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Choosing the right bank for your small business

One of the most important decisions that you will make as you set up your small business is choosing a bank. Because of the important nature of business finances, this is a not a decision that you should make without a little research and though. While there are many banks and credit unions, you want to make sure that you choose the right one, for your business needs. Here is what you need to know about how to choose the right bank for your small business-

  • Find a bank in your community is you can-It is important to establish a relationship with a bank in your community. The reasons for this go far beyond convenience. One of the most important is that your banker may possess information about resources in your community that can be highly beneficial, for the growth of your small business. In addition, many lenders are much more willing to lend to a nearby business.
  • Find a bank that offers business credit cards-It can be much easier to get a business credit card, from a bank that you are already doing business with. Because the bank is already familiar with you and your small business, they may feel the risk is lower and offer you a business credit card. In addition, if you are already working with a bank, they can set up automatic payments that make keeping up with the payments on your business credit card a lot easier. In addition, if you are setting up your small business to accept credit cards, you will want to evaluate what fees are being charged, and if a particular bank is a better deal.
  • Find a bank that offers online banking-This is probably going to be one of the easiest things to find, since most banks offer this. There are numerous advantages to using online banking. No longer do you have to trek back and forth to the bank, for every transaction you want to make. Best of all you can check an up to date statement, by just getting onto your computer. You can use online banking transfer funds, make deposits and pay your bills. Online banking can also offer you the option of paying your employees, easily and quickly, when the time comes that you will have to deal with payroll.
  • Find a bank with business experience-Not all banks are equal when it comes to business banking. While you should certainly check out the bank that you have done business with, financial experts recommend widening your search to include banks that are known, for dealing with businesses. When you choose a bank that already has business banking experience, you are most likely going to find a wider range of banking services that you can take advantage of as well.
  • Find a bank that charges appropriate interest and fees-Business banking can be expensive. You want to make sure that you are being charged a fair rate of interest, and that you are not drowning your business finances in banking fees.
  • Find a bank that you are comfortable with-Whatever bank you choose to deal with, for your small business, will be someplace that you need to be comfortable with. It is important to go in and meet some of the people who work there. This is especially important when it comes to the bank manager, or the business bank manager. You want to have a positive working relationship with these people. If you find that they are to busy to see you or appear uninterested in your business needs, this is a red flag that indicates that you should consider other banks.
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