Why Banking Locally Is the Best Choice For Your Business
Small business startups exploded during the pandemic, with a 53% jump in business applications from pre-pandemic levels.
If you’re one of those new entrepreneurs, you’re probably wondering how to set yourself up for success. While most new businesses prioritize a detailed business plan and an engaging website, far fewer consider the importance of a local business bank
. Yet building the right banking relationship could play a major role in your company’s success. Here are seven reasons to use a local business bank.
1. You can create a relationship
Banking doesn’t have to be impersonal when you work with a local credit union. Business ultimately boils down to relationships and knowing your banker on a personal level so they can help smooth your path as they get to know and become familiar with your business. With their specialized knowledge of the local landscape, they can have a better understanding of your business’ value to your community, when compared to a national bank.
You’ll also benefit from stability as local business bankers tend to become ingrained in the community. This means you’ll be forming a long-standing relationship with someone who will be behind you as your company grows and matures.
2. They value your business
While small businesses are a major force in the economy, a bigger bank might be more interested in assessing your bank account than your potential. A local bank, however, considers you a key part of their portfolio, even if you’re still growing.
3. You’ll talk directly to local Business Bankers
There’s nothing more frustrating than feeling as though your fate is outside of your hands. Yet that’s often the case when dealing with a national bank because their decision makers are rarely locally based. For example, most of us have experienced calling a customer service number, waiting for a long time to talk with someone, then after explaining your situation, being transferred multiple times and having to re-explain the issue over and over again.
Compare that with the ease of walking into your local branch and talking with a banker who’s familiar with you and your business – maybe even your family – and has your best interests in mind. They’ll help you work through any hurdles because they are invested in getting you the best possible outcome. The Business Banker will work will you to gain an understanding of your business’s present and future needs. They will help structure products and services that meet your needs, with local decision making.
4. A local bank is more convenient
It’s been said that time is money and that’s especially true for a small business owner who’s wearing many hats. So, the last thing you want to do is waste time on hold or deep within a bank’s website. With a local bank you can get answers to your questions faster directly from someone who knows you and your business and has the power to make decisions.
5. You won’t have to compromise on services
Bigger banks often believe they have an edge with greater resources and a wider array of financial products. And while perhaps that used to be the case, it no longer is. Credit unions like Valley Strong offer a variety of business banking services
just like a large bank can, such as mobile banking, merchant services and even payroll and HR services.
Credit unions also offer businesses the ability to meet with a banker when the need arises. While you might typically prefer to conduct your financial life online, there are other times you need the assurance of a personal conversation. Banking with a credit union with convenient branch locations allows you to have the best of both worlds.
6. Your money stays in the local community
Local bankers pride themselves on being an integral part of the community and are usually active in sponsoring organizations and events and generously supporting the same causes you care about. When you bank with a credit union, the money you deposit is invested back into your own local community and your fellow business owners and neighbors instead of being sent across the country.
7. They get you
Credit unions understand small businesses because they are one themselves. That’s why you’ll likely find that you get a higher level of service when compared to a national bank. Just as you value each one of your customers and the role they play in your success, you’ll get the same treatment from a credit union. Ready to experience the difference for your business at Valley Strong Credit Union? Contact us today
to find out about our commitment to helping small businesses grow.