Choosing the Right Bank for Business Loan and Account

by on February 14, 2011

The most important decision while applying for a loan is to choose the right bank which can fulfill all your account needs. Your business finance working will depend on the bank chosen by you. If you don’t choose your bank correctly, you and your business will be suffering a lot. Select a bank which offers more than a loan. Look for a bank which can assist you with counseling on market, guidance and industry expertise.

Things to Consider while Choosing the Bank

Make the selection based on the service fee they are charging. Choose a bank that is charging less service fee so that you do not end up losing all your money in paying the fee. Look out for banks that are offering different kinds of business checking accounts so that you can make your choice depending upon what suits your needs best. There are banks that charge a huge amount as service fee or service charge as such banks will leave you with large bill amounts.

Search banks that have nice loan officers. Banks are never good on lending money to small business, so here is where a loan officer comes into the picture. Approach the loan manager to convince him that investing in your business will benefit the bank. Produce your credit history and score to impress him even further. As the bank depends on the advice of a loan officer, projects approved by him are usually accepted. Hence his nod is necessary for the approval. If the officer is tentative, then better look out for another bank. You will find your kind of bank in time but keep trying.

Ensure that the bank is well equipped and can provide online services. If online service is enabled, it can make it easy for you to operate without giving frequent visits to the bank. Online transactions and withdrawals can be done, so you will be able to operate your account by sitting at one place, which can also save your time. Go for the bank that will offer this for free as you will be using this service very often, may be many times in a day and if you are charged for every move you make, that will end you up losing lots of money in that. Do not restrict just to online services; also inquire and request them to provide a service which can enable you to send invoices and cut payroll checks online. Look out for a bank which can offer cash management.

Check whether the bank has a business advisor. If you are willing to expand your business, you will need one so as to ensure that you select a bank which will offer you this. Usually, large banks provide business advisor staff but make it a point to inquire about it in the small commercial banks.

If you find a bank which can fulfill all the above mentioned aspects, then you have found the ideal bank which can help you prosper. Keep your search on if you have not found the perfect one that suits your needs, as there are many banks that will offer what all you are looking for.

{ 1 comment… read it below or add one }

Rae March 22, 2013 at 7:07 pm

Great article!

I agree that it is important to choose a lender that right for you, as the business owner, and what you are seeking.

Another great option that some businesses may not be aware of is secondary lenders that can help them besides the traditional banks, when they may not meet those qualifications, or if they don’t want to go through the long, tedious process with a traditional bank with a mountain of paperwork required.Some lenders can lend businesses cash, within a few days, and up to 250k+, as long as the business is in the United States, is at least a year old in most industries, grosses at least 100k annually, and is not related to real estate, finance, or insurance.

There are even non-restrictive, revenue based business loans and no personal guarantee business loans available with no upfront fees and no personal information even required to get a pre-approval.

So I do agree a business owner can look at alternatives and see what type of funding fits his or her needs.If you are interested in a non-restrictive, revenue based business loan and have the qualifications just stated.

Get started with the one page form, it is free, and no personal information is required on the form.

Check us out or you can click or copy/paste this youtube link to watch the 49 second video: http://www.youtube.com/watch?v=VF8wyVqxn4Q

Reply

Leave a Comment

CommentLuv badge

This blog uses premium CommentLuv which allows you to put your keywords with your name if you have had 3 approved comments. Use your real name and then @ your keywords (maximum of 3)

Previous post:

Next post: