The Victory Bank Chairman and CEO joins NFIB expert to talk banking basics
NFIB’s Banking Basics for Small Business webinar offers tips on how to best secure financing from your bank and explains how to pick a bank that meets your small business needs. Special guest Joseph W. Major is Chairman of the Board and CEO of The Victory Bank. He currently teaches banking and leadership classes at the PA Bankers Advanced School of Banking. He joined NFIB Research Center Executive Director Holly Wade to discuss the benefits of establishing a long-term banking partnership for small business owners to help ensure they get access to the credit they need to operate and expand their business.
“For small business owners, what it looks like on the banking side of the equation is often a very opaque process,” said Wade. “Accessing financing is not always straightforward, so I think this information will be hugely helpful.”
Major opened his bank during the financial crisis in 2008. He understands the importance of local banks and what they can offer small business owners.
“Up until 2008, between 100 and 150 small banks started per year in the United States by raising capital locally and opening,” explained Major. “But since ‘08 and the financial crisis, it’s almost stopped happening across the country. You think ‘well, is that a big deal?’ I think it is because lots of the small banks like ours were focused on a particular community or particular lending niche. As the industry continues to consolidate, it’s become far more difficult to start a bank.”
The webinar includes information on:
- The benefits in personally knowing bankers
- Tips on accessing financing and documentation needed to secure a loan
- Overview of the regulatory landscape that bankers and businesses need to navigate
- Financial outlook for small business
“The key step wherever you are in your market: there are still lenders like us that do this relationship-based banking,” explained Major. “We have all kinds of technology, and people can bank with us electronically. We offer all of that, but we don’t see any of that as a substitute for becoming a partner in your business and knowing your business. That’s how a bank like us strives to do it, and I think that wherever you are, look into your market for lenders that fit you. Small banks are not always better, some of the bigger banks out there do a tremendous job of serving their clients. But I do think there is a natural logic between the size of your business and the size of your bank.”
Join NFIB’s next webinar, Workplace Security and Violence Prevention: De-escalating and Deterring Bad Customer Behavior, on Wednesday, Oct. 4 at 12:00 p.m. Security expert Carol Dodgen will discuss how to secure your business and prevent violence in the workplace.
