comes to interest rates on your checking and savings accounts. If you regularly deposit large amounts of money, a good interest rate can help you make even more money on your money in the bank.
Visit Bank Branches
When you are comparing several different bank branches, you should always do a branch visit. Visiting a bank in person will allow you to meet with a bank representative to discuss your business needs, the products and services the bank offers, and more.
It can also help you get to know the staff at your bank a bit better. As a business owner, you will be doing a lot of work with your bank. By getting to know the banking employees, you can establish a good relationship with them.
Talk to Business Owners
Another simple way to find a reliable business bank for your company is by talking with other business owners. If you have local friends or acquaintances that run their own businesses, they may have a bank that they would recommend to you.
It may be best to find a business owner in a similar industry that is about the same size as your business.
This way, you can be sure that their bank will also be able to fit your needs. By getting a word-of-mouth referral, it will be easier to find a reliable bank!
Check Online Reviews
Small businesses should also prioritize finding a bank that has incredible customer service. If you have any questions about your accounts, the bank’s financial tools, or anything else, you should feel confident that your bank will answer your questions in a timely manner.
One way you can learn more about your bank’s customer service is by checking online reviews and looking at their customer service rankings.
Banks should have great reviews from their past or current small business clients.
Prioritize Industry Experience
When you are choosing a bank for your business, it is also important that you find a bank with experience in this industry. Different banks will have specific experience working with certain industries.
While this isn’t always necessary, a bank that is familiar with your industry will know more about your needs and can offer you better advice for your banking needs.
Even if you cannot find a bank with experience in your specific industry, you should find a bank that specializes in small business banking. This way, you can feel confident that they will have the financial tools necessary to help your business.
Finally, you need to find a bank in Philadelphia that is convenient to use! As a busy business owner, you may not have time to go to the bank each week to deposit money or make transactions.
Finding an online banking option is something that will make this much easier. This allows you to pay your bills online, make remote deposits, and more. Finding a bank that prioritizes convenient transactions for customers will help you save time and money as a business owner.
Need Help Choosing the Best Bank in Philadelphia?
Choosing a bank for your small business is an important decision to make! This will ensure that you get the best financial products, customer service, and more.
If you are looking for the best performing bank in Philadelphia and surrounding areas, Parke Bank can help! We provide in-person and online business banking services and products, business financing and various accounts for small business banking.
Contact us today to learn more about our banking services and to request more information about opening a new account.