GRCA Commerce Quarterly Spring 2021 - 20
Feature
The Partnership of
Business Banking
What questions to ask
and what to look for
By Lindsay Kennedy, Muhlenberg Branch Manager, Visions Federal Credit Union
P
Commercial loans
icking a financial institution for
your business is different from
picking one for yourself. You might
need payment processing equipment,
direct deposit services, even payroll
processing. That means you need
a partner you can trust with the
services that matter for your business
and your needs.
Sometimes you just need a
standard loan for purchases such as
equipment, fixtures or even vehicles.
That's why picking a lender with
commercial loan experience is so
important. Be sure to compare rates
and terms when you're choosing
your product.
Here are some things to keep in
mind.
Checking accounts, fees
and debit cards
A checking account is a business' lifeblood. It needs to be easily
accessible and it needs to be cheap (or, even better, free). When
you are looking for a financial partner, you should start with their
checking account offerings. Ask yourself these questions:
* Are there minimum balance requirements?
* Limits on number of transactions?
* Fees on debit card use?
* ATM access?
* Charges for using a debit card?
* Can I earn interest or dividends on my deposits?
Since the bulk of your business will be flowing through that
account, it is critical that it meets your needs.
Online access
Just because your institution has closed for the day, it doesn't
mean that your business has. Online banking gets you close to 24/7
service, so ask about availability, additional access for your business
partners, budgeting software and more.
20 COMMERCE QUARTERLY SPRING 2021
Credit cards
You already know credit cards
offer flexibility, but they can be
a boon for businesses, too. A robust business program at a good
financial institution should offer flexible credit card options with
rewards that matter to you, like cash back.
Commercial lines of credit
Things happen - especially in the business world. Having a line of
credit to fall back on can help meet seasonal commitments or carry
operations during a cyclical low point. Ask about availability, the
length they're offered for and renewal terms as you evaluate your
options.
Real estate lending
Property isn't cheap. That's why commercial mortgages are critical
for those looking to start or expand their business. An experienced
commercial lender will offer a range of rates and terms on any
number of property types. That means apartment complexes, brick
and mortar storefronts, and more.
GRCA Commerce Quarterly Spring 2021
Table of Contents for the Digital Edition of GRCA Commerce Quarterly Spring 2021
GRCA Commerce Quarterly Spring 2021 - 1
GRCA Commerce Quarterly Spring 2021 - 2
GRCA Commerce Quarterly Spring 2021 - 3
GRCA Commerce Quarterly Spring 2021 - 4
GRCA Commerce Quarterly Spring 2021 - 5
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https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Fall2021
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Summer2021
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Spring2021
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Winter2021
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Fall2020
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Summer2020
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Spring2020
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Winter2020
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Fall2019
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Summer2019
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Spring2019
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Winter2019
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Fall2018
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Summer2018
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Spring2018
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GRCA_CommerceQuarterly_Winter2018
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GreaterReadingChamber_CommerceQuarterly_Fall2017
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GreaterReadingChamber_CommerceQuarterly_Summer2017
https://www.nxtbook.com/hoffmann/GreaterReadingChamber_CommerceQuarterly/GreaterReadingChamber_CommerceQuarterly_Spring2017
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