One of the biggest problems startups face (amongst other things) is financial management.
Having a great idea for a business is just one part of the equation, after all. Not only do you have to be innovative, but you also have to manage all parts of your company meticulously to ensure it doesn’t fail.
When it comes to banks for startups, First Republic Bank should be one you look into.
Why? Keep reading. We’ll discuss what First Republic Bank is and why it’s so great.
What Is First Republic Bank?
First Republic Bank is a financial institution that was first established in 1985 and is based in San Francisco, CA. They’re currently the second-largest bank in California and the 28th largest in the country, which speaks volumes about the quality of their services.
They’ve grown tremendously in the last 3 decades. Currently, they have locations all throughout California (such as San Diego, Los Angeles, and San Francisco), as well as in Portland, OR, Boston, MA, Palm Beach, FL, Greenwich, CT, New York, NY, and Jackson, WY. In total, they have 82 locations and over 4,800 employees.
Services they offer include private banking (both personal and business) and private wealth management. This includes things like brokerage and investment services.
First Republic Bank is currently part of the S&P 500 Index, as well as the KBW Nasdaq Bank Index.
Why Is First Republic Bank so Great?
So First Republic Bank is a financial institution with some history, which means they must be doing something right to stay around for over 3 decades. This makes them younger than most other financial institutes, but that doesn’t mean they’re not just as good, or even better.
So what is it that makes First Republic Bank stand out from other banks? Find out below.
They Cater to Founders and Startups
Most banks don’t really care which stage your business is in. They just want to see that you can provide enough cash to pad your account with.
However, First Republic Bank is different. In fact, their tag line is “Banking for Innovators.” They cater specifically to founders and startups, which means they’ve tailored their services to grow as your business does.
For example, for their business accounts, they have you select which stage your company is in: early, growth, or mature. You can even select your role in the business: CEO (founder), CFO (senior finance), or other.
With this specialization for startups and founders, First Republic Bank shows that they go above and beyond to help businesses succeed, no matter which stage they’re in and no matter how big or small they are.
They Have Multiple Branches All Over the Country
As we mentioned earlier, First Republic Bank isn’t just located in Southern and Northern California. They also have locations scattered all across the nation, which means if you’d like to go to a physical branch, it won’t be hard to find one.
Lots of Features That Come With Business Accounts
As a business account holder, you’ll enjoy several features that’ll make running your business easier and smoother. They include:
- Lockbox services
- Cash vault and armored courier services
- Foreign exchange help
- 24/7 online access to corporate online banking
- Positive Pay (check fraud monitoring)
- Internet Security Health Check Program (in-person assessment of your company’s computers)
Customer Service Is Top Notch
First Republic Bank is extremely dedicated to helping your startup become the best it can be. This is why they have personal bankers who are experts in specific industries. That way, they can best advise you on how you can manage your business’s finances wisely.
Also, they’re dedicated to building a relationship with each and every one of their clients. They understand that the key to their success is your company’s success, which is why they strive to provide the best customer service possible.
Their emphasis on providing personal attention to every client is what causes many of them to choose First Republic Bank in the first place. For example, they’ll bring you cash by hand if you need it, and they’ll even approve mortgages on the same day a client walks into one of their branches.
In fact, since they’re so entrepreneur and startup-geared, they’re well-known for approving mortgages for people in unusual situations, where they’d normally never get approved. This means if you’re just starting out with your company, you won’t have to worry about other milestones in your life being put on hold because of your venture.
They Have Competitive Rates
When your startup is growing, every penny counts. Any small thing can cause your company to topple. That’s why it’s vital you find business loans with low interest rates, and First Republic Bank gives you exactly that.
This financial institution offers business loans with very attractive rates. You can borrow a minimum of $60,000, but you have to first prove that your business has been profitable for at least 3 years. You also need a credit score higher than 700 and no bankruptcies in the last 10 years.
In addition, you have to have a checking account with First Republic Bank and have enough personal assets to back the loan you’re taking out.
They’re FDIC-Insured
First Republic Bank is an FDIC-insured financial institution. This means if they ever go out of business for whatever reason, you won’t lose all your money.
All accounts at this bank are insured up to $250,000. So if they ever close their doors, then you can get up to $250,000 of your account’s balance back in your own pocket.
Open an Account With First Republic Bank Today
After reading this article, you’re probably convinced of how great First Republic Bank is for your business. If you feel like this institution is ideal for your financial needs, then the next step is to open an account.
For more information about starting your own company, please check out the rest of our site.