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Cost/Benefit Analysis: Thinking About Moving Your Business Financing Across the Street?

November 5, 2012

Ggb2010web
Gary G. Breton, Esq.

So….you, as a business owner, have finally made a decision, (or have at least given it a great deal of thought,) to take your company’s business financing needs to another commercial business lender.

But wait. There are additional factors that you may not have considered.

First, ask yourself, what is the primary reason that you have made your decision? If it is a matter of you not being comfortable with your current account officer or what you feel are not competitive financing terms on your credit facilities, it might be better to have a frank discussion with the head of your commercial lender’s loan department in the first instance and with your account officer in the second instance. Many times both of these concerns can be addressed in house in a timely fashion and you could avoid the time and cost of taking your business elsewhere.

However, if you have taken these items into account, and the basis for your decision involves other factors that you feel are not capable of being addressed by your current lender, there are a number of potential benefits and costs associated with making such a move.

On the potential benefit side of the ledger, your new lender may be in a position to provide you with a new account officer that may be more in tune with your current and anticipated business needs. ...

You may read more that the link below.

by: Gary G. Breton

BusinessWest
November 5, 2012

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