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Creating A Good Relationship With Your Small Business Banker

The days of personal service in banking seem to be gone. There was a time when a bank manager would know each business account holder by their first name and would have intricate knowledge of their business and accounts within the bank. With the emergence of big banks and technology, such as automated tellers and online banking, there can be a lack of personal service in small business banking. However, this is not always the case, and having a good relationship with your bank can be important to your small business’ future.

Finding The Right Bank

If you want to have a working relationship with your bank, it is important to first make sure that they are worth the effort. The main reason a small business owner needs and wants a personal connection with their bank manager is funding. Small business loans and credit can be difficult to obtain. Having a good relationship with your banker can make a difference, if your business account is at a bank that considers soft data. Large banks that only loan based on the transactional process and hard numbers are not necessarily a small business owner’s best option. Choosing a smaller bank with a long history of working with small businesses is often a better fit.

It Takes Two

Every relationship is a two-way street and this is true of your relationship with your bank and bank manager as well. To make a positive impression, you must be honest and straightforward with your banker and let them know exactly where your business is financially and what direction you want to take it. Take the time to meet with your bank or account manager at least every quarter to discuss your strategy. Make them a partner in your success.

Building a relationship with your small business banker can have its rewards. It can lead to lower fees, better interest rates and even influence whether you get a crucial business loan down the road. In return, they get a valued customer that uses them exclusively for all their banking needs. Just like any relationship, you just need the right partner, but you must also work at the relationship to ensure that it is beneficial for both of you.