From the course: Banking Basics: What Every Business Leader Must Know
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Where you belong in the banking ecosystem
From the course: Banking Basics: What Every Business Leader Must Know
Where you belong in the banking ecosystem
- Businesses with less than 100 employees received almost 70% of their loans from banks with less than 250 billion in assets. And of that 70%, 30% of that loan volume comes from banks with less than 10 billion in assets. What that means is if you're a small business owner or advisor, then you have a better shot of getting funding when you approach a bank that's the right size for you. I used to work at one of the largest banks in the country. Often a business owner would walk into a branch to ask for a loan. They would be endlessly transferred until they reached a group that could bank businesses only to be told their business was too small to be of interest to that bank. And that's the problem. Business owners don't know how to qualify which banks are best for them so they waste a lot of time and energy. The purpose of this lesson is to teach you a little about the banking universe so you can understand your place in…
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