The advantages of working with a community bank
As a small business owner, you have many choices when it comes to where and how you do your banking. Here are some of the many advantages of working with a locally owned and operated financial institution like First Utah Bank instead of a megabank or large bank based somewhere else.
- Community focus: Megabanks take deposits in one state and lend in others. Community banks make loans in the areas in which their depositors live and work. Love to buy local? Banking local helps local businesses and communities thrive.
- Small business expertise: Community banks are preferred by small businesses over larger banks, according to the Federal Reserve’s Small Business Credit Survey: Report on Employer Firms. More than 80 percent of independent businesses that used community banks report they were satisfied with their overall experience, compared with 61 percent for large banks and just 46 percent for online lenders. First Utah Bank is a preferred lender with the U.S. Small Business Administration. We understand small businesses and small business lending.
- Relationship banking. Community bank officers get to know their customers and are accessible — and not just by e-mail or phone.
- Technology tools: First Utah Bank offers all of the technology tools that large banks offer. We’re constantly innovating!
- Fast decision-making: Community banks often respond to customers and make loan decisions faster than megabanks.
- Community focus: Community banks and their employees are typically deeply involved in their local communities. First Utah Bank is no exception. We’re deeply invested in the development of a strong and vital community.