Financial Management
Business owners consider financial management as a major factor contributing to their company’s success – whether that is gaining access to capital to invest in growth efforts, or reducing time and fees to manage banking needs.
Many small businesses admit they lose more than a FULL WORK WEEK worth of time per year at their local branch dealing with banking activities.
Roughly one-third (32%) of SMBs shared that they previously switched their primary business bank. In 2024, the metrics indicate business owners will be actively looking for banks, lenders, and credit cards to meet their specific needs.
More SMBs will seek access to capital this year (45%) compared to 2023 (38%).
2023
Over half (53%) via line of credit and via business loan (54%), and nearly half (45%) via credit card.
Of those who borrowed via business loan, 73% did so via Bank and 39% via SBA.
2023
Nearly a quarter (23%) borrowed from friends and family and (24%) applied for grants from the city, state, associations, etc.
2024
Of those seeking access to capital in the year ahead, 55% are looking for a new credit card and 55% are seeking a new lender.
More than 1-in-5 SMBs spend 3-4 hrs per month on branch banking activities, equivalent to upwards of 6 eight-hour work days per year.
spend at least 5 hours per month on banking activities at their branch, including wasted travel time – equivalent to 60 hours or 7.5 working days per year.
No Monthly Fees
Unlimited Transactions
No overdraft fees
24/7 Customer support
Free ACH
Bill payment / accounts payable features