Empowering Entrepreneurship: The Role of Community Banks in
Small Business Development
If you are starting a small business, you know the importance of local—
buying local, investing local, and sourcing local are a huge part of what
keeps small businesses like yours going. To develop a business like this,
relying on your surrounding community is a vital part of finding and
planting your roots where you are. You center everything else in your
community, but have you working with your community bank? Keeping
your finances local is one of the best things you can do to help establish
your small business with personalized financial services. To give you a
clearer picture of why you should keep your business’s banking local,
here is how your community bank can help you develop and grow your
small business—
Knowing You and Your Community
One of the benefits of banking local is that your community bank is as
involved in your community as you are. They know the trends of your
local economy, and therefore can help you make the best financial
decisions for your growing business. When they invest in your
developing business, they are investing in their own local economy, and
as you become more successful, as do they. It is a win-win for everyone
involved.
Quick and Close Access
You may have no problem doing your banking with a big, far-off bank,
but what if you have an emergency? What if you need to speak to
someone in person right away? What if you need advice? Community
banks are just that—a community institution that can help you with all
of your financial needs when you need it. Developing and establishing a
small business can be a difficult task with some financial hurdles along
the way, and having your bank close and accessible can make a huge
difference in how you are able to overcome these challenges.
Business Financing
Is your small business looking to expand? Do you need new equipment?
Are you thinking about opening a line of credit? Your community bank
is the perfect place to do this. They often offer personalized business
financing options that are catered not only to your community but to
your business. Sometimes, local banks may even be flexible with
repayment terms, lower in interest rates, and other special financing
programs. You are in good, local hands with your community bank
when you are looking for financing.
Personalized Financial Advice
One of the priorities of many community banks is giving thorough,
personalized financial guidance that revolves around their clients’
specific needs. They know there is no ‘one size fits all’ financial plan.
With this personalized guidance, you will be able to make the most
informed and community-minded decisions for your small business.
Your small business and your local bank both have the same intentions
in mind—to help build and serve the community. Why not work
together? We at 1st Advantage Bank are always here to help small, local
businesses develop, establish, and thrive financially. We are rooted deep
in our St. Peters community, and as such know all the ins and outs of our
local economy. We offer a number of financial services for businesses at
all stages of development, whether you are looking for funding for a
startup, loans for expansion, or a business line of credit for your
everyday functioning. If you are looking for financial resources for your
new business, check out our business banking and financing options on
our website, or contact us for personalized guidance. We know the
community because we are the community, just like you. Member FDIC and Equal Housing Lender