Many small-business owners are putting their trust in neighborhood banks rather than big national lenders, according to new research by Academy Bank. The study of 222 U.S. small-business owners found that 58.9% got their most recent business loan from a community or regional bank, compared with 31.5% who secured it from a national bank and only 9.5% who used an online-only lender.
For many small business owners, the choice of lender is about the kind of relationship they'll get. In the survey, the top three factors small-business owners said mattered most when choosing a bank were ease of the application process at 56.9%, competitive interest rates at 54.1% and personalized service and financial guidance at 52.7%.
