Finding a Lender for Your Small Business

Finding a Lender for Your Small Business
Finding a Lender for Your Small Business
Business owners know that there are a large number of tasks that have to be done before to make their business successful.  Choosing the right bank is hard to do with the variety and quantity of options in the world. Follow these steps to make the choice easy and find the bank to back your next great business idea.

6 Easy Bank Qualities for Your Business' Success:

  1. Choose Local – At local banks, customers have face-to-face relationships with bankers who understand their needs.  Due to this close personal relationship, local banks are often able to approve small business loans otherwise rejected by a larger bank, often much faster than larger banks.  Loan approvals and important decisions are made easier by your neighbors anytime, anywhere.
  2. Loan Variety – Having a wide range of loan options can benefit a small business in a multitude of ways.  Say your business is in need of real estate for a brick and mortar facility and you don’t know where to turn.  Banks like Republic Bank offer a Business Real Estate Loan that can provide the ability to buy or refinance your business’ real estate. A business owner can also choose a program to support their lending needs either through a guaranty program (7A) or direct lending (504) program.  Republic Bank, for example, is a leader in Small Business Administration (SBA) financing and will work to put together solutions for your needs.
  3. Dependable Savings Accounts – Most, if not all, banks offer a form of savings account, so finding the right one requires research. An example of a tiered rate savings account from Republic Bank shows the various interest rates and annual percentage yields through its Money Market Account.  Once the business’ balance shifts, the interest rate can sometimes increase depending on the balance tier.  This information can help aid you in deciding which bank to conduct business with long term. 
  4. Fraud Prevention – Employee fraud is a problem faced by all organizations big and small.  It’s easy to believe all employees are loyal and honest but that’s not always true.  Protecting what you’ve built is a part of the modern business world.  A company credit card can be at risk for fraud with each additional card given to employees.  Why risk having your hard earned money taken away by carelessness?  Republic Bank provides fraud prevention with all of its services.  Even the MasterCard Business Cash Rewards Credit Card has an EMV chip that provides new technology to help prevent fraudulent actions.      
  5. On-site Direct Deposit – Who wants to go through the hassle of sprinting to the bank each time a check needs to be deposited, or relying on employees to make your deposits for you?  Finding a bank that provides on-site deposit (or remote deposit capture) will cut back on trips to the bank and fees associated with the travel involved.  Someone can simply scan a check, verify the dollar amount, and the deposit is created.  For businesses especially, it’s important to have quick and easy access to technology for direct depositing of checks and funds that is secure and user friendly.     
  6. Full Range of Online Services – An expensive order is about to be placed and you want to quickly view your business’ funds to make sure you have the appropriate amount to cover this type of expenditure.  Rather than calling and waiting on a teller, what do you do?  Lots of banks now provide real-time account balance and transaction history through online banking.  You can even pay bills with online as well as transferring funds between accounts, ensuring you’re always ready for the next opportunity.  Republic Bank offers a state-of-the-art business, treasury, arch management services through an integrated online banking platform.  To make things even easier, Republic Bank also offers check depositing from your phone with it’s easy to use Business Mobile Deposit app. 
When evaluating banks to secure your financial future of your business choose easy.