• Establish a Banking Relationship. Starting a positive, open relationship with a bank is extremely vital to the success of both launching a new business and maintaining a successful company.
• Choose the right bank for your business. Picking the right bank and Account Manager increases the likelihood that your company will obtain financing when needed for success and growth. Set up an account at a bank that deals with your size and type of business.
• Pick a bank that understands your business and personal goals. A bank that understands you can be as important as any investor to your business health. If your banker knows your company, they can be a valuable advisor and critical component of any growth plan.
• Ensure your bank has the capacity to meet your borrowing needs. Many banks have limits on the amount of money they can lend. These loan limits may restrict the growth of your business down the road.
• Consider the financial services you will need. Check for a variety of competitive Business, Personal and Loan Products. Think about other financial services you might need, such as cash management tools, insurance and investment products or retirement planning. You might be able to earn lower interest rates on loans by using other services the bank offers.
• Interest rates. Look for a bank that will negotiate rates, but be careful about basing your choice strictly on rates. Often, it is more important to find a bank that meets your needs on price, quality, timing, etc.
• Check for a bank that employs knowledgeable, professional Bankers. Account managers should be an advocate for you and your company. You should educate your banker about your business and expect him/ her to introduce you to others who can help you.
• Access to Decision Makers. You should be able to communicate with the person or group that has authority on the banking and loan decisions. This access allows you to more fully explain the circumstances surrounding your requests.
• Manage your accounts. Avoid overdraws, bounced checks and low balances; borrow a short-term loan and pay quickly to establish your business credit; keep your bank informed of upcoming issues, missed projections and missed payments.
• Separate Personal from Business. The IRS requires that business finances are kept separate from personal finances.

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