Knowledge Center

What to Look for in a Bank for Your Business

running-a-business | Read Time: 2 minutes

By WSFS Contributor | Published: 2019

WSFS Knowledge Center What to look for in a bank for your small business

Choosing a bank for your business can be a lot like choosing a doctor: there are objective factors to consider, but it really comes down to the aspects of the relationship you value most.

When it comes to choosing a bank for your business, you’ll want to take your time and do your research. Consider what your needs are before you start conversations. What is a must-have versus a nice-to have? Don’t just think about the current state of your business – think six months, one year, five years down the road. After all, the decision of which bank to choose could affect the amount of time you spend dropping off checks or impact your ability to get a loan that will help your business grow.

Here are a few things to keep in mind:

Lending Authority of Your Banker
For small businesses that are just getting started, it may be best to go with a community bank. Community bankers often have more lending authority than their large national counterparts, and are often more willing to lend to local businesses.

Community banks typically offer more competitive rates for small business loans than bigger banks do, and they may be more flexible with their offerings if you have a good working relationship.

Small Business Administration (SBA)
Just starting your business? In the market for a business loan? Choose an experienced banker with a strong knowledge of the SBA and their programs through start-up guides, learning centers and lending programs.

Products and Services
As your small business grows, so does your need for products and services that support your success. Along with more basic services like checking accounts, credit cards and online banking, you may have a need for merchant services, payroll support, equipment leasing and more.

Starting, building and growing your business is a labor of love, so choose a bank that understands your business and industry. Turn to your peers who already have a banking relationship – a referral is a great indicator of satisfaction. Throughout your relationship, your banker will act as your trusted partner, confidant, advisor and experienced consultant, so it’s important that you’re comfortable with and confident in their ability to support you and your small business.

Equipment Financing for Small Businesses

For many small businesses, surviving today’s economic uncertainty means that being conservative with working capital is a necessity. Some can get by with hiring freezes or finding ways to cut down on operational costs. For those who need to purchase or upgrade expensive equipment to remain competitive, however, cutting down on costs may not be enough.

Read More

Brewing Success: How Passions for Craft Beer, Comradery and Community Led to a New Family Business

Since they first started dating, Kaitlin and Chris McCall had talked about owning their own business, and with a healthy amount of entrepreneurial spirit along with retail management, marketing and finance experience under their belts, they knew they had a foundation for success.

Read More

Cash Management Gets a Boost from Smart Safes

In this new normal, businesses need to be more certain than ever about their cash flow. Knowing how much cash is coming in – and going out – allows you to evaluate your business’ financial standing and make necessary operational decisions to keep your business healthy.

Read More

Growing Your Business by Learning from Challenging Times

As businesses reopen and face new ways to operate and generate revenues this summer and beyond, many are looking for guidance as they develop new growth strategies, discover new cash flow resources and consider an SBA program for support.

Read More

Lights, Camera, Action! NewsWatch TV Keeps Consumers and Businesses In-The-Know With Award-Winning Production and Programming

As a longtime small business owner, Ed Tropeano of NewsWatch TV and Bridge Communications LLC knows a thing or two about the rewards and challenges many of his clients experience when running their companies.

Read More