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Bank Commercial Loan - Choosing a Bank for a Commercial Loan

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If you are thinking about opening a small business or you need some help with expanding or keeping afloat your current business, it will be extremely important to choose a bank. Commercial loan banks are quite numerous but not every one of them will provide you with the kind of service your business deserves. Choosing the right bank will either provide you with the options you need to make your business the best it can be, or it will severely limit you to the point of crippling your business.

To help you choose the best bank for a commercial loan, a few important guidelines can be followed. These guidelines will help you dramatically narrow down the choices or make one specific bank you have researched a clear winner.

1. The Relationship – Your commercial loan bank should have a proper business attitude. They must realize they are a service and are here for you, not the other way around. If the bank acts like you are inconveniencing them or that they don’t need your business, this is a red flag to seek out another institution.

2. Extra Services – The bank you choose should have a selection of other services that you require now or may possibly use in the future. Staying with the bank that you have a history with can help to establish the important relationship discussed in the first point above. Loan officers and bank managers are much more likely to approve a bank commercial loan for someone they know and trust through a past transactional relationship. If staying with your current bank doesn’t work, switching banks and taking advantage of these extra services might be very valuable to your company:

• Deposit accounts – Checking, savings, special deposit accounts.
• Online services – A bank with online services makes life so much easier. You can take care of all of your business from your desk instead of having to visit someone at their desk.
• Cash Management – Cash management services may include payroll services and invoicing. These services usually carry a fee, but often the fee is less than the cost through other sources.

3. Personnel – Loan officers should be available during regular business hours to answer questions and they should be willing to offer you a loan. If you talk to a loan officer and they seem like it is questionable whether they want to lend you money, move on to different bank. Getting the loan is your primary goal. If they don’t want to give it to you, find a bank that does. In addition to loan officers it is helpful if they have a business advisor. This is a sign that they are prepared to serve you. If they don’t have a business advisor, they probably concentrate on consumer services instead of commercial services.

4. Recommendations – You should be soliciting your business contacts, friends, and family for recommendations for a commercial loan bank. Some of the people you should be asking are your lawyer and your accountant. City services, such as the chamber of commerce can also provide resources on which banks are most active with the community.

5. Compare the hard statistics of the bank and commercial loan. Statistics to look at include the APR, minimum balances, and fees. It is also important to understand the qualification criteria for a commercial loan.

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