Owning a small business can be thrilling and prosperous and having a trusted financial partner throughout the process can help your business run smoothly. Chances are that as a small business, you’ll need to interact with your bank often. When you’re making the decision of who to bank with to start, or if you’re ready to make a switch, there are numerous advantages to choosing a local bank over a national bank. Beyond just reinvesting into your community, small business banking institutions offer the same wide array of financial products and services without some of the drawbacks of a large institution.
Personalized, Local Service
It's not to say that a national bank doesn't care about you, they simply can get by without helping you. The service you get from a local bank will be far more personalized. In addition, the bank and employees will have local knowledge and know exactly who you are and what your business is. You'll likely have a working relationship with the bank manager themselves, and know that you can ask any questions about banking or lending that you may need.
Lower Fees & Competitive Rates
When compared to national large banks, local banks tend to have lower fees and tend to go above and beyond to assist their customers. With a local bank, you’re more than just a number. Additionally, local banks still boast competitive rates that your business can take advantage of.
Working with Your Community
As a small business, you’re serving your community. Wouldn’t you want your financial institution to serve your community as well? Local banks are involved in many community causes and give back to the communities they operate in. Small businesses and local banks drive local economies and have a legitimate interest in seeing the community thrive.
Start growing your business in your community, bank locally and watch as the community gives back in turn. If you’re ready to work with a community bank, contact Mechanics Cooperative Bank today!