By GWENDOLYN BOUNDS
“After a Chicago newspaper featured her small pet-food company, Holly Sher was showered with flowers, congratulatory calls and candy. But the attention didn’t come from friends or clients — it came from banks that wanted her business.
‘They promised everything,’ says Ms. Sher, who had just purchased Evanger’s Dog & Cat Food Co., a pet food manufacturer with $6 million in annual revenue. The ultimate winner was Harris Bank, a chain of Chicago banks owned by BMO Financial Group of Canada. Harris sent an account executive directly to Ms. Sher’s office with all the paperwork she needed to transfer accounts. The executive gave her his direct phone number and promised to arrange for a substitute contact anytime he went on vacation; he’s since brought her Chicago Cubs baseball tickets.”
– I have noticed the huge increase in banks catering to small business. Now it makes more sense. Small Business is a growth area for banks and that can only mean good things for Small Business. I recently opened an account at Sovereign Bank that has no maintenance fees, no minimum balance, free online banking and a free ATM/Visa Checkcard. How can you beat that on a business account. Of course there are some limitations (like 100 basic transactions monthly) but in the startup phase it is the perfect way to get set up without incurring expenses.