balanced, you may be able to
qualify for a conventional loan,
which gives you the freedom to
add capital as needed.
Your bank isn’t paying
enough attention to you.
Does your banker have an
outdated perspective on your
business? Ideally, he or she should
meet with you quarterly to discuss
your projections and long-term
goals. Regular conversations are
critical to understanding your
company’s lifecycle and crafting
a financing package that fits the
next two to three years.
Make no mistake: short-sighted
banking relationships can hinder
the growth of your business. One
of our clients in the healthcare
industry had a stellar growth
profile and contracts with major
drugstores, but his former bank
couldn’t see past his humble
beginnings, so he went elsewhere.
Bankers should work in your best
interest, and that might mean
suggesting you reconfigure your
financing arrangements. If your
banker isn’t regularly adding
value to your business, it may
be time to revisit the relationship.
As an SBA Preferred Lender,
we frequently recommend SBA
loans as a viable first step, while
recognizing that many businesses
will eventually outgrow them.
Often, a bank with Preferred
Lender status can easily convert
SBA loans into conventional
loans.
If your business is getting
traction and generating solid
financial indicators, it may be
time to graduate from an SBA
loan. With steady cash flow and
an improving balance sheet,
conventional financing can come
sooner than you may think. In
turn, that can spell out a more
profitable future.
Ted Sheppe is the Executive Vice President for commercial banking at Axiom Bank,
N.A., a Maitland-based bank that specializes in commercial loans for small and
medium-sized businesses. Axiom Bank has a branch in Winter Garden’s Hamlin
community. Ted has spent much of his career helping small business owners with their
lending needs. He can be reached at [email protected] or 321-249-7847.
NOVEMBER 2018
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