There are over 30 million small businesses in the United States according to the Small Business Administration, and they all need banks. However, many small business owners agree that they are largely underserved when it comes to banking. When searching for a partner, business owners consider a number of factors. They may look for low fees, good rates, and customizable options that make their experience easier. Overall, they need partners that help them reach their financial goals, which are often very unique to their business.
Viably surveyed over 500 small business owners, and only 45% would recommend their current banking/lending partners. What gives?
In the search for a better experience, we asked what small business owners need, and what would attract them to a new option. Read the results below.
There are so many options for small businesses when it comes to banking and lending. If you’re not sure where to begin, that’s understandable. Check out our guide for a crash course on financing options to inject some cash into your business.
Viably Capital Inc. is a financial technology company, not a bank. Some Viably Banking® services are provided by Piermont Bank, Member FDIC.* Viably Payments® services for U.S. customers are provided through Airwallex US, LLC (NMLS #1928093). Airwallex is licensed or authorized to do business as a money transmitter in most states. For some U.S. customers, Airwallex partners with Evolve Bank & Trust (member FDIC) to provide payments services. The Viably Mastercard® debit card is issued by Piermont Bank pursuant to a license by Mastercard International Incorporated and may be used anywhere Mastercard debit cards are accepted. The Viably Visa® debit card is issued by CFSB and may be used anywhere Visa debit cards are accepted. Applications for Viably Banking® and Viably Payments® services are subject to approval. Terms and Conditions for Viably Banking® and Viably Payments® services apply and are subject to change. No application or monthly fee. Some fees and limits may apply.
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* The funds in your account held at Piermont Bank are FDIC insured up to $250,000 per depositor for each ownership category.
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