When you open any form of business with a
bank, you can usually call upon the training and expertise of its
professionals to help you start and build your enterprise.
You should tell him/her about your business
idea at early stage. Be as open and cooperative as possible in
providing information about the amount you may need to get started, the
time period of the loan, the background for your company, and any
financial statements you have gathered.
The more information you provide the easier
it will be to deal with the bank and receive the desired service.
Remember, bankers do not like high-risk situations!
Make a list of questions to ask your banker, such as the following:
How may I arrange a line of credit?
Who approves the loans?
What are your lending limits?
What is your opinion of the industry
I plan to enter?
What advice can you give me with
respect to my business plan?
Shop around for a bank and banker with whom
you are comfortable. Financial institutions need your business and will
generally try to assist you in any way they can. Bankers can help you
with operating loans, financing plans, cash management, letters of
credit, leasing assets etc.
Bankers, too, have a code of ethics they
must follow developed by
bankers association. There are many government regulations that oblige
them to protect privacy and confidentiality of your financial affairs
(except for income-tax information to government authorities on
demand). It's important to know that if you need to use expertise of
bank account manager, you may be charged a nominal fee determined by
the amount of time you spend with the account manager.