David Kirkpatrick

February 2, 2009

Tips for small businesses and banking

Filed under: Business — Tags: , , , — David Kirkpatrick @ 5:13 pm

This is an informative article for small business owners and how to develop a solid relationship with a bank. If you fall under this category I highly recommend hitting this link for the entire piece.

From the link:

Q.What is your top piece of advice for small-business owners who are worried about their ability to continue financing their company in this credit environment?

A. You may have a great relationship with your bank, but you should always have a backup relationship. That is really critical in today’s environment. You should visit a number of financial institutions and get a feel for which ones are seeking business like yours. Many banks offer small-business loans, but they don’t specialize in them. And some banks only specialize in small-business loans to certain industries. So ask the bankers if they would be open to extending credit to your business, and if so, under what terms. You may find that the loan window is open for you, and you may find that it’s not.

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