As a small business owner, you know that it’s important to keep your finances in order. You also know that it can be difficult to find the right small business bank to work with. That’s why we’ve put together this list of the 5 best banks for small business owners! We’ll tell you about the different types of accounts each bank offers, as well as their interest rates and other features. So whether you’re looking for a bank to offer you a loan or just help you manage your money, we’ve got you covered!
Why choosing the right bank is important for business owners
As a small business owner, having a strong bank account is an essential component of success. With the right bank, you can navigate expenses like payroll and marketing without undue stress. A good small business bank account also enables flexibility in managing your finances, not just day-to-day but for emergencies as well. That’s why choosing the best small business bank account is important – with more options come better interest rates, lines of credit, grants/loans, and fees that could save you time and money in the long run.
5 best banks for small business owners
As a small business owner, having a strong small business bank account is an essential component of success. With the right bank, you can navigate expenses like payroll and marketing without undue stress.
1. Bank of America:
BoA offers various small business accounts, including checking, savings, and CD products. They also have multiple loan options with competitive rates. Bank of America also offers secured business lines of credit from $25,000 with interest rates as low as 8.00%
2. Chase:
Chase offers several products for small business owners, including checking and savings accounts as well as loans and credit cards. They also have a variety of business tools to help you manage your finances and offer $300 for business owners who sign up for a Business Complete Checking account.
3. Wells Fargo:
Although Wells Fargo has endured some controversy over the past few years, they remain one of the top banks for small businesses. They offer various loan options for businesses of all sizes, as well as other financial services such as merchant services, payroll and credit card processing, and information on trademarks, copyrights, and patents.
4. Citibank:
Citi is another great option for small business owners looking for lending solutions, with multiple types of financing available such as lines of credit, SBA loans and small business term loans. Their Platinum Select Mastercard allows business owners to earn 65,000 American Airlines AAdvantage® bonus miles after spending $4,000 in purchases within the first 4 months of account opening.
5. U.S Bank:
U.S Bank has both online and in-person banking options for small businesses. They offer online payment solutions, debit cards with rewards programs, and more. Their Business term loan offers up to $1 million of financing and fixed interest rates.
How to choose the right small business bank
Choosing the right bank for your small business isn’t a decision that you should rush into. Take the time to compare multiple banks, take a look at their fees and interest rates, as well as other features such as customer service and online banking tools. You can also speak with friends and colleagues who own businesses to find out which banks they work with and get their advice. The best banks have tellers and customer services representatives that are available to guide you through the process and give an in-depth explanation of their features.
Tips for managing your finances as a small business owner
1. Create a budget and stick to it:
Having a clear understanding of your income and expenses will help you determine how much money you need to set aside to cover the costs of running your business.
2. Track all expenses:
Write down every expense as well as any payments you make, both small and large. This is important for tracking where your money is going and keeping yourself accountable.
3. Set up an emergency fund:
Every business should have at least some money set aside in case something unexpected happens, such as an equipment malfunction or a slow period in sales.
4. Open a separate small business bank:
Keeping your personal and business finances separate can help protect you from legal issues down the road.
5. Make use of financial tools and services:
There are many online tools and services available to small business owners that can help you manage your finances more effectively, such as budgeting apps or software that can track your income and expenses.
Choosing the right bank and managing your finances as a small business owner can be daunting. But, with proper research and due diligence, you should be able to find the best option for your needs. If you’re looking for additional help in marketing or need advice on how to leverage digital tools effectively, Hemingway Marketing & ENT LLC is here to assist. Contact us today so we can get started creating an effective plan tailored specifically to your business!
