February 21, 2025

Best Banks for Small Business in Colorado

By Alyssa Supetran
Read more about Best Bank Account for Small Business
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
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Need a bank to support your Colorado small business? Wells Fargo, FirstBank, and Bluevine are some of your top options. Read on for the full list.

Which bank is best for a small business in Colorado?
These are the 10 best banks for small businesses in Colorado:
  1. Wells Fargo for SBA loans
  2. Chase Bank for built-in credit card processing
  3. U.S. Bank for national bank with free checking
  4. Bank of America for flexibility
  5. Capital One for unlimited free transactions
  6. FirstBank for regional bank
  7. Bank of Colorado for local bank
  8. Community Banks of Colorado for customer service
  9. Bluevine for high-interest checking accounts
  10. Lili for sole proprietors & freelancers

Colorado's business-friendly climate and strong economy give local small businesses a conducive environment for success. But without the right bank, you might not fully tap into that support.

Luckily, Colorado has a variety of banking options, from big names like Wells Fargo to local banks like the Bank of Colorado.

Not sure which one's right for you? Check out this guide for the top 10 banks that can help your small business grow and thrive in the Centennial State.

10 Best Banks for Business Accounts in Colorado

Whether you're running a successful ski resort in Breckenridge or launching a tech startup in Colorado Springs, these banks can help you keep up with Colorado's dynamic economy.

Colorado has many incentives and programs to support the state's 715,000+ small businesses.[1] These range from tax credits to training programs that help entrepreneurs maximize their potential and boost their businesses' growth.

Which banking service do you need for your small business in Colorado?

Wells Fargo

Best for: SBA loans and extensive business services

Wells Fargo is one of the biggest banks in the country with approximately 4,100 retail banking branches coast to coast. Over 100 of them are in Colorado alone, mostly around Denver.

Wells Fargo offers a comprehensive suite of business products, including banking, insurance, and payroll services under one roof.

Need capital to start or grow your business? Wells Fargo is one of the country's top SBA 7(a) lenders. It can help you secure small business loans quickly with more favorable terms, such as longer repayment times or lower interest rates.

For business checking, the Initiate Business Checking Account is a great starter account for new businesses with less activity. As your business grows, you can easily upgrade if you need more features.

Pros:

  • Top SBA lender
  • Comprehensive small business services
  • Several business checking options

Cons:

  • Many banking fees like wires and overdrafts
  • Low interest rates for savings accounts

Chase Bank

Best for: Built-in credit card processing

Chase Bank is another national bank with over 100 physical branches in Colorado, so it's worth looking into if you want to use a big-name bank for your Colorado small business.

Chase is a great option if your small business accepts credit card payments from customers. It's good for small retail stores, restaurants, and service-based businesses.

The Chase Business Complete Banking account includes built-in credit card processing. No need for a separate merchant account.

And with the QuickAccept feature, all payments are deposited into your account on the same day. So you can keep your cash flow moving and prevent business interruptions.

Chase also has excellent customer service and a wide selection of business products. In particular, its popular business credit cards give generous cashback and travel rewards.

Chase Bank often offers new customers bonuses for opening business bank accounts. Check back regularly to see current promotions.

Pros:

  • Checking with built-in payment processing
  • Highly rated mobile app
  • Unlimited electronic transactions
  • Offers promotions for new customers

Cons:

  • Many banking fees
  • Low interest rates

Still finding your footing as a small business owner? This next option is great for newer businesses with inconsistent cash flows.

U.S. Bank

Best for: National bank with free checking

U.S. Bank is another national bank worth considering if you want a strong local presence in Colorado. It has over 100 branches across the state, mostly in Denver and its surrounding areas.

If you prefer a larger bank with fewer fees, U.S. Bank is an excellent choice. Its Silver Business Checking Account has no monthly fee or minimum balance requirements. Just note that you're limited to 125 free transactions per statement cycle, then $0.50 each, so it's best for newer businesses with less activity.

And if the Silver account doesn't have what you're looking for, U.S. Bank has four other business checking accounts, including one tailored for non-profits.

All accounts come with convenient online and mobile banking tools, allowing you to monitor cash flow, transfer money, deposit checks, and more—whenever, wherever.

In addition to 4,700+ U.S. Bank ATMs across the country, you can also withdraw surcharge-free at approx. 40,000 MoneyPass® ATMs. So even if you don't live near a branch, ATMs are still convenient.

