What are the best banks for small businesses?
My production company is expanding, although we are still considered either a start up or small business. Any recommendations on the best banks for small businesses? We're interested in interest rates, loan repayment plans, etc. Thanks.
If you want the traditional bank experience, Chase is your best option as a small-business owner. Chase has locations around the country, offers business checking with no fee as long as you maintain a $1,500 minimum balance, plus one of the best online banking and mobile banking systems available.
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I have some experience with this, as I own two small businesses. I started with a small community bank, but when I wanted to grow, they were too timid to take a chance on most small businesses. After trying about 6 other small banks, I finally went to Merchant Cash USA who was more than happy to help me with my entire business and even gave me the services for two years.
You are looking for a lender and not necessarily a banking relationship. All of them are going to look at your assets as a startup. After 2 years you are not a startup, so good luck. Until then, I agree with the answer of talk to a credit union because your financing is still personal.
When choosing a bank, it really depends on the "Type" of business that you are in and the type of services that your company will need (i.e. payroll, ACH payment/collection, tax, wire funds programs etc.). For example the needs of an Import/Export business (when it comes to banking) will be different from a local restaurateur. One should really ensure that the bank will meet "your" businesses specific needs.
The take-a-way here is not to shy away from the larger banks, but to really research different banks and go with the one (either national/global bank or small local one) that will suit "your companies particular needs" and will service you the best.
We did this and found that although we originally wanted a smaller local bank; a internationally branded bank best suits our needs on a international level as we knew we planned on expanding and have offices in different parts of the US with national and international clients.
In India many banks are there like SBI, ICICI, HDFC, IDBI, Axis etc. You can contact directly in banks by simply choosing state, city and branch at http://bit.ly/ifsc-code and get detailook it for IFSC and MICR codes. also look it for IFSC and MICR codes. also look it for IFSC and MICR codes.
Banks that are business friendly in terms of small businesses and startups in my country are First bank of Nigeria FBN, and Stanbic/IBTC bank. I've done and continue to do business with FBN and they never fail to deliver each time. You can check them out.
Zack, I provide partner with all of the Banks to get small businesses the financing needed. I'd love to chat with you about which bank would be best suited to assist your business. Please email or call me at (714) 656-8957 to discuss.
Thanks! ~ George A. Paniagua
Look into specialty finance companies. They would likely be more willing to lend to a small business than a traditional bank.
I agree with Charles. The regional or local banks are your best bet.
The biggest advantage of these are that you have an opportunity to build a relationship with the bank and with the bankers.
This can happen to a certain degree at a large bank but the problem is that they have centralized so much of what they do that you don't really have an opportunity to know or influence the decision makers.
Credit Unions are great for individuals but most do not understand the needs of businesses. I would stay away from them.
I would look into credit unions. they will give you good rates and you would be helping a community
Key Bank offers some really good services and their business bankers focus on developing an ongoing relationship with you.
Your best bet would be a local community or rural bank. Why? They offer small or medium term loans for small and medium enterprises like yours.