With a talent pool that is growing and staying, a robust chamber of commerce  that nurtures and connects businesses, and supportive local policy, the Greater Philadelphia Area, from the Mainline to Southern New Jersey, is a great place to start or expand your business.

However, running a successful, profitable, and sustainable business requires great financial planning and management—a difficult task to add to the demands of operating a company, managing customer relationships, and ensuring a job well done. To address the need for effective financial management, banks have developed numerous specialized tools and lending products to facilitate cash flow management and fund growth opportunities—saving time and money and helping to support a business’s long-term economic stability and viability.

In this post, we’ll explore the many kinds of accounts, loans, and services we offer at 1st Colonial, as well what our reputation for personalized services and a deep understanding of local markets can mean for your business in Southeast PA and Southern NJ. 

Why Choose 1st Colonial for Your Business Banking Needs

Choosing the right bank for your business’s financial management and funding needs can be crucial to both initial and ongoing success. Supportive banks will take a tailored approach to meet the unique needs of each business client and ensure that you receive financial solutions that align with your specific goals—and challenges. 

For local businesses in Southern New Jersey and Greater Philadelphia , 1st Colonial’s knowledge of the local market and extensive community network can provide significant advantages, offering insights and connections that can not only drive growth but help your business achieve long-term stability. Additionally, at 1st Colonial, we stand out from larger banks by offering local, one-on-one service and a strong commitment to community involvement. We prioritize building relationships and understanding the unique context of each business we serve.

New to business banking or looking to find a better partner? Let’s explore the different accounts and services we offer to area businesses, and how they can help your business grow and prosper.

Our Best Business Bank Accounts

When starting a business, one of the first things you should do to establish your venture financially is to open a designated business account. Bank accounts help you manage your finances efficiently, allowing you to receive payments and pay suppliers, securely and professionally.

Even if your business is a sole proprietorship, having a separate business bank account also helps to keep personal and business finances separate, simplifying accounting and tax reporting. And having a bank account can enhance a business's credibility with customers, vendors, and financial institutions.

Business Checking Accounts

Your main checking account will be the hub of most of your financial transactions. Because of its central role, it’s important to pick an account that matches your needs. Most banks have more than one business checking account offering, designed to be used by different businesses based on their size, speciality, and banking requirements.

At 1st Colonial, we have three options for our business clients.

Colonial Business Checking: Open your Colonial Business Checking Account with just a $100 deposit and enjoy no monthly maintenance fee and no minimum balance requirement. These affordable features make this account perfect for small businesses and startups. With up to  500 transactions per month at no extra cost, digital banking, bill pay, and access to additional Cash Management Services, our adaptable account can provide the tools you need to effectively manage your small business.

Colonial Platinum Business Checking: Our Colonial Business Platinum Checking account is more than just a bank account—it's a financial tool designed to support your business's growth and success. Not only is it interest-bearing, offering competitive rates on your balance, the $20 monthly maintenance is waived when you maintain a minimum daily balance of $3,500. This account is designed to support businesses who can maintain a higher balance with moderate transaction needs.

IOLTA Checking: Local law firms looking for a reliable IOLTA Account can take advantage of our cost-effective and flexible option. With an opening deposit of only $1, unlimited transactions, earned interest, and no monthly maintenance fee, this account checks all the boxes for meeting your client transaction needs.  

Business Savings Accounts

Beyond a checking account, having a designated savings account can provide a number of additional financial benefits that can make businesses more resilient and successful. Savings accounts can provide a financial cushion for unexpected expenses, help businesses invest in their growth, and even earn interest.

At 1st Colonial, our interest-bearing Colonial Business Savings Account offers a low initial deposit of just $100 and a minimum balance of only $1,000 to avoid the monthly maintenance fee. When you need to access your funds, you can make up to ten withdrawals a month with no charge.  

Advanced Cash Management Tools for Your Business

As your business grows, transactions multiply, and revenue increases, tools to manage your cash flow become ever-important. Cash management services are varied, facilitate a variety of financial tasks, and are customizable—choose the ones that your business needs.

We offer a variety of Cash Management Services, including:

• Merchant Services: Whether you need to accept payments online, at a storefront, or on the road, merchant services help you receive credit, debit, and mobile payments in a variety of ways, using simple, provided equipment and services.
• ACH/Wire Transfer: With ACH and Wire Transfer services, you can send or receive payments quickly and securely, whether you're paying suppliers or transferring funds between accounts. ACH can also facilitate payroll services and direct deposit, simplifying payroll processing and accounting and ensuring a timely schedule.
• Remote Deposit Capture: Also known as RDC, this service allows you to scan checks right from the office with easy-to-use provided equipment, transmitting the images back to us for posting and clearing. RDC can save you trips to the bank, reduce check fraud and theft, and give you access to your funds, faster.
• Night Deposit Drop: An additional deposit service, Night Deposit Drop can increase security and reduce theft—ideal for businesses that receive cash and checks after banking hours.
• Positive Pay: With Positive Pay, an important fraud protection service, all checks presented for payment are compared to a registered list of your issued checks, flagging any discrepancies.

