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Oscar Dominguez: The benefits of relationship-building with your banker

Union Bank

Posted: August 28, 2009 4:42 p.m.
Updated: August 29, 2009 4:55 a.m.
 
While many entrepreneurs are immersed in the day-to-day operations of running their business, it is important to take the time to develop a relationship with a trusted banker who may serve as an important advocate when you need financial assistance.

By introducing yourself and your business to a trusted banker, you can provide pertinent information about your industry and business to your banker and build a professional rapport. It is important to seek a banker who will take the time to learn about you and your business needs.

Building a solid relationship with a banker can provide a number of benefits including:

  • Optimal financial tools. Once your banker becomes familiar with your business, he or she can notify you about new loan programs or financial tools that may benefit your business.

  • Loan consideration. While facts and documentation are primary considerations for bankers when reviewing a loan application, having a banker who knows you and your business well can provide an added element of knowledge about your individual work ethic, goals and ability to achieve those goals.

  • Financial insight. Your banker can provide valuable information about current interest rates, loan options available to your business and where your business stands in terms of obtaining an optimal loan. In addition, your banker can help you develop a customized plan to meet your financial goals and can serve as a valued advocate during tight credit times.

  • Networking. Once your banker becomes familiar with your line of business, he or she can facilitate introductions to vendors, suppliers or other contacts that may complement your business. These introductions can be especially helpful during tough economic times when businesses may seek to pool resources or share expenses such as inventory or rent.  

Consider setting aside some time to distinguish yourself and your business by meeting with your banker. During the meeting, provide some background information about your business and industry. By establishing a rapport in advance of seeking a loan, your banker will have a more solid foundation upon which to draw when reviewing your application.   

Oscar Dominguez is vice president and branch manager of the Stevenson Ranch branch of Union Bank, located at 25954 The Old Road and the Valencia Bank & Trust branch, located at 23620 Lyons Avenue. His column reflects his own opinions and not necessarily those of The Signal.

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