Community Banks: Your Partner for All Things Small Business
Doing what needs to be done.
As a small business owner you may not always have everything you need to get the job done, but you always find a way, because you have to. When you bank with a local community bank, you are banking with a likeminded partner.
banks know what it means to invest in a local community and focus on
providing value beyond being a successful business. Community banks want
to be your partner not just for today, but the future of your business.
Don’t settle for any banking relationship, bank local and gain a
partner in getting it done.
Banking. (Don’t yawn). While you’re busy serving your customers, your community and growing your business, finances and banking are in the background, an essential part of your business.
Your finances can be transactional or relational and successful business owners have learned the difference. Build a relationship with your local banker early so you have the support you need when you need it most, to fend off hardship or jump on an opporunity.
Unlike megabanks, community banks are entrenched in their communities and support small businesses through thick and thin. Their success is tied to their community and local small business customers they serve. Your success.
They can be your local advisor, financer, backer, supporter, and cheerleader. They are part of your community.
They believe in personal service
"You’ll be able to feel it right when you walk into the bank."
- Helen Hall, founder of Blender Bombs
They’re in it for the long haul
"They’re invested in the community. They’re invested in your success."
- Tameka Montgomery, president and CEO of Core Strategy Partners
They will help your business grow
"She still believes in me to this day, and now we’re a multimillion-dollar company."
- Amanda Wilbanks, founder of Southern Baked Pie Company
They get to know you and your business
"They know your financial situation a little bit better than a national bank would."
- John Baxter, owner of Deep Roots Landscape LLC
They open up opportunities
"It’s super important to have a relationship with my banker and with a community bank."
- Carrie Morey, founder, Callie’s Hot Little Biscuit
They keep you in the loop
"I felt like [community bank staff] kept me informed the entire time."
- Dr. Emily Browner, owner of Mesa Dental
They go above and beyond
"I have never seen a bank, local or national, do something like this."
- Stephen Bowen, owner of the restaurants Waterside Market and La Soffitta
They’re there every step of the way
"Ray [my community banker] gave us a list of what we needed to do."
- Ruben Conde, the owner of a gas station and convenience store
Tips and Blogs
WSJ: Community banks came through for businesses
On July 31, the Wall Street Journal reported that when small businesses couldn’t get Paycheck Protection Program (PPP) funds from their big banks, they had better chances with community banks.
Take Vladimir Gendelman’s story. In the article, the founder and CEO of Company Folders, Inc. says that his big bank, JPMorgan, failed to secure PPP funds for his business. So, he turned to Waterford Bank, a community bank and ICBA member in Toledo, Ohio. Gendelman told reporter Peter Rudegeair that the experience convinced him to leave his big bank and make the switch to Waterford Bank.
His story isn’t unique. Many businesses are leaving their big banks for community banks. Of the businesses that received PPP loans, about 28% received their loan from a lender that wasn’t their primary bank, the newspaper reports. Plus, banks with less than $10 billion of assets made more than half of PPP loans.
Is it time you made the switch?