Visual representation of small business financial literacy - decorative

Module 5: Banking Services


For many small businesses, banks are something of a mystery. Many companies shy away from using banks, either because of some level of mistrust or a lack of understanding of how banks can assist you in building your business.

In this module, we will look at:

  • The benefits of building effective long-term relationships with bankers (branch managers and lenders) and business advisors.
  • Things to consider when selecting a financial institution.
  • Features, advantages and risks associated with the financial services and products that you may be considering for your business.
  • Ways to recognize and avoid small business fraud, scams and cybersecurity risks.

What do you know about banks and their services?

Before we go too far, let’s take a moment to self-assess your understanding of banks, financial products and lending practices.

Read each statement below and select the number that corresponds with your level of confidence, level 1 (least) to 4 (most). There are no right or wrong answers.


1.       I can identify financial products and services that are commonly available to a small business. 1 2 3 4
2.       I can explain how these products and services work to another business person. 1 2 3 4
3.       I can identify the advantages and disadvantages of various financial products and services. 1 2 3 4
4.       I can explain how small business owners decide which financial products are best for their business. 1 2 3 4
5.       I can describe how to build effective long-term relationships with bankers, lenders and business advisers. 1 2 3 4
6.       I can explain the benefits of separating business and personal bank transactions. 1 2 3 4
7.       I know how to identify potential fraud, scans and cybersecurity risks. 1 2 3 4