There are over 30 million small businesses in the United States according to the Small Business Administration, and they all need banks. However, many small business owners agree that they are largely underserved when it comes to banking. When searching for a partner, business owners consider a number of factors. They may look for low fees, good rates, and customizable options that make their experience easier. Overall, they need partners that help them reach their financial goals, which are often very unique to their business.
Viably surveyed over 500 small business owners, and only 45% would recommend their current banking/lending partners. What gives?
In the search for a better experience, we asked what small business owners need, and what would attract them to a new option. Read the results below.
There are so many options for small businesses when it comes to banking and lending. If you’re not sure where to begin, that’s understandable. Check out our guide for a crash course on financing options to inject some cash into your business.