Many business owners find themselves wondering whether a large national bank or a smaller community bank will better meet their business needs. Here are some practical and impactful benefits of choosing a community bank as a partner for your business.
1. They Can Provide Local Market Insights
A community bank is inextricably connected to the local area it serves. A community bank has insight into local market conditions and challenges, has understanding of state and local business requirements, and can potentially identify unique growth opportunities in your area as well. Local demographics, competitors, and government trends can all have an impact on how your business operates. A local community bank can help you make market-informed decisions and help you respond to regional market changes.
2. You Can More Easily Forge a Relationship with Them
Community banks like to get to know the customers and businesses they serve. At a community bank, you’re likely to have a dedicated business banker or lender, so you have a trusted resource when you need something beyond an everyday business transaction. At a large national bank, you may not have a dedicated resource unless your business, bank account, or loan is a certain size.
3. They May Provide Faster Decisioning
Personalized attention can make a big difference when you have complex banking needs like a business loan or line of credit. Working with a personal banker at a community bank can help streamline the application process, and because community banks are smaller than their nationwide counterparts they can often make financing approval decisions more quickly. At a community bank, you're not just a number. Rather, a community bank is invested in the success of your business and the impact it has on the local economy.
4. They Can Provide Networking Opportunities
Because a community bank typically has other local businesses as customers, they can be a great source of business connections and networking opportunities. For example, if you’re looking for an accountant, business attorney, supplier, or builder, it’s very possible that your dedicated banker can provide a reference. Likewise, your community banker can potentially make referrals to you as well.
5. They Invest Your Money into the Local Economy
When you keep your money in a community bank, you're investing in your local area. Your deposits are used to fund loans for other local businesses and individuals in your community. This elevates lives and strengthens the overall local economy. Community banks are special because they serve the needs of their customers and neighbors, rather than stockholders.
If you’re a business owner in MA or RI, BankFive may be the community bank you've been looking for. We’re committed to helping our business partners thrive in the communities we serve. Contact us today to learn more about how we can help your business.