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• Developing banking relationships — having a relationship with a lender can be helpful in several ways. When you apply for a business loan with a local lender, you will develop a relationship with the lender which will include them getting to know more about you and your business. This could be helpful going forward because you never know when the need might arise for additional capital. At Baker Boyer, your lender also serves as a trusted Business Advisor and they have expertise in business start-up, operations, growth, valuation, and succession planning.
• Building a credit history — while you may have a great personal credit history, business owners often struggle to get a credit rating for their business. Using a small business loan could be one of the first steps to developing a credit history for a business.
• Expanding a business — when you are considering expanding your business to offer additional products, or you are in a position where you can take advantage of a growing market, you want to have the funds available to grow as needed.
• Equipment or inventory purchases — when you need inventory, new equipment, equipment upgrades or repairs, you need cash on hand. Bank loans can help provide the cash you need when you need it most.
• Address immediate cash flow issues — many businesses have a cyclical slowdown in their operations. This can result in cash flow issues to pay necessary bills including suppliers, utilities, or rent. These matters often cannot wait until business rebounds so having the ability to secure a small business loan to address these issues can be very helpful.
• Emergencies which arise — regardless of how carefully you maintain your equipment, inevitably something will fail at the worst possible time. Being able to have access to a bank loan at this time could help you prevent future financial losses which could negatively impact your business.  

Bank loans and your future success

Another reason many owners consider bank loans is to take advantage of opportunities which could arise in the course of business. For example, if a business owner has an opportunity to bid on a potentially lucrative contract, they often need access to cash to demonstrate their ability to fulfill the terms of the contract. Bank loans can help in these situations.

Businesses need to keep their names in the public eye. This may involve a targeted marketing plan regardless of the type of business you are operating. Marketing costs money, and oftentimes, the return on this type of investment may not be realized for several months. While this does not diminish the value of the plan, without the capital available to launch a marketing plan, then the chances of broadening your customer base could be impacted.

Financing a business requires insight

Every business owner has different financing needs. At Baker Boyer, we offer a broad range of funding options including:

• Lines of Credit
• Commercial Real Estate Construction Loans
• Commercial Real Estate Loans
• Agricultural Loans
• Equipment Purchase Loans
• Business Expansion

Not every loan is right for every type of business. That is why we take the time to understand your business needs, your financing needs, and your goals. When you work with one of our Business Advisors, they will take the time to make sure you are getting the customized bank loan which best suits your needs today and tomorrow.

Contact Baker Boyer today at (509) 525-2000 or contact us toll-free at (800) 234-7923 and discuss your business loan needs with a Business Advisor. See what a difference working with a lender in your community can make for your business.