In a current world that has seen the trial and tribulations of the Great Recession, Banking Reform, and a tightening of risk and credit markets, I hear this comment a lot.
It is not your fault, if you have said it. Navigating the road of commercial credit can be a difficult task. The trips and falls of the last 10 years put the markets on watch, brought government regulation and oversight front and center, and created a risk model that does not often translate into the language of laypeople, or for that matter, a business owner. That often leads to confusion and a misunderstanding as to what is being asked of you.
It is also not the fault of your banker that they may have said something you do not understand. Moreover, sometimes explaining the rationale of a banking request can be difficult. Banks have developed a model that blocks and tackles risk, and using the model within the bank can be a challenge as well. Many of the ratios, measurements, tests, regulations, etc…. are not designed in a manner that you see on the streets, or find in a book, or even learned about in school. Bankers (I mean those employed at the local community bank, or at the location where you are looking for a loan) work hard, and they often feel as challenged to succeed in meeting client needs as you might feel when you are asking for a loan, or some consideration for how your business operations are going.
So what is the answer? How do you find a way to understand what is being asked of you, if you don’t have a roadmap? Perhaps you could use a bit of expertise from someone who has been on the inside, as a banker, and who is on the outside, as someone who can help you:
- translate the request,
- understand why it is being asked,
- develop a plan for meeting your banking needs, and winning the day!
Mile Marker Business and Consulting Services, LLC is your banking expert; we were bankers once, we understand the request, and we appreciate what is being asked. The request from your banker actually might just make sense, but understanding why it is being asked, what it means, and how you can find the right answer is critical. A good place to start looking for the RIGHT ANSWER is the MILE MARKER.
Let’s start conversation, about helping with your banking needs.