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Posted by Brad Burton
23/02/2010
08:45

Banks can choose to embrace us or continue to abandon us.

Banks can choose to embrace us or continue to abandon us. It’s easy to back a winning horse, but for small business we need you when the going is tough, not when the winning post is in sight.

When i started my business of www.4networking.biz, the banks basically laughed in my face, the biz manager didn't "get it" thought i was cuckoo.

Told me to come back in 2 years in a way which he never actually said come back in 2 years.

Cleary the banks have had a bad run of late, but maybe they are responsible for that, for going after the lucractive BIG TICKET money, rather than the relatively small beans that small business like 4N was back then required across the UK.

So now the reasons that SBiz can't get money is teh banks are now sitting on the bails outs and even more scared to make a call.

Any decision is a bad one.

You get onboard with small business banks, because the refusal to engage as in really engage right now will come back to bite you in the arse, next week, next month, next year.

We are having to go it alone and rely on self and interdependancy of other small business.

Banks can choose to embrace us or continue to abandon us. It’s easy to back a winning horse, but for small business we need you when the going is tough, not when the winning post is in sight.

Either way we're gonna move forward are you?

Replies

Brad,

Your so right. It makes me laugh when I used to get called up by my "relationship manager" who after 5 years of banking with Barclays said "I would like to introduce myself!". Too late I am doing just fine no thanks to you....

When I did get to see the said person what followed was not support and advice but an hour of them trying to sell me products, most of which I understood more than they did.

What worked for me was meeting Greg from Natwest at my local networking group (BNI in this case). I got to know like and trust Greg and once I was happy we transfered. I now see Greg weekly and we have become good freinds whislt still being able to be business like. I now have a relationship with by bank manager that means just that, support, advice and help. This is good for the banks as well, if there are ever any issues I am striaght onto Greg and we nip it in the bud before it becomes a problem for either side.

So my advice to the Banks is get networking (Real networking not just turning up at the odd Chamber event). My advice to small business is get networking and find a group with a great banker in it and build trust. That way you have part of what you need.

Julian Lewis - Positive Computing
Reply by Julian Lewis on 23/02/2010 at 09:43

I'm new here, but I can already tell I'm in the right place. I was going to apply for a business loan this June, the banks told me the same to come back in two years. So here I am two years later and I don't believe they are going to work with me. And grants are just hard to come by. Thanks for your tips.
Reply by melissa velia on 23/02/2010 at 18:49

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