Friendly lawyer or financial advisor in suit consulting young couple, smiling investment broker or bank worker making loan offer, giving legal advice, selling insurance or real estate to customers. Concept: best banks for small business
Monica Williams
By: monica_williams
Read in 17 minutes

The Best Banks for Small Business

If you are an entrepreneur, opening a business account should be at the top of your to-do list. Why?

Having a business bank account is a must-have if you want to manage your finances well.

Community and regional banks work best for small business owners. These banks not only offer personalized services, but their terms are also friendly enough to accommodate the individual needs of small business owners and help their companies thrive.

If you are looking for the best banks for Latino small businesses, you have come to the right place. There are plenty of these banks throughout the US and you are guaranteed of finding an ideal bank for your business within your location.

Bank Doorway. Bank Building. concept: best banks for small business

How to Find the Right Bank for Your Business

So out of all the best banks for Latino small businesses, how do you determine which one is ideal for you? What are the best banks for entrepreneurs?

Well, first, you need to outline your business needs as far as banking is concerned. Considering the fact that no two businesses are alike, you will have to make a decision based on what your business needs are.

Other factors to include are:

  • Branches and location

Keep in mind that some of the banks for Latino small businesses in our list operate only in certain regions. Needless to say, you should pick your bank according to your location.

Also, having a branch near you is ideal especially if you need to do regular deposits and withdrawals in person. This also helps in creating relationships.

To sum up, go with a bank that is in close proximity to your business. This way, you can walk in and out of the bank whenever necessary and with relative ease.

  • Fees

As a rule of thumb, cheaper is better, especially where a small business is concerned. Fortunately, most institutions in this list of the best banks for Latino small businesses provide business accounts that are available at no charge.

  • Finance options

Different banks offer different finance options to small business owners. From a line of credit to a fully drawn advance option, banks offer different incentives to help small business owners grow their businesses. A good bank should also offer business loans when and if you need them.

To apply for financing options with Camino Financial, start here.

Apply now!

  • Requirements for opening an account

When opening an account in person, most banks require two forms of identification such as a Social Security card, driver’s license, state ID, passport, or birth certificate. Bear in mind that if you are not a US citizen, you may still be able to open an account with identification issued from your home country.

Also, most banks require a minimum opening deposit in your account. Expect to deposit between $25 and $100, although it could be more.

  • Products and features that may be beneficial for your business

Does the bank of your choice offer online banking? As a business owner always on the go, online banking is a must.

What about a business credit card? When properly used, a business credit card can help you capitalize on your business, but you should pay attention to the small print and features offered and compare different cards before making a choice on the credit card you want for your business needs.

Lastly, consider additional services depending on the nature and specific needs of your business: does the bank of your choice offer payroll and benefits services? What about merchant services or insurance for your business?

Businesswoman and Businessman Shake Hands. Draw up a Contract, Filling Papers in Conference Room. In the Background Modern Bright Office with Glass Walls. concept: best banks for small business

Getting a separate account for your business will increase your chances of qualifying for a business loan in the future.

15 Best Banks for Small Business

Now that you have the tools to choose the right bank for you, let’s take a look at the best banks for Latino small businesses:

1. Citizens Bank

Northeastern U.S.

citizens bank logo. concept: best banks for small businesses

Best for low fees

Citizens Bank offers a variety of checking accounts with minimal charges that are ideal for start-ups and small businesses. The bank also offers low-interest loans with flexible terms and a repayment period of up to seven years.


  • Attractive loan packages.
  • Checking accounts that are friendly to small businesses.
  • Keen on building personal relationships and assessing each business’s unique needs.

2. PNC

Mid-Atlantic Region

pnc logo. concept: best banks for small businesses

Best for beginners

PNC is a Delaware-based bank that ranks among the top 10 largest banks in the country and for a good reason too.

With over 2,500 branches spread throughout the Mid Atlantic, it is no wonder that this bank ranks among the best banks for small businesses in general, Latino ones included. The bank also offers a number of checking accounts specifically designed to meet small business needs. The good thing is that account fees are minimal and with good planning, you can avoid these fees altogether.


