As a small business owner, you may be inclined to turn to large banks for all your business banking needs. Even though it may seem like they have more resources for their clients than a community bank, frustrations regarding the power and influence big banks have on the economy are steadily rising. This frustration is causing some business owners to look toward local community banks for their business banking needs.
Community banks offer a variety of advantages to small business owners. Here are five benefits of choosing a local provider for your small business banking.
- Personalized Service & Decision-making – At community banks, loan officers look at every application and meet with applicants face-to-face. This allows officers to give an individualized assessment of a business’ plan and allows the borrower to explain his or her needs in person. Community banks consider the character of the borrower to better judge credit risk. This personalized service and instance-based decision-making is a huge advantage for small business owners.
- Building a Relationship— When you work with a small bank, there are more opportunities for cultivating a relationship. Community banks know their customers personally, so you and your business aren’t just another number. Don’t get lost in the crowd – develop a relationship with a bank you can trust.
- Cost Effectiveness—Most community banks offer the same resources as large banks, such as online bill paying and debit/credit cards. However, they may offer these resources at a lower cost! Small banks also offer competitive loan terms to compete with other lenders.
- Invested in the Community—Small banks have a deep connection with their community and its local businesses. Community banks care about the organizations that strengthen their communities and are passionate about helping small, local businesses grow and develop. As a small business owner, you want to pick a bank that is deeply invested in serving you.
- Quicker Response Rate—It’s typically very easy to get in touch with community bankers. If you have a question, you won’t be put on hold or have to speak to a recording rather than a person. Community bankers have the time and availability to quickly address your business banking needs and questions.
Deciding who will handle your small business banking is an important decision. Every business owner’s needs are unique, so speak with different banks in your area to see who can best meet your needs. If you have any additional questions or concerns, the bankers at Parke Bank are here to help. You may find that community banks are a perfect fit for your business banking needs!
Get answers to your FAQs about ParkeBank business banking here.