Five Businesses Set To Change The Face Of SME Banking

February 4, 2020

When you are managing a business, you often need help from an SME bank. Small-to-medium sized enterprises need banking assistance that allows them to get loans, manage their money, and get customer service.

You often cannot go to the bank around the corner because they do not have the resources to help you. You can use these banks to get the help you need, and you should consider a specialized bank when you run one of the five business types below.

1. Local Shops And Restaurants

When you manage a local shop or restaurant, you need help with payroll, purchasing, and even expansion. The SME bank that you choose can give you loans for new kitchen equipment, and the bank can help you set up a payroll account. You need loans to help you get through the tough parts of the year, or you can work with the SME bank to invest the extra cash you have.

2. Small Franchises

If you have invested in one or two franchise stores, you need money to pay for the property or to pay for improvements. You need money that will help you manage your payroll, or you need an account that will help you invest. You should ask the bank to help you get a special loan that will pay for your franchisee fees, and you can ask the bank for assistance when you want to set up ACH deposits for your staff.

The small franchise needs:

Money for routine upgrades
Money for uniforms
Money for events
Free ACH deposits from each account
Money management services

3. Farms

Farms are massive businesses that can expand, offer several products to the public, and give you a chance to hand the business down to your children. However, you need loans that will help you manage your farm, the machinery, and the property. You can get loans that will help you buy more land, or you can get loans when you need to buy new equipment.

You could get a loan from the SME bank that will help pay for new buildings around the property, and you can ask the bank to give you a savings account that will pay you back with high rates of return. If you are managing a farm that has shops or cafes on the property, you need an account that will help you pay your staff.

Farms can be so big that you might run alternative businesses in the offseason. The bank that you have chosen will help you set up an account for your side businesses like a hayride, and you could ask for tax assistance at the end of the year. Plus, an SME bank has better loan options for your business that do not require a lot of extra cash.

4. Tech Startups

Tech startups can start very small. If you are a developer or programmer with a good idea, you can turn that idea into something that people will love. However, you need money to pay for development. You need a bank that can lend you cash when required, and you can avoid dealing with venture capitalists who will expect too much control over your business.

Plus, you can go to an SME bank when you have questions about how to manage your business accounts. You can ask the bank if they have an investment account that will help you make money, or you could spread out your accounts so that you can put your money in all the right places.

5. Small Investment Houses

The small investment houses that people open out of their home offices can provide customers with high returns. You can make money by managing other people’s money, and you could use special investment accounts at your SME bank. Fintech entrepreneur Eyal Nachum from Bruc Bond says: “You need a bank that can give you more investment options, and they should provide you with savings accounts that allow you to make extra money throughout the year”.

Conclusion

The business that you run should be managed with help from an SME bank. The bank that you choose can help your small business instead of expecting you to make too much money or keep too much money in your account. You get the service big corporations get.