The 5 C’s of Getting Money From a Bank

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

Never try to get a loan when you need it. Banks love to loan money, but the best time to build a relationship with your banker is before you need to borrow it. Most bankers will tell you that they look at the five C’s—Character, Capacity, Capital, Conditions, and Collateral when making loans.

Character. Does the banker know you? It’s easier to loan money to someone you know. To get to know your banker do one or all of the following.

1. When you make a deposit, go over and introduce your self to your banker/loan officer. Tell the banker who you are, what you do, and what you want to do in the future.

2. Join community service organizations that the bank loan officers belong to.

3. Greet your banker when you see them outside the bank.

4. Develop a reputation for ethics and integrity.

Looks like really useful info, eh? Just click the link here to find out more from the horse’s mouth! If you’d like to share perspectives or discuss how it relates to your business, call me on (0400) 032-110 or email me at [email protected]

Thanks,

Bill Mitchell