Working capital loans & independent community banks

Results of the The Small Business Advocate Poll from March 14:

The Question: As you grow your business over the next year, it’s likely that you’ll need a working capital loan to augment operating cash flows. If so, which of these options are you more likely to choose?

13% - National or large regional bank

31% - Independent community bank

22% - Credit Union

34% - “We don’t need no shtinking bank loan!”

Jim’s comment: For over a decade, I’ve been telling small business owners that their most reliable banking relationships, through thick and thin, would be one with a locally owned bank or credit union that practiced relationship banking. It’s good to see that of those who would currently consider using financial leverage, 80% would choose an option where relationships are valued more than a computer generated credit score.

Recently on The Small Business Advocate Show, Jim discussed the importance of having a relationship with an independent community bank with Gary Moore, founder of The Financial Seminary and author of several books, including Faithful Finances 101 and Spiritual Investments. It’ll only take 8 minutes to listen to what Gary has to say, he’s a pretty smart guy, and tell us your banking experiences - good and bad.

In praise of the independent community bank with Gary Moore

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