You now have an excuse to open one on the double if you’re a small business owner who needs a loan but doesn’t have a business checking account. Relating to a survey that is recent by scientists at Nav, 70% of small enterprises whom didn’t have a small business bank account were rejected that loan in the last couple of years.
Even worse, 26% of small businesses without any company account that is checking shutting store completely. They cited the total amount of work necessary to handle bookkeeping on a basis that is daily. (You guessed it—a business banking account aids in keeping track of cash. ) For contrast, just 14% of small businesses with a checking account for his or her business considered shutting up shop.
That’s a reasonably grim outlook for businesses that don’t have business checking accounts—especially within an economy whenever small company optimism never been greater.
1 / 2 of all business that is small polled for Nav’s 2018 Business Banking Survey stated that they desired to start a small business checking account, but quite simply lacked the full time to set one up. However it’s crucial setting apart the full time to have it done—and, obviously, you can find economic repercussions for your needs that get well beyond perhaps not having ATM access. Read More