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How Small Businesses Benefit from Partnering with Local Banks
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Trade Publication Article
How Small Businesses Benefit from Partnering with Local Banks
2021
Overview
[...]for small business owners, this crisis has brought home just how important it can be to have a strong partnership with a local bank Thinking back to the beginning of the pandemic when communities were in lockdown, many small businesses needed to apply for Paycheck Protection Program (\"PPP\") loans to cover payroll. Because of the complexity of the PPP loan applications, most banks worked with their existing business clients first. If a business owner has a banking question, when she calls her local bank, she will speak to a person in her area and not a call center as may happen with national banks. Over time, small business owners may realize another unintended and unexpected benefit of working with a local bank Your local banker may become a good source for business development Because they build business for their bank through networking, and because they come to know your business well, they may very well become a good referral source for your company.
Publisher
Rochester Business Journal
