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August 25, 2021

Choosing The Right Bank by Jeanne Rolhf of US Bank As Reported In Portland Resaurant Forum

The bank or credit union you have used for your banking may have been the perfect fit for your personal banking needs but now you need a bank that will fit the needs of your business. How do you know which bank to choose? And how do you go about researching a bank?

(PRWEB) August 25, 2021 -- Choosing The Right Bank By Jeanne Rohlf

The bank or credit union you have used for your banking may have been the perfect fit for your personal banking needs but now you need a bank that will fit the needs of your business. How do you know which bank to choose? And how do you go about researching a bank?

First, make a list of all the needs you think you need met by a bank or financial institution. Remember, if you expect your business to be successful, you’ll need more than a bank where you can make deposits and get change. Project your needs ahead a few years. What kinds of banking support will you need for your restaurant?

provide a checking account where you can deposit your receipts ands and write checks to pay employees, suppliers and others?
provide investment options so your excess cash can be working for you earning interest
provide retirement planning programs for you and your key employees
facilitate merchant activity so your business can accept credit and debit cards and gain access to the funds the same day or as quickly as possible
offer lease programs so your business can lease rather than purchase equipment if that makes good financial sense
arrange a loan
suggest tools and ideas to help you better manage your day to day business and financial affairs.

Now that you’ve listed the ways you might need a bank, the trick is to find one that can serve the needs you’ve identified. What are some of the ways to identify a bank that can serve the needs you have identified as important for your business?

Look at the websites for banks in your area. Do the various banks offer support for the needs you have identified as important for your business?
Talk with others in the restaurant business. Can they recommend a bank or a Relationship Manager who understands the restaurant business?

Choosing a bank that can work with your business as you grow is the basis for an important partnership. Take time to think about the needs of your business and find the right bank to fit those needs. Having the right banking relationship can make all the difference in fostering a successful start for your future.

Through our Metro Banking Division, located in more than 78 branches throughout the Greater Portland Metropolitan area, U.S. Bank is committed to working with business owners to meet the needs of small businesses. By establishing a banking relationship with a bank which has a wide variety of services, your business will have access to the financial services you need to address the banking aspects of your business.

Posted by Industrial-Manufacturing at August 25, 2021 05:57 AM

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