  • Three-tier checking accounts that cater to beginners and more established businesses as well.
  • Low account maintenance fees.
  • Specialized checking services that include interest-bearing accounts.

3. U.S. Bancorp

Midwestern US

U.S. Bancorp logo. concept: best banks for small businesses

Best for small businesses with diverse banking needs

U.S. Bancorp has joined the big league in the banking industry and all indications are the bank will continue to grow with time. Even though this bank is among the largest in the market, it offers very friendly terms and services to small business owners. This explains why it features prominently in this list of best banks for Latino small businesses.

From low-interest loans to affordable chargeable accounts, U.S. Bancorp has it all and so much more.


  • Variety of checking accounts for different types of businesses.
  • A vast branch network.
  • Friendly loan terms for Latino small businesses.

4. SunTrust

Southeastern US

SunTrust logo. concept: best banks for small businesses

Best for accessing medium to long-term loans for Latino small businesses

If you plan to take a medium or long-term loan for your business, SunTrust bank is the place to go. Like in any traditional bank, you will have to prove that your business is financially sound to qualify for a loan. That said, small business loans at SunTrust are quite accessible as long as you have valuable collateral.


  • Easy small business loans with friendly repayment terms.
  • A variety of checking accounts for different business sizes.
  • Low account maintenance fees.

5. Comerica

Southwestern US

Comerica logo. concept: best banks for small businesses

Best for long-term relationships

Comerica is among the best banks for small businesses whose owners want to build a lasting relationship with their bankers. If you are looking for a bank that will stay with you throughout your journey as a small business, Comerica is a good option. If your business is in the Southwest region, consider opening a business account at Comerica.


  • No monthly fees on a business checking account.
  • Low ATM and deposit fees.
  • A dedicated workforce trained to offer the best credit solutions for Latino small businesses.

6. First Republic

East and West US

First Republic logo. concept: best banks for small businesses

Best for easy access to your money in all parts of the world

If you frequently travel to far-flung areas of the world for business, the First Republic bank will meet most if not all of your business banking needs. The checking account comes with low access fees for ATMs in all parts of the world in addition to low maintenance costs and low minimum balances.


  • Zero access fees to international ATMs.
  • Flexible online banking.
  • Convenient bill pay.

7. Sunrise Banks


Sunrise Bank logo. concept: best banks for small businesses

Best payday alternative

Sunrise Banks is amongst the few institutions dedicated to offering loans to businesses in low-income areas. This bank also goes a step further and offers loans to employees of its customers. Once a small business has established a relationship with the bank, its employees also qualify for a loan.

Unlike larger banks that may not offer a large variety of products for your employees, Sunrise Banks works hard to ensure that they are not left behind. These, among other reasons, make it one of the best banks for Latino small businesses.


  • Direct lender for small businesses.
  • Reasonably priced loans for Latino small businesses and their employees.
  • Loans of up to $3,000 for their customer employees.

8. Eastern Bank

New England

Eastern Bank logo. concept: best banks for small businesses

Best for business lending

The Eastern Bank stands out as far as business lending is concerned. The bank has a loan system that is not only fast but also quite efficient. The loan application process is easy and this possibly explains why Eastern Bank has remained the top SBA lender in the New England region.


  • Loan application complete in five minutes.
  • An instant decision for loan eligibility.
  • Express business loans for small businesses that meet the minimum requirements.
  • Business loans for up to $100,000.

9. Key Bank

1,197 branches throughout the US

Key Bank logo. concept: best banks for small businesses

Best for multiple accounts

Key Bank offers three checking accounts and these come with features and perks designed to make banking for small businesses easy. The bank also offers credit facilities for general and Latino small businesses among other services. Those reasons, along with its strong presence (over 1,000 branches in the US) make Key Bank one of the best banks for small business.


  • Interest-bearing accounts with unlimited bill pay support and up to 100 free transactions for every billing cycle.
  • Customer support aimed at helping businesses to thrive in a highly competitive market.
  • Different checking accounts for beginners and already established businesses.

