How To Get Chummy With Your Banker
“How To Get Chummy With Your Banker” from Inc. sheds light on an issue that many small business owners are grappling with - maintaining a good relationship with their banker in a tumultuous economic environment. From our perspective, the most important aspect of the relationship is communication. That means sharing both the good and bad news, on both sides of the equation - the banker and the business owner. If you build a relationship with your banker and treat them as a trusted advisor, assuming they are the type who wants to help, it will be easier to communicate the bad news and work through challenges. The banker also has the advantage of working with many different companies and industries and can share insight which may be able to help a businesses specific situation. The lesson? Maintaining an open and honest relationship with your banker will allow him or her to provide you support and solutions during difficult times and be proactive in identifying ways to help you grow when times are better. The banker/entrepreneur relationship is like any other - one based on trust and integrity will prove to be more successful.
Where To Turn When Your Bank Credit Line Shrinks, Part 1: Asset Based Lending
In today’s credit crunch, many business owners are having a tough time finding as many options for needed capital as they once did. The latest topic of the show is “Where to turn when your bank’s credit line shrinks.” This is part one of two, and covers asset based lending.
During this discussion, our interviewer rejoins Mike Semanco, the president of Hennessey Capital.
In the first part of the show, Mike explains what the credit crunch is, and how it affects your business. Mr. Semanco goes on to explain what asset based lending is, and how it can help business owners. This episode is wrapped up with a discussion on other options for financing, in case asset based financing is not the best option for you. Overall, business owners should hopefully find this discussion very informative and helpful.
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