Summary:
The Banker's Perspective
An important "partner"
in your business is your banker. Although they will not have ownership
in the business, a good banking relationship can help to provide much
more than money. An experienced commercial banker has been involved
in many different businesses. They can put their knowledge and expertise
to work for you because they have a stake in the success of your business.
But you must take the time to develop a good working relationship.
Here are some things bankers
recommend for building your relationship with them:
- Get to know your banker
before you start the business. Let them in on your idea. They can
give advice to developing your plan.
- Always be honest and
truthful. Your banker should not hear bad news about your business
from someone else. Keep them informed.
- Keep the banker informed
on key successes. They want to hear about the wins of the business
as well as the losses.
- Do business with the
bank. If you have a loan at a bank, open a checking account or savings
account there. If you have found a bank you enjoy doing business
with, open a checking account or a savings account before you make
a proposal for a loan.
- View the banker as a
business person, not a necessary evil. Bankers have a job to do
- to help make money for the bank.
- Banks have philosophies
and regulations which determine what kinds of loans they make. Take
the time to find out what the lending policies are for your bank.
- Shop around. If one
banker does not appear to be interested in your business or does
not treat you with professional respect, go to another.
