If you own a business, you may be surprised to learn how precious your business is to bankers. It doesn’t matter if you have a small mobile dog grooming business, or thousands of employees. You deserve respect and service. Your banker should be in your inner circle and be viewed as an asset, not simply a vendor. Just like your BFF, your banker should be an individual person that understands how you make money, knows your kids names and is willing to take you to lunch. This is the ideal relationship. Don’t let big box banks treat you like a number. You should have your personal banker’s cellphone and never have to deal with call centers. This is the true meaning of “relationship banking.”
Here are the real benefits to having a BFF banker:
There will come a time when you want to buy a building, purchase equipment, bring on new employees or get that company van. Your personal banker will understand your goals and ambitions. Inevitably there will be financing challenges, but your personal banker should be with you shoulder-to-shoulder to figure out what your best options are.
- Better loan terms
Many business owners don’t realize that when making loan decisions, part of the process is subjective. You certainly will have to provide your financials, but when it comes down to it, the bank will have to feel comfortable that you have the ability to repay the loan. If your personal banker has a comfort level with your industry, character and history, this will all work in your favor.
Your business banker spends most of their time outside of the branch. They are meeting other business owners and developing a professional network. You can benefit from this! Who better to earn referrals from than your banker. After all, you both have an interest in seeing additional revenue.
- Fewer fees
Nobody likes to be dinged with fees. Your business banker has the authority to forgive the occasional NSF fee or falling below your minimum balance. Most of the time you can expand your relationship and include your personal banking to maximize your overall customer value. That requires a relationship that you just don’t have when you visit the teller window at a big bank.
- Cool Perks
A community focused institution like Community First Credit Union is usually heavily invested in neighborhood events. Whether it’s listening to an outdoor concert, enjoying a lighted boat parade, taking in a soccer game or visiting a museum, your banker has access to cool stuff.
John Keeley is a business lender with Community First Credit Union. For more than 75 years, Community First Credit Union has provided financial solutions for members and the greater Jacksonville Community. With a passion for helping small business, he has been described at proactive and responsive. You may see John at Chamber of Commerce meetings as he is very active in the business community.In his downtime, he enjoys spending time with his family, playing in charity golf tournaments and running.