10 Reasons to Choose a Community Bank for a Business Loan
While there are many options for business loans in the Greater Philadelphia area, business loans from community banks offer a personalized approach you won’t find at national, regional, or international banks.
As a community bank, we’re locally focused and make all our lending decisions here in the Greater Philadelphia area. This locally based approach gives us a deep understanding of the local economy and a flexible approach to business loans. We want all our business customers to succeed because we have a personal stake in seeing our community thrive.
Here are 10 reasons why we believe the best bank for small business loans is a community-minded partner like 1st Colonial Community Bank.
1. Local Decision-Making for Faster Approvals
When it comes to community bank vs. big bank business loans, nothing beats working with a lending partner that makes all its decisions locally by someone who understands the local marketplace and economy. This eliminates the longer wait times and corporate red tape that corporate megabanks are known for, allowing for fast business loans.
2. Relationship-Based Banking
We’re a part of the Greater Philadelphia community, just like our business customers are. We focus on long-term relationships with our clients because we’re just as likely to meet you in one of our branches as we are to see you at the local grocery store or a Little League game. We take the time to get to know our business customers and to understand their financial goals and challenges so we can offer them the kind of tailored banking solutions that best fit their circumstances. With a community bank like ours, you’re more than just an account number. You’re a friend and business partner—and we want to help you succeed.
3. A Deep Knowledge of the Greater Phillly Area
The Philly–Jersey–Delaware corridor offers its own unique opportunities and challenges for the business community, from local real estate trends to seasonal fluctuations, or national and international issues that affect the Philadelphia and New Jersey area. Whether your business is in financial services, technology, advanced manufacturing, healthcare, professional services, or just about anything else, we can help you navigate the trends that impact this area’s economic landscape.
4. Flexible Loan Structures and Competitive Rates
National and international banks are known for having rigid loan requirements and terms. As a community bank that focuses on building relationships, we surpass our larger competitors by offering customizable business lending options that are tailored to fit your needs, with more flexible collateral requirements than you would find at a larger bank.
Whether you need a construction loan to expand your business, a working capital line of credit to help with cash flow, or just about anything else, we’re here to help with competitive rates to match our flexible terms for business loans.
5. Access to SBA & Government-Backed Loans
As a preferred SBA lender, we’ve helped many businesses in southeast Pennsylvania and southern New Jersey apply for loans backed by the Small Business Administration (SBA). As an SBA lender, we can help you with SBA 7(a), express loans, and microloans. We can explain the pros and cons of each option and walk you through the entire process.
6. Support for Growing Businesses
Many new business owners can’t secure financing from larger banks because of their inflexible lending and capital requirements. We want all our business partners to succeed and create jobs in this community, so we work with new businesses to find the financial solutions they need to help their businesses grow.
7. Keeping Money in the Local Economy
We’re strong believers in shopping locally and banking locally. Loans from a community bank like ours circulate within the Philadelphia and New Jersey economy, supporting our friends and neighbors, their businesses, and their jobs.
8. Strong Involvement in the Community
We don’t just believe in shopping locally; we support many local events and organizations as well as a demonstration of our commitment to the community.
9. Better Accessibility to Bank Leadership
As a community bank, we have a flat-structure and the decisionmakers are accessible. We also make all our lending decisions locally, without requiring the approval of someone from outside the area.
10. Modern Digital Banking with a Personal Touch
We offer digital, mobile, and telephone banking just like any other modern bank.
What sets us apart from our competitors is the right combination of convenience and personalized service. When you call our bank, you’ll speak with someone right here in the Philadelphia and New Jersey area, rather than a distant call center. In fact, it could be someone who lives down the street from you. This allows for faster response times and fewer delays in getting the answers you need.
Connect with a Business Loan Officer
If you’re looking for small business loan options in the greater Philadelphia area, you can contact us to speak with a business loan officer or call 877-785-8550. You’ll discover why a community bank is the best choice for your business.