4 Ways Strategic Banking Relationships Can Help Scale Your Business

As a scale-up entrepreneur, you know how important it is to have the right people on your team, but there’s one relationship you may not have considered: the relationship with your bank. Building a strong relationship with your bank is more than a convenience; it’s a powerful driver of business growth and resilience. In fact, 73% of small businesses that successfully navigated the last economic recession credited their banking relationship as a key factor to their survival. (Source: Small Business Financial Health Institute)  

Moreover, the right financial partner offers valuable insights and solutions aligned with your strategic business goals. Here’s how:

1.     Improved access to capital.

According to a study by CBInsights, nearly 38% of small businesses fail due to an inability to secure additional capital. While many factors are at play, a secure banking relationship can provide financial solutions to keep your business afloat. Strong connections can open doors to credit applications and commercial loan products, including lines of credit, small business, and commercial real estate loans. Simply put, lenders are more likely to support companies they know and trust.

2.     Equity-building opportunities.

Working with a trustworthy bank helps uncover equity-building strategies that may align with your company growth plans. For instance, using an equipment loan to purchase a screen printing press for second-stage entrepreneurs or applying for an Owner-Occupied Commercial Real Estate (OOCRE) loan to finance the purchase of a property can enhance your asset base. These products not only support expansion, they help build equity in your business.

 3.     A strong financial network.

An ideal banking partner provides more than financial services and cash management solutions. They should act as a connector, introducing you to other businesses, potential clients, or partners within their networks. This type of relationship fosters collaboration and can help navigate challenges more effectively. Whether it's restructuring debt during tough times or identifying growth opportunities, a supportive banker is a valuable ally.

 4.     Economic education and prosperity-focused programs.

A good banking partner is focused on purpose over profits and works towards bolstering its business customers, the local economy, and elevating community nonprofits. Since 2024, FirstBank has partnered with BEN Colorado to offer educational resources, commercial banking solutions, and growth opportunities to local companies. Finding local banks with the same core values can inspire profitable partnerships and help nurture Colorado’s entrepreneurial ecosystem.

In short, cultivating a strategic banking relationship provides helpful tools, industry insight, and a network to propel your business forward. If you or someone you know is interested in FirstBank’s business products and services, visit efirstbank.com/goodbusiness or contact Jennifer Dunn, FirstBank Executive Vice President, by phone at 303-329-4780 or by email at Jennifer.Dunn@efirstbank.com, or Luke Langan, FirstBank Banking Officer by phone at 303-742-3081 or by email at Luke.Langan@efirstbank.com.

Jennifer Dunn, FirstBank Executive Vice President

Luke Langan, FirstBank Banking Officer

FirstBank determines actual loan qualification only after receipt of a complete loan application and analysis of pertinent information, such as (but not limited to) credit history, income documentation, and property valuation. Subject to approval. Fees and restrictions may apply. See any FirstBank location for complete details.