AmiSight 1/13: Loyalty to a Bank Could Be Pricey
I like to be a loyal consumer. And I appreciate vendors who were helpful to me early in my business and career. Yet, while I would like to stay loyal to those who helped me, sometimes our businesses outgrow our early vendors, and we need to make a change!!
I am dealing with one of these examples now. An entrepreneur needed to have his line of credit increased nine months ago!! His bank procrastinated for months and then decided to try to put him in an SBA CapLine product. This is a complicated loan that only some banks in the country do well. In this case, the bank neglected to tell him they had never done one. The bank is still trying to figure out how to do the loan – and meanwhile, the entrepreneur is still struggling with his cash flow and payroll every week!!
Check in on your bank and other professional service providers at least once a year!! Sometimes, a change is necessary!!!