Mobile or Online Banking: What’s the Difference?

Today, there are so many options to conduct transactions at your bank without actually going to a physical branch. Two of these methods include mobile and online banking. While most people use these terms interchangeably, there’s still a big difference between these two modes.

Mobile banking

Defining Mobile Banking

Strictly speaking, mobile banking is an umbrella term to cover any transaction conducted using a mobile phone or device. For example, sending text messages to approve transactions or receiving SMS about your account’s status can fall under mobile banking.

However, these kinds of transactions are not as common anymore due to the advent of the smartphone.…

Continue reading

Take Your Banker Out to Lunch

Starting a small business means having as many allies as possible and few allies are as important to new business owners as the banker.

build a relationship with your banker

It always pays to be on the good side of the person who has a say over whether or not your emerging business will be extended the loan it needs to get through the initial stages. Well as you might already know, it’s important to be on the good side to anybody that influences your business in any type of way.

Here’s a tip: Take your banker out to lunch and build a relationship with them.

For years, entrepreneurs and company associates have taken clients to lunch as a way to either establish a potential relationship or strengthen a rapport that had already existed.…

Continue reading

Bank of America Announces New Program to Help Spur Small Business Lending Nationwide

Bank of American lending program for small businessesBank of America (BOA), one of the world’s largest financial institutions, has announced it will provide $10 million in grants to nonprofit lenders, such as Community Development Financial Institutions (CDFIs), to leverage funds from the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA) for lending to small and rural businesses.

The grants to nonprofits will help up to 8,000 businesses obtain new loans over the next 12 Months.

The CDFI’s will use the grant money as loan loss reserves, which BOA hopes will unlock millions in low-cost capital for small business microloans program nationwide.

SBA and USDA microloans are made through local nonprofit lenders, which also provide business training and technical assistance.…

Continue reading

Searching For A New Bank To Suit Your Business Needs

searching for a new bankThere aren’t many good news stories about banks these days so if you’re looking for a new bank you may be facing the quagmire of what to look for and who to turn to when searching for a new bank. The answer may rest upon what your personal and or business banking needs are.

For business owners, entrepreneurs and consumers seeking personal guidance, it is important to recognize that your relationship with your bank is extremely important.  This is one relationship that requires serious time and examination.

I believe the examination process is twofold. On one side of the equation you’ll want to look at the financial stability and business model of the bank to ensure it can provide the financial strength and safety needed to stay in business and serve your needs in a favorable manner to you.…

Continue reading