HOW TO CHOOSE PROFESSIONAL ADVISERS FOR A NEW VENTURE  Part 3:  Bankers

Image showing banks skyscrapers
Image showing banks skyscrapers.
Photo by Expect Best from Pexels

Error: Contact form not found.

 

There is a saying that all banks are alike until you need a loan.  Today, this is truer than ever, so having a qualified banker on the advisory team will put a new venture in a better position to seek a line of credit for operating capital or a loan to purchase equipment. The firm’s banker  should be thought of as a business partner who can be a source of information and networking, help make decisions regarding capital needs, assist in preparing pro forma operations and cash flow analyses and evaluate projections, and assist in all facets of financing.

 

To narrow the search for a banker, entrepreneurs should prepare a list of criteria that define the banking needs of the new venture. They should also talk e=with other entrepreneurs in the same industry to identify a bank that works well with the type of venture they plan to launch. Another approach is to ask an accountant or attorney to suggest the best bank for the new venture.

 

choosing a banker, seek out an officer with a rank of senior manager  or higher, because these officers are trained to work with new and growing businesses and have enough authority to make decisions quickly/ In particular, it is important to ensure  that the lending officer can approve loans and lines of credit in the amounts needed.

Today many of the largest banks have moved their lending facilities to a central location, so it is difficult to establish a relationship with the person who has responsibility for approving a request. That is why many entrepreneurs seek out community banks that have a vested interest in supporting local businesses.

Bernard Taiwo

I am Management strategist, Editor and Publisher.

Next Post

HOW TO CHOOSE PROFESSIONAL ADVISERS FOR A NEW VENTURE Part 4: Insurance Agents

Thu Oct 10 , 2019
Most entrepreneurs overlook the value of a relationship with a competent insurance agent, but a growing venture will require several types of insurance: Property Medical Errors and Omissions Life (on key managers) Workers’ Compensation Directors and Officers Unemployment Auto (on the firm’s vehicles) Liability (product and personal) Bonding Major insurance […]
insurance

You May Like

Chief Editor

Johny Watshon

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur

X