Ask Vikki: Should I shop local for business banking?

Question: How does business banking work? Should I shop around or just use the same bank I use for my personal accounts?

Answer: Small Business Saturday is November 27th and the perfect time for local entrepreneurs and small business owners to think about partnering with banks. Brandon Box serves as Southwest Florida Market President for Cogent Bank. He’s been an integral leader in the successful openings of Cogent’s banking centers in Fort Myers and Naples. He says good bankers know their clients and their business and give personalized attention to small business owners.

“When a small business works with a community bank, they don’t have to retell their story every time they need a loan or deposit solution. A community bank knows their business model, the local market and their reputation in the industry.”

Small businesses also have unique needs. You want to be able to pick up the phone and talk to a live person. Someone who knows you, like a business partner. Box says community banking gives you direct access to executive management.

“Smaller banks offer local connections and networking opportunities too. A community bank can provide more value than just loans and deposits. You want a good partnership that will help you not only grow, but help introduce you to potential new clients.”

It’s safe to say community banks succeed when local economies flourish, so their success is interlinked with the small businesses they support. It’s a perfect match.

“In today’s modern world, new community banks can put industry leading technology up front, whereas many older banks are tied to old legacy software systems,” says Box. “Furthermore there are many FinTech companies that partner with community banks which are often very nimble in onboarding new partnerships.”

Forbes says that sometimes your best business advisor may be found at your bank and Box agrees.

“If a small business hasn’t established a banking partnership, they are missing out on a great opportunity for their business.”

Small Business Saturday (November 27) encourages consumers to support local businesses. It is observed nationwide and last year, the U.S. Small Business Administration reported Americans spent nearly $20 billion, and in the years before, consumers spent a cumulative $100 billion+ on this shopping holiday.