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Entrepreneurs are so busy working on their business rather than in their business--as they should be--that sometimes your friendly neighborhood banker can end up robbing you blind! The following are four common banking mistakes made by busy small business owners.

Only Banking at One Bank: As a small business owner with 100 things to do, it is easy to settle in with one bank and do all of your banking activity through that one institution. This can have a number of ill side effects. When it comes time for a loan and your bank denies you, if you don't have a relationship with another bank, you may be out of luck. Secondly, you should make banks compete for your business. Don't simply give all of your business to one bank by default. Shop around for the best deals.

Failing to Focus on Collateral in Loan Application: When you are submitting a loan application, you ...  See other mistakes:
http://www.manta.com/small-business/finance_10_banking_mistakes?referid=10390&nwslttr=1

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Posted 11:44 AM  View Comments

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