Choosing the right business banking partner

Thought Leadership: How To Advice for Small Businesses

Having the right business banking partner is a critical component to helping your business thrive. Whether you’re a startup, established company, or a growing business, you need an impactful business banking partner to reach your full potential. Here are five tips to help you make the right choice.

Personalized Service

Having a banker that you know and trust can be a valuable asset. They are often someone you turn to when you need a referral for other business services, like accounting, legal or insurance. Additionally, they’ll advise you on options for financing, should your business need capacity solutions. Ask your business network for referrals; this will be a good way to see how connected your banker is. 

Priceless Market Knowledge

While our digital world makes many of our daily tasks easier, there is no replacement for someone with knowledge of the local market. A good banker will know your community, and how your business can be positioned to best meet your community and customer needs. Business bankers from community banks live and work in the areas they serve, giving them an upper hand on the pulse of local happenings.

Nimble Decision-Making 

As the old saying states, “time is money.” Smaller community banks are quicker to meet your needs, due to the aforementioned market knowledge. Larger banks with layers of out-of-state management will be slow to provide you with the timely answers you deserve. When considering a bank, ask about its approval process and what decisions your banker has the authority to make. 

Product & Service Suite

Traditional banking products include everything from different loan types — real estate loans, lines of credit, assisted financing options — to checking and savings options. Most banks will provide these basic services, and you’ll want to know if they have any specialized solutions for your industry. Additionally, you may benefit from fully utilizing business banking services like remote deposit capture, positive pay or merchant services. Make sure your bank has a robust suite of tools for all your business needs.

Track Record of Success

Simply put, you’ll want to ensure your bank is positioned to weather an economic storm. One indicator is how that bank has performed through economic booms and busts, from the Great Recession through the post-pandemic recovery. Does your bank have a strong balance sheet? Does it provide flexibility for business customers when times are tough? 

Your business will have ups and downs, and you’ll want a bank— and a business banker – that is there to support you through it all.

Tri City National Bank

(414) 874-2489

Ivan Gamboa is the Senior Vice President | Chief Commercial Lending Officer for Tri City National Bank. After more than 17 years in multiple roles at the bank, he now focuses his time on business development while also serving on the bank’s senior loan committee. Outside of the bank, his community involvement includes being the current chairman of the Carmen Schools of Science and Technology, serving on the board of Milwaukee Public Museum, and serving on the board of the Harbor District Inc. economic development organization.