Refinance Debt

WHEN ONE DOOR SHUTS, ANOTHER OPENS

Time to Shop for a New Bank?

Banking relationship hit a bump in the road? Might be time to go shopping? After all, you have a business to run and that takes time and money. And maybe you’re starting to turn the corner on growth and need capital. Before you move on, however, there’s always a chance you and your banker could work things out.

Decisions, decisions, decisions. Before you decide, you should ask yourself what went wrong? A good client-banker relationship has many components. Great bankers are great listeners. They offer positive solutions. Understand your business and your goals. And they find ways to say “yes” to your capital needs.

On the other hand, you need to have open communication with your banker from the very beginning. Be upfront about any challenges you face. Let them know of any issues the moment they arise. It all boils down to one thing, “trust.” And that goes for both sides.

That said, there are some relationships that just can’t be saved. Maybe your banker feels you’d be better off with a different lender? Then again, the bank’s portfolio of loan exposures could mean you’re not a good fit anymore. Or… you’ve simply outgrown each other. Next question? What’s a good fit for you and your future lender?

Look for one that wants to help you build a great business! That starts with taking the time to understand your business. Ask yourself. Does this lender see the potential in your business or company? If so, they can spot a good risk! While others may reject you. Make sure they believe in you and your ability. When they’re on your side, you can accomplish more together. And finally, are you viewed as a business partner? If that’s a “yes,” they’ll use their lending expertise to help you succeed.

So, what makes you a worthy borrower? Let’s start with your sense of integrity. Keeping your word is the basis of all financial agreements. A sense of prudence says you’re a responsible person. One who borrows only what you need. How are your money management skills? Do you have a solid grasp of your cash flow? And how about purposeful spending? It’s the best indicator of a successful loan. It determines what you’ll do with the money.

So, the end of your current relationship marks the chance for a new beginning. One that could hold promise. If you’re still standing at a crossroads, give us a call. We’ll make sure you’re headed down the road to success!