Although you may not have immediate plans to secure additional funding after taking out a small business loan, it’s important to consider your future financing needs. While it may seem like a good idea to work with multiple small business lenders, there are several reasons why you should consider working with the same lender. Read on to learn about four perks of developing a relationship with a small business lender.
1. They Can Help Guide You
With several types of business credit available, it’s important to pursue financing that works best for your unique needs. The more details you provide to your bank or small business lender, the better they can help you decide which financing option(s) are best for your company. Furthermore, various business funding options have different approval criteria. A trusted small business lender can help you find the financing type(s) that you qualify for when you need funds, as well as the amount and terms that work best for your business.
2. Applying for Additional Funds Can Be Quicker
Small business lenders like OnDeck strive to make the application and funding processes as fast and easy as possible. However, when you initially research and apply for small business funding, the process is typically more time-consuming. Securing additional rounds of funding with the same lender can be substantially quicker since your lender will have much of your required application information on file.
3. Being a Good Customer May Come With Perks
Lenders may occasionally review your account as they develop new products and services. If you have a proven record of being a good customer with a particular small business lender, you may receive better credit offers. This might include higher credit limits or a higher likelihood of getting approved for more affordable business credit.
4. They May Be Able to Accommodate You
Even though you strive to pay bills on time and in full, there may still be times when you’re unable to make full or partial payments on all financial responsibilities. If you have a good relationship with a particular small business lender, you may be able to receive payment accommodations, like a payment deferment or forbearance.