What Small Businesses Should Consider When Choosing a Business Bank

While May is National Small Business Month, this key driver of the U.S. economy deserves special focus throughout the year. According to the Small Business Administration (SBA), today there are more than 30 million small businesses in the United States. And with a record-breaking 5.5 million new business applications filed in 2023 alone, that number is only growing.

One of the most important decisions every small business makes is choosing a banking partner. Whether your business is just starting or if you have a handful of employees and are ready to pursue organic growth, here are a few things to keep in mind.

First, it’s important to choose a bank that can meet you wherever you are. In today’s digitally focused world, when you’re ready to open a bank account, your bank should be ready, too. Ideally, your bank offers the option to begin your customer journey online – and, of course, conduct business online, too – while also excelling offline. When challenges arise, you’ll want a direct line to someone who can help. That makes building a relationship crucial, whether you and your banker connect in person, via email or text, or over the phone. Meeting you where you are may also involve visiting a bank office, so ensure your in-branch experience is one you also feel confident about.

Next, be sure to choose a banking relationship that can evolve alongside your business. Some banks can get you started but don’t have the resources to take your business to the next level. Make sure that your bank has the expertise and capabilities necessary to scale your business, including access to capital and essential fraud prevention tools. Because switching banks can be challenging, it’s ideal to start with a partner that supports your long-term growth, even if you can’t envision it yet. If you do discover that you need to change banks along the way, investigate how the new bank will assist you through that process. Banks that deliver a personal touch can make this easier.

Finally, make sure the bank you choose can customize your experience. While many banks bundle services like ACH transfers, wire services and treasury management services, your business may not need all of these at every stage. The ideal bank for your small business will tailor its offerings to fit your specific needs.

Choosing the right bank for your small business should be easy, not intimidating. At Western Alliance Bank, helping our customers succeed is our biggest priority. We offer small businesses a highly personalized banking experience, diverse solutions and a commitment to building strong relationships. To discover how we can support you as an entrepreneur, connect with one of our experienced bankers today.