Choosing the Right Bank: A Crucial Business Decision

Andrew Waxman,
Vice President
Aventura Banking Center Manager

Whether you need a simple business checking account or multifaceted credit solutions, choosing the right bank is crucial to the long-term viability of your enterprise. A bank should understand your specific financial goals while providing you with valuable expertise and guidance. When choosing the right bank for your business, consider the following:

WHAT ARE YOUR NEEDS?
Ask yourself, “How can my bank help me run the most efficient and profitable operation?” This includes assessing types of checking accounts needed, lines of credit, deposit processes, investments, international letters of credit, and other specialties. Creating a list of your requirements will help you choose the bank that best fits you.

“INTERVIEW” PROSPECTS
Your bank should be your ally. You must be comfortable with the banks’ practicalities and intangibles. Interview representatives as you would potential employees. You would not hire someone you do not get along with. The same should be true of your bank.

Additionally, the ideal banker-customer relationship is a two-way street, contacting one another often with anticipated trends, new products, and moneysaving or money-making ideas.

THINK LONG-TERM

Get past the needs of today and make sure a bank has the depth and breadth to provide not only what you need now, but also what you may need in the future.

IS SIZE IMPORTANT?
Size can impact lending, particularly if your business has an international component. Some banks may be too small to meet these needs. Ask for specifics i.e.; “Can you provide a $150,000 line of credit,” rather than “Can you provide a line of credit?”

CONCLUSIONS
To choose a bank, take a long-term relationship view. Is this an institution that can help me today and tomorrow? Is it strong enough to provide what I need? Is it proportionate to my business size? Answering these will help you find the right bank, one that will serve as an asset to your business for years to come.

Andrew Waxman is Vice President / Aventura Banking Center Manager. Mr. Waxman can be reached at 305-521- 4912 or awaxman@mercantilcb.com. Headquartered in Coral Gables, Mercantil Commercebank is one of the largest banks in South Florida, offering a wide variety of domestic, international, personal and commercial banking services. The Bank has 17 Banking Centers – 15 located in South Florida; one in Manhattan, New York; and one in Houston, Texas.


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