Friday, March 16, 2018

Banking Tips for Businesses

Choosing a bank you can count on for your business is crucial. You've worked so hard to get your business up and running, you need to feel comfortable with who you trust your money to. Our bank at the Lake of the Ozarks takes business banking seriously and we don't offer a product to someone who doesn't need it. We treat our clients how we'd want to be treated if the roles were reversed. If you're starting your new business and are in the market for a bank in Osage Beach that has the experience and passion for helping the community, call First Bank of the Lake at 573-348-2265. Keep reading for a few banking tips for businesses.

Banking Tips for Businesses

Tip #1
Don't just stay with the same bank you use for your personal banking because you assume it will work for your business too.
This is not always the case, the bank you choose for your personal banking may not offer as many products such as SBA loans, specific bank accounts made for businesses, and savings accounts that have interest rates geared for businesses.

Tip #2
Check out the fees.
Do not get sidetracked by unnecessary fees because you didn't read the fine print or ask the right questions ahead of time. For example, a business credit card might come with unexpected fees because you chose to have paper statements versus online statements.

Tip #3
Ask your friends, family, and professional contacts their opinions about this bank.
Word of mouth is powerful! Take these opinions into account when choosing a bank for your business. Learn from the negative or positive experiences of others.

Tip #4
Look into SBA loans.
Does the bank you are looking into offer good SBA loans? Are there low down payments and long-term financing? Our SBA loans at the Lake of the Ozarks, for example, offer both. Our SBA loans offer low down payments to make them more affordable for businesses that are just starting up. The long-term financing can help improve cash flow.

Tip #5
Building banking relationships.
You may need something quickly, such as approval on a loan application or a business checking account set up and ready to go. Networking with the right people at the banks you are looking into and developing those relationships may help your cause.

Start Your Business Banking Relationship With Your 5-Star Community Bank

Congratulations on starting your new business! This is a big step and you have a lot ahead of you. If we can make the transition any easier for you financially, please let us at First Bank of the Lake know. Our goal is to find the right product or service to meet your financial needs. We've been happy to be a community bank at the Lake of the Ozarks for over 30 years. When you work with us, you work with a local bank and you are putting your money to work growing this economy. Grow this economy with us! We can't wait to hear from you.

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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

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