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How to choose the right bank for your startup
Where should you begin when selecting the right bank for your startup or small business? Our experts at Customers Bank can help you understand the options and learn how to choose a bank that meets your business requirements.
Size matters when selecting a bank, but that doesn’t mean bigger is always better. Would you prefer a local community bank or a large national bank? Big banks often have many branches, products, and resources. Most can provide a wide range of credit possibilities and may even offer incentives for opening accounts or lines of credit. In comparison, smaller community banks offer local expertise. They are more likely to look past your credit score and base their decision on other factors such as your reputation and overall profile.
Customers Bank is a super-community bank with over $22 billion in assets. We provide dedicated personal service for startups, small to mid-sized businesses, individuals, and families. A strong partnership with us can help you establish a solid financial foundation and position your startup for long-term success.
Be sure to arrange meetings with bankers from small and large banks to better understand what they can offer.
Credit scores matter
This is one of the most important factors lenders consider. Check your score before applying for a loan, and take steps to improve it if necessary. Research the credit requirements for the banks you’re considering to see whether you can get what you need from your business accounts.
The phrase "location, location, location" emphasizes the importance of choosing the right location when it comes to your financial institution. Think about your business and how often you need to physically visit the bank. If you visit more than once a week, take this into consideration.
If the latest technology is a priority for you, search for a bank that can offer the services you need. Customers Bank offers cash management services to help you save money and time. We offer mobile and online banking tools that enable you to view real-time balance information and pending transactions, make accessible transfers between accounts online, stop payment on a check, and more. If you travel for work, you may prefer more digital options when dealing with your banking institution.
SBA government-guaranteed loans can be used for various purposes related to the operation and growth of startups and small businesses. If you intend to take advantage of these loans now or in the future, you will want to work with a reputable SBA-approved lender.
An SBA-Preferred Lender, like Customers Bank, can provide the best service. We have efficiently processed and serviced SBA loans for many years and have substantial experience in SBA policies and procedures. Consequently, the SBA has authorized us to make final decisions on most SBA loans, and we can sometimes offer a one-day turnaround on completed applications.
Before you decide on a bank, think about other needs you may have, such as a commercial loan or line of credit. Finding out if they can offer them before you finalize your choice is better so you don’t have to look elsewhere when needed.
As you think about how to choose the right bank for your startup, take the time to compare options and review the details of each bank’s offerings. Customers Bank has extensive experience helping small businesses, and our knowledgeable team will be delighted to answer your questions about our products and services. Get in touch with us today.