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Go to a small bank. I'm a bootstrapper and I have lunch every couple of months with the owner/ceo of the bank we do business with. They have about 25 branches w
by cabinguy 10y ago
Go to a small bank. I'm a bootstrapper and I have lunch every couple of months with the owner/ceo of the bank we do business with. They have about 25 branches within their family (under 2 brands).
Small banks still do business the old fashioned way. Credit isn't an issue if your cash flow supports it.
The best (banking) move we ever made was switching from a huge bank to a small bank.
- soundlab 10y agoFellow self-funded biz here, definitely agree with this. Go with a small local/regional bank. Start small and grow with the LOC. Depending on how involved the loan officer group is, you may get some great CFO-type advise / dashboard review out of it. Even if they're not typically doing hot SaaS businesses, they know the fundamentals and growth stages of small businesses inside and out, regardless of industry.
- ChuckMcM 10y agoThis is really solid advice. Small bankers are interested in actually banking. I know that sounds silly but the larger "big name" banks are answering to a different master (no I'm not sure who that is, but it certainly isn't the small to medium business customer!)
- amorphid 10y agoJust don't get too addicted to that line of credit. If the bank yoinks your ability to borrow when cash is tight, you'll be hurting.