Market Update: Bell Bank sees small business as ‘lifeblood’ of local economy – Full Analysis

Bell Bank Vice President and Commercial Banker Jason Crawford describes small businesses as the “lifeblood” of the local economy.

“Without them, the community really just doesn’t exist,” he said. “Forty-five percent of all private sector jobs are from small businesses. I think the stat is for every $1 spent at your local small business, $.68 of that stays within the community.”

He said their goal is to be a partner, not just a banker.

“We often provide advisory services to our customers that’s not just in the banking realm but whether it’s strategic growth initiatives or challenges,” Crawford said.

One client he’s particularly proud of is Dr. Hillary Reich’s practice, Dermatology Duluth.

“It’s a huge need in the community. Wait times are often very, very long for that business. And we were able to work with Dr. Reich to help her open up her business,” Crawford said.

And if Bell Bank can’t help, Crawford says they work with partners who might be better suited.

“We work with certain nonprofits in the community like Northland Foundation, the Entrepreneur Fund,” he said, “who usually work in tandem with us to help our customers get the right picture of what they need for finances.”

This segment was sponsored by Bell Bank.