Middle-market businesses need relationships with financial intuitions that have deep and proven domain expertise, vast capabilities and a wealth of product offerings to succeed, but finding such a financing partner can be difficult. Brendan Chambers of First Citizens Bank provides guidance so middle-market clients can get what they need and no less.

The middle market may be the least understood segment in business. Definitions vary, but the sector typically covers companies with annual revenues greater than $50 million and less than $1 billion. As such, it occupies a vast — but underappreciated — swath of economic activity between small businesses and big corporations.

This middle market also encompasses a diverse collection of enterprises with concentrations in such varied sectors as healthcare, technology, transportation and logistics, manufacturing and many others. Each has its own complexities, regulations, tax nuances and financing requirements.

While middle market companies comprise barely 3% of all businesses, they collectively account for roughly one-third of private sector GDP and employment. By any estimate, that makes them a huge and vital slice of the American economy. You might think any market that large would attract legions of bankers offering a broad array of financial services, but it hasn’t worked out that way.

Many middle-market companies have been successful in a relatively short period of time. While that’s great news, it often means they simply haven’t been in business long enough to develop relationships with serious financial institutions. Consequently, it can be difficult for middle-market companies to find a bank with the scale, the know-how and the commitment that is essential to helping them grow in the years to come.

For instance, due to their size, middle-market companies often require the same sophisticated products and services that major banks provide to multi-billion-dollar clients, but they rarely receive the same level of attention as their larger corporate counterparts. Meanwhile, working with small banks is not the right answer for middle-market companies either. Although small banks can shower a middle-market client with attention, they generally lack the industry knowledge, expertise and/or resources to be proactive financing partners.

To serve the middle market properly, a financial institution needs deep insights into a range of industry verticals and the expertise to move with confidence, whether the task is financing a factory, arranging a long-term equipment lease, implementing a cash management program, or acquiring another business.

Faced with this dilemma, what should middle-market companies look for when shopping for a bank to grow with? Here are three key characteristics of such a bank:

1. Experienced Middle-Market Bankers

For starters, any bank serious about serving the middle market should include a team of experienced bankers focused exclusively on that segment. Understanding ever-changing industry trends and the macro-economic environment is essential to helping clients anticipate and adjust to shifting market conditions.

2. A Proven Track Record

The best middle-market companies are in it for the long haul, so they deserve a bank capable of a long-term relationship that grows and develops for years, even decades. The right bank can provide middle-market clients with strategic financing and guidance that wouldn’t be possible in a quick-hit situation.

3. Extensive Capabilities

Good middle-market banks must have the strength and expertise to handle whatever their clients may need. The capabilities can include industry-specific knowledge, capital markets expertise, treasury and payments proficiencies and maybe even foreign exchange know-how. For some clients, equipment leasing experience, insurance services and/or asset-based lending support may be critical as well.

The financial needs of the middle market are as varied as the companies that operate within it. The right bank must meet those needs with skill, flexibility, agility, a deep portfolio of services and a solid track record of performance. With those tools, middle-market bankers can tailor financing solutions to the needs of individual clients. Such a relationship-based approach makes it possible to deliver commercial products and services generally associated with larger institutions.

Overall, the potential synergies are enormous when a bank’s capabilities mesh with the needs of middle-market clients, who are often privately-owned or family-owned companies with sophisticated banking needs and long-term growth opportunities.

Unfortunately, a strong, capable, relationship-oriented middle market bank is hard to find, but when the right connection is made, that banking relationship can provide a middle-market client with a tremendous competitive advantage. With the proper financial backing, middle-market businesses can be more nimble, more forward-thinking and more creative than the others in the pack. That’s exactly the kind of banking the middle market needs and deserves, and middle-market clients shouldn’t settle for less.