Also, the bank’s comprehensive point-of-sale (POS) solutions aim to help small retail and restaurant businesses process payments and track their own inventory, extending beyond the functionalities of a cash register and operating as in-house inventory management and all-payment processing systems.įurthermore, BBVA Compass provides complimentary online business banking, providing small businesses with anytime, anywhere access to their account with the convenience of making remote deposits, viewing account statements, reviewing their financial health, transferring money and paying bills. Through BBVA Compass Merchant Services, small enterprises can digitally gain business insights, protect their business from cybersecurity and payment fraud, and reach and build stronger relationships with their customers through custom-designed digital reward programs - all within the walls of their business. According to Gibson, these two tools help small businesses experience profitable growth, because they bring the most essential components together to assist owners in successfully managing, organizing and building both their enterprises and their funds. With merchant services solutions and digital banking, small enterprise owners can streamline their business operations and conveniently access finances. Nationally, the bank approved 1,801 7(a) loans in 2016, becoming the program’s fifth most active lender by a total number of loans and 10th by dollar volume. In particular, the bank is a leading provider of the loan's 7(a) flagship loan program. The SBA loan options create opportunities for small businesses to benefit from lower down payments, reduced equity terms, longer interest terms and less restrictive coverage and collateral requirements. Through the federal agency’s Small Business Administration (SBA) loans, BBVA Compass is able to help many small enterprises finance the same business needs covered by its conventional business loans but with additional or more flexible financial assistance. BBVA Compass also offers its secured Commercial Real Estate Loan, opening the door for small businesses to obtain real estate and/or expand their facilities. However, for small businesses seeking loans with a long-period installment plan, the bank offers its Business Term Loan. With CompassPoints Rewards, businesses earn one point per dollar spent and can build up even more points with Build Your Own Rewards, which allows them choose from select categories each quarter in order to double and triple their earnings.īBVA Compass, the nation’s 22nd-largest bank by deposit market share, is punching way above its weight in its drive to become the lender-of-choice for entrepreneurs and small businesses.īBVA Compass offers short-term loan options such as its Convenience Line of Credit and Traditional Line of Credit. With BBVA Compass’ Secured Visa Business, Visa Business Rewards and Visa Professional Rewards credit cards, small businesses can earn unlimited points on qualifying purchases, which are redeemable for account credit. In addition, many business credit cards can help small businesses take advantage of accumulating and redeeming reward points for offers which can offset business spending. With this card, a business’ available credit is secured by its BBVA Compass savings account balance. The BBVA Compass Secured Visa Business Credit Card is a recommended choice for businesses who may not qualify for a credit card, but still want control over spending. Also, as with personal credit cards, business credit cards can help small enterprises manage their spending and cash flow. BBVA Compass was recognized by the Small Business Administration with two awards recently, highlighting more achievements for the bank in its commitment to entrepreneurship.Ĭredit cards can help small business owners with a revolving line that allows them to purchase the resources needed to grow their enterprises without significantly pulling from their earned revenue.
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