Maintaining a Good Relationship with Your Bank

It is important to maintain a healthy relationship with your bank and bankers

After you have got your loan, it is essential to maintain good relationship with your banker by keeping the communication open at all times. Not only should you keep them apprised of the business progress but also clearly convey if you foresee any problems occurring with the business. Keeping problems hidden would be a mistake and it is more than likely that your banker will be able to help you out in case you need some further assistance with business financing. A relationship that you built on trust with your banker will enable you to borrow money in the future as well if your business does well and needs further capital input for growth and expansion. You can invite your business banker to visit your business and see how the proceeds from the loans are being put to use.

You can also work at expanding your circle of the people you know at the bank. Go for a meeting once in a while and spend time talking to people especially those further up the chain of command. The more people you know that the bank will make it just that much easier to go the next round of financing.