Too Small to Succeed with Too Big to Fail?
June 8, 2011 5:18 PM   Subscribe

What's the best bank for a small D.C.-based LLC?

Have looked through a lot of previous questions related to banks and small businesses, but they all seem to be from before the financial crash and subsequent bank mergers and buy-outs, and none of them are related to our location (D.C.).

The constant advice seems to be to bank local, but there don't seem to be any decent local banks left in the nation's capital. From local business-owners I've asked, they seem to be all BoA, Capital One (formerly Chevy Chase) or Wacho—er, Wells Fargo.

Of course, we'd prefer to bank local. But, above that, for a small start-up LLC registered and operating in Washington, D.C., what's the best bank to send our business?
posted by General Malaise to Work & Money (6 answers total)
Bank of Georgetown?
posted by COD at 5:26 PM on June 8, 2011

Can't offer you any specifics from out here in Iowa, but as one new business owner to another, try looking for a credit union instead of a bank, especially if you're going to be wanting a line of credit or other financing. Credit unions have gobs of money to lend, they love business accounts, and you will get incredible customer service at extremely attractive rates. Credit unions are the way to bank local today.
posted by webhund at 6:21 PM on June 8, 2011

Best answer: I know two DC-based NGOs who switched from Wachovia/Wells Fargo to PNC Bank recently, and both have had nothing but good things to say about the transition and the service at PNC. Credit unions might be a better option for you, though.
posted by gemmy at 6:49 PM on June 8, 2011

Best answer: My boss swears by Presidential Bank for his various small business entities. Personally I'm a huge fan of PNC Bank but can't speak to their small biz side.
posted by jay dee bee at 8:28 PM on June 8, 2011

If you're in Northern Virginia, Burke & Herbert. DC proper, I dunno.
posted by Hollywood Upstairs Medical College at 9:25 PM on June 8, 2011

Response by poster: Well, we discussed it, and looks like we're going to go with PNC for the time being. Thanks for the advice!
posted by General Malaise at 7:45 AM on June 15, 2011

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