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Small business banking doesn’t have to be a daunting. Here are five tips to help ensure that finding and keeping a bank is a smooth process:
Understand the basics. Large or small, banks are interested in the same fundamentals, including cash flow, collateral, and the viability of your business.
Sell the bank on your company. Provide solid information on its financial history, your business plan, and information about the kinds of loans you need and the terms you want.
Look for a good fit. Let prospects know what kind of a relationship you want with a bank.
Ask the right questions. Find out where decision-making takes place, how many people you will have to deal with, and if the bank is open to meeting with you and your advisers fairly regularly.
Commit time and energy to developing your relationship with the bank you choose. Get to know more than one person at the institution so that if your bank is merged or acquired, someone familiar with your business will probably still be there.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.