Looking to Finance Your Next Project? Five Reasons a Community Bank May be Right for Your Business

By Jeffrey Bonville, Commercial Lending Relationship Manager, Tompkins Community Bank, Hudson Valley. This originally appeared in the Hudson Valley Economic Development Corporation newsletter.

Finding the right financing partner for your business can be daunting. With countless banks and other financial institutions claiming they can meet your lending needs, it is important to find a partner that is right for you and your business. There are some inherent benefits to working with a community bank, especially as you look to create a long-term partnership to grow and expand your business.

Here are five ways that community banks are well-equipped to help your business:

Long-term relationships. There is a unique opportunity to build a lasting relationship when banking professionals live and work in the same area as their customers. Local banks know the power of relationships that are personal and go beyond the numbers, and most community-oriented banking professionals want to be a resource to lean on for years to come; these institutions view lending not just as a transaction, but as a chance to develop a long-term partnership with someone in their own community.

Community investment. Working with a community bank often means the investment you make can help build the neighborhoods you live and work in. Whether it is through the direct assistance they provide to local charity organizations, the financial opportunity and support they provide nearby small businesses or the mortgage loan programs they have in place to assist families in purchasing their dream home, working with community banks means resources are flowing back into your towns and cities.

Personalized assistance. While most community banks use technology to their advantage, such as online application portals for the tech savvy business owner who wants independence, they can also walk a business through the process with more direct contact and an individualized approach. As a result, you can expect more personal communication with your bank and hopefully less frustration. As your relationship with your financial professional grows, they understand your business and your goals, allowing them to find creative and unique ways to support you and your company.

Local decisions. When you apply for a loan with a community bank, rather than the approval being decided at a headquarters far away from where you operate, decisions are made locally, by a team that knows the community, its people and very possibly your business already. Often, because of their connection to the community, they will have an intimate knowledge of the economic pressures and opportunities impacting your business.

Timely responses. Local banks become your partner as you build your business, and they understand that sometimes time is of the essence when it comes to reacting to an opportunity, or quickly moving forward with a time-sensitive plan. Community banks like Tompkins can offer fast turnaround times and people-first decision making models when it comes to addressing your business financing needs because of its commitment to understanding each customer’s business.

Depending on your situation, community banks can be the perfect partner, offering the products and technology that you need to be successful, while embracing the personal relationships and community engagement that make your experience easier and fulfilling.

For more information on how Tompkins can help, check out our business loan offerings or contact a Tompkins representative!