In 2016, aspiring business owner, Noel Guevara, dreamed of starting his own construction company after dedicating a considerable amount of time to his previous employer. However, this task wasn’t easy. In fact, other banks and lenders he consulted with hesitated to help. But thanks to a relationship he struck up with a FirstBank Officer, who recognized Noel’s potential and advocated on his behalf, he got the funding needed to launch his company. Today, Noel not only formed and grew JAG Construction—a well-known company in the Phoenix area— but he also went on to create several successful businesses and subsequent jobs. And it all started with identifying the right banking partner to help bring his dream of creating greater opportunities for himself and his family to life.

Here’s the thing: when you choose a bank for your business, you are doing more than just opening an account. You are building a partnership that can contribute to your business’s long-term success and viability.

Did you know 38% of small businesses fail due to an inability to secure additional capital? While many factors are at play, a secure banking relationship can help prevent business closures or pose financial solutions to keep your business afloat.

Here are seven key things to consider when selecting a banking partner for your business.

What to look for in a banking partner

1. A bank your business can grow with.

You want to find a bank that is connected, reliable, communicative, and a partner you can grow with. Ultimately, the best fit for you will be a bank or lender that truly understands your geographic market, industry and the nuances of your business. This gives you access to better service, lending, and product solutions that can benefit your goals. 

2. Good reputation.

You can also tell a lot about a potential banking partner by word-of-mouth reputation. Ask local business owners or tap into your professional network to find out where they bank or get their financing from and why. 

3. Easy access.

For some business owners, easy access to their accounts is a determining factor in what bank they decide to partner with. Many banks have adopted easy-to-use and robust mobile/online banking options along with 24-hour customer service and access to brick-and-mortar locations. Additionally, the bank you choose should offer treasury management services, which helps business owners streamline their finances by managing cash flow, payments, billing, assets and more.

4. A go-to banker/loan officer.

Ideally, there should be a representative who serves as your primary point of contact. This will allow you to develop a close working relationship with them, which benefits you and your business. The primary person of contact at your bank should be available to help manage your day-to-day accounts, including assisting with online banking access, payment systems, and other financing or credit needs.

A solid banking relationship can be key to your business’s growth

1. Access to products/services.

Having a good relationship with a bank can help your business grow by giving you access to credit applications and various commercial loan products like commercial real estate, lines of credit, and small business loans. Be sure to consult a professional before applying.

2. Alleviate financial burdens.

With access to banking products and services, you’re able to alleviate financial burdens in the event of cash flow or manufacturing disruptions. Building a healthy banking relationship helps you focus on essential business management tasks like expanding your company size or creating a more personable company culture without being overly focused on day-to-day finances.

3. Equity-building opportunities.

Additionally, choosing a trustworthy bank can point you toward equity building opportunities that align with your long-term business goals. Whether it’s applying for an equipment loan or Owner-Occupied Commercial Real Estate (OOCRE) loan, which finances the purchase of a property for your business operations.  

For more tips, visit the Business Success page at efirstbankblog.com.

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