Altabanking episode 38 with Community Banks
Altabanking Interview KSL Radio Transcript: The Benefits of Commercial Banking with Your Community Bank
Segment Title: Altabanking, The Benefits of Commercial Banking
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ryan Jones is Chief Lending Officer at Altabank. And Ryan, good to have you back. Many businesses believe the larger banks are the only option for sophisticated commercial banking solutions, but this isn’t true. Share with us how the climate has changed, and why a community bank may be the best choice for new business banking products.
RYAN: Most businesses want the best banking technology, while still maintaining a personal relationship with a skilled banker. Many large banks have shifted the focus almost entirely to technology, reducing access to the bankers that help businesses customize their solutions. With technology advances, community banks can leverage integrations with tech companies to offer many of the same products offered by the large banks, while maintaining the ability to deliver customized solutions, ideal for clients in the intermountain west.
GRANT: Q2: What are the different kinds commercial loans that community banks can offer?
RYAN: Community banks offer the same commercial lending products other banks do, equipment loans, real estate loans and operating lines of credit. These products should be delivered with great technology and skilled bankers, who understand the needs of your company and the current state of our local economy. Many larger banks are making loan decisions based on data from markets and economies that differ greatly from ours.
GRANT: Is now a good opportunity for people to look at new commercial or industrial loans to grow their business?
RYAN: It really could be. Interest rates are very favorable for borrowers right now. As we approach the year end, there could be tax considerations that make this a great time to purchase equipment. It is also budget time for many companies, involving your banker in your budget discussions is a great idea to ensure they are prepared to help you hit your goals in 2021. Altabank can help. Apply through the app, online at Altabank.com, or contact one of our great bankers.
GRANT: Ryan, thank you very much. This has been Altabanking. Brought to you by Altabank. Member FDIC.