Set yourself up for Success – Build Rapport
with your Commercial Lender
by John Hill of Verve, a Credit Union 920.230.3021
It’s a phrase we’ve all heard a million times, “communication is key,” and it’s one that can help set your business up for long-term success. In the good times and the bad, letting your lender know what’s on the horizon for your business can mean the difference between growth and downsizing.
Think of your commercial lender as a true business partner.
1. Be proactive – Simply put, communicating with your lender quarterly, monthly or even more frequently on how the business is going – good or bad – gives your lender a true picture of how your business is doing. It’s better for you (and your lender) to be proactive so you can work through any business struggles or opportunities together. Your lender might even give you some ideas to make a big issue – one that seemed impossible to overcome – more manageable.
2. Be honest – It’s hard to say, “I’m struggling,” which is where a close relationship with your lender is crucial. If you have a great relationship, having hard conversations isn’t as difficult.
3. Listen – Listening – to hear and really understand someone – is a learned skill and a key component of building a successful business. Find a lender who listens to your goals, connects with you on a personal level and one that you trust.
There’s no such thing as TMI when it comes to your business.
Whether you have a current financial need or not, sharing updates with your commercial lender on a regular basis can help you prepare for the good and the bad. You should never be afraid to approach someone who could have an impact on making your dreams come true.
John Hill (firstname.lastname@example.org) is the Vice President of Business Lending at Verve with more than 15 years of experience in the lending industry and a passion for helping entrepreneurs meet their goals. Founded in 1937, Verve, a Credit Union, is a member-owned, not-for-profit financial cooperative with more than $800 million in assets and serving more than 56,000 members at 15 locations. Learn more at verveacu.com. Federally insured by NCUA.