In this episode, Kelly and Brian talk to Mike Affuso, EVP and Director of Government Relations at the NJ Bankers Association. They discuss the state of banking in NJ and how business owners can have better relationships with their bankers. Lots of good takeaways here, so be prepared to take notes.
Key Financial Takeaways from Kelly, Mike, and Brian:
- The New Jersey Bankers Association is a state trade association for all brick-and-mortar banks in New Jersey. We represent approximately 70 banks from, from the largest to the smallest.
- Don’t wait for a catastrophe or a pandemic to get your business financials in order. Work with your bank today and find out what information or documents you might need for a loan or line of credit in the future. Bankers want to help you, but they need to see that your financial statements are up to date.
- The NJSBDCs are an excellent intermediary between business owners and their financial institutions. They have a Capital Committee that helps business owners get their finances in order and determine the best approach to their financial future.
- For business owners, keep the lines of communication wide open between your business and your bank. The stronger the relationship, and the more they know about your business, the better the chances are that they can help you.