mobank News

Kindred Spirits: Finding a Bank That is a Partner

Thursday October 25, 2012

"If your business is all about the money and not about the passion, you're chasing the wrong dream," says Jeff Phillips, a mobank senior vice president who focuses on assisting entrepreneurs.

"And finding a banker who is passionate about banking is a redeeming, business-growing step," Phillips wrote in the October 2012 issue of Thinking Bigger Business, a monthly publication for owners of emerging and growing businesses.

"The ultimate banking service is expertise, experience and resources so your business will be as successful as you want it to be," he wrote. Banks that truly serve small businesses are community builders who encourage customers to become acquainted and to grow together.

"For example, a new business needing office space, a bookkeeper or an insurer should expect their banker to know people who can help in those areas," Phillips wrote. "This also works to your advantage when your business could potentially serve other bank clients."

Phillips, who has a background in manufacturing, distribution and wholesale financing, offers questions to ask when selecting a bank:

  • • What is the background of key banking staff members?
  • • Have they run small businesses themselves?
  • • Does the bank have experience in your industry, or related industries?
  • • Is the bank part of a larger organization, or is it a small business itself?

"A bank that is a small business naturally understands other small businesses and will serve them well," Phillips wrote.

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