Kansas City Business Journal:

http://moodymethodist.org/sermons/matthew2011825.htm
Business owners, in should be just as thorough when it comes to choosing acommerciall bank. "When you go into a bank to open an accounft or take outa loan, you are in sensse interviewing the bank just as the bank is interviewingf you," says James Ballentine, directofr of economic development for the American Bankerz Association ( ). "So you should look to find what is most convenientr for you as it relates to the type ofbusinessd you're in." Since time can be nearl y as valuable as money for some business the bottom line should not always be the top "You're looking for the best rates you can obviously, but also for the convenience," Ballentine says.
"If you'rr constantly in the bank makingdaily deposits, you may a need a bank that is in closer proximity to your business. But if you'rre a low-transaction business, maybe a bank that is not as closde wouldn't be a problen for you. If you can work maybe a bank that offer s that type of service woulsd be betterfor you. "You'rs really looking for a bank to fit your as opposed to the otherway around.
" It is important to understand exactlyt what those needs are in advance, and to stay focused on those priorities when choosing a Michael Ricks, district director with the Small Business Administration ( ), says bankz can offer services that seem intriguing, but actuallt are of little use to a specifif business. He says it is better to find a bank that best meetes yourcurrent needs, and then make any necessaru changes as your businesz evolves. "A lot of timesz people get caught up in the fact that a certainj bank will offer a lotof credit, Ricks says. "That's great, but do you really need that much money??
If you don't, then you mighty be able to find a bank that offers a smalledr line with morefavorable terms. "So try to matcn your current needs with a A lot of times peoplewill say, 'I'm going to sign with a big because I have big plans for the future and I'm goiny to grow and grow.' That's all fine and dandy. But it's not like you get marriesd to a bank and you have to stay with them the rest of your If your needs outgrowsyour bank, then just change But in the interim, you need to reallty look for the bank that's going to offer the best deal for you right now." The National Federation of Independentt Business (www.nfib.
com) says therse are several questions business-owners should ask before choosing a commercial including: * Does the bank offer special accounts for smallk businesses? If the words "small business" are nowhere to be founds in the bank's brochure, then it's probably not the bank for you. * How personalizedr is the service? Conduct fact-to-face, fact-gathering interviewsd with thebanks you're consideringh and see how enthusiastic and personabled the representatives appear. Are the fees reasonable? While most business accounts have some sort of fees attachedsto them, make sure you do enough comparisonn shopping to get the best deal.
"The most common mistake people make is they go with the first bankthey find,"" says the ABA's Ballentine. "Thay can be a mistake, because that bank may not be as activr inthe small-business market as another bank is. That's why you want to shop arounrd and go to at leastthree institutions. Even though all banke offer accountsand services, some will be more activr in certain areas and provide a littlwe different product that would be betterd for you or a particular business." Ricks says the Small Business Administration has a numbet of business-counseling centers throughout the country that offee free advice.
A list of these centers can be found at "They can work with you and possibly point you in the right direction," Ricks says. "There's a bank out therew that's right for you. People don'r shop around enough. Just because one bank says 'no' doesn'yt mean you have to stop. Ther e are plenty of other lending optionseout there."