Important things to know about Small Business Banking Services

May 10, 2023Financial Literacy

Most small businesses will have ever-changing finance related needs during both the development stage and growth phases.  Whether this involves a loan, your business will most likely need some type of services from a financial institution.  

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is better understanding mobile and online banking or how to use a prepaid card, our curated playlists will provide you with important information.

Small Business Banking Services:

As your business evolves and changes, your needs from your financial institution will likely ebb and flow.  One thing to think about is how to build a healthy relationship with your financial institution, as this has the potential to have a major impact on your business.  A long-term, positive, and healthy relationship can pay off in dividends.  Your financial institution may be able to provide you with helpful guidance and advice for your business, advocate for you which can lead to qualifying for better interest rates, be more responsible to your various financial needs, and even help introduce you to business contacts or customers.  

Since there are so many types of financial institutions, it is important to consider several factors such as whether the institution has a history of serving small businesses, can they serve your unique business needs, what is their customer service like, and of course, what are the fees associated with their services.  

The Small Business Banking Services module, located in the Small Business Essentials playlist, goes over the common accounts offered to small businesses, what types of credit services are generally offered to support business growth, the main types of cash management systems used by small businesses, as well as the banking services that can help support the employees of your business.  When researching financial institutions for your business it’s important to know that you have options.  Assessing your current and future financial needs can be a great way to begin your research in finding a productive financial institution to be your partner. 

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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