by Pete Zeiser
Business owners are busy. When you need capital quickly, the appeal of online lenders is obvious: short applications, fast decisions, and funding that can happen in days instead of weeks.
For some businesses, that speed can serve a purpose. But convenience should never come at the expense of understanding the true cost of borrowing. Recent research from the Federal Reserve found that more than half of small business owners who used online lenders (60%) reported borrowing costs that were considerably higher than they expected. Small business owners who used online lenders were also far less likely to say they were satisfied with their experience, at just 35%, compared to satisfaction rates of 65% for small community banks.
Those numbers reinforce an important point: while getting money quickly is valuable, business owners also want fair pricing, transparency, and a lending partner they can rely on.
That’s where relationship banking still matters. A community bank can look beyond an application score and consider the full story of your business — your goals, industry, cash flow, and growth plans. And choosing a bank over an online lender does not necessarily mean sacrificing speed. As an SBA Preferred Lender, Midwest BankCentre can make lending decisions in-house, helping qualified businesses move through the process quickly and efficiently.
The question is not whether you can get financing quickly. It’s whether the financing you choose helps move your business forward long after the funds hit your account.
Answers provided by Pete Zeiser, President - Chesterfield Commercial at Midwest BankCentre. He can be reached at 314-633-6762 or pzeiser@midwestbankcentre.com.
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