Commercial banks have a deliberate process they go through before opening any new account with a customer. And when it comes to handing out loans, they have a long list of questions and concerns that must be addressed, reported bizjournals.

Business owners, in turn, should be just as thorough when it comes to choosing a commercial bank.

"When you go into a bank to open an account or take out a loan, you are in sense interviewing the bank just as the bank is interviewing you," said James Ballentine, director of economic development for the American Bankers Association. "So you should look to find what is most convenient for you as it relates to the type of business you're in."

Since time can be nearly as valuable as money for some business owners, the bottom line should not always be the top priority.

"You're looking for the best rates you can find, obviously, but also for the convenience," Ballentine said. "If you're constantly in the bank making daily deposits, you may a need a bank that is in close proximity to your business. But if you're a low-transaction business, maybe a bank that is not as close wouldn't be a problem for you. If you can work on-line, maybe a bank that offers that type of service would be better for you.

"You're really looking for a bank to fit your needs, as opposed to the other way around."

It is important to understand exactly what those needs are in advance, and to stay focused on those priorities when choosing a bank.

Michael Ricks, district director with the Small Business Administration, said banks can offer services that seem intriguing, but actually are of little use to a specific business. He says it is better to find a bank that best meets your current needs, and then make any necessary changes as your business evolves.

"A lot of times people get caught up in the fact that a certain bank will offer a lot of credit," Ricks said. "That's great, but do you really need that much money? If you don't, then you might be able to find a bank that offers a smaller line with more favorable terms.

"So try to match your current needs with a lender. A lot of times people will say, 'I'm going to sign with a big bank, because I have big plans for the future and I'm going to grow and grow.' That's all fine and dandy. But it's not like you get married to a bank and you have to stay with them the rest of your life. If your needs outgrow your bank, then just change banks. But in the interim, you need to really look for the bank that's going to offer the best deal for you right now."

The National Federation of Independent Business said there are several questions business-owners should ask before choosing a commercial bank:

• Does the bank offer special accounts for small businesses? If the words "small business" are nowhere to be found in the bank's brochure, then it's probably not the bank for you.

• How personalized is the service? Conduct fact-to-face, fact-gathering interviews with the banks you're considering and see how enthusiastic and personable the representatives appear.

• Are the fees reasonable? While most business accounts have some sort of fees attached to them, make sure you do enough comparison shopping to get the best deal.

"The most common mistake people make is they go with the first bank they find," said ABA's Ballentine. "That can be a mistake, because that bank may not be as active in the small-business market as another bank is. That's why you want to shop around and go to at least three institutions. Even though all banks offer accounts and services, some will be more active in certain areas and provide a little different product that would be better for you or a particular business."