Small business owners prefer small banks
Small banks consistently have the highest customer satisfaction rate of any type lender, according to the Federal Reserve. Businesses were generally more satisfied with the rates and terms offered by small banks than any other type of lender. And most preferred their small bank’s application process and turnaround time, too.
In 2021, 76% of business owners were satisfied with their experience with a small bank. Only 62% were satisfied with their experience at big banks — and online lenders had a dismal satisfaction rate of 34%, according to the Fed.