When your small business needs a new vehicle, a larger space or upgraded equipment, you might be tempted to turn to a mega-bank for your commercial lending needs. But did you know that more than half of small business loans originate from community banks? That’s even more impressive when you consider the fact that community banks hold only about 20 percent of the financial industry’s assets.
Why Borrow from a Community Bank?
- The most obvious reason is that a smaller, independent bank is heavily invested in the local community. They’re helping to build a strong local economy by keeping funds in a market they know well and share with your business.
The First National Bank & Trust Company of Newtown reinvests all our deposits in local businesses, local mortgages, and local people. Find out more.
- Another reason to borrow from a community bank is flexibility in lending. A community bank has a lot more latitude to make decisions based on personal knowledge of your business’s current value and potential for growth—not just what’s written on a loan application.
- Community banks tend to charge fewer fees than mega-banks, and they provide a higher level of personalized customer service.
- Community banks provide the same conveniences as their larger counterparts, including streamlined loan approval, mobile banking and check deposit, and enhanced security features for online banking.
- Community banks offer a wide variety of business products, including commercial mortgages, commercial lines of credit, commercial letters of credit, business vehicle loans, and amortized loans.
To learn more about business loan products from The First, contact a loan officer by calling 215-860-9100, stopping at one of our 12 branches, or emailing us at firstname.lastname@example.org.
What do you like best about borrowing from a community bank? Let us know in the Comments section.