Community Banking is always faced with competing with the larger banks that benefit from economy of scale. However, one group of clients can be overlooked that make up a significant chunk of the economy. In fact, most estimates are that private companies make up 50% of the economy, yet they certainly do not gain 50% of the attention of major banks.
Recent statistics indicate that small businesses are finally increasing their investments and there is a major interest in borrowing. Recent estimates are that if small business can gain more access to capital it could increase the GDP of the United State by $100 billion. Three tips to help grow your small business clients are:
- Shorten the Loan Application Process.
- Raise your technology service offerings.
- Lower the costs of cross selling other services to business customers.
Since the amounts are less, they are often seen as too tedious for the benefits. However, streamlining automation and making it easy for small businesses to use additional services will help scale the business.
- Diversify portfolio with more mid-size businesses
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