Your business may be considered “small” – but to you, everything about it is a big deal. That includes your small business's financial activity. Most big-name financial institutions today are all about catering to companies with daily deposits that resemble your quarterlies (or even your annual P&L). It’s nearly impossible to talk with a real person when you need one, and your questions and concerns don’t seem all that important to the “powers that be” when you do connect.
No matter your account balance, working capital, or staff count, your bank should be as enthusiastic about doing business with you as you are about doing business with your customers. No complications. No attitude. In fact, your bank ideally serves as your finance department to help you operate efficiently, keep every transaction secure, and provide business finance tools to optimize your balance sheet.
How can your small business bank help you get down to business?
- Business checking account
A solid business checking program offers options with benefits that provide both comfort and security, along with minimal fees that help maximize your assets. Look for features like preferred interest on CD loans, no-annual-fee credit cards, and no-monthly-fee ACH transactions. Some banks even offer industry-specific checking account programs made for professionals in the fields of medicine, law, and finance. And if your field is literally the field, some banks offer checking account just for agricultural business.
- Savings
As you strive to grow your customer reach – and your bottom line – your bank should offer several business savings account options to meet the needs of your business operations and your employees. Look for features like a low initial deposit requirement on commercial savings, low monthly maintenance fees, high-yield business money market accounts, and employe pensions to help you and your employees prepare for the future.
- Business credit card
For routine business expenses, travel and entertainment, or special purchases, a business credit card – used responsibly – is the perfect tool to keep your business moving forward. Be sure your small business bank offers a credit card program that is convenient, flexible, and secure.
- Loan programs
Whether your business is a startup, a farming operation, or a national franchise, you likely need funds to launch, expand, or build. Your bank can provide small business loans for operations expenses, market expansion, credit lines, leasing, and much more. Because your business needs are unique, your financial institution should be able to custom design a loan program with low interest rates and flexible terms to maximize your returns and minimize stress. Small business loan types include Small Business Administration (SBA) loans, construction loans, and agriculture loans.
- Digital banking
The right bank for your small business will provide online and mobile banking tools to make it easier for you to do business. Digital banking lets you do business from anywhere, with fast access, intuitive navigation, and robust security on all of your devices.
- Keeping it personal
When you’re hunting for a financial institution for your small business, consider a local community bank. As a member of the same small business community as you, a community bank is large enough to provide today’s most innovative and convenient banking technologies and small enough to give you hometown service. By extending loans to grow local businesses, community banks help create jobs, elevate families, and fortify the local economy. Plus, community banks typically pour into the areas in which they’re located, compassionately supporting local charities to cultivate hope.
If you want to learn more about just how personal business banking can be, check out the business banking benefits and features from Southern Bank. One of our business banking specialists will help you get started. Reach out today.
