This is a subscriber-only article.

For a limited time, join Entrepreneur+ and save 50% during our Cyber Monday sale. Use code SAVE50.

Join Now

Already have an account?

Sign in
Entrepreneur Plus - Short White
For Subscribers

The Bank in Your Backyard Building strong connections with community banks can pay off during uncertain economic times.

By Gwen Moran

Opinions expressed by Entrepreneur contributors are their own.

Marilyn O'Neill's company needed money. Nautilus Environmental, the San Diego environmental consulting firm she launched in 2004, had grown quickly. But to continue growing, O'Neill needed about three-quarters of a million bucks--smack in the middle of a recession and on the heels of her company losing about $170,000 during the downturn.

At the same time, the bank she had used since 2006--and the one that held her $550,000 line of credit--increased its loan audits from once a year to four times a year. "I didn't think we should have to do that," she says. "Then the CEO was fired by the board, and it started looking like things were unstable."

So O'Neill began looking to other banks, large and small, in search of funding. Over the course of a year, she talked with about 10 of them, but one community bank in particular, Security Business Bank of San Diego, took an interest in her company. The manager eagerly courted Nautilus and seemed to understand the business.

Editor's Pick

Related Topics

Business News

This AI Fitness Influencer Makes $11,000 a Month And Was Asked Out By a Celebrity

Aitana López has over 149,000 Instagram followers and brands love her. Is she the future of social media marketing?

Business Plans

She Wrote An 'Escape Plan' to Quit Her Job and Move to an Island. Now She's There Generating Nearly $300,000 A Year

"My detailed, step-by-step plan on how I would quit my job and move to a Caribbean island."

Business News

'Traumatized': Man Jumps Out of Emergency Exit on Southwest Airlines Plane

The incident occurred late Sunday night in New Orleans.

Starting a Business

How Founder Personalities Contribute to Startup Success

A study found that founders who possess a mix of grit, curiosity, conscientiousness, and high emotional intelligence were more likely to propel their startups towards success.