Meeting the Needs of Fast-Growing Business Customers

In the Pixar film “Ratatouille,” a rat named Remy dreams of becoming a chef in Paris. When he meets Linguini, a young, determined chef who doesn’t have Remy’s skills or instincts in the kitchen, the two form a partnership where Remy hides under Linguini’s chef hat and instructs him. Their arrangement turns out to be the perfect fit that allows Remy’s extraordinary talent to shine. Despite a couple bumps along the road, by the end of the film, Remy and Linguini open a restaurant and impress the harshest food critic around with their signature dish — ratatouille. Remy and Linguini’s partnership goes to show that with the right support, anyone with talent and determination can reach their potential.Just as Remy and Linguini's partnership in "Ratatouille" showcases the power of collaboration and support in achieving dreams, community financial institutions (CFIs) often play a similar role for fast-growing small- and medium-sized businesses (SMBs). We’ll look at three CFIs that are supporting growth-focused SMBs by offering an expanded digital and geographical reach, robust cash management services, and personalized support.Altabank, Based in American Fork, UtahAltabank, a division of Glacier Bank, has found a niche serving thriving businesses. “A business between $4 million and $50 million is the perfect size for us, and we’re the perfect size for them,” says Stan Sorensen, Chief Marketing Officer. “That’s where a lot of our business growth has come from.”The institution provides commercial loans and working capital lines of credit with the higher limits that growing businesses need, as well as cash flow management tools and fraud prevention services. The CFI has also positioned itself as an advisor and advocate for its business customers. They hired bankers from larger institutions with expertise in providing advisory services to growing businesses, which has garnered positive feedback from their business customers.Axos Bank, Based in San Diego, CaliforniaTaking on a no-nonsense approach, Axos directly asks businesses on its website to evaluate their current banking habits. The results help SMBs determine whether they have outgrown their current banking relationships and provide guidance on when they might benefit from moving on and over to Axos Bank. According to their website, SMBs that may be ready for an upgrade are those that are manually handling significant transaction volumes, infrequently reconciling accounts, lacking internal cash visibility, receiving over 200 payments monthly, and maintaining high account balances without optimizing liquidity management.Flushing Bank, Based in Uniondale, New YorkThis CFI draws attention to its focus on growth-minded businesses with its motto, “Small enough to know you. Large enough to help you.”The CFI provides business loans of up to $15MM and lines of credit up to the same amount, giving SMBs access to the higher amounts of funding they need to grow quickly. Flushing Bank also offers sophisticated online cash management tools to help with the management of escrow and subaccount requirements.They provide the best of both worlds that a growing SMB will seek in their financial institution: the products and services that are typically found in larger commercial banks with the personalized focus from a local financial institution. Flushing Bank demonstrates that by anticipating the varied needs of a growing business with their offerings, they are more likely to earn the trust and business of SMBs.If you’re a CFI looking to scale, you could find the prime business clients to help you do so by catering to businesses that are growing with you. In addition to being able to extend loans with higher limits due to greater asset size, you can also better serve growing businesses by offering more sophisticated treasury management services, payment solutions, and advisory services. Not to mention, there are a host of ancillary fee-based businesses offering insurance, investment, and wealth management solutions growing businesses might find helpful as well.