Top 5 Advantages of Working with a Community Bank

Did you know community banks issue more than 60% of all loans given to small businesses? They are an important resource for microbusinesses who are looking to make a connection and get personalized attention, even if they might not have a lot of money in the bank.

Host Mary McCarthy talks to Laura Stimmel, the Assistant Vice President Branch Manager, Mortgage and Consumer Officer for Liberty National Bank. Liberty National Bank is a community bank with six offices in Central Ohio and Northwest Ohio.

 

Picture and quote of Laura Stimmel, LIberty National Bank Assistant Vice president branch manager, mortgage and consumer officer

 

Laura says there are several differences between working with a community bank and a larger bank chain.

“A community bank truly is a small business… It’s not your big conglomerates, it’s much more focused. Just like small business owners, they want their customers, they want to have those relationships, they want to know their customers by name, that’s who we are. It’s a partnership.” ~ Laura Stimmel

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Here are the 5 Advantages of working with a Community Bank like Liberty National Bank that we discuss in this podcast:

  • Community banks make 60% of small business loans, and take care of loans themselves (they don’t pass them off to anyone)
  • You get to know the people who work there
  • They want to form relationships with their customers and know their names “It’s being able to pick up the phone and knowing who your banker is.” ~ Laura Stimmel
  • They believe in investing in the community
  • Community banks consider themselves a partner with small businesses

“When you have that partnership, it’s much easier to get through something… They’re on your side, they’re in your back pocket, they want to help you.” ~ Laura Stimmel

Laura also shares advice all entrepreneurs can use: “Look at your financial picture right now. Is it where you want it to be? And if it’s not, how can we get you there? Finding your banker, your community banker to help you get there, I always think of it as a.. it’s a business partner. It’s somebody that we want to help you.”

 

Related Reading from the Independent Community Bankers of America

Thank you to The Successful Micropreneur podcast sponsor Liberty National Bank Expect the Best®

Liberty National Bank has six locations to help you: Ada, Bellefontaine, Bellefontaine South, Kenton, Marysville, Westerville

Logo for Liberty National Bank

About our guest Laura M. Stimmel

About our Host Mary McCarthy

Mary McCarthy is the President of YMT Consultants, an entrepreneurial consulting and training firm in Westerville, Ohio in the Columbus area. It focuses on one-on-one work with microbusiness owners (businesses with 20 or fewer employees, including the solopreneur), assisting them to monetize and create systems for their small businesses.

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