Sample Essay On Banking Services For Small Businesses

If I decide to start-up my own business, the PNC Banker seems to be a reliable banking partner and expert that may offer necessary services to help to develop and grow the started business. Indeed, the PNC Banker’s expertise allows it to provide client-oriented services, including banking, borrowing, payment and processing services, as well as specific industry solutions for different potential clients. The summary of the PNC Banker’s services for small businesses is provided below.

Business checking services

Nowadays, checks are a very widely used payment tool that allows the business to manage its daily cashflow. Thus, the business may postpone the actual payment in time by writing a check, as the latter should be presented to the bank in exchange of cash.
The PNC Banker’s business checking services are tailored to the business everyday transactions. Indeed, the PNC Banker may help not only to make the most of the business cashflow, but also “offset the checking account monthly maintenance fee” (The PNC Financial Services Group, Inc.).

Savings and liquidity management services

If the business has excessive funds in place, they should generate extra profit for such a business. Keeping this in mind, the PNC Banker proposes its small business clients to open premium business money market accounts and/or sweep accounts with the bank.
Thus, there will be no maintenance fee for the premium business money market account if its monthly balance exceeds USD 2,500. Furthermore, such a type of the bank account allows “up to six checks paid per month drawn on this account” (The PNC Financial Services Group, Inc.).
Moreover, “PNC Bank's Business Sweep Checking is an automated cash management tool that can help” the small business to make the most of its idle cash, as well as to “manage daily liquidity and enjoy immediate access to investment balances” (The PNC Financial Services Group, Inc.).

Payments and processing services

The PNC Banker provides its small business clients with a wide range of online services, including such specific services as online payroll, remote check deposit and tax express. Indeed, the client may “authorize most federal and state business tax payments electronically, up to 30 days in advance, without all the paperwork” by using the tax express service (The PNC Financial Services Group, Inc.), which is very convenient, especially for the recently started business. Thus, the business may focus on its further development rather than on the tax paperwork.

Borrowing services

At the same time, the PNC Banker offers its clients a wide range of credit products, including unsecured lines of credit for up to USD 100,000, secured term loans, commercial mortgages, business vehicle loans, investment real estate loans, etc. The bank also offers a special financing option for small businesses at a 10% annual interest rate with no prepayment fee and balloon payment for the loan of up to USD 150,000 (The PNC Financial Services Group, Inc.). Moreover, the PNC Banker offers small businesses longer loan repayment periods that decrease required monthly payments.
The PNC Banker may also issue credit cards for small businesses with a variable annual percentage rate of 10.99% – 19.99% depending on client’s creditworthiness (The PNC Financial Services Group, Inc.).

Industry solution services

Simultaneously, the PNC Bank, as a client-committed provider of banking services, has special banking services available for different types of small businesses having individual business needs, including healthcare professionals, retail businesses, manufacturers, wholesalers, agricultural producers, professional service providers, accountants and attorneys.

Works Cited

The PNC Financial Services Group, Inc. “Small business”. PNC.com. The PNC Financial Services Group, Inc, 2015. Web. 15 March 2015. <https://www.pnc.com/en/small-business.html>.