Finding Your Funding
By Luke Ferden
Vice President, Business Banking
There are many ways to finance your new business: savings, family, friends, angel investors, venture capitalists, and, thanks to websites such as Fundable, even complete strangers. But as a banker with North American Banking Company, I believe a loan from a community bank such as ours should be at the top of your list.
Here are three reasons why:
- Outstanding personal service. Community banks are relationship-based and focused on providing superior service. That’s one reason why smaller banks such as ours chalk up the highest satisfaction scores, according to the American Consumer Satisfaction Index on banking.
- More flexibility. At community banks such as ours, loan approvals and other key decisions are made locally by people who live in the community and understand local needs. And because we know all businesses don’t fit in the same box, we work hard to craft creative, “outside the box” financing solutions to meet your unique business needs.
- Support for your friends and neighbors. Although small and mid-sized banks such as ours control less than one-quarter of all bank assets, we account for more than half of all small-business lending, most of which remains in the communities where we operate. Compare this to giant banks; they control 59 percent of all bank assets, yet devote only 18 percent of their commercial loan portfolios to small businesses, this according to the Institute for Local Self-Reliance.
Do I sound biased toward community banks? You bet.
Here’s why: Community banks offer the same great services as larger banks, but often at lower cost. Plus, they put your money to work in your own backyard, helping your neighbors, friends, and local business owners. This helps create jobs and make your local community stronger.
Luke Ferden, vice president of business banking, has been a business banker with North American Banking Company since 2010. A graduate of Iowa State University, he enjoys spending time with his wife and two boys, coaching youth sports, boating, and golfing.