Why Local Businesses in Oklahoma City Should Choose a Community Bank

Small businesses are the backbone of local communities. From corner convenience stores, hardware stores, restaurants, and even professional services, small businesses are where locals shop not only because it’s convenient, but it’s part of their community.

But what about community banks? Just like a small business, they are in your backyard, employee local residents, and offer the same services, security, and loan products of a large bank. While you might think most small businesses partner with large banks for their financial needs, the reality is the opposite.

Loan Approval Rates

F&M Bank has been serving the residents and small businesses of the Oklahoma City for generations, so they know how to help people reach their financial goals. Let’s explore why community banks are an ideal partner for local business, and how business services from F&M Bank can work for your small business.

Community Banks Just as Impactful as Global Banks

Many businesses might think that to get the best service, access to funds, and loans that support their business they need to go with a large bank. But that’s not the case. According to the Independent Community Bankers of America (ICBA), community banks are major contributors to the overall US economy. Here are some interesting facts about community banks that include:

Represent $4.0 trillion in consumer, small business and agricultural loans
Have nearly 45,000 locations nationwide
Employ nearly 700,000 people
Make roughly 60% of U.S. small-business loans under $1 million and 80% of banking industry agriculture loans
Are the only physical banking presence in one in three U.S. counties

When you break it down, community banks support more small businesses than large brands in terms of loans, making the case for banking where you live more compelling.

Community Banks Know How to Service Their Neighborhoods

One of the main benefits of community banks is they live in the communities they serve, and based on a survey conducted by the Federal Reserve Small Business Credit Survey it really shows.

81% of participants said they were satisfied with their bank loan experience, compared to 68% at large banks, 62% at finance companies, and 48% at online lenders. And overall satisfaction was at 77%, outperforming large banks by 15 points, finance companies by 25 points, and online lenders by 48 points.

Community banks like F&M Bank truly know what it takes to make their customers feel seen, support their financial goals, and can be a true partner for small businesses in the Oklahoma City area. They not only live here, but have shops in many local businesses, possibly even yours!

All the Tools to Help You Run Your Business

Just because F&M Bank is a community bank doesn't mean they don’t have the same tools and resources you need for your day-to-day operations. In fact, they have everything you need so you don’t have to rely on third-party vendors, making partnering with F&M Bank your ideal financial partner.

F&M Bank has a suite of Treasury Management Services that covers all your business needs:

Positive Pay – seamless integrating into your business checking account providing protection from fraud
Merchant Card Services – from processing transactions to Point-of-Sale systems, get everything you need to accept payments
ACH and Wire Services – transfer funds between accounts with ease

When you partner with F&M Bank for your business operation needs, you truly can rely on them to help you run smoothly and integrate with your Business Checking Account. Plus, when you use F&M Bank Treasury Management Services you can manage all of your accounts from one place and be able to connect with a representative for questions on all of your accounts. No more phone bank somewhere halfway across the country.

Your Source for Knowledge

Yes, F&M Bank has the financial tools and resources to run your business, but they also have a wealth of knowledge to help you grow. Their blog offers many insightful articles that can offer insight for ways to grow your business in the greater Oklahoma City area.

Here are some great posts that can benefit your business:

Relationship Banking That Scales with You

Opening a Business Checking account is just the first step to building your relationship with F&M Bank. We can be your partner to finance your business needs as you grow with a comprehensive suite of loan products.

Small Business Loans – access capital for a variety of business-related needs
Commercial Real Estate Loans – competitive rates for the purchase, refinance, or construction of commercial properties
Equipment Loans – easily upgrade your equipment to support business growth
Inventory Loans – short-term loans to purchase products to sell at a later date

Whatever your loan needs are, a F&M Bank mortgage lender can help answer any questions to find the right product for your business.

Faster Decisions and Support Local Communities

Two main distinctions between community banks and large banks are decision on loans are made faster, and they invest back into the community.

Local decision-making speeds up funding timelines

Faster Decision Times

Unlike large banks, the review process when you apply for one of F&M Bank Loans is made local. That means your application is not at the bottom of a large pile on an underwriter’s desk somewhere across the country.

F&M Bank local underwriters can review applications faster, making access funds for equipment purchases or improvements to your business quicker. No long waits to receive your funds because they know the needs of Oklahoma City small businesses owners.

Support Local Communities

Sure, large banks spend thousands of dollars of shinny commercials may say how they invest in local communities, but where does that money actually come from? Chances are they’re donating from a pool of collective funds rather than actually revenue from the community.

In fact, according to a 2023 survey from the American Bankers Association, community banks collectively contribute more to local businesses across the country than large banks. Just look at some facts:

Provided more than $2.3 trillion in loans for local communities
Hold more than $110 billion in small business loans
Financed more than $150 billion for agricultural farmland and production
Own more than $700 billion in commercial real estate like malls, office buildings, hospitals, and more
Invested more than $180 billion in construction loans for builders and property investors

Make F&M Bank for Partner for your Business Needs

Now that you know how community banks empower small businesses, it’s time to see what F&M Bank can do for you. Whether you’re opening your first business checking account with them, or taking advantage of Treasury Management Services or applying for a business loan, F&M Bank is your long-term business partner.

Contact us or visit us at one of our locations to discuss which suite of business-related products are right for you. Once you work with F&M Bank, you’ll understand why Oklahoma City small businesses have been working with them for generations.

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