Banks want your business, and if you have a sizable enough loan request, the local banks in Kentucky will be fighting each other to win you over. The bottom line is for you to shop around. Also, make it clear to your potential loan officer that you are looking at other Kentucky banks. Look at the rates that you are being offered, and then ask your contacts what they can do comparative to the KY bank down the street.
When you work with a commercial bank in Kentucky, they only thing they want is for you to choose them over all the other banks in town. Make that KY bank be competitive in regards to its rates, terms and its fees.
In order to make the most out of banks in Kentucky:
1. Find out what business services they offer that fit your needs.
2. Ask around to other business owners as to the reputation of the banks in Kentucky that you will possibly be associating with.
3. Have your Kentucky bank loan paperwork ready in a timely manner. One missing piece of information could make or break a loan, or at least tie it up in red tape for a while.
Go for the local banks in KentuckySmaller local banks can usually give you better rates than their giant corporate counterparts. Most of the larger Kentucky banks are having their rate decisions made for them at a corporate headquarters that is hundreds of miles away and not relative to the local market. Smaller KY banks can usually also be more competitive on structure of the loan as well.
Consider a midsized KY bankA midsized bank can give you the services that large bank can offer, but they can also give you the customer service that you would expect from a small mom and pop branch.
Use a comprehensive Kentucky banks web listingThe Community Banker website brought to you by Yennik, Inc. is a wonderful resource for KY banks that have a web presence. You can also locate a bank through the Kentucky Office of Financial Institutions.
- Understand that there is only so much that your actual loan officer can do. They will have to turn everything over to his or her boss as well as the underwriters to make the ultimate decision regarding the loan.
- Consider offering up multiple pieces of business to one banking institution. See if they can make you a better package deal on rates if you not only obtain a loan through them but move over checking and/or savings accounts as well.