Maybe it isn’t exactly like the Dating Game, but finding the right bank for your small business is pretty similar to finding the right match in your personal life.
In both, relationship is key. Is your banker willing to learn more about your business than just the financials? Will she visit? Meet your employees? Understand your customers? Possibly introduce you to her contacts?
Will the bank you’ve identified as a potential partner offer the range of services your business needs today…and tomorrow?
Most likely, these are services beyond traditional checking and savings accounts such as:
- Lines of credit, fee waivers, business debit cards, and/or loans to meet your specific inventory, capital, or cashflow needs
- Online banking, mobile and/or merchant services, Remote Deposit Capture, and/or gift cards
- After hours deposits, low or no-fee available cash for registers
- International deposits, accessibility in other geographies
Banking relationships are important to Northern Initiatives, too. We may partner with banks for customers’ funding needs and we often receive referrals from banks for entrepreneurs who need funding, but aren’t candidates for traditional loans. [Click here to learn more about business loans through Northern Initiatives.] Over time, as customers gain success, they are better positioned for bank loans.
Selecting the right banking partner can have a significant impact on your success. Want more information about how to choose and how the right bank can help you manage your small business? Watch the Small Business video presented by Northern Initiatives on this topic, below. The choice could be more important than you realize.