Know Your Banker
First Nationals array of experts can make a difference
When youre working hard to build a thriving business, establishing a good relationship with someone who offers the financial support you need to help take your business to the next level is important. Seamless Contracting, LLCs Mitchell and Rianna Twogood found a knowledgeable banker in First National Bank Alaskas Jenny Mahlen, and their company is all the better for it. Working with a trusted local First National banking expert can make the difference for you and your business. Here are some tips on what to look for when searching for the right financial expert.
Find a good fit
The first step in building a relationship with a banker is to find one with history and ties in the community who has experience dealing with your particular type of business. This person will understand the ebb and flow of your business activities and, in turn, will be able to help you understand the financial tools needed to help you succeed in your industry. Make sure to also find a banker you can trust and with whom you are comfortable discussing your financial details.
Maintain a good relationship
A good banker stays abreast of issues and information relevant to your industry to better understand your business challenges. You can also help them understand your business and better serve you by keeping the lines of communication open.
Like maintaining any healthy, flourishing relationship, ongoing communication is the key. Tell your banker when there are changes to your business, good or bad. This will help your banker understand where your business stands in order to offer you sound financial options and help you make the right decisions for your business.
Update your loan file
Make sure your loan file is as up-to-date as possible. Your loan file drives the decisions that go into approving a loan. It should be updated at least once a year and include the following:
- Current financial statement for the business and any guarantors
- Year-to-date profit and loss statement
- Complete copy of the most recent business tax return
Not only does this information help you and your banker stay connected, it is crucial if you ever find yourself in need of quick funds for your business. If your banker has your updated financial information on file, often times you can get a decision on a loan very quickly. Whatever the next level is in your business, theres a good chance your banker can help you get there and the more they know, the greater your chances for success. To contact a local business banking expert, visit FNBAlaska.com or call First National Bank Alaska at 777-4FNB (4362) or 1-800-856-4FNB (4362) from communities outside Anchorage.
This bi-monthly newsletter is sent to Alaska business owners, managers and community leaders.
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The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest you consult your attorney, accountant, financial or tax adviser with regard to your individual situation. Entire publication. For publication information, call (907) 777-3409.