In 2025, you are navigating an economy shaped by post-pandemic shifts, technological advancements, and changing consumer behaviors. A key player in your financial success? Local financial institutions. These institutions provide accessible, flexible, and community-driven lending options that non-traditional financing companies often overlook or make more expensive through elaborate repayment terms.
The digital transformation of financial services has also benefited local lenders. Many offer streamlined online applications, faster approvals, and innovative financial products tailored to entrepreneurs like you. From equipment financing to working capital loans, local lenders ensure that your small business can grow without being burdened by excessive debt.
In recent years, governmental policies encouraging small business growth have led to increased collaboration between community banks, credit unions, and organizations like SCORE and the Small Business Administration (SBA). Many local lenders offer SBA-backed loans, reducing risk for lenders while making capital more accessible to business owners like you.
A crucial area of focus for your small business should be financial development and understanding. Lenders rely heavily on the quality and strength of your business’s financials. In today’s lending environment, reasonable-sized loans require three years of business and personal tax returns, year-to-date internal financial statements, and a personal financial statement from you, the business owner. These documents are essential for you to know and understand, serving as the resume for both you and your business. If you're not sure what to do with your finances, that’s where working with a local CPA or organizations like SCORE to find education and training opportunities can benefit you and your business!
As you face the challenges of 2025, local lenders stand out as reliable partners. Working with them to understand your business and financials is paramount to building successful, long-term relationships.
Chris Milliron
Chief Lending Officer
TBA Credit Union
