Is the borrower/lender relationship like dating? Or more like a marriage. Either way it is important to treat your lenders like life partners.
There is a right way to secure business financing that will preserve your lending relationships. I am assuming you had a good relationship to begin with. You can maximize your borrowing effectiveness and promote business growth by being a good borrowing partner.
This is one of the seven principles for becoming a more durable borrower that we talked about in previous post. The search for a loan is a critical tactic in your business plan and you want more borrowing effectiveness by nurturing your lending relationships.
Invest time, effort and money in your lending relationships before you need a loan. Creating a close professional relationship may help you get better loan terms and pricing and may facilitate the credit approval process. Be a loyal customer by aggregating your banking business with a few select lenders. Be flexible. A good loan agreement is one in which neither side gets everything they want and feels they left something on the table.
May you have a richly blessed borrowing relationship until loan maturity do you part…and beyond.