Our handout How to Get a Better Deal at the Bank features tips and advice on things you can do to ensure you are getting the biggest bang out of your bank. When looking for a bank to serve your company, remember that is it up to them to show you that they want your business.
- DO ask for references from other businesses when shopping for a new bank.
- DO find the best banker for your needs. Ensure you interview bankers to find the best fit.
- DO be prepared! A bank may require you to have financial statements, business plans or possible inventory and asset information before they make their decision.
- DO know exactly what you need when approaching the bank. Be ready to negotiate terms if needed.
- DO prepare to use collateral.
- DO maintain a strong credit rating.
- DO shop for the best service fees. See if your bank offers a package deal to lower overall costs.
EMPOWERING ENTREPRENEURS - BANKING FOR SMALL BUSINESSES
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- DON'T choose a bank simply because the location is convenient.
- DON'T assume a specialized commercial branch is your best option.
- DON'T sign a contract or agreement without fully reading and understanding it.
These are just some of the tips on how you can, with a little work, get the best deal for your business when dealing with banks. If you have questions or need further help, call your CFIB Business Counsellor at 1-888-234-2232.