Picking the Right Bank by JoAnn Forrester

JoAnn R. Forrester, Empress of Biz, Re-invent in Rugged Times,

Picking the Right Bank

JoAnn R. Forrester

What Bank is Right for You?
What Bank is Right for You?

 

If your goal is to build a thriving business, sooner or later you will be going to the bank to establish a  professional relationship.  Picking the right bank or credit union is extremely important.  Often we choose one because it is convenient…near to where we work, etc. But it may not be the best choice. The most convenient retail bank may not be the one who is interested in you.   Larger banks look for bigger deals. Their idea of a small business is one that is grossing a million dollars and is requesting a loan of hundreds of thousands of dollars; while your small business  may require a lot less.

It is important to build relationships with a bank or a credit union that offers services you can use, has reasonable rates and fees, and is one that is interested in listening to your business and personal banking needs.   I suggest you interview the manager, assistant manager or business development officer and do the following:

  1.  Schedule an appointment and dress professionally.
  2. Ask questions about the bank.
  3. Tell them about your business.
  4. Get to know what they have to offer.   What kind of loans do they offer for small business?
  5. What is their lending authority?
  6. What are their loan procedures?
  7. Do they have a checklist of items required for a loan?
  8. How does your credit score impact borrowing?
  9. Are they familiar with the government programs or local resources that are available to help small businesses grow such as the Small business Administration?
  10. And most important of all are they willing to work with you and your business.

 

Be prepared and know that having a “bankable” relationship is a major step in obtaining your goals. Good hunting! In my next article we will talk about what you need to do to prepare yourself before you go to the bank to request a loan.

 Jo Ann Forrester is a business growth specialist,  partner and president of S I Business Associates,  partner in Price it Perfect ™  and Celebrate & Share. She and her staff have been helping small business ACHIEVE SUCCESS SINCE 1975 and have raised $40 million dollars in  business loans and investment for client s over the years.  Experiences as a consultant and business community leader have given her first-hand knowledge of the problems of small business.  Jo Ann received recognition as one of Pennsylvania’s Best 50 Women in Business,  has been recognized twice by the SBA as a Women Business Advocate for Pennsylvania and in 2010 was recognized by the YWCA in their Tribute to Women, Entrepreneur Category.   She is co-author of two workbooks, 15 Steps to Success and the David Vs Goliath Marketing and is currently working on 52 Dangerous Mistakes Entrepreneurs Makee.  She is co-developer of Price it Perfect, a cost management and estimating system for small business.  Jo Ann is  also a popular talkcast host, on www.talkshoe.com “The Empress of Biz.. Re-Inventing Yourself in Rugged Times”.  She can be reached at 412-440.6969 or E-mail: selfimagebz@aol.com

Copyright, 2012 S. I. Business Associates..412-440-6969  JoAnn R. Forrester 

About the author

Marketing and media content development for diverse markets that enhances the image of women of color. To present women of diverse backgrounds and cultures in a positive and more realistic light.

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