If you are a small business owner, either a sole proprietor, partner, or principal of a corporation, you are an asset to any lender. However, loan officers have to face one of their biggest problems. They must keep the communication lines open and be aware of the possibility of failure in the relationship. It’s always in the lender’s best interest to manage your contact and stay in touch regularly. What do you consider is the role of the bank when considering your loan?
You, as their customer, deal with several money-related issues. Therefore, the lender must be prepared to deal with the various communication barriers that can arise. To work with their customers and propose possible solutions. The relationship should not be based solely on financial performance. Instead, to understand the inner workings of your operation not covered by reports and analysis.
A banker or loan officer is armed to the teeth with capital available to deserving businesses. Banks are structured to assist with the right solution at the right time. Growing companies need help and tailored advice that fits their customers’ needs to grow and stay profitable.
Should There Be A Need For A Consulting Process?
What is the role of the bank when considering a loan?
Borrower attitudes influence their dealings with lenders.
Loan officers are an essential asset to the bank. Not only do they participate in the initial loan application and decision. They manage the relationship from year-to-year. To the client, they are the bank. They are the primary contact through which the bank can market other products.
Loan officers can communicate additional bank products that support the business, such as individual accounts, trusts, and retirement accounts. A competent loan officer shares helpful advice at the right time and can become a trusted mentor to the borrower for the long term.
Is It About The Numbers, or The Management?
It could be easy for the borrower to feel that banks dwell too much on the numbers without knowing the company’s productivity, industry, and management.
A commercial loan officer is an essential element in the bank-client relationship. The next step for improvement is to see beyond the financial reports. To observe the factors that heavily influence the company operations and the people that manage it.
Loan officers should have broad business-orientated skills to be successful banker-partners with the business owner and meet regularly. This way, they will forge an understanding and have a representative sensitive to their needs for the foreseeable future.