Small businesses weigh banking options amid bank turmoil

By MAE ANDERSON
AP Business Writer

NEW YORK (AP) — The recent banking turmoil has been a jolt for small businesses of all stripes, spurring many to scrutinize their banking services and mull whether or not they should make changes. The turmoil added to the uncertainty already caused by stubborn inflation and higher interest rates. Experts say it’s probably a good idea for small businesses to diversify funds and make sure they’re in close contact with their banker, but emphasized that in the short term their bank accounts are safe because regulators have shown they’re willing to step in when needed.