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November 28, 2023

A bank built for small businesses comes to Pennsylvania

Owners Bank, a new, digital financial services provider, promises to make small businesses a priority by offering high-tech, high-touch services

Business Banking

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There’s no doubt that small businesses are the backbone of Pennsylvania. There are more than 1 million small businesses across the Keystone State, accounting for 99.6% of all businesses and 46.2% of the entire workforce. Yet, despite these staggering numbers, less than half (47%) of U.S.-based small businesses believe their primary financial institution understands their needs.

Introducing Owners Bank

With over $7 billion in assets, Liberty Bank has always been owned by its customers and committed to putting customers first. Inspired to better serve small businesses, they set out to create a bank designed to meet their evolving needs – Owners Bank.

  • Are you a small business owner looking for a bank that better meets your specific needs?
  • Owners Bank offers high-tech, high-touch services that help make financial tasks faster and easier.
  • Learn more

Beginning now, small business owners in Pennsylvania – alongside owners in Rhode Island, Massachusetts and Connecticut – can sign up for business checking, interest checking and savings accounts, and take advantage of digital apps that help make financial tasks such as invoicing and payment faster and easier.

“Big banks are built for big businesses. So, at a time when small businesses represent a massive and incredibly impactful portion of the state’s business landscape, workforce and economy, we thought it was about time there was a bank in Pennsylvania that caters directly to the needs of its small businesses,” said David Mitchell, founder and CEO of Owners Bank, a division of Liberty Bank.

Cash flow for the cash strapped

At the center of being a better partner to small businesses is understanding the niche needs that owners of these small businesses have – which the big banks simply do not.

According to the Bureau of Labor Statistics, as of 2021, more than 20% of small enterprises fail in the first year and nearly 50% within five years. The most common reason for closing: they ran out of cash. Additionally, nearly one in three small businesses couldn’t survive for more than three months without additional capital or a change in business conditions. In fact, 58% of Pennsylvania small business owners list uneven cash flow as one of their top financial challenges.

Knowing cash flow is paramount to keeping small businesses open, Owners Bank offers tools to help businesses alleviate cash flow issues including credit cards and business loans.

Many businesses that turn to banks for a loan to help their cash flow issues leave disappointed as small business loan approval rates at big banks continue to drop: the percentage of applicants receiving all the funding they sought fell from 43% in 2019 to 34% in 2021. And, for those who are approved, the loans may not be catered to small businesses specifically.

Owners Bank’s small business loans were developed to promote the financial well-being and success of businesses that are often left behind by big banks. While most banks request two years of tax returns to apply for a loan or line of credit, Owners Bank asks that businesses be in business for a minimum of six months, creating more opportunities for startups or new businesses seeking options. In addition, Owners Bank can share an application decision within three days for well-prepared borrowers along with no auto-decline — even if a borrower isn’t automatically approved, Owners Bank representatives will reach out for an individualized consultation to understand the business’s unique needs and identify a solution.

Owners Bank is also looking to make a difference in the world of small business credit cards with its card designed specifically for small businesses. Small business owners in Owners Bank’s footprint can apply for up to a $50,000 credit limit with a competitive interest rate, exciting rewards, and a program built to fuel the success of their business.

High-tech, high-touch customer service

When one of the largest banks in New England, Liberty Bank, set out to create Owners Bank, it recognized that the perks of a completely digital bank come with a greater need to increase the availability of the banking team to customers.

By using a high-tech, high-touch approach, Owners Bank allows small business owners to feel the benefits of a new age, virtual bank without losing the connection to and accountability of easy-to-reach customer service representatives.

“Currently, many small business owners find themselves dealing with the complicated, time-wasting system of getting money into the hands of employees and tracking that spending through multiple platforms,” said Mitchell. “At Owners Bank, we understand that time is money for small business owners. This is why we provide all the tools they need to handle their business in one place, giving them the time and resources needed to help their businesses survive and thrive.”

Small business is the present and future of our country – it’s about time the banking industry started to reflect it. Are you a small business owner looking for a bank that better meets your specific needs? Learn more at