IBA, as the premier business brokerage firm in the Pacific Northwest, is firmly established as a respected professional service firm in the legal, accounting, banking, mergers & acquisitions, real estate, and financial planning communities. Periodically, we will post guest blogs from professionals with knowledge to share for the good of owners of privately held companies & family businesses. The following blog has been provided by Michael Chesner of Bank of America (https://bankers.bankofamerica.com/michael.chesner):
Big Banks: Debunking the Myths (Because They’re Not Actually Movie Villains)
Hi, I’m a Business Banker at Bank of America.
Yes, a big bank.
Yes, the one with big buildings.
And no, I don’t store loan applications in a secret vault guarded by laser beams and corporate dragons. (Dragons are a regional‑manager–level perk.)
Every week, I meet business buyers, sellers, and brokers who come in armed with a mix of hope… and myths. Lots of myths.
But let’s put the myths to rest—preferably with humor, because this stuff can get dry enough to spontaneously turn into an SBA 7(a) policy manual.
Myth #1: Big banks hate small businesses. Like, personally.
Reality: Big banks actually love small businesses. They lend billions to them every year.
If anything, they love small businesses the way your aunt loves sending you inspirational quotes at 6 a.m.—aggressively, consistently, and with more enthusiasm than you asked for.
The SBA even publishes rankings, and guess what? The giant banks are always right up there, handing out SBA loans like Oprah hands out cars.
Myth #2: Big banks move slower than a sloth in a meditation class.
Reality: They’ve gotten shockingly fast.
Big banks have entire departments dedicated to SBA loans, business acquisitions, and shepherding your paperwork like proud parents at a science fair.
Are they as fast as that one credit union that approves loans in the time it takes you to blink?
Probably not.
Are they faster than the outdated reputation you heard from someone’s cousin whose barber’s sister tried to buy a sandwich shop in 2004?
Absolutely.
Myth #3: You’ll get lost in the corporate abyss.
Reality: You’ll actually get a whole team.
Big banks assign loan officers, underwriters, analysts—and probably someone whose job is just to translate what the analysts said into human language.
You won’t be shouting into the void. You’ll be emailing multiple people whose email signatures include at least three corporate disclaimers and a link to a survey.
Reassuring!
Myth #4: Big banks “don’t get” niche industries.
Reality: Big banks have seen everything.
Dentist office? Seen it.
Auto repair? Standard.
Goat‑yoga‑tea‑infused‑crystal‑healing studio? …Honestly, probably seen it too.
When you finance thousands of deals a year, nothing surprises you anymore.
Except maybe goat yoga. That one’s a little weird.
Myth #5: Big banks demand a down payment larger than the GDP of a small island nation.
Reality: This is where I remind everyone that certain loan programs (like SBA programs) have their own rules.
We don’t sit in a conference room inventing new hurdles like:
“Let’s require collateral in the form of three vintage comic books and a lock of unicorn hair.”
We follow the programs.
You follow the programs.
We all follow the programs together.
Myth #6: Smaller lenders give better deals because they’re friendlier.
Reality: Smaller lenders are great—truly. We partner with many of them, and we love them in a “healthy professional respect” kind of way.
But sometimes:
- Their credit box is narrower
- Their risk appetite is smaller
- They’ve never financed a business like yours
- They close early on Fridays
Big banks, on the other hand, see a huge range of industries, deal types, and borrowers every day. We’ve got the reps. We’ve seen the patterns.
Also, our coffee machines are incredible.
So What Does All This Mean?
It means don’t judge a lender by its logo.
Big banks aren’t the villains, and small banks aren’t always the heroes. They’re all just institutions doing their best while wading through:
✔ regulatory spaghetti
✔ underwriting algorithms
✔ SBA footnotes
✔ your uncle forwarding you tax documents in photo form
My job, as a business banker, is to help you navigate toward the right lending solution—not the one overshadowed by the catchiest myth.
Final Thought
If you’ve got a business to buy, a business to sell, or you just want someone to translate banker‑speak into English:
I’m here.
I’m caffeinated.
And I’m ready to help you navigate the process without believing any myths funny as they may be.
Michael Chesner is a Senior Vice President with Bank of America specializing in financing for buyers acquiring privately held companies, family businesses, and owner occupied commercial real estate in Washington. He is also familiar with all Bank of America’s banking products in place to support entrepreneurship. If you have questions about the content of this article or any area relevant to business banking he would welcome you to contact him at (206) 706-5977 and [email protected].
IBA, the Pacific Northwest’s premier business brokerage firm since 1975, is available as an information resource to the media, business brokerage, mergers & acquisitions, and real estate communities on subjects relevant to the purchase & sale of privately held companies and family businesses. IBA is recognized as one of the best business brokerage firms in the nation based on its long track record of successfully negotiating “win-win” business sale transactions in environments of full disclosure employing “best practices”.