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Casting the Right Bank for Your Business
11/06/2008 - By Michele Alperin Photo By Dan Epstein
William Clement, Vice President and Team Leader Business Banking
A banker is like a supporting actor, says William Clement, vice president and team leader at The Provident Bank. He should be a quiet partner who offers sound financial advice, matches financial instruments to current needs, and provides loans at cri
A banker is like a supporting actor, says William Clement, vice president and team leader at The Provident Bank. He should be a quiet partner who offers sound financial advice, matches financial instruments to current needs, and provides loans at critical junctures. With all of its 83 branches located in the Garden State, 170-year-old Provident Bank is committed to New Jersey. Though other banks may decide the region has cooled off and focus their lending on other areas, The Provident Bank’s loyalties are here. “We don’t run hot and cold with the New Jersey market,” observes Clement. So, with his eyes focused firmly on local businesses, Clement offers some advice in finding the right banker for you. Responsive from the get go. How quickly you get a response from the first phone call is revealing. “If you call and they don’t call back within 24 hours, that tells you they don’t have much interest in you.” Continuity. Mergers and acquisitions can cause disruptions, even requiring new account numbers or checks. “The customer has enough to worry about managing his own business, let alone worrying about whether the bank is changing every six months,” observes Clement. Breadth of products. Does the bank offer lines of credit, term loans, checking accounts with sweep, so excess money goes into a savings account each day? Does it offer corporate credit cards, commercial mortgages and, for startups and franchises, a preferred lender designation from the Small Business Administration? Match your business to the bank’s size. Small- to medium-size businesses need a bank that’s small enough to provide personal attention but large enough to handle growing needs. “Find out what size loan a bank can do,” suggests Clement. Be sure that limit’s big enough to afford room to grow. Shaky finances. Avoid a bank with too much exposure in specific industries. A quick review of the annual report and financial statements should give you the information you need. Get references. Finally, Clement recommends choosing a banker who lives in your market. (He’s been in New Jersey for 40 years, spending 25 years as both a commercial lender and a volunteer fire fighter.) He knows from experience that a banker who belongs to a community knows more about its needs, and is personally invested in seeing local businesses thrive and expand.
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