SBA Poll: Primary Business Accounts

The Question:
Which do you use for your primary business checking account and for business loans?

40% - One of the large national banks (like Bank of America, Wells Fargo, etc.)

52% - A community bank (locally owned with just a few branches)

7% - A credit union

My Comments:
For all small businesses, retained earnings - profits left in the business - are the most important source of working capital. But for most small businesses, the largest source of capital comes from bank loans. That’s the reason I’ve continued to remind you every year that the most important relationship a small business has - besides with customers - is with your bank.

There is some very interesting research that has been published recently about the banking industry. In next week’s Feature Article, I’m going to connect some of that research with the poll responses you see above. Stay tuned.

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