Why you need to make a banker your friend?
Small business owners have so many obstacles against them that it can be frustrating and challenging to get lenders to offer any type of financing to them. Making friends with lenders will help you get a loan as the lender may be able to overrule some of their company's policies pertaining to lending money to new business owners. Not only will it benefit your business to make friends with bankers to acquire loans but it can also help you with other important business needs like opening your bank accounts, credit cards and other essential accounts.
Making a friendship with a bank can help you with a lot of things because the banker will believe in your ability to succeed and can help you to move forward. They will be able to see what you have accomplished in the past and can trust you to move forward without too many problems or obstacles that can deter other businesses.
Having trust in your banker can also help you with lower loan amounts as well since most lenders will contact you and let you know about lower interest rates so you can refinance your loan. This is where having a good relationship with a banker is really going to pay off. Refinancing a loan can save your business hundreds or even thousands of dollars.
Another thing you will benefit from when it comes to good relationships with your banker comes down to better access to credit. This will help you to get in touch with a new credit card or loan when you need like before the purchase of new equipment or the expansion of your company.
What makes the relationship between a banker and a small business owner so great is that you will be able to have a higher chance of getting approved for a loan. This is because the banker will know if you have integrity and if they keep that you can return every cent you borrow without any sort of problem. Bankers base a great deal of their lending rules on trust and they will offer the loan if they know they can trust you to repay it.
The other benefit of close relationships with bankers is the ability to get your pay dates extended. You will be able to shave off 60 days or more just by working on establishing healthy relationships with lenders. Banks can move quickly if there is a loan that looks good to you and you have a very small window of opportunity to acquire it.
Many small businesses can profit on having relationships with banks as they can help them to foster relationships with new customers. Several successful small businesses have been able to find new customers because of their relationships with the bankers. The bank has a lot of connections in the community and it's going to be very easy to use your relationship with the bank to get in touch with a handful of new customers.
How do you go about fostering friendships with your banker? It begins by opening the lines of communication with the bank and to make sure you are actually talking to the bankers. You need to go into the bank and actually talk to the bankers when you make deposits. You also need to talk to your main representative at least once a quarter just to touch base and to see how you can help one another.
Although your banker can be a great asset you still need to keep them on their toes. If you need a loan, get quotes from them and from other lenders as well so that you have multiple opportunities to find the best rates.
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