The Benefits of Relationship Banking for the Small Businesses
Small businesses are the backbone of so many communities around the country. If you are a small business owner, you know that each one of these companies is like its own little family, with its own needs, quirks, trends, and ways of uplifting the surrounding community. You already operate by paying close attention to your business and neighborhood’s needs every day, so why not expect the same thing from your bank? You are well aware that solid banking and steady finances are an essential part of keeping a small business running, and creating a relationship with your community bank is the best way to make sure your financial options are as customized and community-focused as you are. To give you the rundown on why partnering with your community bank could be your greatest financial asset, here are some of the benefits of relationship banking for your small business—
One-Stop-Shop Mentality
When you think of the bank you do your financing with and the bank you do your everyday business banking with, are they the same place? Which bank knows you and your business better? When you start relationship banking, this kind of worry will be a thing of the past. When you work with your local bank in this way, you can rest assured that they will work with you on all aspects of your small business’s finances. No matter if you are looking to get financing for a new project, do your everyday banking tasks, or start a business savings account, your local bank is the only place you need to visit. Getting to know you and your business inside and out is their priority, and as such, they can offer you any financial service you may need with a deep understanding of how you work, without having to worry about who to go to. In other words, when you start relationship banking, your local bank becomes a one-stop shop for all of your business’s needs.
Personalized Services
One of the benefits of partnering with a local bank is that they will get to know every aspect of your business. Knowing who you are, how you work, and what your goals are helps them to personalize each and every one of the services they provide to your business needs. Never again will you have to worry if your bank is ignoring the big picture or not considering what you as a business want as a whole. Relationship banking is just that—creating a relationship. Relationships are built on trust and understanding, so why should your relationship with your bank be any different? Paul Van Stone, Senior Vice President of Lending at 1st Advantage Bank chimes in on how personalized banking differs from big banks.
Community Knowledge
We know that you and your small business are deeply rooted in your community. They are the ones you serve, the ones who support you, and the ones you can count on to lift you up when you need it. Your local bank is no different. They are just as much a part of the community as your small business, and as such, all of the services they provide for you are informed by how it will affect you and your community. By helping you with your small business banking needs, they are investing in their own community. Just like you, they know what works and what doesn’t in your given area, and can apply that knowledge to help you grow and thrive financially.
Local Loan and Finance Opportunities
When you are looking to gain financing for any aspect of your business, you may be afraid of continued rejection. As a small business, it can be difficult to find the right lenders and financing options let alone get accepted for them, and this can be discouraging. Every small business is unique, and they often don’t fit in the same box as many other businesses. Relationship banking is different. When you join up with your local bank, they will work with you first to get to know your lending and financing needs, then find a plan that fits you, not the other way around. And, in addition to finding you the right financing options, your local bank can often help get you approved quicker and answer any questions you might have far better than a far-off lender. Banking locally pays off.
We here at 1st Advantage Bank know that your small business means everything to you, and as such we have dedicated ourselves to helping you succeed by being your go-to community bank. Our business banking and financing services are entirely personalized to fit you and your business’s needs, so you can let any worries about being ignored or hastily turned down fade away. Our mission is to work with you and everyone in our community to reach your business’s financial goals, whether you need a business line of credit for everyday operation, commercial loans for expansion or improvements, or just some friendly financial advice to help your business grow. It’s time you bank with only you and your business in mind. We are here to make that happen. If you are looking for relationship banking options for your small business, check out our business-centered lending and financing services, savings options, checking services, and credit card options, or contact us with any questions you might have. Member FDIC and Equal Housing Lender.