Small Business Loans: Funding to Keep Your Business Moving Forward

Financing can help accelerate your business’s growth, take advantage of opportunities, or simply smooth your cash flow. Let’s take a look at the key commercial loans we offer our small business clients. 

Small Business Administration (SBA) Loans in Philadelphia

SBA loans are government-backed loans offered through your bank in partnership with the Small Business Administration. Designed to help small businesses obtain financing—even when they might not qualify for traditional commercial loans—SBA loans can provide essential funding for various business needs, from starting a new business or expanding operations to purchasing equipment and managing cash flow. 

SBA loans often offer lower interest rates and longer repayment terms, making them an attractive option for small businesses seeking affordable financing to support growth and stability. 

At 1st Colonial, we offer the following SBA Loan options:

• SBA 7A Loans: These versatile loans, designed for purposes like working capital, debt refinancing, or purchasing a business, real estate, or equipment, offer up to $5 million with flexible repayment options.
• SBA 504 Loans: Aimed at the purchase of fixed assets such as real estate or equipment, these loans typically have lower down payments and longer amortization periods, covering up to 90% of project costs.
• SBA Express Loans: Known for their quick approval process, these loans can be used for multiple purposes, including working capital and equipment purchases, with amounts up to $350,000.

Commercial Real Estate Loans

Many businesses opt to lease their commercial spaces to remain nimble and avoid tying up capital in a hard-to-liquify asset. However, as a business becomes more established, having a permanent base can provide ongoing stability, as well as an important asset that will not only grow in value, but can also be leveraged to obtain financing for ongoing capital needs.

Commercial real estate loans are designed to spread out the high cost of commercial real estate over many payments, making your purchase more affordable, month-to-month. Additionally, most real estate loans for commercial purposes have amortization periods that are longer than the actual loan term, meaning at the end of the loan, a balloon payment will need to be paid to cover the remaining balance—often through a new loan.

In addition to SBA 7A and 504 Loans, our Commercial Real Estate Loans can be tailored to buy or expand properties for commercial use, supporting investments in office spaces, retail stores, or other commercial real estate in the Greater Philadelphia Area. 

Commercial Construction Loans

It can be challenging to find a commercial property that fits your business’s exact needs. Whether you need to renovate a space in a prime location, update your current property, or start from the ground up, Commercial Construction Loans can provide essential funding to create the right space for your business.

Commercial construction loans are designed to cover various related building costs, from land acquisition and materials to labor and equipment. Repayment on these loans typically begins after the construction project is completed (often through a new commercial real estate loan), with interest-only payments during the construction phase.

Down payments aren’t always required, but good credit is. To qualify for a commercial construction loan, you may need to submit a business plan with cost projections and proof of sufficient income or revenue.

Working Capital Lines of Credit

Working capital lines of credit are a type of financing that can provide businesses with access to funds for managing day-to-day operational expenses. With a line of credit, you will gain access to a credit limit to utilize as needed to cover short-term cash flow gaps or seasonal income fluctuations to pay suppliers, meet payroll, or handle unexpected expenses. Interest is only paid on the amount borrowed, making it a cost-effective solution for managing your working capital requirements.

With capital easily at hand, lines of credit can also help businesses seize opportunities and respond swiftly to market changes. To learn more about our options, visit our Business Line of Credit page.

Business Acquisition Loan

Buying an existing business can expedite your business’s growth, speeding up expansion efforts, diversifying your offerings, or allowing you to quickly enter a new market altogether. Business Acquisition Loans can be used to cover the costs associated with doing so, including the purchase price, legal fees, and other related expenses.

The structure of acquisition loan repayment terms can also help businesses manage the financial impact of their acquisition by spreading the cost over time, aligning payment amounts with anticipated revenue from the acquired entity. In fact, lenders will need to understand the expected income projections in order to approve financing for the acquisition. If you’re considering purchasing a business, speaking to an experienced commercial lender can help you better understand your financing options. 

Your Local Partner in Business Success

At 1st Colonial Community Bank, we offer a unique blend of comprehensive financial services—with a personal touch that larger institutions can't match. Our dedication to your business's growth in Greater Philadelphia and Southern New Jersey is unmatched, with tailored banking solutions like business checking and savings accounts, varied loan options, and advanced cash management tools. 

When you’re looking for a banking partner who knows you, your business, and your community, choose 1st Colonial Community Bank. Visit us at your local branch today to learn more about how we can serve you.