Small Local Community Bank - Are There Any Left?

[Birken Vogt]

I am looking to find the elusive "Small Local Community Bank" for a business that may or may not materialize in the next few years.

The only one truly local to me went belly up a few years ago.

There is a 3-office concern one county over that I just discovered the existence of.

There are some other ones in the nearest major city, an hour and a half away.

My goals are to establish a relationship with the bank and hopefully the executives for good service at the start, and then hopefully at least lines of credit if not loans if needed in 5 years or more from now.

I understand credit unions are not so good on the part about lending money to businesses.

There are also some regional banks with 50-100 offices but at this juncture they seem about as unresponsive as the national outfits, maybe a little better.

Suggestions? Thoughts?

 

[Dickjr.]

I go through Ag Credit , are farm credit . The reason I can is that a portion of my work is ag related. I have been borrowing ,paying for almost 10 years. The rate is reasonable at 5%. I don't know who regulates this rate. The local branch has about 8 people in the office and they are your homegrown neighbor types , good people. My local bank , which is still a locally owned operated facility , I've dealt with some but they want a commercial rate of 10 to 12%. And the president acts like its his money he is loaning. I can't afford new stuff so that 0% for 48 months , she just doesn't work for me. I can also still do residential and commercial

 

[AvalonFunding]

Look for a business bank or a bank that specializes in your industry.

 

[AA Equip Rents]

I'm not sure what kind of equipment you're selling, renting, etc. but I might suggest an Agricultural possibly. I don't know too much of them but know that they make loans all the time and are usually publicly owned. Even though they might be big their are usually rules that they have to be operated by a local. They also help you assesing your assets with people that come out to your field and see if they can help you out in any way. Usually very helpful. Don't know if they would deal with just mahcines but possibly if you passed off as a machinery trader for ag. businesses.

http://allaccessequipmentrentals.com/