Small Business Advocate Poll: What type of bank do you do business with?

The Question: What type of bank do you do business with?

38% - A large or national bank, with branches in more than one state

36% - A local community bank

15% - A local credit union

1% - I need to find a good bank

My Commentary:

Whether you know it or not, your bank should be your business’ best friend. We wanted to know about the banking relationships of our audience, so last week we asked this question: “What type of bank do you do business with?” The responses were a little surprising.

A little more than one-in-ten said they needed a good bank. Of course, this could mean either they don’t’ have a bank but need one - preferably a good one, or it could mean they have a bad bank and want a better one. Either way, this week’s poll should shed more light on this issue. Be sure to check it out below.

Almost the same number of our sample - 38% - said they did business with “a large or national bank,” as those who said they banked with “a local community bank,” coming in at 36%. This was a little surprising, since after the financial meltdown of 2008, large banks took a pretty major hit with small businesses.

The other option we gave our respondents was “a local credit union.” It was a little surprising that 15% said they did their banking with this sector. Credit unions are definitely working hard to become relevant to entrepreneurs.

On The Small Business Advocate Show, I talked more about how small businesses feel about their current banking relationships. Click here to listen or download.

Take this week’s poll HERE!

Check out other great SBA content HERE!

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