Banks as business partners: partnership is a powerful word in the financial services industry.

• Author: Cloud, Jim
• Position: Finance

Financial institutions focus on partnerships with businesses in order to meet their financial needs. We focus on partnerships with other funding sources to offer comprehensive services to our customers. And, we focus on partnerships in our communities in order to both strengthen and give back to the places where we live, work and play. Partnerships are the key to success-in our industry and in our state.

PARTNERING WITH BUSINESSES

To be truly effective, financial representatives must know the individuals operating a business and how they will be successful at what they are doing. Bank officers must also understand the Alaska economy-and the industry that the business operates in. When the banker is working in partnership with the business owner, he or she can provide meaningful recommendations for financial services that will help the business operate efficiently and effectively.

At the same time, financial institutions have a responsibility to reach out and provide educational opportunities for emerging small-business owners. In Alaska, organizations such as the University of Alaska Small Business Development Center provide ongoing educational opportunities for small-business owners at various stages of development-new businesses, businesses looking for expansion opportunities, etc. Financial institutions also support the Service Corps of Retired Executives, a volunteer association sponsored by the SBA. SCORE matches volunteer business-management counselors with present prospective small-business owners in need of expert advice.

PARTNERING WITH OTHER FUNDING SOURCES

Many financial institutions have internal or external partnerships to bring financial services to a business. Many financial institutions have the resources to provide everything from investment services, to home mortgages, to savings accounts, to trust services, to large or small business loans, to cash management services. From a child's first savings account to equipment leasing for a business, a team approach can simplify the financial services equation.

In addition, businesses benefit from funding partnerships with organizations such as the Alaska Industrial Development Export Authority, USDA, the Small Business Administration, Bureau of Indian Affairs and the Alaska Housing Finance Corp. Through these partnerships, financial institutions leverage the amount of money that can be loaned to a small business--often funding loans that might not otherwise be funded or by...