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How to get a better deal at the bank

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.

 Banking Do's:

  • 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

Watch this short video prepared by our Manitoba office

 

Banking Don'ts:

  • 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.