Business Loans

Small Business Loan Bracketology: Game 1, Big Banks vs. Local Banks

Mar 17, 2015 • 1 min read
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      In today’s big match up, we have Big Banks taking on Local Banks. Big Banks generally have more resources available to make banking easier, but Local Banks have a huge threat with their close business relationships.

      Remember, we’re seeing who has the best small business loan option for a restaurant with one year in operation, an average of $20,000 in monthly revenue and good credit. This business is looking for $50,000 for working capital and needs the funds within 3 weeks.

      Let’s see how the game plays out.

      Big Banks start out strong with a larger reach, better brand recognition and billions of dollars to loan. However, Local Banks rebound with a hometown feel that makes the small business owner feel at home, since they understand the region better. Not only that, Big Banks are only looking for loans over $1 million. Local Banks take a commanding lead…

      Final: Local Banks win! Big Banks are generally looking for loan amounts over $1 million to overcome their processing costs. Local Banks move on to the next round.

      To follow this contest, like our Facebook page here.

      About the author
      Erik Larson

      Erik Larson frequently writes for Lendio about SEO, Digital Marketing, Social Media Marketing, Business Loans, and whatever else strikes his fancy. He can be found on Google+ and Twitter.

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