Wells Fargo and Bank of America top the list when it comes to being the main financial institution for small businesses, according to a recent survey by Phoenix Synergistics entitled, Opportunities in the Small Business Credit Market. Chase, Capital One, and PNC comprise a second tier of top mentions. Rounding out the top ten named financial institutions are Citibank, SunTrust, U.S. Bank, BB&T, and TD Bank. These main providers enjoy important competitive advantages as small business lenders. Small businesses typically consider their checking account provider to be the main provider.
These are among the findings from Phoenix Synergistics study, Opportunities in the Small Business Credit Market, featuring 800 internet interviews with owners and executives of small businesses with annual sales of $50K to $5M. Industry categories included retail, wholesale, manufacturing, and services. This study examines small business usage of various credit products and lenders, as well as their decision-making process and future demand. In addition, the channel usage and preferences of small businesses as related to credit are measured.