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Learn the fundamentals of small business banking


Sep 18, 2023

Victory Bank’s Chairman and CEO, Joseph W. Major, recently participated in an NFIB webinar called “Small Business Banking Fundamentals.” This webinar aimed to provide guidance on selecting a bank that best meets the needs of small businesses. Holly Wade, Executive Director of the NFIB Research Center, joined Major in discussing the importance of establishing long-term banking relationships to ensure small business owners have access to the necessary credit for their operations and growth.

Wade emphasized that banking can often be an opaque process for small business owners, making it challenging to secure financing. The information shared in the webinar aimed to address this challenge and offer assistance. Major, having founded Victory Bank during the 2008 financial crisis, understands the crucial role that local banks play in supporting small businesses. He highlighted that there has been a decline in the establishment of small banks since the financial crisis, which has made it more difficult to start new banks and limited access to community-focused lending.

The webinar covered several important topics, including the benefits of establishing personal relationships with bankers, tips for accessing loans and necessary documents, an overview of relevant banking regulations, and the financial outlook for small businesses. Major stressed the significance of relationship-based banking and the understanding of individual businesses, which allows banks like Victory Bank to become strategic partners rather than mere service providers.

While Major acknowledged that smaller banks like Victory Bank typically excel in relationship-based banking, he also acknowledged that larger banks can serve customers effectively depending on the size and scope of their businesses. Therefore, it is essential for entrepreneurs to research the market and consider various factors when choosing a bank.

The NFIB’s next webinar, titled “Workplace Security and Violence Prevention: Escalating and Detering Bad Customer Behavior,” will take place on Wednesday, October 4th at 12pm. Security expert Carol Dodgen will discuss strategies for protecting businesses and preventing workplace violence. The webinar will be available on demand for those who are unable to attend the live session.

By Editor

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