Financial services used to be geared solely to big businesses. But that's changed. A growing number of America's financial services firms have recognized the power of small business and have begun offering products and services tailor-made for start-ups and emerging companies. That's good news for entrepreneurs who need banking, lending, leasing, insurance, retirement or other financial services. Taking advantage of the increasing array of financial services available to small businesses can help you:

1. Come up with favorable financing terms.
2. Get adequate, competitively priced insurance.
3. Maintain a strong cash flow.
4. Develop an employee benefits package that will attract and retain talented personnel.
5. Find the best retirement plan options for you and your employees.

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

Choose a bank that caters to small business

Several nationwide banks have begun offering banking services and other financial services that are tailored to meet the needs of small business customers.

I recommend: Wells Fargo and Bank of America offer full-service banking services for small businesses in addition to other financial services.

Loans and leasing

Banks aren't your only source for financing. Several financial services firms offer a variety of lending and leasing programs that include inventory financing, equipment leasing, business vehicle leasing and more.

I recommend: The business finance department of GE provides a full menu of financial services, including business lending and leasing. CIT provides lending and leasing solutions for start-ups and smaller companies.

Credit cards and lines of credit

One of the most important financial decisions you'll make is which credit card to carry. Look for providers who offer products and services geared to small businesses.

I recommend: American Express and Visa offer credit cards and lines of credit for small businesses among other services. MasterCard offers four credit card programs for small businesses.

Factoring

Consider factoring as a possible cash flow solution. You sell your accounts receivable and skip the whole loan-application process.

I recommend: Facteon requires no ongoing contracts and can provide cash for a single invoice or for all your invoices. For a full-service factor that acts as your credit department, bookkeeping department and collection department, try JDFinancial.com, which works with start-ups and established businesses.

Insurance plans

Workers compensation insurance, liability insurance, commercial property insurance, health insurance — there's no shortage of insurance needs when you run a small business. Look for a financial services firm that can handle all your insurance needs.

I recommend: Among its wide array of financial services for small businesses, Wachovia offers a number of business insurance solutions to meet your needs.

Employee benefits plans

Developing a strong employee benefits package can help you attract top-notch talent. Choose a financial services firm that can help you with this critical HR plan.

I recommend: ING offers a slate of financial services for businesses, including the selection of health insurance and other employee benefits.

Retirement plans

Choosing a retirement plan for your company can be confusing. Get help from a financial services firm that offers a wide selection of plans.

I recommend: Fidelity and Vanguard are among the hundreds of companies eager to help you set up a company retirement plan. Merrill Lynch and Schwab also offer a number of options geared specifically to small business owners and their employees.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Commercial banks may be more familiar with business loan requests, but a community bank may know you personally and feel assured of your ability to repay the loan.
• •  If you have access to a credit union, you can most likely borrow money at a better rate than from other lenders.
• •  Commercial finance companies often provide loans to buy inventory and equipment. They charge higher rates than banks but will more likely approve your loan.
• •  Short-term loans (less than a year) come in handy for seasonal buildups in accounts receivable or inventory.
• •  Business owners' life insurance comprises an integral part of planning, especially in the event of death of a sole proprietor.
• •  Simplified Employee Pension plans (SEPs) can provide significant income at retirement for an owner and employees.