Banks want your business, and if you have a sizable enough loan request, the local banks in Kentucky will be fighting each other to win you over. The bottom line is for you to shop around. Also, make it clear to your potential loan officer that you are looking at other Kentucky banks. Look at the rates that you are being offered, and then ask your contacts what they can do comparative to the KY bank down the street.

When you work with a commercial bank in Kentucky, they only thing they want is for you to choose them over all the other banks in town. Make that KY bank be competitive in regards to its rates, terms and its fees.

In order to make the most out of banks in Kentucky:

1. Find out what business services they offer that fit your needs.

2. Ask around to other business owners as to the reputation of the banks in Kentucky that you will possibly be associating with.

3. Have your Kentucky bank loan paperwork ready in a timely manner. One missing piece of information could make or break a loan, or at least tie it up in red tape for a while.

Action Steps
The best contacts and resources to help you get it done

Go for the local banks in Kentucky

Smaller local banks can usually give you better rates than their giant corporate counterparts. Most of the larger Kentucky banks are having their rate decisions made for them at a corporate headquarters that is hundreds of miles away and not relative to the local market. Smaller KY banks can usually also be more competitive on structure of the loan as well.

I recommend: Check out Kentucky Bank. They offer multiple checking options, business loans, ACH processing, online banking, credit card services, and lockbox processing. First Kentucky Bank has been in business since 1899, and they offer business as well as non-profit checking in addition to business loans. They also offer business CDs, savings and money market accounts. United Community Bank of West Kentucky is another banking in Kentucky option. They have multiple checking account options, business money market accounts, and business sweep accounts.

Consider a midsized KY bank

A midsized bank can give you the services that large bank can offer, but they can also give you the customer service that you would expect from a small mom and pop branch.

I recommend: Check out the business services offered by Century Bank. They offer free small business checking accounts, business investment accounts, community business checking, savings accounts, as well as merchant services. The Bank of Kentucky is one of the largest community banks in Northern KY, and they offer loans, credit card options, cash management options, employee services, as well as depository services. You can also check out Citizens First, which offers business checking and savings; small business, commercial, and agricultural loans, as well as other investment and business services.

Use a comprehensive Kentucky banks web listing

The Community Banker website brought to you by Yennik, Inc. is a wonderful resource for KY banks that have a web presence. You can also locate a bank through the Kentucky Office of Financial Institutions.

I recommend: The Community Banker gives you an alphabetic listing of banks as well as a listing of Bank Regulatory Agencies in Kentucky. The Kentucky Office of Financial Institutions helps you search for a variety of banking entities.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Understand that there is only so much that your actual loan officer can do. They will have to turn everything over to his or her boss as well as the underwriters to make the ultimate decision regarding the loan.
• •  Consider offering up multiple pieces of business to one banking institution. See if they can make you a better package deal on rates if you not only obtain a loan through them but move over checking and/or savings accounts as well.