Pros:

  • Free checking option
  • Specialty checking accounts available
  • Extensive ATM network for no-fee withdrawals

Cons:

  • Limited fee-free transactions
  • Fewer features than others

Bank of America

Best for: Flexibility and cash management

Bank of America is one of the largest brick-and-mortar banks in the United States. However, it doesn't have as many physical locations in Colorado, with only 30+ financial centers overall. That said, it's still worth checking out if flexibility is your top priority.

Bank of America offers a unique flexible Business Advantage Banking account with two tiers you can switch between. The basic tier is an ideal starting point, thanks to its low requirements. You can seamlessly move up or down as your business needs change.

It also has better digital tools than other basic accounts. With the Cash Flow Monitor®, you can connect to apps like QuickBooks and Expensify to track your business metrics all in one place. Plus, get cash flow projections to help you plan for possible shortfalls.

If you need help, Bank of America's Small Business Specialists provide valuable advice and hands-on support.

Pros:

  • Flexible business checking
  • Built-in cash management tools
  • Access to Small Business Specialists

Cons:

  • Less access to SBA loans
  • Many banking fees like overdrafts and wires

Traditional banks usually limit the number of free transactions you can do monthly. If your business has a high activity volume, consider this next option.

Capital One

Best for: Unlimted fee-free transactions

Capital One doesn't have any physical branches in Colorado, but it's still worth looking into if you have an online business.

Capital One can be a great option for highly active businesses. It gives you unlimited free transactions for deposits, withdrawals, and money transfers. Process all business transactions without worrying about it becoming too costly.

Plus, enjoy free withdrawals at any of the over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs nationwide.

In addition, Capital One has a wide selection of other banking products designed specifically with small businesses in mind. You can get business credit cards, savings accounts, and credit card processing services all from one bank.

Pros:

  • Unlimited free transactions
  • Extensive ATM network
  • Wide selection of small business banking products

Cons:

  • High waiver requirements for monthly fees

FirstBank

Best for: Best regional bank and variety of business accounts

FirstBank is a regional bank based in Lakewood, Colorado with more than 100 local branches. Consider checking it out if you want the services of a bigger bank but with the strong community support only a local bank can provide.

FirstBank has a variety of business checking accounts, including free checking options for nonprofits and clubs/associations. All the regular business accounts have monthly fees, but the requirements to waive them are fairly low.

If you choose the Business Analyzed Checking account, you can even offset the fees if you maintain a high enough balance.[2] But the Business Checking account is already enough if you just need something simple to manage your business finances.

FirstBank also offers a decent selection of other business banking products, like savings accounts, treasury management services, and business loans. And if you have questions, you don't have to wait until morning to talk to an agent, thanks to its 24/7 phone support.

FirstBank is considered one of the largest and best-performing privately held banks in the US with nearly $28 billion in assets. Aside from Colorado, it also has branches in Arizona and California.[3]

Pros:

  • Variety of business checking accounts
  • 24/7 phone support
  • Low requirements to waive monthly fees
  • Many other business bank products

Cons:

  • Branches in only 3 states

Bank of Colorado

Best for: Best local bank and agricultural financing

Bank of Colorado is a family-owned and managed local bank based in Fort Collins, Colorado. It's part of a larger network of community banks under Pinnacle Bancorp and has more than 40 branches across 36 different cities in the state.

It has 3 business checking accounts, but the Business Relationship Account stands out the most because of its extra features that can be useful for small businesses.

For example, the built-in federal tax payment tools can streamline your company's bookkeeping and accounting to make tax season less of a headache. You also enjoy access to low-interest business loans and credit lines that can help boost your company's growth.

Speaking of loans, Bank of Colorado offers a variety of business lending options, including tailored loans for agricultural businesses. If you're looking to grow yours, you can get extra capital to buy new equipment, additional land, and livestock.

Bank of Colorado has a comprehensive online education center where you can learn about better financial management. The lessons are divided into different playlists, so you can tackle one subject at a time. You can even create a custom playlist to include only the topics or lessons you want to cover.

Pros:

  • Built-in tax payment tools
  • Low-interest business financing
  • Tailored loans for agricultural businesses
  • Good community support

Cons:

  • No free checking option
  • High waiver requirements for monthly fees

Community Banks of Colorado

Best for: Customer service and industry-specific solutions

The Community Banks of Colorado is one of the banks operating under NBH Bank and National Bank Holdings Corporation.[4] It has 30+ branches that are evenly distributed across the state.

