When was the last time you saw your banker, aka relationship manager? Most business owners don't remember the last time they spoke with their relationship manager: no phone calls, no emails, and no check-ins to facilitate essential business goal planning. At Bank of Central Florida, we see a gap between local business owners receiving guidance from banking professionals in the community. As the population increases in Florida, Business owners could significantly benefit from having a local relationship manager that knows their local marketplace.

Florida has the highest influx of income in the US due to the number of individuals and businesses migrating to Florida. According to The Florida Scorecard (www.TheFloridaScorecard.org), Florida is witnessing an increase in migration income at $2.7M per hour. To meet the demand for development, business owners may have an advantage with the flexibility provided by having a community bank relationship manager. Community banks, being smaller in size, can deliver quicker speed-to-market decisions, providing a competitive advantage.

The Federal Reserve defines community banking organizations as those with less than $10 billion in assets and regional banking organizations with total assets between $10 billion and $100 billion. (www.federalreserve.gov/supervisionreg/community-and-regional-financial-institutions.htm)

As Florida grows, both national and regional banks expand, causing local business owners to become frustrated in becoming a number in a portfolio or more discouraged from having to repeat their issues when trying to find the right person to assist them. Access to a relationship manager and the guidance local business owners rely on to obtain capital has become more of an obstacle.

Examples of important questions which relationship managers can assist local business owners with include the following:

  • How does my business growth affect the local community?
  • What do I do to prevent fraud on my accounts?
  • Which financial solutions will fit the plans for my business growth?
  • How quick is the response when applying for and obtaining a loan?
  • What economic impacts in the local marketplace do I need to consider?

Paul Hayman, one of our new Tampa hires, said recently, "As a commercial relationship manager, I take pride in being a trusted advisor to each of my clients. I strive to provide consultative and analytical dialogue relevant to my clients' industry and market dynamics. Specifically, focusing upon strategic growth, capital deployment, operational efficiency, and risk management insights." 

One of the most recognizable times when the gap was evident where businesses needed a professional banker to speak with was during the breakout of COVID-19. Business owners were trying to contact their bankers for information on PPP applications. Communicating with a Relationship Manager who could provide updates and answer questions became critical for business owners.

Identifying the gaps in the local market as Florida's economy grows has propelled Bank of Central Florida to open the new Tampa office (www.bankofcentralflorida.com/Team/Relationship-Managers/Tampa) at 1 N. Dale Mabry. We've built a team of local experts to fill the void of being a resourceful guide in banking so local business owners can continue to make plans to grow and our local communities can thrive. Meet with one of our Tampa Relationship Managers and make plans that propel you and your business forward.