Many small business owners are looking for more lending to small businesses in order to help their company grow, however, many big lenders are tight with their small business lending. What some small business owners are doing is looking to local or community banks, and credit unions to meet their small business financing needs.
Typically, credit unions and small banks are simple and just in the business of banking. Their priority is their customers and not shareholders or other ventures looking to make huge profits. These small banks and credit unions also offer a more personal relationship to small business owners and are able to treat customers like people rather than just clients.
Also, community banks and credit unions are more apt to loan money to small businesses in their community, since a community small business not only helps their town or county, but can also bring business to the bank that made the loan.
Small business owners that may be looking for a small business loan to improve their business or workforce may want to look to credit unions or small banks in their area. While there is no guarantee that these smaller institutions will lend to small businesses, a smaller financial institution can, again, offer a more personal experience, competitive interest rates, and may be a better source for a small business loan.
Look for small banks and credit unions in your area, if you are a small business owner, and see what they have to offer. A community bank or credit union in your area may be just the source of funds that gives your business the capital it needs to thrive, but be sure you do plenty of research before making your choice on the institution with which to do your banking.