What Does A Small Business Bank Offer Entrepreneurs?

Setting up an account at a small business bank is one of the first steps that any entrepreneur should take as soon as the business entity is registered. Modern banks offer a wide variety of services that are indispensable to the modern entrepreneur. Some of these service offerings can help determine the best bank for small businesses: 

Access to Loans/Credit 

While conventional loans are also available to small businesses, a small business development bank can often offer Small Business Association (SBA) loans to companies that may not qualify for conventional loans. Both types of financing as well as access to business credit lines are typically available through small business banks. These facilities can allow entrepreneurs to inject more capital into an existing business 

Access to Lockboxes & Imaging Services 

Lockbox services allow small businesses to streamline cash flow by having instant access to funds from checks written to the business as soon as checks are deposited into these lockboxes. Some banks also offer an Optical Character Recognition (OCR) system on lockboxes so that the business owner has a scanned record of all transactions conducted through these lockboxes.  

Direct Deposit for Employee Paychecks 

A small business bank account can offer the convenience of direct deposit for employee paychecks directly into their accounts. This eases the burden of generating physical paychecks as well as ensures easy reconciliation of bank statements without the hassle of dealing with lost of un-cashed checks.