10. NorthOne

Digital Bank

northone logo. concept: latino small businesses

Best for digitally-driven small businesses

This is where things get interesting. The best banks for Latino small businesses are not just the ones you can visit from time to time. Even digital banks are ranked among the best in the industry.

NorthOne is an FDIC-insured bank created specifically to serve small business owners. With an express account opening (it only takes 3 minutes!), your NorthOne account offers quick and hassle-free online banking. But not everything is on the internet, they have a network of 300,000 ATMs nationwide for your convenience. 

It is safe to say that NorthOne is a welcome break from the traditional brick and mortar banks. 


  • The app has mobile check deposits, dedicated tax accounts, cashflow reporting.
  • API connectivity to PayPal, Square, Quickbooks, and many other tools.
  • 24/7 in-app support

11. Wells Fargo 


Wells Fargo logo. concept: best banks for small businesses

Best for large and Latino small businesses

Wells Fargo is the third-largest bank based on its total deposits and having $1,668 billion in assets. It was the second most active SBA lender in 2019 lending over $6 trillion to small business owners. The bank has approximately 5,300 retail banking branches coast to coast and 13,000 ATMs along with internet and mobile banking.


  • According to S&P Global Market Intelligence, Wells Fargo has the most comprehensive mobile app.
  • Wells Fargo has been in business since 1852.
  • Flexible lending programs.

12. Chase Bank


Chase Bank logo. concept: best banks for small businesses

Best for offering a variety of loan options

Chase Bank is a one-stop financial institution offering term loans, lines of credit from $10,000 to $500,000, commercial real estate loans, and equipment financing. In addition to loans and business checking accounts, Chase Bank offers business credit cards. Attractive incentives to get one include substantial cashback and rewards points earnings.


  • Online full-service payroll program and access to human resources features.
  • Scan deposit checks to your checking account electronically.
  • Merchant service accounts are available.

13. Capital One


Capital One logo. concept: best banks for small businesses

Best for helping with cash flow

Capital One offers working capital lines of credit, equipment and business auto loans, installment loans, and SBA loans. Capital One routinely offers lower-cost business loans when you’ve already established a relationship with the bank.


  • Business debit card, online bill pay as well as online and mobile checking.
  • Cash flow management tools.
  • Guides are available to teach you how to grow your business.

14. Bank of America


Bank of America logo. concept: best banks for small businesses

Best for improving efficiency

With a 200-year history of helping small businesses, Bank of America actively offers new credit options to small business owners and helps you find ways to waive business checking account fees. 


  • Business and employee debit cards.
  • Point of sale software to reduce your business’s workload.
  • Easy to use banking products and services.

15. Citibank

Six urban locations

Citibank logo. concept: best banks for small businesses

Best for digital services

With locations in New York City, Washington, D.C., Chicago, Miami, Los Angeles, and San Francisco, you can still bank online digitally to use Citibank’s services. Along with business checking accounts, the bank has savings, money market, certificates of deposit, business loans, and credit cards.


  • Secure CitiBusiness online account access.
  • Industry-based bank packages.
  • Fraud protection, mobile banking, and FDIC insured accounts.

People stand at BITCOIN ATM and buy the cryptocurrencies. concept: best banks for small business

Learn here how to manage your business bank account to improve your chances of getting a loan.

The First Step to Grow Your Business

Finding your perfect choice among the best banks for Latino small businesses is just the beginning to make your business grow.

Remember you’ll need a business bank account if you are planning to take a business loan in the near future. Your lender will need to access your bank statements to check your average balance, your deposits and withdrawals, and your cash flow, among other details, to ensure the overall good health of your finances.

If you are ready to take that step, consider a small business loan from Camino Financial. We lend to businesses all over the US through our secure and simple online platform. Our process involves just four easy steps:

  1. Complete a short online application to receive an instant quote. It will take you only a few minutes and it won’t impact your credit. You’ll know instantly if you are pre-qualified for a loan.
  2. Authorize Camino to download your recent bank activity to calculate the maximum loan amount.
  3. Submit proof of business (e.g. business registration) and sign the loan contract.
  4. Receive cash directly in your business account.

What are you waiting for? Start growing your business with a small business loan!

Apply now!



Check if you
qualify for a loan