Many businesses will make the decision on where to bank based on which bank will make them a business loan. In some cases it could really benefit you to have loans and accounts at the same bank. You should also look at how supportive and reliable the bank is to your needs. Some questions to ask are as follows:
A checking account is a basic requirement to run a business.
Does the bank still offer free business checking?
Does the bank make their loan decisions locally, and do they have options?
Does the bank offer Commercial loans for all types of business funding, including lines of credit, equipment purchases, term notes, accounts receivable inventory, and SBA loans?
Cash Flow is critical for the success of your business.
Does the bank offer a full selection of products and services to help you collect money faster, keep it longer and manage it efficiently? These products and services that help you manage cash flow are called Cash Management Services. Does your bank offer the following:
Credit Card Processing – Merchant Services
Direct Deposit of Pay for your Employees
Remote Deposit Capture Service
Online conveniences: online banking, bill pay, estatements, access to all accounts and loans online?
Does the bank offer Health Savings Accounts for your employees?
Will the bank be able to serve you as your business grows?
As your business grows, your lending and service needs will also increase. Your bank needs the capacity to make larger loans and offer the services to manage your growth.
Establishing a relationship with the bank is essential. Your business banker should be a trusted advisor that will get to know you and your business.
Need more info? Contact the Bank of Washington
Read more helpful tips in our "How To Guide"