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Local Decision-Making in Business Lending

Alerus | NOV 06, 2017

Does it make a difference?

It is fairly common to hear from banks that the decisions they will make about your business loan are going to be made locally. And it is important for business owners to know who the decision-makers are at their banks. 

However, there are some key questions to ask when a bank touts local decision-making authority as a benefit, because there is (or should be) more to a banking relationship than the immediate need:

  • How long does it actually take to get a loan approved?
  • Does the bank offer choices of various commercial loans (SBA and conventional options)?
  • Do they have the resources to manage the audit and compliance requirements of financial institutions?
  • What about their technology – Is it secure? Is it competitive?
  • What is the long-term outlook for the bank itself?

Finally, keep in mind that in some cases local decision-makers are local because the bank in question is small and has fewer resources available. Institutions that are a bit larger and more diverse quite frequently have decision-makers in multiple places. 

We invite you to meet our banking team, which is staffed by professionals in Arizona, Minnesota and North Dakota and serves customers around the country.

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