Every woman entrepreneur wants to grow her business when the time for expansion comes.

While a passion for success is vital to making your dream come true, it is also important to consider what support you need to make the expansion a reality. You will primarily need the right kind of banking support that can strengthen and grow your business beyond your current level of success.

The relationship with the right bank will be your stepping stone to the future. With the support of your bank, you can make your business grow in the right direction; you will be able to sustain the right level of investment and financial support needed.

The Right Relationship with the Bank is vital and here’s why 

Banks play a crucial role in supporting small businesses by providing various financial services that enable them to thrive and grow. Some of the key reasons banking support is vital for small businesses include:

  • Access to Capital: One of the most significant challenges for small businesses is accessing capital to fund operations, expansions, and investments. Banks offer various financing options, such as loans, lines of credit, and business credit cards, which provide the necessary capital to fuel growth and seize opportunities.
  • Financial Expertise: Banks employ financial experts who can assist small business owners in making informed decisions about their finances. From managing cash flow to developing strategic financial plans, banks offer valuable advice and guidance.
  • Business Support Services: Banks provide an array of services beyond traditional banking, including leasing, project finance, and cash management solutions. These services streamline business operations and enhance efficiency.
  • Security and Protection: Keeping funds safe and secure is a top priority for small businesses. Banks offer various security measures, such as fraud detection systems and encryption technologies, to protect businesses from financial risks.
  • Credit Building: Banks play a significant role in helping small businesses build credit. A positive credit history opens doors to more favorable financing options and business partnerships.

Banking Services for Small Businesses

Banks offer a wide range of specialized services tailored to meet the unique needs of small businesses. Some essential banking services for small businesses include:

  • Business Checking and Savings Accounts: Banks provide dedicated checking and savings accounts for small businesses to manage their day-to-day finances and earn interest on surplus funds.
  • Business Loans and Lines of Credit: Banks offer various loan products, and lines of credit, to provide capital for various business needs. Term loans are lump-sum loans that are repaid over a fixed period with interest. Lines of credit are revolving loans that allow businesses to borrow and repay funds as needed, up to a certain limit.There are also project finance facilities and leasing facilities available.
  • Business Credit Cards: Banks offer business credit cards that allow businesses to make purchases and pay bills with ease. Business credit cards can also help businesses manage credit and improve cash flow.
  • Merchant Services: Banks offer merchant services that enable businesses to accept and process payments from customers, such as credit cards, debit cards, and mobile wallets. Merchant services also include point-of-sale systems, online payment gateways, and invoicing software, which facilitate transactions and record-keeping.

Why Do You Need Banking Support?

Banking support can boost your business growth in many ways, such as:

  • Providing capital: Banking support can provide you with the funds you need to invest in your business growth, such as hiring more staff, opening new branches, launching new products, or entering new markets.
  • Improving cash flow: Banking support can help you manage your cash flow, which is the amount of money that flows in and out of your business. By having access to credit, payment solutions, and investment services, you can ensure that you have enough cash to meet your expenses and obligations and to take advantage of opportunities.
  • Reducing risk: Banking support can help you reduce the risk of running your business, by offering insurance services, advisory services, and security features. These can help you protect your business from unforeseen events, such as accidents, lawsuits, fraud, or theft, and comply with the laws and regulations that apply to your business.
  • Enhancing reputation: Banking support can help you enhance your reputation and credibility as a business owner, by demonstrating your financial stability, responsibility, and professionalism. This can help you attract more customers, partners, and investors, and to build trust and loyalty with them.

How to Build a sustainable business relationship with your Bank

Not all banks are the same, and not all banks are suitable for your business. To find the best banking partner for your business expansion, you should consider the following factors:

  • Your needs: You must start your business journey with the bank – from the beginning, they must be your financial and support partner for your business to grow. They can then support you when the time for expansion comes.
  • Your eligibility: You should be aware of your eligibility and requirements for the banking products and services that you need. You must be aware of the creditworthiness of your business and the scope of the eligibility required by the bank.
  • Your relationship: You must always be able to initiate and sustain a strong relationship with your bank – that way, they will always support your business. 

Commercial Bank – A Woman Entrepreneur’s Banking Partner

As a leading bank in Sri Lanka, with a network of over 270 branches and 890 ATMs across the country, Commercial Bank offers a range of banking products and services that are tailored to meet the needs of small businesses, especially women entrepreneurs. Among the reasons why you should choose Commercial Bank as your banking partner are:

  • Women Entrepreneurship Package: Commercial Bank offers many facilities for women entrepreneurs and provides support for women-owned businesses in many ways.
  • Digital Banking: Commercial Bank has a state-of-the-art digital banking platform, that allows you to access and manage your accounts, loans, credit cards, payments, and investments anytime, anywhere, using your computer, smartphone, or tablet. The digital banking platform also offers features such as e-statements, alerts, notifications, and security controls, to enhance your convenience and safety.
  • Customer Service: Commercial Bank has a dedicated customer service team, which is available 24/7 to assist you with any queries or issues that you may have regarding your banking products and services. You can contact the customer service team via phone, email, chat, or social media, and expect a prompt and courteous response.

Banking support is a key factor for boosting your business growth, as it can provide you with the financial resources and services that can help you grow your business and achieve your dreams. However, not all banks are the same, and not all banks are suitable for your business. Therefore, you should carefully consider your needs, eligibility, and relationship with the bank, and choose the best banking partner for your business growth. By doing so, you can enjoy the benefits of banking support, and become a successful woman entrepreneur.