The Perks of Choosing Local Banks Over Big Names for Your Small Business

As a small business owner, you always try your best to make smart decisions that propel your business toward success. A crucial decision that can make a big difference is your choice of bank. The allure of big-name banks can be enticing. After all, they have broad visibility, an extensive branch network, and an overwhelming list of services. You just can’t miss them. When you watch television, you can’t miss their commercials with big-name sports stars and celebrities. Additionally, every popular event seems to be sponsored by one of the big-name national banks.  But don’t be fooled by frequency illusion when it comes to the “big guys”. The perks of banking locally far outweigh the appeal that big banks provide. Local banks excel when it comes to personalized customer service, quick decision making, understanding the local business environment, and contributing to the local economy. Oh, and they often provide all the same services that the big-name banks do, just faster and friendlier. 

Personalized Customer Service: A Pillar of Local Banks

Local banks are uniquely dedicated to personalized customer service. As a small business owner, having a banking partner who genuinely knows you and your business can make all the difference. Local banks typically operate with a smaller client-to-staff ratio, which means the chances of interacting with the same banking partner are significantly higher. Not only will your banking partner know your name, your favorite coffee shop, and where you like to golf, but they will also know your business model, your business needs, and your aspirations for growth. They become partners in your journey, invested in your success. This is a stark contrast to the impersonal nature of big-name banks where it's easy to feel like just another account number among millions in a constant queue for assistance. From offering advice and recommending products, local bankers know just how to help your business. 

What fuels local banks?  Creating and maintaining strong client relationships. This approach is not only about ensuring your satisfaction as a customer but also about supporting your business and your shared community. Imagine how it might feel to discuss your business challenges or opportunities with a banker who understands and empathizes with your situation because they know you and your business. Now imagine talking to a banker who has no idea that you’re the best caterer with award-winning Mac and Cheese and couldn’t care less which savings account best suits your goal of buying all new equipment for your kitchen. Listen, they have another customer coming in in 15 minutes! Can you make a decision?... The difference is stark!

Quicker and Easier Decision-Making Processes

There’s no two ways about it local banks are just quicker than the big guys because of their simplicity and speed of their decision-making processes. Unlike national banks where decisions are often made at a distant headquarters, local banks typically have a more streamlined structure, and crucial decisions regarding loans, services, and more are frequently made by individuals who live and work within your community,

This proximity can be a game-changer for your business. A loan approval from a local bank can often be secured much faster than from a national bank, saving you precious time when your business needs financial support. Furthermore, the ability to meet with decision-makers face-to-face allows you to present your case directly, explaining your needs and answering any questions immediately. This could increase your chances of expanding your building or opening that ice cream shop you always dreamed of this summer. Us local banks know that sometimes there are deadlines attached to your dreams and we’ve got you covered.

Understanding Local Business Environments

Local banks provide a comprehensive understanding of the local business landscape.  After all, they are a local business in your local business landscape! So, they understand the local economy's subtleties, seasonal trends, and potential challenges and opportunities that may lie ahead. This local knowledge can guide you in making informed business decisions, from the timing of your expansion to identifying local opportunities for partnership.

Contributing to Your Community’s Economic Prosperity

Imagine your business as a seed, and your local community as the soil where that seed is planted. As your business grows, it enriches the soil, contributing to a thriving and vibrant local economy. This is the symbiotic relationship that is created when you choose to bank locally.

Local banks are essential in fueling the growth of local economies. In fact, these institutions are more likely to provide loans to local entrepreneurs and homeowners, promoting a cycle of economic development right in your backyard. Your growth, powered by a local bank's financial support, can generate employment, stimulate local commerce, and add value to the place you call home.

When you choose a local bank for your business, your money doesn't just sit in a vault. It's put to work right in your community, nurturing the financial landscape and helping it bloom.

Never Miss Out When You Bank Locally

When you bank locally, you provide a boost to your business’ performance and to your community as a whole. You’ll never feel like you are missing out on that next great opportunity, and you will always have a friendly face at the bank who cares about the success of your business. F&M Bank has been serving local businesses and has spurred economic growth in our communities since 1897. Check out our long list of business services and start a relationship with us today. We’d love to partner with you, and it may just be the best decision you make for your business this year.