When it comes to funding, small businesses have a smorgasbord of choices, from credit unions to major banks to community banks or online lenders. While it’s always nice to have options, research continues to show small businesses have a greater shot at success when they partner with community banks.
These numbers help explain why:
According to a recent study by seven Federal Reserve Banks, community banks are more likely to lend to small businesses. In the study, community banks approved financing for 76% of applicants, while larger banks approved only 58% of applicants.
The same study revealed another major perk of community banks: satisfied customers. Seventy-five percent of community bank customers reported being satisfied with their overall experience, compared to just 51% of large bank customers and 56% of credit union customers.
Small businesses require a lot of blood, sweat and tears. Nobody understands this better than community bankers, who operate within a small business themselves. And because these bankers are centered in the community, they’re easily accessible and can offer personalized advice.
In a time when 66% of Americans say they wish their relationship with their bank was more personal and 67% of millennials say they’d like more expert financial advice, community banks offer a timely solution to a current need.
Your Community Bank
For more than 80 years, Countybank has served local retail and commercial customers here in South Carolina. Your success is always priority one. We’ve built our institution on a bedrock of integrity and trust. Talk to us about your small business lending needs at 864-335-2400.