The recent boom in community banks could mean better lending options for the small business owner or professional.

Looking to expand your company but don’t have the funds to do so? Consider working with a community bank. An increase in newly chartered community banks is providing entrepreneurs with an alternative to banking with the big guys.

In the past seven years, more than 1,000 of these new institutions known as de novo banks have opened their doors according to the FDIC (Federal Deposit Insurance Corporation).

The top states for new bank start ups include: Arizona, California, Florida, Georgia, North Carolina, South Carolina, Texas, and Washington.

Baby banks offer more flexibility and want your business. I have a relationship with a local baby bank in San Francisco who actually visits customers as part of their marketing strategy. They are interested in helping their customers achieve their financial goals. Plus, you are not just another number; community banks believe in personalized service.

With the recent rave of bank mergers (which, to me, is starting to look like phone company mergers, meaning only a few of the big ones will survive), baby banks really want the customer and concentrate on this as their focus.

So if you are looking for a loan or services to enhance your practice, look for the new bank in town.

This entry was posted on Friday, October 12th, 2007 at 8:25 am and is filed under Professionals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.