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A small business bank account is important to have if you are planning to scale up your business and eventually would like to apply for a loan. No matter how simple it sounds, the reality could be different. Each bank has its own set of terms and conditions, and hence you need to go through each of them, before investing in one. But we are here to help you make your life a bit easier. Hence, we have curated our top list of 12 banks to watch out for in 2019.
Wells Fargo tops our list for obvious reasons. They have focused on small businesses apart from having $2 trillion in assets. Apart from the regular medium-term loans and lines of credit, they also offer SBA loans, equipment finance, and short-term loans that are particularly geared toward small business owners. The bottom line is Wells Fargo is the go-to bank for all small business owners who are looking for a strong lending program. And if you have an account with them, you can apply easily to their different loan products at low rates.
Chase is known for its biggest banking presence in the US with an asset worth $2.39 trillion. Interestingly, Chase just doesn’t focus only on households but has a significant contribution to building small businesses. Apart from offering a versatile range of loan products focused on small business owners, they offer alternative lending products. If you have a Chase line of credit, you can receive as little as $10,000 to as much as a $500, 000 loan for your business. You also get three options – SBA 7 (a), SBA express term loan, and SBA 504 loan if you are looking for an SBA loan. If you have a well-established Chase lending program, then your small business will definitely benefit from its several low-cost business checking accounts. Their small business credit card is really useful that offers substantial cashback and rewards points on business credit cards.
You might be knowing Capital One as one of the consumer and commercial programs, but their comprehensive suite of financing solutions show how poised they are for small business too. They offer a plethora of solutions including a working capital line of credit, business installment loan, SBA loan from Capital One, equipment loan, and business auto loan. And if you already have an established bank account with them, you can qualify for “relationship-based” loan rates. Capital One sets itself apart by offering tailored services of its Spark Business program that can help your small business financially, no matter which industry you operate in.
Over its glorious 200 – year history, Bank of America has extended its hands to more than 3 million small business owners. Apart from traditional bank financing, they also offer real estate loans, SBA loans, and equipment loans. They have special loan offers for small businesses operating in the healthcare industry.
Azlo has some of the best solutions for small business owners, freelancers, and side hustlers. What makes them different is – they are completely digital and it has zero fees. They offer all the conveniences that an independent professional like you might seek for. Their target customers are the ones who look for complete online transactions.
If you are located in any of these six urban centers – New York City, Chicago, Miami, Washington D.C., Los Angeles, or San Francisco – you would consider browsing the solutions offered by Citibank for small business owners. Although their credit cards are what make them popular, however, you shouldn’t miss checking their checking accounts too. It is one of the best banks for small business owners, offering something for everyone. To begin with, Citibank’s travel business card is a way too convenient financing.
Another digital bank that is committed to serving small business owners is Axos Bank. They have a variety of financing products to help small businesses. Their interest-bearing checking and savings options are quite popular along with great deliveries. Axos is a digital bank and you can accomplish all your transactions online or by speaking to your account representative on the phone. You can expect to receive a lower interest rate on loan products and a higher interest yield on accounts.
Although their only physical presence is in Florida, however, First Home serves at the forefront of SBA lending throughout the country. It is one of the top ten, SBA lenders in the country. It is, however, not restricted to only SBA loans, but also offers a range of other banking services for businesses.
Santander Bank is located mostly in the northeast of the country and offers equity financing and hedge funds along with risk management solutions. Being present in multiple countries and having experience working with importers and exporters, this bank can be beneficial for you if your business has grown and need a bank that can handle transactions globally. Whether you are looking for the currency exchange best rate or a more complicated import/export transaction with many buyers and sellers, Santander is well-equipped to have you covered.
Revolut, an online digital banking platform, finds its place on our list because it lets you do international business in multiple currencies. Whether you need to withdraw money from an international ATM or transfer money abroad, they let you do all transactions without any hiccups. It is the perfect banking platform for freelancers and small business owners who travel frequently.
TD Bank is for you if you are a resident of the East Coast. They offer different solutions for small business owners including checking accounts, savings accounts, credit cards, merchant services, and business loans. However, if you are a small business owner who wishes to purchase, upgrade, or invest in commercial estate, this bank is for you. This full-service bank offers a multitude of options and hence it has found its place on our top list.
Consumers Credit Union although has similar financial offerings just like any other bank, the structure is a bit different. They are owned and operated by members and the products are usually available only to the members. If you are a member of a credit union, you can reap many benefits like lower fees, better service, and higher interest yield. Although it is known as a credit union, it offers both personal and business banking services. It is easy to join a credit union, and you just need to pay a $5 membership fee to open a savings account with a minimum $5 deposit.