We’ve reviewed several keys for a successful commercial borrowing relationship. Now let’s look into loyalty and promoting your lender.
- Be Loyal to your Bank: Banks love customers that provide ancillary business and associated profits. In addition to borrowing money from your bank, you can aggregate deposit accounts, cash management business, and ancillary banking services. By expanding your profitability to the bank your chances of getting the best terms and pricing on other banking products are enhanced. Your line banks should have the opportunity to bid on your loan requests. They will appreciate the chance to compete for your business.
- Promote Your Banker: If you are happy with the service you receive from your bank, compliment your banker in private and public. Consider allowing your banker to publicize the financing they provided for your project (at their expense, of course). When you talk to your fellow borrowers, recommend your banker for any financing needs they may have. Ask your friends and associates to mention your name in conversation with your banker or, better yet, make the introduction to your banker.
We’ve completed our study of the keys to a productive borrowing relationship which include:
- Keep Your Lender Close
- Be Open and Honest
- Cultivate Mutual Understanding
- Broker Peace
- Be Loyal to your Bank
- Promote Your Banker
Now go out and build an excellent relationship with your lender!