If you're looking for a bank with great customer service, this can be a good match. The Community Banks of Colorado believes in treating customers like actual people, not numbers. So you can expect a more personal and hands-on approach from its bankers.

Aside from that, it offers specialty banking solutions for businesses in specific industries. If your business needs custom financial solutions to meet the demands of your field, it can help you with tailored loans, treasury management services, etc.

For business checking accounts, you have 5 options to choose from. You just need a minimum of $100 to open any of them.

The Community Banks of Colorado invests back into the local community through its many community outreach programs. These include financial literacy initiatives that help residents and local business owners understand how to better manage their money and increase their chances for success.

Pros:

  • Multiple business checking options
  • Strong community support
  • Industry-specific banking solutions
  • Good selection of other business bank services

Cons:

  • Limited branches
  • In-person applications only

Don't need a physical branch for transactions? Consider these online-only options instead.

Bluevine

Best for: High-interest checking accounts

If you don't mind an online-only option, Bluevine is a great alternative to traditional brick-and-mortar banks. It stands out with its high-yield business checking and flexible lines of credit.

Even at the basic tier, you earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. And there's no monthly fees, minimum balance requirements, or overdraft fees.

Plus, you can open up to 5 free sub-accounts with their own account numbers. This allows you to better organize your funds and set budgets for things like payroll, taxes, and vendor payments.

You can even set custom rules and permissions for better security and account management. All sub-accounts also earn interest up to the combined maximum.[5]

Need extra funds to ride out a slow season or grow your business?
Bluevine offers a flexible business line of credit up to $250,000.[6] Decisions take as little as 5 minutes, so you can keep moving forward.

Pros:

  • High APYs on checking balances
  • Up to 5 sub-accounts
  • No monthly fees
  • Free withdrawals at approximately 40,000 MoneyPass ATMs

Cons:

  • No physical branches
  • Fees for cash deposits

Bluevine is not a bank.
It partners with Coastal Community Bank, Member FDIC, and a trusted network of program banks to provide FDIC insurance up to $3 million.

Lili

Best for: Sole proprietors & freelancers and early payments

Lili is another online-only option worth considering for small business owners in Colorado.

The basic checking option is a great starter account for freelancers or startups because it has everything you need for your business's day-to-day operations. Plus, it has no monthly service fees or minimum balance to worry about.

But if you want more features, like an automatic tax savings account or expense tracking, you can always upgrade to Lili’s paid plans. The Smart checking option includes accounting software to keep your records well-organized and ready for the next tax season.

You can also get multiple Visa® debit cards with any account and earn cashback rewards when you use them with Lili's partner merchants.[7] Worried about overspending? You can set individual spending limits to keep your expenses within budget.

Lili's Early Access feature lets you receive customer payments up to two days earlier than expected when you’re paid via ACH Transfer.[8]

Pros:

  • Free checking option
  • Single login for multiple accounts
  • Debit cards with cashback rewards
  • Early access for direct deposits

Cons:

  • Limited features for Lili Basic
  • Fees for cash deposits

Lili is a financial technology company, not a bank.
Banking services are provided by Choice Financial Group, Member FDIC, or Sunrise Banks, N.A., Member FDIC.

How to Choose the Right Bank for Your Business?

Before committing to a bank, be sure they have the features you're looking for. Consider these:

  • Monthly fee & minimum balance
    Some banks require a minimum balance in your account. Otherwise, you'll pay a monthly fee. See if the requirement makes sense for your business. Some of our listed banks have no minimums and no monthly fees.

  • Monthly transaction limits
    Most business checking accounts cap the number of free transactions your account can do monthly. Then a fee is charged thereafter. Pick an account that can accommodate your transaction volume.

  • Cash deposits
    Does your business deal with a lot of cash? Most accounts offer fee-free cash deposits up to a certain amount per month.

  • Accessibility
    Most of the banks on our list have a good number of branches and ATMs in Colorado. However, it's still best to check the availability of your chosen bank in your area, and how convenient it would be for you on a day-to-day basis.

    You can try online-only options like Bluevine or Axos if you don't need a physical branch. They usually offer better fees and higher rates than brick-and-mortar banks.

