Welcome to 2020! Most business owners will share a very similar list of goals for the New Year. Trying to reduce costs, add customers, improve margins are resolutions most entrepreneurs share. These goals are numbers oriented but they are all driven by relationships. An often overlooked, but crucial relationship for the business owner is with their banker. The internet-based economy has commoditized many transactions – including lending. Business owners discover that just as a strong relationship with their customers is important, their relationship with their lending officer is also important.
Rich Relationships for a Rich Future
If you do not have a bank line of credit, now is the time to start looking for the right lender. With all the different lenders in the marketplace finding a banker that is comfortable with your industry is critical. The big bank on the corner might be convenient but what is their policy towards business lending? The only way to find out is take time to interview the banker. Ask the banker questions about their lending to other companies in your industry? Banks and bankers have different industries that they prefer to lend to. You want to be sure you are with a bank that understands your industry, and routinely lends the amount you need. A small entrepreneur will be overlooked at a bank that focuses on large corporate lending. Once you find your lender bring them all your banking business. Remember you are building a relationship. As the lender sees that you carefully manage your deposit account and you regularly share your financials the lender will be in a better position to lend to your company.
A Banking Alternative to Finance Your Prosperity
Bank loans are one of the most affordable sources of capital for the business owner. But not every company qualifies for a bank loan. For over 40 years American Receivable Corporation has helped companies grow and prosper by financing their accounts receivable. Many of our clients move on to bankers that we introduce them to. This year remember to work on your relationship with your banker. Contact us today!