Experience is great. Expertise is better!
How often have you heard from your lender that they make fast decisions with easy terms? What about great rates and fantastic service? We are all fast, we are all easy, and yes in 2016 we all have great rates. But what differentiates the great from the good is expertise, not just experience.
Financial experience is a valuable asset, but without industry expertise it cannot help you grow your business. Specialty transportation companies require funders that understand their business, their vehicle life cycles, their equipment needs, and their competitive markets. While all lenders may look and act alike, the true transportation finance companies understand a lot more than dollars and cents.
Transportation companies should test their lenders and confirm their understanding of your business, your market, your competition. Lenders with ground level intelligence will be worth their weight in gold. Here are a few topics you may want to discuss:
- How active are you in the industry? What conferences do you attend? What associations are you a member of?
- What dealers and manufacturers do you work with?
- Can I get a customer reference from someone you recently funded?
- What kind of equipment would you recommend for a business of my size?
- What is the pricing like these days?
You get the idea. Bankers are required to know their customers (KYC), but there is no requirement that they know the industry. There are plenty of good lenders out there that understand the issues that drive your business. Some days are better than others, the same can be said about people. Find a lender with expertise and you’ll be amazed how helpful they can be.
At Access, no lender understands the ground transportation business like we do. For more than 25 years, we have helped businesses like yours succeed in all situations—and that takes real expertise. At Access, we listen and we lend. Let’s talk!