Chicago.- (HINA)- Building a company isn’t easy. That’s why it’s important for entrepreneurs to have access to resources that can guide them through the first few critical years of a business. It starts with relationships and the first one should be with a bank.
1. Consider your banker a trusted advisor
A trusted advisor helps ensure clients are on target to meet business goals and provides industry information that might be affecting the business. Your banker should serve as a trusted advisor on financial matters related to your business.
2. Banks help enable a company’s growth
Banks provide access to capital for qualified companies, which can be an important financial tool. Banks often also have resources such as online cash management tools to help you manage your business finances.
3. Protect personal credit at all reasonable costs
Credit is synonymous with character especially in the start-up stage. Some bank products require a personal guaranty for small business financing. Make sure your personal finances are in good order, as they could be a factor in your business banking relationship.
4. Banks offer special products for small businesses
Many banks offer special products and services designed specifically for small businesses. Banking relationships are a great source of information for special programs and other opportunities. For example, some loan programs provide special rates for qualified borrowers while others are designed to cover specific needs such as real estate acquisition financing or equipment purchase loans. The more informed and knowledgeable your banker is about your business goals, the better suited she will be to provide you with the best banking solutions for your needs. (Content provided by the sponsor)