Been discussed before, but I can't find it... small business banking

Ok Meauxjeaux,

Since no takers so far, I can only tell you of my past experience with banking and opening a new business...years ago...maybe things are different now..??

I'd strongly suggest a small bank or credit union versus a regional bank. Had it not been for our small home town bank in the 80's when my spouse was in the construction business, we would have probably lost everything. My husband called the mid to late 80's "The Great Louisiana Depression".

Many businesses did fail at the time. Because of banking with a small bank where we were a name rather than a number, our loan officer bent over backwards to help us through those years.

A neighbor who works for the same bank confided that many times in board meetings, our loan officer would voice his confidence in us paying the loan(s)and asked for patience from the board members on our behalf.

That same bank has now been swallowed up by a regional one. When you walk in to the main branch of the bank in our local city, you have the feeling that you just walked in to a funeral parlor. The once bustling hub of the city which once employed 80 to 100 is now reduced to 2 to 3 employees.

I know the days of small banks are just about over, but in the interim, they normally serve their customers with genuine interest and care.

Credit unions are also my pick any day over a regional bank.

Good luck...hopefully others will chime in!

As stated before, a community bank knows who you are and is invested in the community, hence the name. There are fewer layers of bureaucracy between your loan officer and upper mgt, hence more flexibility/easier to get an extension, etc.

A large bank may have more products and more technology offerings--ie, better website, mobile app, etc. But this is not always the case.

Unless you can save a LOT of money thru the regional bank, I'd go with a community bank if at all possible.

ETA: For instance, the loan officer I deal with most of the time at my bank is also the CEO. He doesn't have to get permission from three guys above him to give me a loan.

credit unions are superior on almost everything...