Adequate financing will always be the livewire any going concern, it’s like oil propelling its continued existence amid operating in a competitive business environment. Just like in any normal business climate, there are some financial institutions that have taken it upon themselves to see to the continued existence of these firms, they are willing and ready to provide needed funds to sustain continued operations of small businesses, knowing fully well their importance to an economy
Among the several banks offering these vital tools to small businesses in America, one stood out, its mode of operation tend to suit the working of these business outlets. It’s no other than Atlantic Capital Bank, its terms and modalities tend to be more suiting when placed side by side with others in same line of business, main reason why it continued to enjoy massive patronage. Experts also stressed it will remain like that for a long time to come based on the side attractions it offers.
Atlantic Capital Bank made sure it doles out this grants working closely with the United States Small Business Administration (SBA), a body empowered to see to the running of small businesses/ outlets in America. The Bank’s collaboration with SBA had no doubt made for a successful operation as far as financing is concerned, it had made life rosy for these small outlets, they now found a dependable ally as far as financing is concerned.
It should be noted that the SBA does not have money to dole out to these small businesses, it only act as a middleman, making sure available grants are less cumbersome to access. It usually sets the parameters for loans, which will then be made available by banks like Atlantic Bank. These small businesses usually apply for these loans by coming through the SBA, having it at the back of their minds that they are in for a good deal, they placed a high trust on this body to protect their interests
So many willing investors or business minded individuals still wondered why small businesses have to go through the SBA before accessing a loan or any financing tools that could help propagate such venture, the reason is not farfetched, here are some of the reasons why they should go through the body, the benefits are just endless
-The SBA will use its expertise to make it possible for any small business experiencing financial trouble to refinance an ongoing debt, a step that would have been tedious without the body
-We all know how difficult it can be acquiring own equipment, even large firms don’t find it easy not to mention small business that is just trying to find its feet. Going through the SBA will make such dream come to fruition with ease, the body will get a good bargain for the business
-Unlike what obtains when going directly to a financial institution, the SBA helps small American businesses to negotiate for a deal long term working capital, a good deal if you ask me.
-Small businesses in America usually enjoys the luxury of business acquisition with help of the body
Aside the numerous benefits attributable to these loans, it should also be noted that these small businesses also stand the chances of getting other smaller benefits usually not found while approaching these institutions directly, notable benefits includes
The small firms will have enough time to run their businesses before thinking of payback, a very good deal that allows for such class of business to thrive without any distraction whatsoever
Call it a perfectly and fully amortized loan, you will not be far from the actual fact, that is part of the beauty of what small businesses will enjoy when they go through the SBA
You don’t need to worry yourself as to how to raise a huge amount needed as down payment upon requesting for such class of loans, the SBA involvement meant you are paying a very little from the onset
There are next to nothing penalties attached to these loans, a far cry from what obtains in other kind of loans arrangement
Making the economy work for more people is a key focus for JPMorgan Chase, With the Chase Business Complete Banking account being the best option for small businesses. Chase Business Complete Banking is a checking account that comes with built-in card acceptance, helping you get your business going.
The account does come with a $15 monthly maintenance fee, but this fee is waivable if you have more than a $2,000 daily balance, which is quite low when it comes to business checking accounts.
Chase also offer loan facility to small business owners when the meet up with loan requirement
Bank of America
Bank of America offer SME’S access to checking accounts, credit cards and business-specific financial education resources.They have two business checking accounts: Business Fundamentals Checking and Business Advantage Checking.
Though both accounts have monthly maintenance fees that can be waived after meeting certain minimum balance or spending requirements.As a national bank you can also bank online or on your phone
You get $100 cash back for an opening deposit of $1,000 or more in your first 60 days; $50 cash back for paying two or more bills online during your first 60 days; and $300 cash back if you’re approved for a small business credit card and spend $3,000 in the first 90 days.
You can also read: How banking came into existence
First Home Bank
This happened to be country’s top 10 most active SBA lenders because they offers a wide range of other banking services for small businesses—including checking and savings accounts, and non-SBA loans.
Getting SBA loan through First Home is faster than it would be elsewhere. First home bank offer Zero minimum balance gives you some freedom to draw on your checking account for large purchases or emergency spending
This is well-established online bank in united states.Their basic business checking accounts have no minimum balance, and they offer a wide range of lending options. you can access your Axos checking account from any ATM in the USA for free.
customers get Many lending options for business, from lines of credit to equipment financing
PNC bank is the best for Businesses who want a ton of banking options because they has four separate business checking options: Business Checking, Business Checking Plus, Analysis Business Checking and Treasury Enterprise Plan. Each account has a monthly fee, though each fee is waivable, aside from the Analysis Business Checking account.
The bank grants a number of free transactions to each account every month, as well as a certain amount in free cash deposits.
Regions provides four types of business savings accounts. These range from the Business Savings account to the Business Premium Money Market account and multiple types of business CDs.
Outside of its banking products, Regions provides business credit cards, secured and unsecured loans, lines of credit, equipment loans, cash management tools, merchant services, payroll and benefit services and more
They also have five different checking accounts: Simple Checking, Advantage Business Checking, Business Interest Checking, Business Checking and Not-for-Profit Checking
U.S bank offers small business loan ranging from equipment and expansion and for vehicles,but prospective clients have been in business for at least two years, young businesses founded as recently as six months ago can secure these loans.
if you need a vehicle loan, it won’t require a down payment, further minimizing the financial stress such a loan could put on your business.
SunTrust Business Cash Rewards Credit Card is one of the strongest business credit cards you’ll come across. New cardholders receive a 0% introductory annual percentage rate (APR) for 12 months on purchases, along with no annual fee.
Also, SunTrust Bank Term loans can last up to 20 years, which is one of the longest terms.the bank offers financing for vehicles, computers, office furniture and equipment for everything.
Their cash back rewards comes with 5% cash back on the first $2,000 spent a month on office supplies and fuel qualifying purchases