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Are You Getting Noticed? - Best Practices May 1999 — A majority of small business owners take their relationships with lending institutions seriously. Of those that participated in April's survey, 60 percent say they have a good relationship with their lender. In addition, 63 percent actually established a relationship before requesting or needing financing. Many small business owners speak to their lender on a regular basis. In fact, 25 percent contact their lender once week while another 25 percent say they touch base at least once a month. However, what and how much they tell their lender is up for debate. Interestingly, a majority of respondents say they are very likely to communicate positive information about their business to their lender (54 percent). At the same time, 50 percent of respondents admit to not being as likely to divulge negative information. Whatever the method of communication, entrepreneurs agree on one thing: a good relationship is key to sound financial practices. Small business owners feel that the most effective way to keep their relationship with their lender and lending institution strong is by having open and honest communication (46 percent) and sending relevant financial information on a regular basis (21 percent). Click here to view the results of previous surveys.

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