- Hi, and welcome to Small Business Boot Camp.
With the boom at Snohomish County,
a lot of business owners are thinking about
smart ways to grow their business
and that may involve taking out a loan.
Today, we're talking about local decision making
and whether that's something that could help you.
Let's look at a real world example
of why local decision making matters.
A local business was applying for a loan
for some property on Camano Island.
Their bank wasn't from around here,
but they wanted an appraisal for the property
that included comparable buildings
within a five mile radius.
Trouble is, this is the five mile radius.
Obviously there are no commercial buildings there.
Well the bank said too bad,
that's part of our standard requirements
for our loan process so the answer is no.
Now a community bank understands the area.
They have a lay of the land
and in some cases, quite literally.
They hold a view is common sense when considering
the radius and that's the advantage for your business.
Local decision making means you're working with bankers
who have a deep knowledge of the area
and they're able to think about your business loan
not only from a numbers perspective,
but from a community perspective, a human perspective.
Another benefit, faster answers.
There's no waiting for someone two time zones away
to make a decision.
Hope that helps as you're thinking about
what your business needs.
Thanks for coming to Boot Camp, see you next time.