7 Advantages of Banking with a Community Bank for Your Small Business

| March 27, 2023 | By

Figuring out the finances of your small business can be difficult, especially if you’re handling everything solo. Fortunately, you don’t have to go it alone.

The experts at your local community bank are ready to provide context-specific support. And they have more resources ready to leverage for you than you may think!

Want a tried-and-true reason to consider banking locally? We’ll provide seven. 

Here’s Exactly Why Using a Local Community Bank for Small Business Is Better

Banking with a community bank gets you several unique advantages.

Personalized Service

When you walk into your local bank, it feels awesome to be in a place where everyone knows your name. But sitcom references aside, personalized service helps you know that your bank is taking your business’s circumstances into account when discussing financial needs and goals. This ups the quality of advice you’ll receive and leads to a more satisfying and productive banking experience.

Local Decision-Making Authority

On the other hand, one factor that doesn’t contribute to a satisfying banking experience is red tape. In large financial institutions, the power to make decisions is often remote and centralized. Getting the services you need can take weeks or months because of slow-moving bureaucracy. In a community bank, decisions tend to get made by local bankers who are familiar with your context and your needs. 

Access to Speedier Financing and Loans

Small businesses often require loans on short notice. Opportunities can crop up quickly—as can unexpected challenges. When your business faces either of these situations, you need loan funds fast. Your local community bank will usually offer more flexible lending options and speedier turnaround times than larger institutions. 

Banks That Are Involved in Your Community

Local community banks aren’t just aware of what’s happening in their neighborhoods; they often play a critical role in supporting the local economy. They provide vital roles in helping individuals and businesses in your community meet their financial needs. This gives them an invaluable understanding of the challenges your business faces. Also, you’ll often see your bankers at local community events, which helps put a face to a name.

Intuitive Mobile and Online Banking

Small community banks tend to offer top-tier mobile and online banking because they listen to the concerns of their customers. So if you’re looking for a user-friendly online or mobile banking experience for your business, it can pay off to work with a smaller bank. Local banks are known for caring about their customer experience and having incredible attention to detail, which often results in more thought-out features for you to leverage.

Actual Accessibility

If you want to know that you can access financial services when you need them, a community bank is the place to be. Being able to call the direct line of your trusted banker—or to walk into a local bank branch to address your concerns in person—is a far superior experience to being routed to a larger bank’s impersonal call center.

Real Relationships with Your Financial Experts

Starting a small business can feel incredibly lonely, and a lot is riding on your shoulders when you tackle complex financial matters solo. But when you bank with a local community bank, you feel like you have experts in your corner. This can wildly transform your experience as a small business owner.

Why Would a Business Owner Choose to Bank with a Small Community Bank?

... if there were larger options nearby? 

We’ll make this very simple.

  • Community: Many small business owners feel very invested in their community, and want someone who gets it—understands the area’s unique circumstances—as a financial guide. 

  • Giving back: Small business owners want to feel like they’re in business with someone who tries to make the world a better place. At BNC, giving back to our local community is at the heart of everything we do

  • Flexibility: Few things about starting a small business are set in stone. At BNC, we don’t expect that you have everything mapped out perfectly, and we tailor our resources to help you access the services you need.

BNC National Bank is Ready to Help Your Small Business Thrive

If you’re interested in a bank that provides the personal attention, flexible resources, and the robust services that your small business needs to grow, check out what BNC National Bank offers. Reach out to our team today for a timely response, and, if you’re interested, check out this free resource: “A Convenient Checklist for Assessing SBA Loan Readiness.”

Are You Ready for an SBA Loan