Fresh Cup Magazine, providing specialty coffee and tea professionals with unique insight into the trends, ideas, products and people that shape their world.
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CAFÉ FINANCE BY CHRIS LEGLER Are you banking in the right place? R ecently, there has been much debate about whether people and businesses should bank with large insti- tutions or turn to local, community-oriented banks. The Occupy Movement has highlighted the fact that many Americans have strong misgivings about big banks, and many people believe these financial giants have let them down. Furthermore, some business com- munity than with someone who lives thousands of miles away. The flip side to this is that many larger banks can provide a mentators say community-based banks are the best places for entrepre- neurs and small businesses to do their banking—and they've been saying so since long before the recession and Wall Street protests. The thought is that it's much easier for a small, active- in-the-community bank to understand a business (like an independent café) that aims to do social good while mak- ing money. Defenders of little banks add that it's often easier to develop a relationship with a loan officer who lives in your com- 26 Fresh Cup Magazine freshcup.com What are you looking for in a bank? Are you more concerned about having complete access to your account at all times, or is it more important that you know the people who work in the bank every day? greater array of services and locations. This can mean much- needed convenience for a busy shop owner who might appreciate a branch around the corner from each café in a mini-chain or a multi-faceted system that can offer one-stop advice on lending, insurance, retirement and a host of other concerns. (Keep in mind also that most large banks have specific programs tailored to small businesses.) So which way should you turn? It's helpful to start by asking some basic questions. What are you looking for in a bank? Are you more concerned about having complete access to your account at all times, or is it more important that you know the people who work in the bank every day? Your answers will help you know which way to turn.