One of the most important factors that keep a small business afloat is adequate cash flow and financing for the future. Recent small business surveys have listed these two factors as the most important concerns for small business owners in the new year. Maybe this year, there may be a friend of the small business owner than can assist with cash flow and financing needs….the community bank.
A community bank is typically a bank with local ties that have between 15 million to 30 million in capital and operates under a federal and state charter. These banks service the small end of the market, typically those companies with 100or fewer employees with annual revenues ranging from 3 – 50 million. These banks are a bit friendlier to the small business owner than their larger counterparts, so this may be an opportunity for a small business owner to improve their financial situation with a small community bank.
Be sure to search for community banks in your area to keep you Business N Synergy.
Brian N. Stovall