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Bottom line: This Southside Virginia institution offers the basics to startups and other small businesses in the market for financing.
Startup loans, operating capital, asset acquisition or business expansion financing, business vehicle and equipment loans, business debt restructuring, commercial real estate loans, commercial construction loans, business lines of credit, personal loans, auto loans, student loans, mortgages, home equity loans
Types of loans available
Southside Virginia and North Carolina
Area serviced
Yes
Online applications
Types of loans available | Startup loans, operating capital, asset acquisition or business expansion financing, business vehicle and equipment loans, business debt restructuring, commercial real estate loans, commercial construction loans, business lines of credit, personal loans, auto loans, student loans, mortgages, home equity loans |
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Area serviced | Southside Virginia and North Carolina |
Online applications | Yes |
Number of branches | 17 |
Branch hours | Varies by branch, usually 9 a.m. to 5 p.m. Monday through Thursday, 9 a.m. to 5:30 p.m. Friday |
Customer service hours | Not stated |
Customer service options | Phone, email |
Mobile app | Yes |
Routing number | 51402482 |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Benchmark Community Bank is known for its relationship-oriented approach to lending. In fact, local media have given it several awards for its quality customer service. Its startup financing program is also unusual — it combines personal loans with expert advice on managing a new business’s finances.
But it’s not ideal if you’re looking for a bank with a user-friendly online experience. Its website can be a little difficult to use. And it only offers online applications for mortgages and student loans through Sallie Mae.
Benchmark Community Bank is a local-owned financial institution that serves small businesses and individuals in Southside Virginia and North Carolina. Like many local lenders, it goes beyond your typical bank when it comes to supporting the community.
It funded over $40 million in Paycheck Protection Program loans during the coronavirus outbreak and offers scholarships to local students heading to college. And it won a spot in American Banker's list of 200 community banks 14 years in a row — as well as accolades from local media, like the Gazette-Virginian and South Hill Enterprise.
You can find the following types of financing programs for small businesses and individuals at this Southside Virginia bank.
Benchmark generally only offers in-person applications — with the exception of mortgages and home loans, which are available online. During the meeting, a loan officer will answer your questions and give you an overview of the process and your options before getting started.
Before you sign up, you can use one of the calculators on Benchmark's website to see how much your loan might cost you each month and in total.
You can get started by filling out a quick form on Benchmark's website expressing your interest in a loan — or directly contact your local branch. Filling out the form might be a good choice for businesses that haven't worked with the bank before, since it gives Benchmark the opportunity to match you with a loan officer that has expertise in your industry or financing needs. Here's how to do it.
Write an email introducing yourself, your business and briefly describe the type of financing you need. From there, you should be redirected to set up an appointment.
Check out how Benchmark Community Bank compares against online lenders by selecting a few pieces of information about your business.
BBB accredited | No |
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BBB rating | NR |
BBB customer complaints | 1 customer complaints |
Yelp | 5 out of 5 stars, based on 1 customer reviews |
Glassdoor | 5 out of 5 stars, based on 1 customer reviews |
Indeed | 4.3 out of 5 stars, based on 7 customer reviews |
Customer reviews verified as of | 30 November 2020 |
Benchmark Community Bank doesn't have enough reviews to assess what kind of experience you can expect as a customer. One Yelper left a stellar review about the quality of service — though they complain that online banking can be difficult to navigate. Often, you can get a better idea of what to expect from a local lender by talking to other business owners who have borrowed from it before.
Benchmark employees are mostly positive about their experience with this bank. Several mention that they're encouraged to form strong customer relationships — a good sign if you're looking for a bank to see your business through the foreseeable future. But a few also mentioned that pay was low, which can be a sign of high employee turnover.
If you choose to borrow from Benchmark, moving other accounts over to the bank can speed up your application and make repayments go more smoothly. Consider these other financial products for your business and yourself.
Benchmark Community Bank was founded in 1971 in Kenbridge, Virginia as Lunenburg County Bank. By 1989, it had expanded to Farmville, South Hill and Victoria and decided to change its name to Benchmark Community Bank. It has continued to expand — apparently without buying out other local banks. And it doesn't appear to have any mergers or acquisitions planned for the near future.
To compare Benchmark Community Bank against even more lenders, check out our guide to business loans.