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.