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Branching Out

Multiple banks, starting a 401(k), what Dad never told you, angel investors

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This story appears in the August 1999 issue of Business Start-Ups magazine.

You only need one accountant. There's no reason to have more than one attorney. But if you have only one bank, it's time to go shopping.

There are a number of reasons to use more than one bank, beginning with borrowing ability. "Doing business with the same bank for years usually makes it easier to get a loan when you need it," says Linda Fayerweather of Fayerweather Consulting, a Toledo, Ohio, business coaching firm. "But banks' lending policies change from year to year, often quarter to quarter. If you need a loan just when your bank has become more rigid, where do you turn?"

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