  • Small business loan options
    Sometimes, it's easier to get a loan from the same bank you use for checking since you have an established relationship. See what loan options the bank has and their terms.

  • Customer support
    You should be able to get help as soon as you need it. Get a sense of the bank's customer service for small business owners. Some banks have small business specialists who can give you more tailored guidance.

  • Mobile app
    Many business owners bank on the go. Having a reliable mobile banking app is a must.

  • Software integration
    Does the bank integrate with any accounting software, like QuickBooks, Freshbooks, or Xero? This helps save time and hassle when it comes to bookkeeping and tax reporting.

What's most important to you when choosing a small business bank?

Why Have a Business Bank Account

It's important to separate your business finances if you have an LLC or corporation in Colorado. Doing so helps protect your personal assets if your business gets sued or has unpaid debt.

While this isn't a requirement for sole proprietors, having a separate business bank account will make your life easier.

Here's why you should have a business bank account:

  • It's easier to calculate business expenses during tax time.
  • The business looks professional to customers and vendors.
  • Pay bills and make purchases from your business funds.
  • Accept credit card payments from customers.
  • Apply for business loans.

What kind of bank account should I open for my small business?
Your business should have at least a checking account for day-to-day operations like paying bills, receiving deposits, and making purchases. If your business has extra funds, open a business savings account to save for emergencies and plans.

Methodology

To come up with the best banks for small businesses in Colorado, we first pinned down banks with a strong presence in the state. After all, you need to be able to find branches and ATMs easily.

Then we looked into the banks' fees, account features, and other business services. We mostly picked banks that either have a free business checking option or reasonable waiver requirements.

We also looked for unique banking features, like built-in payment processing, specialty lending options, and cash management tools.

No matter what kind of business you have, you should find a bank that fits your needs.

FAQs

Do I need a Colorado ID to open a business bank account in Colorado?
Yes, most banks in Colorado will require proof of residency to open a business bank account. This usually means a Colorado driver's license, business license, and business registration.

Should a Colorado LLC have a separate bank account?
Yes, it should. A separate bank account can reinforce your Colorado LLC's liability protection since proving you're not commingling funds will be easier.

What is the minimum to open a business account?
The minimum amount needed to open a business account can range anywhere from $0 to $1,000. It varies from bank to bank, so it's best to check with your preferred bank.

Can I open a business bank account with bad credit?
Banks generally don't do a credit check when you open a checking or savings account. So, it's still possible to open a business bank account even if you have low personal credit.

Banks may still check your ChexSystems report. If you had problems with your personal account, that may affect your ability to open a business bank account.

Can I use a regular bank account for my small business?
It's best that you have a dedicated business bank account for your small business. Aside from liability protection, it also helps keep your finances organized.

Bottom Line

If you have a small business in Colorado, you'll have the easiest time finding a branch if you bank with Wells Fargo, Chase, or U.S. Bank. Plus, they have everything a small business needs to optimize its daily operations while leaving room for future growth.

However, local banks like the Community Banks of Colorado may offer stronger community support and hands-on guidance. While online-only alternatives like Bluevine can offer unique perks that traditional banks don't, like lower fees and higher APYs.

Make sure you know your business's specific requirements first before deciding. This helps you gauge which bank can help your business reach its full potential.

References

  1. ^ Small Business Administration Office of Advocacy. 2024 Small Business Profile - Colorado, Retrieved 12/16/2024
  2. ^ FirstBank. Earnings Credit and Activity Charges, Retrieved 10/15/2024
  3. ^ FirstBank. About FirstBank, Retrieved 12/16/2024
  4. ^ Community Banks of Colorado. Who We Are, Retrieved 10/15/2024
  5. ^ Bluevine. Use Sub-Accounts Effectively, Retrieved 07/04/2024
  6. ^ Bluevine. Line of Credit, Retrieved 09/15/2024
  7. ^ Lili. Business Banking Designed to Help You Succeed | Lili, Retrieved 07/05/2024
  8. ^ Lili. What is Early Access for ACH Transfers? - Help Center | Lili, Retrieved 07/05/2024

Alyssa Supetran is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Alyssa Supetran at alyssa@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Bank of America
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  • The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
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  • Offer expires 05/31/2025.
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  • Additional terms and conditions apply. See offer page for more details.
  • *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
  • Bank of America, N.A. Member FDIC.

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