Recent banking turmoil was a jolt for small businesses of all stripes, spurring many to scrutinize their banking services and mull whether or not they should make changes to ensure their money is safe.
Experts say it’s probably a good idea for small businesses to diversify funds and make sure they’re in close contact with their banker, but emphasized that in the short term their bank accounts are safe because regulators have shown they’re. And while big banks may seem like a safer option for their savings, regional and community banks have advantages too.
After the collapse she initially considered putting her money in bonds because she thought that might be safer. But she consulted with her financial adviser who told her Bank of America was not at risk.“It would be a shame not to be able to go to smaller banks should my business need capital in the future,” she said.
Randell Leach, CEO of Oakland, California-based Beneficial State Bank, said people should consider community banks and Community Development Financial Institutions, not just the big players, because those can align better with some small business’ goals. His frantic clients were relieved when the government stepped in and they were able to access their funds that had been at SVB and make payroll.
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