Grow your business.

A business bank account is a separate financial account used exclusively for a company’s financial transactions. It helps you manage income and expenses, simplifies accounting, and provides a professional appearance for your business.

The best account depends on your business’s needs. A business checking account is ideal for day-to-day transactions, while a business savings account or money market account is great for managing cash reserves. Many businesses use a combination of these.

Key benefits include separating personal and business finances, making tax preparation easier, protecting personal assets, building business credit, and providing a professional image.

You typically need your business’s legal name and address, a tax ID number (like an EIN or SSN for sole proprietors), and documentation of your business structure (e.g., Articles of Incorporation). You may also need a form of personal ID.

Small business banking refers to the financial services specifically designed for small companies, including checking, savings, loans, lines of credit, and cash management tools.

Financial experts often recommend having at least 3-6 months of operating expenses saved in your business account to cover unexpected costs and ensure stability.

It depends on your business structure. Sole proprietors can often use their Social Security Number (SSN), but all other business structures (LLCs, corporations, partnerships) are required to use an EIN to open an account.

Yes, all Customers Bank business accounts are FDIC insured, protecting your deposits up to the maximum legal limit.

Easiest way is to speak with your local banking partner at your nearest Customers Bank branch. You can also apply online.

For a small business account, make sure you have in hand both personal and business details, such as proof of identify, proof of address, your business’s registration and contact information. We’ll use this to verify you before approving your account.

Although every case may differ, here are some common requirements:

• Legal business name, entity type (LLC, corporation, sole proprietor with DBA, etc)
• Employer Identification Number (EIN) or equivalent tax ID for your business.
• Business license or incorporation documents as required by your state/locality.
• Personal ID of the business owner(s) / authorized signers (driver’s license, etc).
• Sometimes your business plan, and proof of address for business and for owners.
• Funding for initial deposit
• For non-new businesses: recent tax returns, financial statements, maybe bank reference.

So you should gather these docs before beginning.

At Customers Bank we have a few business checking account options. These options include:

• The general “Business Checking” accounts: unlimited check writing, $0 per check/item charges, online/online-deposit tools.
• Two types of business banking options for “new business” checking
• “Commercial Interest Checking” (no monthly fees, open with $10) for low volumes
• Standard “Small Business Checking” with no monthly fees
• Other treasury products and services are available.

To make sure you pick the business account that best suits your business size or volume, we recommend talking with a banker first.

• Unlimited check writing (often)
• $0 per check/deposit/item (in many cases)
• Ability to do online check deposit, mobile/online management.
• Some accounts have very low opening deposits (e.g., $10 in NY example) for low-volume businesses.
• Some checking accounts do not pay interest (they use “Earnings Credit Allowance” to offset fees) for certain large-volume/business accounts.

The main business loan types available at Customers Bank are:

• Term loans: borrow a lump sum that is repaid over a fixed period, called “the term”.
• Lines of Credit: a flexible loan with revolving credit. Borrow up to a limit, repay and borrow again as needed. You only pay interest on the amount used. This loan option is good for cash flow and inventory.
• Loans for equipment: where you borrow a loan specifically for purchasing machinery or equipment. For equipment financing, sometimes you can borrow under term loans, sometimes special.
• Commercial real estate loans: CRE loans are for purchasing or refinancing property used for business.
• Government-guaranteed financing (via the Small Business Administration): SBA loans are backed by the U.S government, including: SBA 7(a), SBA 504 and SBA Express.

Here’s a typical path for applying with Customers Bank:

1. Choose your loan type (term, line of credit, SBA, real estate, etc) based on what you need.
2. Engage with a Customers Bank loan officer / business banker. They’ll walk you through the options and the process. You can get in touch to speak with a member of our team.
3. Provide documentation such as: business financials, tax returns, business plan, credit history, collateral (if required), personal guarantee (often required).
4. Underwriting: bank reviews factors like your cash flow, collateral (if any), business history and purpose of loan.
5. Approval → closing and disbursement of funds. For SBA-guaranteed loans they follow SBA rules + bank rules.
6. Repayment begins per agreed schedule.

Be aware: all loans are subject to credit approval and normal bank lending criteria.

To apply for an SBA loan, there are some requirements businesses must meet. Some factors to consider are:

• Are you a for-profit business, legally operating, filing taxes, located in the U.S. and every owner is a U.S. citizen or LPR. These are typical SBA eligibility criteria.
• Have you tried conventional financing and found it hard? SBA programs are often for businesses that “are not eligible for conventional bank financing.”
• Do you have good personal credit and business credit? Many SBA loans require personal guarantees, good owner credit, and stable business financials. (While I didn’t find every threshold from Customers Bank publicly, this is standard.)
• Collateral, cash flow, supporting docs: you’ll need those.
• The size of your loan request and your purpose will matter (working capital, real estate, equipment, etc). For example, for SBA 7(a) at Customers Bank max loan up to $5 million.

If you want, we can check your specific business profile (industry, revenue, etc) against SBA-loan eligibility for you.

Here are the key distinctions:

• An SBA loan is guaranteed (in part) by the U.S. Small Business Administration. That means the government helps reduce risk for the lender.
• A conventional business loan is purely from the bank, without government guarantee. The bank takes all the risk (and sets all the terms) itself.
• Because of the guarantee, SBA loans often offer lower down payment, longer repayment terms compared to some conventional loans.
• However: SBA loans often have stricter eligibility, more paperwork, and longer approval timeframe (though preferred lenders mitigate this). Conventional loans may be faster (if your business is well-rated) but with less favorable terms.
• Use cases: SBA loans can be good for business acquisitions, startup costs, equipment, real estate, working capital for small businesses that conventional lenders think too risky.

• The SBA has a program called the Preferred Lender Program (PLP). This designates certain lenders as “Preferred” because they have a strong track record with SBA loans.
• A preferred lender can make final credit decisions on most SBA loans without requiring direct SBA review for every loan. That speeds the process.
• Customers Bank is indeed an SBA-preferred lender.

Thus using a preferred lender is usually beneficial if you want a smoother SBA loan process.