The Value of a Banking Relationship
Article By: Scott Erickson, Bloomer Market President and Relationship Manager
There is value in creating a genuine relationship between business owners and bankers. When there is trust, there is assistance with the best interest in mind. When there's an established rapport, there is ease and efficiency in providing solutions.
Like all relationships, there needs to be trust to make it a beneficial relationship. The client needs to trust their banker to support them and provide them with the best solutions. The banker needs to trust the client that they will do what they say and say what they do. A trusted banker will have the client's best interest in mind. However, trust does not always mean there will be a "yes" to every request. Sometimes a "no" or "no, not now" is what is best for the client. There is more value in this than just providing a loan. Clients can come to their bankers to get advice, share goals, and create strategies.
It is a lot easier to receive support when there's an established rapport with the banker already. It helps both parties to be proactive instead of reactive. It makes business meetings more efficient when there are discussions about tomorrow's needs and not just today's wants.
For example, if a client requests an equipment loan, a lender may ask, "Do you need one piece of equipment, or do you need three for the year? What is your 1, 3, 5, year plan? Do you need more employees to service this equipment?"
The banker should be able to offer various solutions for the client because they understand the wants to match them with the needs.
At SFB, we value our relationship with our clients and look forward to working with them to tackle all their business needs.
Scott Erickson serves as a relationship manager for clients throughout the Chippewa Valley and is SFB's Bloomer Market president. While he works with all types of industries, he has special expertise in heavy equipment, construction, commercial/residential trades, and the trucking industry. Call or email Scott at 715-930-7024 or firstname.lastname@example.org.