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What to Consider When Choosing A Commercial Bank

The famous Irish poet, Oscar Wilde, once described a cynic as, “the man who knows the price of everything and value of nothing.” This quote is also an accurate description of the methodology some business owners use when choosing a commercial bank. Using a single parameter to choose your bank ignores the substantial benefits it can provide beyond a commercial loan. Unfortunately, many business owners only look for a commercial bank when they need a commercial loan which frequently leads to a comparison on only one basis.

However, the right bank can, and should, bring benefits well beyond the interest…


Same Banker Different Bank?

When I sit down with the senior management of a company, one of the things I like to understand is how they ended up with their current bank. The answer can frequently provide valuable insight into the decision making process at the business. While there are a variety of reasons, it has been my experience that a number of themes surface. These include:

  • I have been with this bank since I started my business. Frequently the name of the bank may have changed because of acquisition, but the origin of the relationship remains with that institution.
  • I had a…

Why Your Business Needs a New Year Resolution

Ben Franklin once defined insanity as, “Doing the same thing over and over and expecting different results.”

After the busy rush to year-end and taking time to celebrate the holidays, many business owners are anxious to get back to work to continue those activities which provide them a living. While many individuals reflect on aspects of their life that they desire to improve upon in the upcoming year, too frequently, business owners neglect to do a similar assessment of their business. This is often due to a desire to get “back to work.” But at this time of year, it…


What Your Bank Needs to Know – And Why

Your business has grown to the point where you need a new machine or additional working capital – what information is going to be required from you by your bank?  It may be helpful to understand the basics of what a bank looks for when considering different types of loans and why.

 

 

Term Loans

Generally, a new piece of equipment will last your business for a number of years and a Term Loan (a loan with scheduled repayments over time) is most appropriate under these circumstances.  If a new machine is what your business needs then an understanding of the…

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